Al Noor Sugar Mills : TRANSMISSION OF QUARTELY REPORT FOR THE PERIIOD ENDED 31-03-2022

AL-NOOR SUGAR MILLS LIMITED

Half Yearly Results for the period

1st October 2021 to 31st March, 2022

REGISTRAR & SHARES REGISTRATION OFFICE	FACTORY
C & K Management Associates (Pvt) Ltd.	Shahpur Jahania, P.O. Noor Jahania,
404-Trade Tower,	Taluka Moro,
Abdullah Haroon Road,	District Shaheed Benazir Bhutto Abad
Near Metropole Hotel, Karachi - 75530	(Nawabshah)
www.alnoorsugar.co

DIRECTORS' REPORT

Dear Members Asslamu-o- Alaikum

With great pleasure I am pleased to place before you, on behalf of the Board, the un-audited financial statements of your company for the period ended March 31, 2022.These statements have been reviewed by the statutory Auditors as required under the Code of Corporate Governance.

Salient features of production and Financial Statements are as under:

PRODUCTION DATA	March 31, 2022		March 31, 2021
Sugarcane crushed (M Tons)	940,764	677,781
Sugar produced (M Tons)	98,110	68,623
Sugar recovery percentage	10.43	10.12
Molasses produced (M Tons)	43,125	30,800
MDF Production (Cubic Meters)	43,435	44,764
FINANCIAL DATA		(Rupees in thousands)
Sales revenue	4,949,934	4,482,342
Cost of sales	(4,003,864)	(3,654,199)
Gross profit	946,070	828,143
Distribution cost	(35,960)	(33,995)
Administrative expenses	(393,702)	(332,046)
Other operating expenses	(34,276)	(32,032)
Financial cost	(221,762)	(180,588)
Share of profit from associates	71,175	20,436
Other Income	12,344	21,349
Profit before taxation	343,889	291,267
Provision for taxation	(195,033)	(157,147)
Profit after taxation	148,856	134,120
Profit per share	Rs.7.27		Rs.6.55

Segment wise performance is elaborated as under:

SUGAR DIVISION

Al-Hamdulillah during the period under review the cane crop was good and the mill crushed 940,764 metric tons of cane and produced 98,110 metric tons of sugar. During the same period last year, the mill crushed 677,781 metric tons of cane and produced 68,623 metric tons of sugar. The current period production is higher than last year by 42.97 percent or 29,487 metric tons. During the current season the cane crop was good as evident from the higher crushing volume and increase in production of sugar. The sugar cane crop in Punjab and Khyber Pakhtunkhwa is also good when compared with the crop position of last season. It is anticipated that production of sugar during season would be around 7.5 million metric tons to 8 million tons which is in excess of the country's requirement. The Government of Sindh has enhanced the cost of sugar cane from Rs.202/= to Rs.250/= per forty kgs of the same which has increased the cost of production of sugar. The sugar mill has to procure raw material from far and distant areas in order to avoid disruption of production process during the season.

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MDF BOARD DIVISION

During the period under review the MDF Board division produced 43,435 cubic meters of sheets in various thickness as against 44,764 cubic meters produced in the same period last year. The production is slightly lower by 1,329 cubic meters and is in various sizes keeping in view the demand of the same in the market segments. It is anticipated that the production during the remaining period of the year would hopefully be maintained.

BOARD OF DIRECTORS

During the period under consideration there was no change in the composition of Board of Directors of your company.

The directors also wish to place on record their appreciation to the dedicated work and commitment of all the stakeholders who extended their services to sustain all operations of the Company. Please pray to Almighty Allah to guide/help us to achieve the desired goals. (Ameen)

YUSUF AYOOB	ZIA ZAKARIA
Managng Director/CEO	Director

Karachi:

Dated: May 26, 2022

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Independent Auditor's Review Report

To the members of Al-Noor Sugar Mills Limited

Report on Review of Condensed Interim Financial Statements

INTRODUCTION:

We have reviewed the accompanying condensed interim statement of financial position of AL-NOORSUGAR MILLS LIMITED ("the Company") as of March 31, 2022, and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows and notes to the condensed interim financial statements for the half year ended (here-in-after referred to as the "condensed interim financial statements"). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for quarters ended March 31, 2022 and 2021 have not been reviewed, as we were required to review only the cumulative figures for the half year ended March 31, 2022.

SCOPE OF REVIEW:

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSION:

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements are not prepared, in all material respects, in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner of the review resulting in this independent auditor's review report is Shaikh Mohammad Tanvir.

CHARTERED ACCOUNTANTS

Karachi

Dated: May 26, 2022

UDIN: RR202210225vRdPI9cfI

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