At The Heart of The Future: Global Consortium

At the Heart
of the Future
Towards a Global Consortium
National Foods Limited

12/CL-6, Claremont Road
Civil Lines, Karachi 75530
www.nfoods.com Annual Report 2024
About
the Report Content
About the Company CSR & Sustainability
Welcome to the National Foods Limited Our Story 03 Sustainability & CSR 81
Annual Report for 2024. Business Profile

Geographical Presence
04
05 Business Review
Founders’ Philosophy 07 Chairman's Review 90
This Annual Report is a testament to our growth, At the core of our mission is you, our valued stakeholder.
Vision & Mission 09 Directors’ Report 94
innovation, and unwavering commitment to excellence. This annual report showcases our unwavering
As we continue to expand our global footprint, enhance commitment to sustainable and ethical business Core Values 10
our product offerings, and build stronger routes to practices that enhance your lives. It reflects our growth Code of Ethics & Business Practices 11 Financial Review
markets, our primary focus remains on enriching the and our ambition to go even further in the future. History Timeline 13 DuPont Analysis 113
lives of our customers and stakeholders, making every Awards & Certificates 15 Financial Ratios 114
effort to bring comfort and joy to lifestyles.
Our People 17 Financial Statement at a Glance 115
Food Services Division 21 Financial Highlights 117
Our Manufacturing Excellence 22 Horizontal Analysis 123
Faisalabad Plant Inauguration 24 Vertical Analysis 124
Seed to Table 26 Summary of Cash Flow Statement 125
Our Supply Chain 28 Six Year Cash Flows Using Direct Method 126
Customer Relations Management 30 Statements of Value Added & its Distribution 127
Brands and Campaigns 31
Technological Developments 37 Financial Report
National Centre of Excellence 39 Statement of Compliance with Listed
Health Safety & Environment 40 Companies (Code of Corporate Governance)
Regulations, 2019 133
National Foods DMCC 41
Independent Auditor’s Review Report
NF DMCC Innovations 44
To The Members of National Foods Limited 136
Independent Auditor’s Review
Stakeholders Information To The Members of National Foods Limited 137
NFL Organizational Chart 49 Unconsolidated Financial Statements 141
Company Information 51 Consolidated Financial Statements 207
Factories & Offices 53
Calender of Events 55 Others
CEO Message 58 Pattern of Shareholding 279
Categories of Shareholders 281
Corporate Governance Stakeholders’ Information 283
Directors’ Profile 62 Notice of Annual General Meeting 285
Board Meetings 69 Form of Proxy 315
Board Committees 73 E-Dividend Mandate Letter 317
Corporate Governance 75 Request Form for Transmission of AGM 319
Management Committee 77
At the Heart
of Innovation
Seed to Table embodies National Foods’ visionary
stride towards agricultural excellence, facilitated
by strategic partnerships and advanced
technology integration.
This initiative symbolizes our progressive approach and
unyielding dedication, positioning us at the heart of
innovation and forefront of agricultural advancements.
01 | About The Company Annual Report 2024 | 02

Our Business
Story Profile
National Foods continues to spread happiness by National Foods Limited has successfully positioned itself
offering authentic flavors, and re-uniting people as a global player in the food industry, committed to
with their long standing Pakistani heritage. enriching lives everywhere.
We began our journey in 1970 as a spice company Technologies to ensure that our customers receive the The structure comprises of ATC Holdings as the In 2017, National Epicure Inc. Canada, made a
with a product that brought the idea of clean and highest quality products. With a strong commitment to parent company, with its subsidiary National Foods significant move by acquiring 60% stakes in A-1 Bags
healthy foods to life. Since then, we resolved to quality and operational excellence, we have integrated Limited, specializing in offering convenient, healthy, and Supplies Inc., a company situated in Canada. A-1
make hygienic food, reduce time spent in the our systems with SAP S/4HANA, the latest ERP and delicious food choices. To enhance global Bags and Supplies Inc. specializes in the distribution of
kitchens, and foster good health. And on a daily basis, business suite. presence, National Foods DMCC, a Dubai-based restaurant, industrial, and retail supplies.
we strive to elevate our communities and create a subsidiary formed in 2013 for the Middle East, has
better lifestyle for those around us. We constantly inspire new traditions and have helped expand our global footprint.
already successfully expanded our global footprint
Since inception in 1970, National Foods has evolved in across 40 countries in 5 continents. At National National Epicure Inc. Canada, National Epicure Inc.
multiple categories as a leading food manufacturer. We Foods, we're creating food that enriches the lives of USA, and National Foods Pakistan UK Limited help
are FSMS (ISO 22000), HALAL . 45001, 14001 , BRC people everywhere. us in strategically serving North American and
and SEDEX certified along with SAP Business European markets.

