Tri Pack Films : Transmission of Quarterly Report for the Period Ended 30 September 2025 (Revised)

Vie for Excellence

Quarterly Report September, 2025

Contents

1. Company Information

2. Directors' Review

3. Condensed Interim Statement Of Financial Position (Un-audited)

4. Condensed Interim Statement Of Profit or Loss and Other Comprehensive Income (Un-audited)

5. Condensed Interim Statement of Changes in Equity (Un-audited)

6. Condensed Interim Statement of Cash Flows (Un-audited)

7. Notes to and Forming Part of the Condensed Interim Financial Information (Un-audited)

16 Directors' Review (Urdu Version) Company Information

Board of Directors*

Syed Babar Ali - Chairman

Syed Hyder Ali - Non-Executive Director Mr. Khurram Raza Bakhtayari - Non-Executive Director Ms. Nermeen Towfiq Chinoy - Independent Director Mr. Asif Qadir - Non-Executive Director Mr. Khalid Abdul Quddus - Non-Executive Director Mr. Aamir Hussain Shirazi - Independent Director

Chief Executive Officer

Mr. Numan Noor - Deemed Director

Audit Committee

Ms. Nermeen Towfiq Chinoy - Chairperson Mr. Khurram Raza Bakhtayari - Member

Mr. Asif Qadir - Member

Mr. Feroze Polani - Secretary

Human Resource and Remuneration (HR&R) Committee

Ms. Nermeen Towfiq Chinoy - Chairperson Mr. Khurram Raza Bakhtayari - Member

Mr. Numan Noor - Member Mr. Khalid Abdul Quddus - Member

Executive Committee

Syed Hyder Ali - Chairman Mr. Khurram Raza Bakhtayari - Member Mr. Khalid Abdul Quddus - Member Ms. Iqra Sajjad - Secretary

Chief Financial Officer

Mr. Muhammad Zuhair Damani

Company Secretary

Ms. Iqra Sajjad

Head of Internal Audit

Mr. Feroz Polani

External Auditors

A.F. Ferguson & Co., Chartered Accountants

Legal Advisors

Sattar & Sattar

Shares Registrar

FAMCO Share Registration Services (Pvt.) Ltd. Email: [e-mail]

Company Shares Department

Ubaid Hussain / Suman Kishore

Tel: [phone] Ext Nos: 237 & 233

Email: [e-mail]

Website

https://www.tripack.com.pk

Registered Office

4th Floor, The Forum, Suite No. 416-422, G-20, Block No. 9, Clifton, Khayaban-e-Jami, Karachi - 75600

Tel: [phone]

Regional Sales & Head Office

House No. 18 B, Sir Abdullah Haroon Road, Near Marriott Hotel, Karachi,

Tel: [phone] Fax: [phone]

Works - Karachi

Plot No. D-9 to D-14 & G-1 to G-4, North Western Industrial Zone, Port Qasim Authority, Karachi

Tel: [phone] Fax: [phone]

Works & Regional Sales Office - Hattar

Plot No. 68, 69, 78/1, Phase IV, Hattar Industrial Estate, Hattar, Khyber Pakhtunkhwa

Tel: [phone] Fax: [phone]

Regional Sales Office

Unit No. 4, 17 Aziz Avenue, Canal Bank Road, Lahore, Punjab

Tel: [phone] Fax: [phone]

Banks

Al-Baraka Bank (Pakistan) Limited Allied Bank Limted

Askari Bank Limited Bank Alfalah Limited Bank Al Habib Limited

Bank Islami Pakistan Limited

Dubai Islamic Bank (Pakistan) Limited Faysal Bank Limited

Habib Bank Limted

Habib Metropolitan Bank Limited JS Bank Limited

MCB Bank Limited Meezan Bank Limited National Bank of Pakistan Soneri Bank Limited

Standard Chartered Bank (Pakistan) Limited The Bank of Punjab

United Bank Limited

Investment Company

Pak Kuwait Investment Company (Private) Limited

* In alphabetical order by surname

Directors' Review

For the Nine Months Ended September 30, 2025

The Directors are delighted to present their review report together with the un-audited condensed interim financial information of the Company for the nine months period ended September 30, 2025.

