Group Members ERP Section Companies worked on

Minhal Kukda 26503 7607 Amreli and Dost Steels

Muhammad Hassan Shakeel 26493 7607
Wanya Syed 26695 7607 Aisha Steels
Hatim Malik 26465 7607
 STATEMENT OF FINANCIAL POSITION
2023 2022 2021
Rupees
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2,521,484,066 2,537,149,985
Intangible assets 1,000 1,000
Long-term security deposits 40,521,445 40,521,445
Deferred tax assets - -
256,006,511 2,577,672,430
CURRENT ASSETS
Stores and spares 26,845,775 26,845,775
Stock-in-trade - -
Trade debtors - -
Advances 1,261,739 1,241,739
Taxes recoverable/adjustable 14,598,053 10,056,682
Cash and bank balances 129,114 117,743
42,834,681 38,261,939
TOTAL PROPERTY AND ASSETS 2,604,841,192 2,615,934,369

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Share capital 3,157,338,600 3,157,338,600
Discount on issue of right shares (1,365,481,480) (1,365,481,480)
Revenue reserve - -
Accumulated loss (1,762,846,818) (1,550,279,593)
29,010,302 241,577,527
NON-CURRENT LIABILITIES
Advance for issuance of shares - 358,100,019 358,100,019
unsecured
Long term borrowings - secured 291,983,243 454,997,428
Markup accrued on secured loans 614,940,264 614,940,264
Deferred liabilities 25,301,017 24,480,355
1,290,324,543 1,452,518,066
CURRENT LIABILITIES
Trade and other payables - unsecured 43,366,038 49,169,296
Accrued markup 414,572,672 259,916,909
Short-term borrowings - unsecured 325,736,177 273,935,296
Current and overdue portion of long-term 501,831,460 338,817,275
financing
Provision for taxation - -
1,285,506,347 2,374,356,842
TOTAL EQUITY AND LIABILITIES 2,604,841,192 2,615,934,369
 STATEMENT OF PROFIT OR LOSS
2023 2022 2021
Rupees
Sales - -
Cost of sales (45,646,282) (38,478,275)
Gross loss (45,646,282) (38,478,275)
Administrative and selling expenses (12,257,899) (41,819,561)
Finance costs (154,666,232) 90,241,578
Other operating income 3,188 35,698,113
Loss before taxation (212,567,225) (134,841,301)
Taxation - -
Loss after taxation (212,567,225) (134,841,301)
Loss per share - basic and diluted (0.67) (0.43)
ION
2020 2019 2018
Rupees
S
2020 2019 2018
Rupees
 STATEMENT OF FINANCIAL POSITION
2023 2022 2021
(Rupees in '000')
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 22,263,497 21,578,251 20,146,267
Right-of-use-assets 135,731 76,410 100,334
Intangible assets 6,600 11,872 18,624
Long-term investments 14,289 14,289 15,289
Long-term deposits and loans 193,717 203,993 152,349
22,613,834 21,884,815 20,432,863
CURRENT ASSETS
Stores and spares 2,604,137 2,756,628 1,455,826
Stock-in-trade 7,097,218 11,017,657 5,992,162
Trade debts 4,973,402 5,680,426 6,320,346
Loans and advances 45,494 53,447 34,044
Trade deposits and short-term prepayments 20,767 31,260 21,072
Other receivables 211,236 266 275,213
Taxation – net 2,333,729 1,769,109 1,456,362
Cash and bank balances 271,913 356,869 378,573
17,557,896 21,665,662 15,933,598
TOTAL ASSETS 40,171,730 43,550,477 36,366,461