Geographical
Presence
CANADA
UK
PAKISTAN
UAE
KSA
05
Off ices
USA
05
Continents
40
Countries
300
Distributors

Founders’
Philosophy
• Through building a reliable brand, National Foods
must get itself recognized as a leader in Pakistan
and abroad.
• National Foods must focus on customer needs

and serve them with quality products that
conform to international standards & local
standards.
• We must strive to be leaders in all the brands that

we produce.
• Our research must continuously produce new and

well-researched, innovative products to promote
health and nutrition.
• We must prove ourselves to be good corporate

citizens, support charitable causes for betterment
and focus on Triple Bottom Line for People, Planet
and Profits.
• Projects to be identified and initiated that

contribute to the economy of Pakistan positively.
• Reserves must be built, new factories created,

sound profits made, and fair dividend should be
paid to our stockholders.
• We must create an environment in our offices and

factories where talent is groomed, and people
have every opportunity to advance in their careers.
• With the help of Almighty Allah, the company can

achieve its targets in times to come.

Vision Core Values
Creating food that enriches the lives of people everywhere.
Mission
We will achieve our vision by designing and manufacturing food and related Passion Customer
products, conforming to international standards and guidelines for nutrition, health, Centric
wellness and quality, bringing joy and happiness to people everywhere. Go Above Proritize Customer
& Beyond Experience
(Internal & External)
Teamwork Excellence
in Execution
Trust Each Other & Lead, Commit &
Achieve Together Deliver the Best
Ownership
Own It &
Deliver It

Code of Ethics & i. Transparency: NFL discourages any illegal
activity for the purpose of any benefit to the
company or others. All information supplied to
Business Practices the stakeholders and/or auditors must be

authentic & transparent
ii. Disclosure: All transactions must be fully

National Foods Limited believes in conducting its disclosed and must be for the purpose stated
operations with strong ethical and moral standards. 7. Health, Safety and Community
NFL’s statement of Code of Conduct & Business Responsibility
Practices aims to provide guidance on carrying out its NFL is fully committed to safety, health and
business-related decisions and activities. responsibility towards environment and
community. All activities of NFL must portray
responsibility towards the community and
We wish to achieve excellence in all spheres of our i. Providing assistance to the competition or nation as a whole. NFL seeks to employ
operations for which Code of Conduct form the basis. holding ownership interests with a procedures that are safe, healthy and
Any party entering any form of contract with NFL is customer, supplier, distributor or competitor environment friendly.
bound to comply with the given guidelines. NFL’s ii. Making personal gains at company's expense
statement of Code of Conduct & Business Practices
have the following seven guidelines:
4. Confidentiality
1. Unfair Means NFL believes in confidentiality of information
related to business activities.
Any use of bribery, kickbacks or any form of
payment in cash/kind to obtain any undue
The company expects employees not to disclose
business related or otherwise gainful benefit for
or divulge by any means the confidential and
the company is strictly prohibited. Excessive
commercially sensitive information except to the
business gifts and entertainment also hold the
authoritative employee requiring it. Furthermore,
same meaning and NFL does not approve of
they should use their best endeavors to prevent
such payments.
the disclosure of such information by other people.
2. Unfair Behavior The obligation of confidentiality shall survive

the expiration or the cessation of employment
We aim to operate in a manner that discourages
contracts with National Foods Limited and is
discrimination, harassment and/or influence.
equally applicable to intellectual property.
Discrimination refers to favoritism based on a
particular aspect of an individual’s personality.
Harassment includes gender harassment 5. Statutory Compliance
creating an intimidating, hostile or offensive work
NFL aims to comply with all the laws, rules and
environment causing interference with work
regulations laid down by governmental and
performance. Influence could be an abuse of
regulatory bodies.
authority or the wish to alter personal believes.
6. Financial Integrity
3. Conflict of Interest
NFL believes in complete compliance with the
NFL prohibits actions that are in conflict with
accepted accounting rules and procedures. This
the company's business interests. This may
includes but is not limited to:
include but is not limited to:
Annual Report 2024 | 19