Nine Months ended September 30

	2025	2024
Sales Volume (M. Tonnes)	42,513	39,504
Net Sales Value (Rs. Million)	23,283	21,949
Operating profit (Rs. Million)	1,641	1,544
Interest cost (Rs. Million)	1,967	1,702
Exchange (loss) / gain (Rs. Million)	(82)	4
(Loss) / Profit before tax and levies (Rs. Million)	(158)	14
(Loss) / Profit after tax (Rs. Million)	(373)	(291)
(Loss) / Earnings per share (Rs)	(9.61)	(7.49)

Sales volumes increased by 8% compared to the corresponding period last year (SPLY), reflecting strong performance in BOPP and CPP films across domestic markets. Consequently, revenue for the period rose by 6%.

Gross margins strengthened as the Company strategically focused on high-margin export markets, regained domestic CPP market share, and benefited from improved efficiencies of the new production line.

Debt levels declined due to prudent working capital management, while the increase in finance costs remained within anticipated levels.

For Q3 2025, the Company delivered a profit before income tax of Rs. 130 million, a significant turnaround from a loss of Rs. 223 million in the same period last year highlighting the underlying strength of operations and lower finance costs. For the nine months ended September 30, 2025, a loss before income tax of Rs. 158 million has been reported versus a profit of Rs. 14 million in SPLY. This variance is primarily attributable to the imposition of grid levy. Excluding this charge, the Company would have achieved a profit before tax, reflecting sound operational fundamentals.

The loss after tax for the nine-month period stands at Rs. 373 million, which includes a tax charge of Rs. 241 million pertaining to prior years, following the Supreme Court's decision in May 2025. Adjusting for this extraordinary item, the Company would have reported a profit at the after-tax level, further affirming that the core business performance continues to improve.

Future Outlook

We expect challenges in the near future owing to commissioning of another new BOPP line in domestic market that will further increase gap between supply & demand.

We remain confident in our ability to successfully navigate these challenges through sustained improvements in operational efficiency, growth in domestic demand, continued product diversification, and strategic expansion into profitable export markets.

We remain grateful to all our stakeholders for their support and trust in these trying times.

Numan Noor October 21, 2025

Chief Executive Officer Karachi

Condensed Interim Statement of Financial Position

As at September 30, 2025

(Un-audited) September 30

(Audited) December 31

ASSETS Note 2025 2024 NON CURRENT ASSETS (Rupees in thousand)
Property, plant and equipment	5	19,576,161		19,258,566
Intangibles	6	341,752		4,669
Deferred taxation	7	419,893		4,607
Long term deposits		95,791		25,783
CURRENT ASSETS		20,433,597		19,293,625
Inventories	8	4,230,156		4,161,502
Trade receivables		3,913,650		3,259,526
Advances and prepayments		210,163		308,870
Other receivables	9	597,736		681,179
Refunds due from government - sales tax		794,301		1,910,978
Income tax refundable		1,328,774		1,535,842
Cash and bank balances		1,074,830		1,111,986
		12,149,610		12,969,883
TOTAL ASSETS		32,583,207		32,263,508
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES Issued, subscribed and paid up share capital		388,000		388,000
Share premium		999,107		999,107
General reserve		1,605,000		1,605,000
Unappropriated profit		1,813,564		2,186,450
LIABILITIES		4,805,671		5,178,557
NON CURRENT LIABILITIES Long term borrowings Deferred income - government grant Lease liability Staff retirement benefits Accumulated compensated absences		11,750,692 441,242 39,201 134,124 41,654		12,521,347 580,889 37,814 115,309 48,901
CURRENT LIABILITIES
Trade and other payables Unclaimed dividend Accrued mark-up Short term borrowings	10 11	8,138,780 23,170 371,743 5,189,098		6,276,771 24,870 245,415 6,222,762
Current portion of lease liability Current portion of long term borrowings		6,868 1,640,964		3,567 1,007,306
		15,370,623		13,780,691
TOTAL LIABILITIES		27,777,536		27,084,951
CONTINGENCIES AND COMMITMENTS	12
TOTAL EQUITY AND LIABILITIES		32,583,207		32,263,508

