Noon Sugar Mills : Transmission of Quarterly Report for the Period Ended on 31-12-2022

CONTENTS

Corporate Information

Directors' Review

Condensed Interim Statement of Financial Position

Condensed Interim Statement of Profit or Loss and Other Comprehensive Income

Condensed Interim Statement of Cash Flows

Condensed Interim Statement of Changes in Equity

Notes to the Condensed Interim Financial Statements

Directors' Review (Urdu)

2-3

4-5

6-7

08

09

10

11-18

19-22

CORPORATE INFORMATION

BOARD OF DIRECTORS	Mr. K. Iqbal Talib	Chairman
	Lt Col Abdul Khaliq Khan (Retd)	Chief Executive / Director
	Mr. Saif Ullah Khan Noon	(Executive Director)
	Mr. Salman Hayat Noon	(Non-Executive Director)
	Mr. Irfan Ahmed	(Non-Executive Director)
	Mr. Atta Ali Malik	(Non-Executive / Independent Director)
	Ms. Maryam Mamdot	(Non-Executive / Independent Director)
AUDIT COMMITTEE	Ms. Maryam Mamdot	Chairperson
	Mr. Salman Hayat Noon	Member
	Mr. Irfan Ahmed	Member
HR & R COMMITTEE	Ms. Maryam Mamdot	Chairperson
	Mr. Salman Hayat Noon	Member
	Mr. Saif Ullah Khan Noon	Member
TECHNICAL COMMITTEE	Mr. Irfan Ahmed	Chairman
	Mr. Salman Hayat Noon	Member
	Mr. Saif Ullah Khan Noon	Member
	Lt Col Abdul Khaliq Khan (Retd)	Member
MANAGEMENT	Lt Col Abdul Khaliq Khan (Retd)	Chief Executive
	Mr. Saif Ullah Khan Noon	Executive Director
	Mr. Rizwan Sohail (FCA)	Chief Financial Officer
COMPANY SECRETARY	Mr. Nasir Iqbal Ansari
HEAD INTERNAL AUDIT	Muhammad Ashfaq (FCMA)
AUDITORS	Shinewing Hameed Chaudhri & Co.,
	Chartered Accountants
LEGAL ADVISERS	Hassan & Hassan (Advocates)
BANKERS	Askari Bank Limited

Bank Alfalah Limited - Islamic Banking

Bank Islami Pakistan Limited

Dubai Islamic Bank Pakistan Limited

Habib Bank Limited - Islamic Banking

MCB Bank Limited

Meezan Bank Limited

National Bank of Pakistan

Samba Bank Limited

United Bank Limited

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REGISTERED OFFICE	66-Garden Block,
	New Garden Town,
	Lahore.
	Tel. [phone],
	E-mail: [e-mail]
	[e-mail]
SHARES REGISTRAR	Corplink (Pvt.) Limited
	Wings Arcade, 1-K Commercial,
	Model Town, Lahore.
	Tel. # [phone]
	Fax # [phone], E-mail: [e-mail]
	Website: www.corplink.com.pk
MILLS	Bhalwal, District Sargodha.
WEBSITE	www.noonsugar.com

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DIRECTORS' REVIEW

DEAR MEMBERS

The Directors of Noon Sugar Mills Limited are pleased to present the condensed unaudited interim financial statements of the Company for the first quarter ended on December 31, 2022.

FINANCIAL RESULTS

A comparison of the un-audited financial results for the first quarter ended December 31, 2022, as against December 31, 2021, is as follows:

December 31,

2022

2021

---Rupees in million---

Net Sales	1,263	2,008
Gross profit	273	220
Earnings before tax	102	90
Taxation	(18)	(24)
Earnings after tax	84	66
	- - - Rupees- - -
Basic earnings per share	5.09	3.97

During the reporting period, the Company's net sales revenue was Rs.1,263 million against Rs.2,008 million in the corresponding period of the last year. Profit after tax for the reporting period was Rs.84 million as compared to Rs.66 million, and EPS of Rs.5.09 as against Rs.3.97 in the corresponding period of last year.

OPERATIONAL RESULTS

Sugar Division

The current crushing season commenced on 25th November 2022 and our mills crushed 313,927 M.Tons of sugarcane and produced 27,555 M.Tons sugar, with an average sucrose recovery of

9.19 % in 37 days of operation as compared to 335,047 M.Tons of sugarcane crushing and 29,115 M.Tons of sugar production with 9.12% recovery in 44 days of operation in the corresponding period of last year.

Distillery Division:

The Distillery plants processed 8,697 M.Tons of molasses and produced 1,920,679 liters of ethanol with an average yield of 221 liters of ethanol per M.Ton of molasses in 28 days of operation, as compared to 14,566 M.Tons of molasses and 3,608,742 liters production of ethanol at an average yield of 248 liters of ethanol per M.Ton of molasses, in 27 days of operation, during the corresponding period of last year.

FUTURE OUTLOOK

Sugar Division

The Punjab government has increased the support price of sugarcane from Rs.225 per 40 kgs for the last crushing season, to Rs.300 per 40 kgs for the current crushing season. This increase of over 33% in direct raw material cost, coupled with sharp increases in markup rates and all inputs

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