SAIF TEXTILE MILLS LIMITED
4~Floor, Kashmir Commercial Complex 1032-E, Fazal-e-Haq Road, Blue Area, Islamabad (Pakistan)
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SAIF GROUP
.................................................. Voice: +92-51-2604733-35, Fax: +92-51-2604732, E-mail: stm@[Link] PAKISTANCREDITRATINGAGENCY
• Web: [Link]
A-I A2 Rated Company
REF# STML/PSX/02/02/2025 FEBRUARY27, 2025
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building,
Stock Exchange Road,
Karachi.
SUBJECT: FINANCIAL RESULTSFOR THE 2NDQUARTER ENDED DECEMBER 31,2024
Dear Sir,
We would like to inform you that the Board of Directors of the Company in their meeting held
on February 27, 2025 at 12:30 pm , recommended the following:
(i) CASH DIVIDEND- Nil
(ii) BONUS SHARES- Nil
(iii) RIGHT SHARES- Nil
(iv) Any other entitlement / corporate action- Nil
(v) Any other price sensitive information Nil
Financial Statements for the half year ended December 31, 2024 will be transmitted through
PUCARSwithin the specified time.
Yours Sincerely,
for and on behalf of
SAIF TEXTILEMILLS LIMITED
Company Secretary
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EGypnANcorros
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-_.--_
MILLS:
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PESHAWAR:
--_ •--_ _-----_ __ .. -_ _----_ .. _ .. _------------_
KARAcm:
..
Phase ill, Industrial Estate Gadoon APTMA House, Jamrud Road, Suit No. 210, 2nd Floor, The Plaza
Arnazai, Swabi, KPK. Voice: +92-91-5843870, 5702941 Block-S, Clifton Karachi,
Voice: +92-938-270313, 270429 Fax: +92-91-5840273, Voice: +92-21-5821238,
Fax: 92-938-270514, E-mail: peshawar@[Link] Fax: +92-21-5821220,
E-mail: stm@[Link] E-mail: karachi@[Link]
Saif Textile Mills Limited
Condensed Interim Statement of Financial Position as at December 31, 2024
Un-audited Audited
December31, June30,
2024 2024
Assets Note --- Rupees in '000 ---
Non-current assets
Property, plant and equipment 6 7,780,086 7,923,952
Long term investments 14,886 14,886
Long term loans 4,477 2,688
Long term deposits 30,615 30,570
7,830,064 7,972,096
Current assets
Stores, spare parts and loose tools 296,925 299,718
Stock-in-trade 7 3,165,889 3,675,635
Trade debts 2,659,769 1,801,804
Loans and advances 76,428 18,549
Short term prepayments 3,723 1,907
Other receivables 51,909 51,258
Deposit for shares 8
°°
0
Prepaid tax levies 4,951
Taxation 240,749 336,433
Tax refunds due from Government 5,034 111,261
Cash and bank balances 16219 20,723
6,516,645 6,322,239
14,346,709 14,294,335
Equity and liabilities
Share capital and reserves
Authorised capital 3001000 3001000
Issued, subscribed and paid up capital 264,129 264,129
Reserves 265,867 265,867
Unappropriated profit 1,036,831 1,144,442
Surplus on revaluation of property, plant and equipment 214241774 21474,112
Total shareholders' equity 3,991,601 4,148,550
Non-current liabilities
Long term financing 9 1,099,508 1,294,619
Deferred income - government grant. 6,204 8,603
Long term deposits 14,329 14,233
Staff retirement benefits - gratuity 221,615 226,139
Deferred taxation 730235 759,930
2,071,891 2,303,524
Current liabilities
Trade and other payables 1,243,300 1,201,169
Contract liabilities 49,585 78,358
Unpaid dividend
Unclaimed dividend
Accrued mark-up and interest
9,052 ° 473
8,586
547,784 430,154
Short term borrowings 10 5,969,919 5,567,518
Current portion of non-current liabilities 11 386,817 403,814
Provision for tax levies 12 76,760 152,189
8,283,217 7,842,261
Contingencies and commitments 13
The annexed notes 1 to 18 form an integral part of these cond"'£:~~~I1~ ....