12,406,913 13,304,260

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Numan Noor

Chief Executive Officer

Khurram Raza Bakhtayari

Director

Muhammad Zuhair Damani

Chief Financial Officer

Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

For the Nine Months Ended September 30, 2025 - (Un-audited)

Note

Quarter ended September 30

Nine Months ended September 30

2025

2024

2025

2024

(Restated)

(Rupees in thousand)

Revenue from contracts with customers	13	8,771,717	8,249,456 23,283,094 21,949,436
Cost of sales		(7,486,823)	(7,207,994) (20,072,775) (19,064,627)
Gross profit		1,284,894	1,041,462	3,210,319	2,884,809
Distribution costs		(387,515)	(236,380)	(939,069)	(800,027)
Administrative expenses		(202,090)	(180,543)	(593,330)	(536,661)
Charge for expected credit loss		(10,480)	(4,216)	(36,850)	(4,544)
Operating profit		684,809	620,323	1,641,070	1,543,577
Other income	14	86,649	90,105	259,296	167,377
Other expenses		(100)	17,443	(9,642)	-
Finance cost - net	15	(641,787)	(950,849)	(2,049,137)	(1,697,208)
(Loss) / profit before income tax and levies		129,571	(222,978)	(158,413)	13,746
Levies (minimum and final tax)	16	-	(208,878)	-	(352,685)
(Loss) / profit before income tax		129,571	(431,856)	(158,413)	(338,939)
Income tax - net	17	(34,253)	85,068	(214,473)	48,321
(Loss) / profit for the period		95,318	(346,788)	(372,886)	(290,618)
Other comprehensive income for the period:
Items that will not be reclassified
subsequently to profit or loss
Remeasurement of staff retirement benefits		-	-	-	-
Total comprehensive income for the period		95,318	(346,788)	(372,886)	(290,618)
(Loss) / earnings per share - basic and
diluted (Rupees)	18	2.46	(8.94)	(9.61)	(7.49)

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Numan Noor

Chief Executive Officer

Khurram Raza Bakhtayari

Director

Muhammad Zuhair Damani

Chief Financial Officer

Condensed Interim Statement of Changes in Equity

For the Nine Months Ended September 30, 2025 - (Un-audited)

Issued, subscribed and paid up share capital	Reserves	Total
	Capital Revenue
	Share General Unappro- Total Premium reserve priated Reserves profit
(Rupees in thousand)

Balance as at January 1, 2024 388,000 999,107 1,605,000 2,833,686 5,437,793 5,825,793

Transactions with owners recorded directly in equity - distribution

Final cash dividend for the

year ended December 31, 2023

@ Rs. 6.00 per share - - - (232,800) (232,800) (232,800)

Total comprehensive income for the nine months ended September 30, 2024

(290,618)

-

(290,618)

-

(290,618)

-

-

-

-

-

-

-

• Loss for the nine months ended September 30, 2024

• Other comprehensive income for the nine months ended September 30, 2024

  - - - (290,618) (290,618) (290,618) Balance as at September 30, 2024 388,000 999,107 1,605,000 2,310,268 4,914,375 5,302,375

  Balance as at January 1, 2025 388,000 999,107 1,605,000 2,186,450 4,790,557 5,178,557

  Total comprehensive income for the nine months ended September 30, 2025

  (372,886)

  -

  (372,886)

  -

  (372,886)

