Tariq : Transmission of Quarterly Report for the Period Ended March 31,2023

CONTENTS

Company Information	2
Directors' Report to the Shareholders - English	4
Directors' Report to the Shareholders - Urdu	8
Auditors Review Report to the Members	11
Condensed Interim Statement of Financial Position	12
	13
Condensed Interim Statement of Comprehensive Income	14
Condensed Interim Statement of Cash Flows	15
Condensed Interim Statement of Changes in Equity	16
Notes to the Condensed Interim Financial Information	17

Half Yearly Report 2023

1

COMPANY INFORMATION

DIRECTORS
Mrs. Sadia Ali Tariq	Chairperson
Mian Mustafa Ali Tariq	Chief Executive Officer
Mian Ahmed Ali Tariq	Non-Executive Director
Mrs. Maryam Habib	Executive Director
Mr. Muhammad Imran Khan	Independent 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	Mian Ahmed Ali Tariq
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

2

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]

LEGAL ADVISORS

Saad Rasool Law Associates

Siddiqui Bari Kasuri & Company

COST AUDITORS

Fazal Mahmood & Co Chartered 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

PSX SYMBOL

Half Yearly Report 2023 3

TCORP

DIRECTORS' REPORT

The directors of your company are pleased to present the reviewed financial information of the Company for the half-year that ended on 31 March 2023.

The highlights of the Company's performance for the half year 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

Net sales

Gross profit

Operating and finance cost

Profit before taxation

Profit after taxation

Earnings per share

31-03-202331-03-2022

616,378909,397

60,12078,255

9.768.76

.....................Rupees...................

4,102,013,154 4,356,005,919

99,475,191 523,902,081

417,183,500 349,098,543

89,963,100 190,018,641

8,317,262 120,340,388

0.162.27

THE SUGAR INDUSTRY AND THE ECONOMY

In line with the trend of general inflation and contractions seen in the economy in Pakistan and across the world, costs of raw material i.e sugarcane and other inputs have continued to rise drastically. Resultantly, sugar prices have begun to rally in Pakistan and across the world also. Internationally, sugar prices have remained stable at more than 700 USD per ton, a local parity of around Rs. 250 in Pakistan at current USD/PKR levels.

Untimely, a delayed export and late receipts of revenues against sugar inventories have dented the capacity of the industry and farmers. To make things worse, devastating floods, climate change, and expensive inputs have hurt rural productivity as yields of sugarcane and other crops have dropped significantly. If sugar prices do not rally to a point at which mills can pay farmers lucratively, Pakistan will see a sugarcane and sugar crisis in the coming years.

Although provincial governments have increased the support prices of sugarcane to encourage sugarcane plantation, they have not been supportive of the corresponding increase in sugar prices. If governments increase the costs of production, i.e minimum support price and inflation continues, naturally, there will be a corresponding increase in prices of sugar.

As the State Bank of Pakistan has begun increasing interest rates to fight inflation, the cost of capital has become even more expensive. In fact interest rates are the highest they have been in decades. It is becoming an extremely difficult challenge for a food-based industry to navigate in such a background. Political instability

4