Tariq : Transmission of Quarterly Report for the Period Ended December 31,2022

CONDENSED INTERIM

FINANCIAL STATEMENTS

(UN-AUDITED) FOR THE

quarter ended

DECEMBER 31

2022

www.tariqcorp.com

CONTENTS

Company Information	2
Directors' Report to the Shareholders - English	4
Directors' Report to the Shareholders - Urdu	7
Condensed Interim Statement of Financial Position	10
Condensed Interim Statement of Profit or Loss	12
Condensed Interim Statement of Comprehensive Income	13
Condensed Interim Statement of Cash Flows	14
Condensed Interim Statement of Changes in Equity	15
Notes to the Condensed Interim Financial Information	16

1ST Quarterly Report 2022

1

COMPANY INFORMATION

DIRECTORS
Mian Ahmed Ali Tariq	Chairman
Mian Mustafa Ali Tariq	Chief Executive Officer
Mrs. Maryam Habib	Executive Director
Mr. Muhammad Imran Khan	Independent Director
Mrs. Sadia Ali Tariq	Non Executive Director
Mr. Saif Hasan	Independent Director
Mr. Waseem Ahmad Ghafoor	Non-Executive Director

DEPUTY CHIEF EXECUTIVE / CHIEF FINANCIAL OFFICER

Mr. Wasim Saleem

COMPANY SECRETARY

Mr. Khalid Mahmood

HEAD OF INTERNAL AUDIT

Mr. Zahid Mahmood

AUDIT COMMITTEE
Chairman	Mr. Muhammad Imran Khan
Member	Mian Ahmed Ali Tariq
Member	Mr. Waseem Ahmad Ghafoor
HUMAN RESOURCE &
REMUNERATION COMMITTEE
Chairman	Mr. Saif Hasan
Member	Mian Mustafa Ali Tariq
Member	Mrs. Maryam Habib
RISK MANAGEMENT COMMITTEE
Chairman	Mian Mustafa Ali Tariq
Member	Mrs. Maryam Habib
Member	Mr. Saif Hasan
EXTERNAL AUDITORS
Kreston Hyder Bhimji & Co
Chartered Accountants
BANKERS OF THE COMPANY
SHARIAH COMPLIANT
Askari Bank Limited
Bankislami Pakistan Limited
Dubai Islamic Bank Limited
Meezan Bank Limited
OLP Modaraba

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CONVENTIONAL

Bank Alfalah Limited

First Credit and Investment Bank Limited

National Bank of Pakistan

Samba Bank Limited

SHARE REGISTRAR

CDC Share Registrar Services Limited

KARACHI

CDC House, 99 - B, Block 'B',

S.M.C.H.S., Main Shahra-e-FaisalKarachi-74400. Tel: Customer Support Services

(Toll Free) 0800-CDCPL (23275) Fax: [phone] Email: [e-mail] Website: www.cdcsrsl.com

CDC LAHORE OFFICE

Mezzanine Floor,

South Tower, LSE Plaza,

Khayaban-E-Aiwan-E-Iqbal, Lahore

Tel: [phone]

CDC ISLAMABAD OFFICE

Room # 410,4th Floor, ISE Towers,

55-B, Jinnah Avenue,

Blue Area, Islamabad.

Tel. [phone]

LEAGAL ADVISORS

Saad Rasool Law Associates

Siddiqui Bari Kasuri & Company

COST AUDITORS

Fazal Mahmood & CoChartered Accountants

MILLS

Lahore Road, Jaranwala

Ph:041-4312499

REGISTERED / HEAD OFFICE

28-C, Block E-1,Gulberg-III, Lahore Ph: 042-111-111-476

Fax: [phone]

Email: info@.tariqcorp.com

WEBSITE INFORMATION

www.tariqcorp.com

1ST Quarterly Report

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DIRECTORS' REPORT

The directors of your company are pleased to present the un-audited interim condensed financial information of the Company for the first quarter that ended on 31 December 2022.

The highlights of the Company's performance for the first quarter and its comparison with the corresponding period of last year is given below:

OPERATIONAL

Sugarcane crushed (Metric Tons) Sugar produced (Metric Tons) Sugar recovery (%)

FINANCIAL

Sale

Gross profit

Operating expenses

Finance cost

Profit before taxation

Profit after taxation

Earnings per share

INDUSTRY OVERVIEW

31-Dec-2022	31-Dec-2021
255,642	303,821
23,930	23,565
9.37	8.24

.......... (Rupees) ..........

1,697,594,306 2,077,089,860

198,655,803 235,912,104

(74,925,020) (79,242,028)

(103,267,963) (57,559,482)

47,383,841 100,898,988

24,869,339 74,606,867

0.471.41

This year, the crushing season for sugarcane in Punjab and across the rest of Pakistan commenced in the third week of November. However, as always,the management of your company, understanding and sympathizing with the timeline of farmers in the region and in coordination with local government officials was one of the first in the province to start crushing. This decision to start crushing proved successful in many aspects

Although sugar prices rallied through the last part of 2022, they have revised downwards in the months of December 2022 and of January 2023. The downwards trend of prices is due to the increased supply of sugar in the market. Excess stocks from the previous year have driven down prices to recent lows and it is expected that glut of retail prices will subside once the government allows for the export of excess sugar. The government of Punjab has notified a minimum sugarcane procurement price of Rs. 300 Kg/Maund. This is an almost 33% rise as compared to the previous season. Similarly, other associated costs have increased with a devaluation in the Pakistani rupee and an increase in interest rates. Due to the further devaluation and depreciation of the Rupee, the costs of various items such as polypropylene bags, lubricants, and diesel among others have risen exponentially. Similarly, interest rate hikes have further added to manufacturing costs. In general, the costs of manufacturing sugar have witnessed a 5% increase as compared to last year.

Reaping the results of the hard work of our Research and Development team, this year we have seen a complete reversal in sugarcane recoveries in our region. Working with farmers in our area by encouraging usage of fertilizers and pesticides, we have seen unprecedented highs in sugarcane recoveries across our area of operation. In fact, we have seen more than a one degree rise in sugarcane recoveries as compared to the previous year and we forecast breaking previous records by the end of this year. Undoubtedly, this rise in recovery will improve both gross and operating margins for this crushing season.

It is pertinent to mention that sugarcane yields per acre and acreages of sugarcane cultivation in general have stayed similar to last year and in the province of Punjab a similar production to that of last year is forecasted. Our expectation

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