  -

  -

  -

  -

  -

  -

  -

• Loss for the nine months ended September 30, 2025

• Other comprehensive income for the nine months ended September 30, 2025

- - - (372,886) (372,886) (372,886)

Balance as at September 30, 2025 388,000 999,107 1,605,000 1,813,564 4,417,671 4,805,671

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Numan Noor

Chief Executive Officer

Khurram Raza Bakhtayari

Director

Muhammad Zuhair Damani

Chief Financial Officer

Condensed Interim Statement of Cash Flows

For the Nine Months Ended September 30, 2025 - (Un-audited)

Nine Months ended September 30

Note		2025 2024 (Rupees in thousand)
CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations	20	5,324,057			1,235,678
Payment on account of accumulated compensated absences		(22,070)			(8,552)
Increase in Long term deposits		(70,007)			-
Staff retirement benefits paid		(79,597)			(71,090)
Levies and Income tax paid		(422,691)			(723,320)
Net cash generated from operating activities		4,729,692			432,716
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment		(1,434,596)			(4,002,485)
Sale proceeds on disposal of operating fixed assets		4,463			312
Purchase of intangible assets		(341,850)			-
Profit received on bank balances including TDR		40,553			20,009
Net cash used in investing activities		(1,731,430)			(3,982,164)
CASH FLOWS FROM FINANCING ACTIVITIES
Long term borrowings - net		(181,655)			4,646,051
Short term borrowings - net		(2,003,285)			915,000
Finance cost paid		(1,726,761)			(2,532,501)
Dividend paid		(1,700)			(231,365)
Bank charges paid		(91,638)			(104,886)
Net cash used in financing activities		(4,005,039)			2,692,299
Net decrease in cash and cash equivalents		(1,006,777)			(857,149)
Cash and cash equivalents at the beginning of the period		(952,617)			(2,576,100)
Cash and cash equivalents at the end of the period	21	(1,959,394)			(3,433,249)

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Numan Noor

Chief Executive Officer

Khurram Raza Bakhtayari

Director

Muhammad Zuhair Damani

Chief Financial Officer

Notes to and Forming Part of the Condensed Interim Financial Statements

For the Nine Months Ended September 30, 2025 - (Un-audited)

1. THE COMPANY AND ITS OPERATIONS

   1. Tri-Pack Films Limited (the Company) was incorporated in Pakistan as a public limited company on April 29, 1993 under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) and is listed on the Pakistan Stock Exchange. It is principally engaged in the manufacturing and sale of Biaxially Oriented Polypropylene (BOPP) film and Cast Polypropylene (CPP) film. The registered office of the Company is situated at 4th floor, the Forum, Suite No. 416 to 422, G-20, Block-9, Khayaban-e-Jami, Clifton, Karachi.

   2. Packages Limited, a listed company is the parent company, holding 69.26% shares of the Company.

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial statements of the Company have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

      • Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan, as notified under the Companies Act, 2017; and

      • Provisions of and directives issued under the Companies Act, 2017.

        Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34 or (IFAS), the provisions of and directives issued under the Companies Act, 2017 have been followed.

        These condensed interim financial statements do not include all the information required to be contained in the annual financial statements and, therefore, should be read in conjunction with the annual audited financial statements of the Company for the year ended December 31, 2024.

   2. Changes in accounting standards, interpretations and amendments

      1. Standards and amendments to approved accounting and reporting standards that are effective

         There are certain amendments and interpretations to the accounting and reporting standards which are mandatory for the Company's annual accounting period which began on January 1, 2025. However, these do not have any significant impact on the Company's financial reporting.

      2. Standards and amendments to approved accounting and reporting standards that are not yet effective

      There are certain amendments and interpretations to the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after January 1, 2026. However, these will not have any impact on the Company's financial reporting and, therefore, have not been disclosed in these condensed interim financial statements.