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Muhammad Waseem Asia
Chief Financial Officer
Saif Textile Mills Limited
Condensed Interim Statement of Profit or Loss &
Other Comprehensive Income (Un-audited)
For the Quarter and Six Months Period Ended December 31! 2024
Quarter ended Six months ~eriod ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Restated Restated
Note --------------Rupeesin'OOO---------------
Sales - net 14 3,096,734 2,988,982 6,136,408 6,374,738
Cost of sales (2,838,424) (2,574,271 ) (5,330,818) (5,527,158)
Gross profit 258,310 414,711 805,590 847,580
Distribution cost (48,453) (38,995) (101,894) (115,365)
Administrative expenses (54,642) (65,831) (111,017) (133,980)
Other income 8,328 9,743 24,153 19,667
Other expenses 0 (2,978) 0 (4,848)
Profit from operations 163,543 316,650 616,832 613,054
Finance cost (325,112) (423,306) (726,357) (845,137)
(161,569) (106,656) (109,525) (232,083)
Exchange fluctuation loss (136) (2,604) (136) (2,604)
Loss before taxation,
minimum and final tax levies (161,705) (109,260) (109,661) (234,687)
Minimum and final tax levies 12 (38,924) (37,492) (76,983) (79,541)
Loss before taxation (200,629) (146,752) (186,644) (314,228)
Deferred taxation 32,817 32,148 29,695 65,890
Loss after taxation (167,812) (114,604) (156,949) (248,338)
Other comprehensive income 0 0 0 0
Total comprehensive loss (167,812) (114,604) (156,949) (248,338)
--------------Rupees--------------
Loss per share - basic and diluted (6.35) ~4.34~ (5.94) ~9.40~
The annexed notes 1 to 18 form an integral part of these condensed interim financial statements.
Muhammad Waseem Aslam
Chief Financial Officer
Saif Textile Mills Limited
Condensed Interim Statement of Cash Flows (Un-audited)
For the Six Months Period Ended December 31.2024
Six months period ended
December 31, December 31
2024 2023
Note --- Rupees in '000 ---
Loss before taxation, minimum and final tax levies (109,661) (234,687)
Adjustments for non-cash charges and other items:
Depreciation and amortisation 6.1 179,253 191,702
Staff retirement benefits - gratuity (net) (4,524) (4,761)
(Gain) 1 loss on sale of operating fixed assets - net (3,315) 2,988
Finance cost 726,357 845,137
Exchange fluctuation gain - net 136 2,604
Profit before working capital changes 788,246 802,983
Effect on cash flows due to working capital changes
(Increase) I decrease in current assets:
Stores, spare parts and loose tools 2,793 61,060
Stock-in-trade 509,746 (205,949)
Trade debts (858,101) (12,257)
Loans and advances (57,879) 40,706
Short term prepayments (1,816) 4,069
Other receivables (651) 25,703
(Decrease) I increase in current liabilities:
Trade and other payables 42,131 289,264
Contract liabilities (28,773) (77,950)
(392,550) 124,646
Cash generated from operating activities 395,696 927,629
Taxes and levies paid 54,450 (59,967)
Long term deposits from employees 96 (5,531)
Long term loans (1,789) 776
Long term deposits (45) 1,626
Net cash flows from operating activities 448,408 864,533
Cash flows from investing activities
Additions to property, plant and equipment (37,062) (9,191)
Sale proceeds of operating fixed assets 4,991 17,561
Net cash (used in) I generated from investing activities (32,071) 8,370
Cash flows from financing activities
Long term financing
- obtained 0 492,300
- repaid (214,508) (263,296)
Short term loan from an Associated Company 0 (170,000)
Lease liabilities 0 (4,111)
Short term borrowings - net 402,401 (14,308)
Dividend paid (7) (2)
Finance cost paid (608,727) (857,911)
Net cash used in financing activities (420,841) (817,328)
Net (decrease) I increase in cash and cash equivalents (4,504) 55,575
Cash and cash equivalents - at beginning of the period 16,195
Cash and cash equivalents - at end of the period 71,770
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