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Share capital 2,970,114 2,970,114 2,970,114
Capital reserve 2,788,742 2,788,742 2,788,742
Revenue reserves – accumulated profit 5,250,255 5,865,798 4,471,374
Actuarial loss on gratuity fund (89,629) (75,607) (64,168)
Revaluation surplus on property, plant and 3,642,789 3,705,659 3,774,568
equipment 14,562,241 15,254,706 13,940,630
NON-CURRENT LIABILITIES
Long-term financing 3,704,889 4,820,914 4,820,910
Long term provision 146,863 154,463 166,963
Loan from related parties - 341,333 341,333
Deferred taxation 1,028,172 641,128 213,003
Deferred liability - defined benefit obligation 452,985 369,916 306,193
Lease liabilities 121,797 72,416 84,963
Government grant 381,564 170,641 925
5,836,280 6,570,811 5,937,290
CURRENT LIABILITIES
Trade and other payables 4,979,403 6,238,326 5,077,126
Contract liabilities 479,226 773,573 499,708
Interest / markup accrued 800,284 521,139 267,271
 Short-term borrowings 11,331,137 12,573,272 9,474,081
Current portion of long-term financing 1,799,680 1,353,625 1,129,289
Current portion of lease liabilities 34,529 14,351 22,854
Current portion of government grant 27,161 42,643 12,494
Current portion of loan from related parties 316,333 - -
Unclaimed dividend 5,456 5,610 5,718
19,773,209 21,724,960 16,488,541
TOTAL EQUITY AND LIABILITIES 40,171,730 43,550,477 36,366,461

STATEMENT OF PROFIT OR LOSS

2023 2022 2021
(Rupees in '000')
Sales 45,492,724 58,184,282 39,218,453
Cost of sales (39,530,560) (51,692,795) (34,676,315)
Gross profit 5,962,164 6,491,487 4,542,138
Distribution costs (1,008,778) (1,203,640) (945,620)
Administrative expenses (751,114) (735,971) (5,554,616)
Allowance for expected credit losses (119,602) (5,177) 69,598
Other expenses (84,097) (186,445) (123,789)
Other income 8,312 24,507 24,118
Operating profit 4,006,885 4,384,761 3,011,829
Finance costs (4,032,761) (2,306,697) (1,627,878)
(Loss) / profit before taxation (25,876) 2,078,064 1,383,951
Taxation (652,567) (752,549) (15,692)
(Loss) / profit after taxation (678,443) 1,325,515 1,368,259
(Loss) / Earnings per share - basic and diluted (2.28) 4.46 4.61
ION
2020 2019 2018
(Rupees in '000')

17,650,951 16,965,602 15,528,653

72,455 - -
24,266 31,926 27,889
15,289 15,289 15,289
134,962 137,746 135,599
17,897,923 17,150,563 15,707,431

1,683,504 1,337,910 869,766

8,040,331 6,586,598 7,459,068
4,900,333 3,402,722 1,787,704
28,916 18,798 23,377
642,890 35,940 44,234
527,960 127,402 227,189
1,238,228 803,803 393,017
509,361 147,039 131,074
17,571,523 12,460,212 10,935,429
35,469,446 29,610,775 26,642,860

2,970,114 2,970,114 2,970,114

2,788,742 2,788,742 2,788,742
3,125,905 4,179,934 4,727,294
(60,186) (56,406) (40,439)
2,288,611 2,361,200 2,434,441
11,113,186 12,243,584 12,880,152

5,429,984 1,506,914 2,204,389

- - -
341,333 280,000 -
243,874 900,142 1,006,649
254,748 205,420 155,678
63,600 - -
7,627 - -
6,341,166 2,892,476 3,366,716

3,731,308 3,560,081 2,188,435

962,783 280,783 240,438
577,719 352,787 135,649
 11,912,828 9,087,930 7,053,114
811,503 1,186,554 775,245
8,748 -
4,215 -
- -
5,990 6,580 3,110
18,015,094 14,474,715 10,395,991
35,469,446 29,610,775 26,642,859

S
2020 2019 2018
(Rupees in '000')
26,532,144 28,595,976 15,500,543
(24,556,406) (26,172,392) (12,742,134)
1,975,738 2,423,584 2,758,408
(682,078) (716,485) (385,733)
(503,388) (461,746) (401,411)
(185,243) (39,603)
(94,388) (17,704) (123,054)
8,167 7,096 22543
518,808 1,195,142 180,753
(2,299,271) (1,262,303) (476,323)
(1,780,463) (67,161) 1,394,431
653,846 99,984 190,806
(1,126,617) 32,823 1,585,237
(3.79) 0.11 5.34