      08

      Tri-Pack Films Limited

3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

   The preparation of these condensed interim financial statements in conformity with approved accounting standards requires management to make estimates, assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision.

   Judgements and estimates made by the management in the preparation of these condensed interim financial statements are the same as those that were applied to annual audited financial statements for the year ended December 31, 2024.

   The Company's financial risk management objectives and policies are consistent with those disclosed in the annual audited financial statements for the year ended December 31, 2024.

4. MATERIAL ACCOUNTING POLICY INFORMATION

   The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements for the year ended December 31, 2024.

   1. Reclassification

      In line with the annual audited financial statements for the year ended December 31, 2024, outward freight charges related to export sales amounting to Rs. 115 million, that were previously netted with 'Revenue from contracts with customers' has been reclassified to 'Distribution costs' for the purpose of better presentation and comparison.

      2024

2025

1. PROPERTY, PLANT AND EQUIPMENT

   Note

   (Un-audited) September 30

   (Audited) December 31

   (Rupees in thousand)

Operating fixed assets	5.1	17,570,645	18,288,926
Capital work-in-progress	5.1	1,799,743	769,314
Major spare parts and stand-by equipments	5.1	205,773	200,326
		19,576,161	19,258,566

1. Additions to and disposals from property, plant and equipment during the period are as follows:

   Additions/Transfer from CWIP (at cost)

   Disposals/Transfer (at net book value)

   September 30 2025	September 30 2024	September 30 2025	September 30 2024
   (Rupees in thousand)

   Building and other civil work
   on leasehold land	43,387	1,205,205	-	-
   Electric installations	550	611,419	-	-
   Plant and machinery	294,200	11,627,984	-	-
   Furniture and fittings	11,764	7,979	407	218
   Office and other equipments	21,147	62,776	71	43
   Vehicles	44,868	8,572	4,087	-
   Capital work-in-progress
   note-5.2 and 5.3	420,429	-	-	-
   Major spare parts and
   stand-by equipments	21,735	13,378	-	-
   	858,080	13,537,313	4,565	261

   09

   Quarterly Report 2025

2. This includes capital expenditure pertaining to plant and machinery, building and civil works amounting to Rs. 263.89 million and Rs. 20.54 million respectively.

3. This includes borrowing cost, net of government grant capitalised during the period amounting to Rs. 28.02 million (September 30, 2024: Rs. 1,077.75 million).

Intangible Asset	2025 2024 (Rupees in thousand)
Opening	4,669	10,386
Additions	341,850	-
Amortization	(4,767)	(5,717)
Closing	341,752	4,669

(Un-audited) September 30

6

(Audited) December 31

1. This includes Cost incurred on implementation of new ERP i.e SAP S/4 Hana, which is being amortized over a period of 10 years.

7. DEFERRED TAXATION

Taxable temporary differences:

(Un-audited) September 30

(Audited) December 31

2024

(Rupees in thousand)

2025

- amortisation allowance on intangibles	(327)		2,254
- provision for expected credit loss	43,271		32,987
- provision for accumulated compensated absences	14,391		19,071
- provision for obsolescence	89,877		90,197
- provision against Gas Infrastructure Development Cess	231,908		231,908
	379,120		376,417
	419,893		4,607
8. INVENTORIES
Stores	157,042		147,689
Spares	730,062		671,559
Stores and spares in transit	5,907		28,198
	893,011		847,446
Less: Provision for obsolescence	(131,520)		(131,520)
Raw materials	761,491		715,926
In hand	1,299,089		1,587,534
In transit	947,444		329,022
	2,246,533		1,916,556
Less: Provision for obsolescence	(98,935)		(99,755)
	2,909,089		2,532,727
Packing materials	37,295		28,874
Work in process	664,008		626,488
Finished goods	619,764		973,413
	4,230,156		4,161,502
9. OTHER RECEIVABLES

- accelerated tax depreciation allowance 40,773 (371,810) Deductible temporary differences:

1. This includes LC margin kept with scheduled banks in relation to import of specified items amounting to Rs. 5.47 million (December 31, 2024: Rs. 61.34 million).

2. This also includes Rs. 152.50 million (December 31, 2024: Rs. 112.50 million) held by bank under lien against bank guarantees issued on behalf of the Company in respect of Sindh Development and Maintenance of Infrastructure Cess, 2017.

1. TRADE AND OTHER PAYABLES

   1. This includes Rs. 594.64 million (December 31, 2024: Rs. 594.64 million) with respect to Gas Infrastructure Development Cess (GIDC). During the year 2022, the Company stopped making payments of installments as stay order had been obtained by the Company from the Honorable High Court of Sindh.

   2. These include Rs. 1,265.45 million (December 31, 2024: Rs. 1,136.99 million) levied through The Sindh Development and Maintenance of Infrastructure Cess, 2017, which superseded the previous levy under Sindh Finance Act, 1994. As per order dated September 1, 2021, the Honourable Supreme Court of Pakistan has directed the petitioners to provide 100% bank guarantees towards the Cess liability.

   3. This includes liability for imported goods of Rs. 3,971.85 million (December 31, 2024: Rs. 2,283.69 million).

2. SHORT TERM BORROWINGS

   (Un-audited) September 30

   (Audited) December 31

   Note Secured conventional financing		2025 2024 (Rupees in thousand)
   Short term money market loans	11.1	500,000	2,600,000
   Short term running finance	11.2	2,445,724	1,476,103
   Foreign exchange loan (FE-25)	11.3	-	1,874,294
   Secured Islamic financing
   Short term istisna cum wakala	11.4	500,000	42,000
   Tijarah FE-25	11.4	-	230,365
   Short term running musharaka	11.4	1,743,374	-
   		5,189,098	6,222,762

   1. Following are the changes in the short term borrowing (except short term running finance) for which cash flows have been classified as financing activities in the statement of cash flows:

      (Un-audited) September 30

      (Audited) December 31

      	2025 2024 (Rupees in thousand)
      Opening balance as at January 1	4,746,659	850,000
      Utilisation during the period	3,432,874	12,067,012
      Repayment	(5,436,159)	(8,170,353)
      Closing balance	2,743,374	4,746,659

      1. Short term money market loans have been arranged as a sub-limit of the running finance facility. Rate of mark-up applicable to these facilities is 11.17% (December 31, 2024: 11.25% to 13.79%) per annum. These facilities are available for a maximum period of one year from the date of agreement with the latest facility expiring on August 31, 2026.

      2. Short term running finances have been obtained under mark-up arrangements from commercial banks payable on various maturity dates up to August 31, 2026. These facilities are secured by joint pari passu hypothecation by way of first floating charge over trade receivables, stock-in-trade and stores and spares. Rate of mark-up applicable to these facilities ranged between 11.35% to 13.02% (December 31, 2024: 15.16% to 17.54%).

      3. FE-25 financing was obtained under mark-up arrangements from commercial banks payable on various maturity dates up to 180 days for the purpose of facilitating the import of raw materials. These facilities are secured by joint pari passu hypothecation by way of first floating charge over current assets including but not limited to inventories and trade receivables. Rate of mark-up applicable to these facilities is Nil (December 31, 2024: 6.5% to 12.50%) per annum.

      4. This represents Istisna facilities aggregating to Rs. 500 million (December 31, 2024: Rs. 500 million) million and musharakah facilities aggregating to Rs. 2,000 million (December 31, 2024: Rs. 1,500 million) repayable with a maximum tenure of 180 days and 1 year from the date of disbursement respectively. Rate of profit applicable to istisna cum wakala is 11.26% (December 31, 2024: 17.96%), for Short term Running Musharkah is 11.25% to 11.30% (December 31, 2024: Nil) and for Tijara is Nil (December 31, 2024: 9.90% to 11.50%) per annum. As at reporting date, unavailed amount under these facilities amounts to Rs. 256.63 million (December 31, 2024: Rs. 1,727.64 million).

      5. Total short-term facilities available under mark-up arrangements aggregated Rs. 9,550 million (December 31, 2024: Rs. 12,050 million) out of which the amount unavailed at the period end was Rs. 4,360.90 million (December 31, 2024: Rs. 5,827.24 million).

3. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      There has been no significant change during the period in the contingencies reported in the annual audited financial statements for the year ended December 31, 2024.

      Commitments	2025 2024 (Rupees in thousand)
      - for purchase of raw materials and spares	1,501,403	1,909,060
      - for capital expenditure	-	1,180,898
      - for ijarah arrangements of motor vehicles	10,642	20,306

   2. (Un-audited) September 30

      (Audited) December 31

      The facilities for opening of letters of credit and for guarantees as at September 30, 2025 amounts to Rs. 14,000 million (December 31, 2024: Rs. 15,450 million) and Rs. 2,817 million (December 31, 2024: Rs. 2,567 million) respectively, of which the amount unutilized was Rs. 8,527 million (December 31, 2024: Rs. 10,667 million) and Rs. 913.53 million (December 31, 2024: Rs.

      763.53 million) respectively.

4. REVENUE FROM CONTRACTS WITH CUSTOMERS

(Un-audited)

Quarter ended September 30

Nine Months ended September 30

2025

2024

2025

2024

Sale of goods less returns:

(Restated)

(Rupees in thousand)

- Local	8,581,804	7,682,491	23,044,762 22,105,664
Less: Discounts	-	(91,651)	(171,962) (356,237)
Sales tax (1,339,077)		(1,176,387)	(3,567,234) (3,351,706)
7,242,727		6,414,453	19,305,566 18,397,721
- Export 1,528,990		1,835,003	3,977,528 3,551,715

8,771,717 8,249,456 23,283,094 21,949,436

1. OTHER INCOME

   Note

   (Un-audited) September 30 September 30

   2025

2024

(Rupees in thousand)

Income on bank deposit	32,478	20,009
(Loss) / gain on disposal of property plant and equipment	(101)	51
Sale of scrap materials	88,281	130,696
Amortisation of government grant 14.1	138,638	16,621
	259,296	167,377

1. This represents unwinding of grant income related to borrowing facilities availed at subsidised rates. Previously, the grant income was capitalised in property, plant and equipment till June 30, 2024.

1. FINANCE COST - NET

   This includes financial charges on short term borrowings and long term borrowings amounting to Rs.

   570.80 million (September 30, 2024: Rs. 463.53 million) and Rs. 1,300.17 million (September 30, 2024: Rs. 1,129.18 million) respectively. Previously the finance cost was captalised in property, plant and equipment till June 30, 2024.

   This also includes a net exchange loss of Rs. 82.24 million (September 30, 2024: net exchange gain of Rs. 4.49 million).

2. LEVIES

   Note

   (Un-audited)

   September 30 September 30

   2025

2024

(Rupees in thousand)

Minimum tax differential u/s 148 - 318,328 Final tax u/s 154 - 34,357

- 352,685

1. INCOME TAX - NET

   1. Income tax expense is recognised based on management's estimate of the weighted average effective annual income tax rate applicable for the full financial year.

      Note

      (Un-audited)

      September 30 September 30

      2025

2024

(Rupees in thousand)

Current tax		388,365	-
Prior year tax	17.2	241,394	-
Deferred tax (415,286) 214,473			(48,321) (48,321)

1. 1. During the period Supreme Court of Pakistan (SCP) has decided the matter of adjustment of credit of minimum tax paid against future tax liabilities if no normal tax is paid/payable for that tax year. The Company had previously adjusted minimum tax attributable to tax year 2014 and 2015 against the tax liability for the tax year 2019 and 2020 amounted to Rs. 114.89 million and Rs. 126.51 million respectively. Based on the decision of SCP the Company has recognised tax charge for these years being unadjustable.

      (Un-audited)

2. EARNINGS/ (LOSS) PER SHARE

   Quarter ended September 30

   Nine Months ended September 30

   2025

   2024

   2025

   2024

   (Loss) / profit after taxation

   (Rupees in thousand)

   attributable to ordinary shareholders 95,318 (346,788) (372,886) (290,618)

   Weighted average number of ordinary

   (No. of shares in thousand)

   shares outstanding at the end of the period 38,800 38,800 38,800 38,800

   (Rupees)

   Earnings per share - basic and diluted 2.46 (8.94) (9.61) (7.49)

   1. There were no convertible dilutive potential ordinary shares outstanding on September 30, 2025 and 2024.

3. TRANSACTIONS WITH RELATED PARTIES

   Transactions with related parties are as follows:

   Nature of transaction Nature of relationship

   (Un-audited)

   Nine Months ended September 30

   2025

2024

(Rupees in thousand)

Group shared cost	Parent company	118,856	113,210
Sale of goods and services	Associated company	4,109,185	2,378,171
Purchase of goods and services	Associated company	433,153	312,072
Group shared cost	Associated company	267,125	2,635
Dividend paid	Associated company and directorship	-	194,183
Salaries and other employees' benefits	Key management personnel *	128,371	163,605
Contributions to staff retirement benefit funds	Retirement benefit funds	71,415	71,725

* Key management personnel includes CEO, CFO and Head of departments.

1. CASH GENERATED FROM OPERATIONS

   Note

   (Un-audited)

   Nine Months ended September 30 2025 2024

   (Rupees in thousand)

   (Loss) / profit before levies and income tax (158,413) 13,746 Adjustment for non-cash charges and other items:

   Depreciation 1,130,998 775,568

   Amortization expense 4,767 3,105

   Provision for staff retirement benefits 98,412 84,477 Profit on bank balances 14 (32,478) (20,009) Loss / (gain) on disposal of operating fixed assets 14 101 (51) Provision for accumulated compensated absences - net 14,822 13,048 Government grant recognised in income 14 (138,638) (52,671) Exchange (gain) / loss - unrealised (14,961) 12,975

   Finance cost - net 1,966,899 1,701,697

   Working capital changes 20.1 2,452,548 (1,296,207)

   5,324,057 1,235,678

   1. Working capital changes

      (Increase) / decrease in current assets:

      Inventories (68,654) (1,383,226)

      Trade receivables (654,124) (1,366,513)

      Advances and prepayments 98,707 (175,579) Refunds due from government - sales tax 1,116,677 (337,733)

      Other receivables 83,443 364,659 576,049 (2,898,392)

      Increase in trade and other payables 1,876,499 1,602,185 2,452,548 (1,296,207)

2. CASH AND CASH EQUIVALENTS

   Cash and bank balances excluding TDR 486,330 288,973 Short term running finance 11 (2,445,724) (3,722,222)

   (1,959,394) (3,433,249)

3. PLANT CAPACITY AND ACTUAL PRODUCTION

   Nine Months ended September 30 2025 2024

   (Metric tons)

   Operational capacity available during the period 104,100 76,600 Production 41,625 40,148

4. DATE OF AUTHORISATION FOR ISSUE

These condensed interim financial statements were authorised for issue on October 21, 2025 by the Board of Directors of the Company.

Numan Noor

Chief Executive Officer

Khurram Raza Bakhtayari

Director

Muhammad Zuhair Damani

Chief Financial Officer

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Trl-pack

Tri-Pack Films Limited

Registered Office:

4th Floor, The Forum, Suite No. 416-422 G-20, Block No. 9, Clifton,

Khayaban-e-Jami, Karachi-75600, Pakistan. Tel: [phone]

Fax: [phone]

https://www.tripack.com.pk