History
Timeline
1970-1980 1981-1990 1991-2000 2001-2010 2011-2020 2020-2024

• National Food Laboratories • Launch of recipe mixes. • Launch of Pickle range and • Launch of instant desserts • Establishment of first • Introduction of National
Limited acquired. modernization of the Salt and inauguration of a new international subsidiary, Crushed Pickle and Curry
• Certified vendor of NF DMCC, in Dubai. Powder.
Plant. production facility at Port
• Launch of packaged spices. McCormick, USA, as part of
Qasim. • Supply Chain remodeling for • Launch of e-commerce
their Supplier Certification • National Foods adds ketchup
• The office moves to Dinar aflatoxin-free Red Chilli Crop. portals across Amazon,
Program. to portfolio and launches Jam • National Foods Limited gets a Walmart, eBay and own
Chambers West Wharf. • Establishment of Canadian
and Jelly range. logo and packaging revamp. storefront in both
• National Foods becomes a subsidiary, National Epicure Inc.
• Launch of branded salt. USA & Canada.
Public Listed Company. • National Foods crosses Rs.1 • Celebrating 40 years of
• Launch of first range of Halal • 50-year celebration and
billion in its sales. success and introduction of
frozen meals and traditional launch of new Vision.
the instant drink category nimco snacks.
‘Fruitily’. • Packaging revamp of Recipe
• Inauguration of Mixes.
the Gujranwala Factory.
• Launch of Premium
• Acquisition of 60% stakes in Chunky Jams.
A-1 Bags and Supplies Inc.
• ATCH & NFL Flood
• Launch of Mayonnaise. Relief Pledge.
• Inauguration of the new • Launch of Karachi Khaas range
Corporate Office.
• Inauguration of National
• Inauguration of Snacks Centre of Excellence (NCoE)
production with launch of
Scene On. • NFL establishes new
subsidiary in Sharjah, UAE
• Certification of Port Qasim
Facility with BRC Global • NFL establishes Supply Chain
Standards. hub in Canada
• Launch of Seed to Table

import substitution project
• NFL inaugurates flagship

Faisalabad Plant

Awards &
Certificates
Certification standards play a crucial role in ensuring the
quality, safety, and ethical practices of organizations.
National Foods, a renowned organization operating
across three locations, namely Port Qasim, Faisalabad
Halal Certifications:
and Nooriabad, takes great pride in upholding these National Foods has obtained multiple Halal In conclusion, National Foods' dedication to these
standards to deliver excellence in its operations. Let's certifications, including Halal PS 3733, MS 1500, GSO, certifications showcases its unwavering commitment to
delve into the significance of each certification and and MUIS at all locations. These certifications attest to quality, safety, ethics, and customer satisfaction. By
how it has benefited National Foods. National Foods' compliance with Islamic dietary achieving and maintaining these standards, National
ISO 9001:2015: requirements and demonstrate its commitment to Foods has positioned itself as a trusted and responsible
ISO 9001:2015 certification focuses on quality providing Halal-certified products to consumers. organization, fostering stronger relationships with
management systems, encompassing processes Moreover, the Halal certifications, acquired at all customers, suppliers, and stakeholders while
and procedures that ensure consistent product locations, further reinforces National Foods' adherence continuously improving its operations and delivering
quality and customer satisfaction. National Foods to globally recognized Halal standards. These exceptional products to the market.
has diligently implemented ISO 9001:2015 at all its certifications have significantly expanded National
BRC Issue 9:
locations, enabling the organization to streamline Foods' market reach, allowing it to cater to the diverse
BRC (British Retail Consortium) Issue 9 certification operations, enhance customer trust, and needs of consumers seeking Halal products.
sets stringent requirements for food safety, quality, continuously improve its products and services.
and operational criteria. Furthermore, it focuses on
quality and food safety culture. National Foods has
achieved this certification at PQ and NBD locations,
which demonstrates its commitment to maintaining SEDEX SMETA:
the highest standards in food processing. This SEDEX (Supplier Ethical Data Exchange) SMETA
certification has enabled National Foods to build certification focuses on ethical trade practices,
trust with its customers, assuring them of safe and including labor standards, health and safety,
reliable products. environmental responsibility, and business integrity.
National Foods has achieved SEDEX SMETA
certification at Port Qasim and Nooriabad locations,
demonstrating its dedication to responsible sourcing
and ethical supply chain management. This
certification has enabled National Foods to
ISO 45001:2018:
strengthen its relationships with customers, suppliers,
ISO 45001:2018 is an internationally recognized and stakeholders while ensuring sustainable and
standard for occupational health and safety ethical business practices.
management systems. National Foods has
implemented this standard across all its locations,
emphasizing its dedication to creating a safe and
healthy work environment. By adhering to ISO
45001:2018, National Foods has minimized
workplace hazards, reduced accidents, and
enhanced employee well-being, ultimately leading to
improved productivity.

Over the past year, our employees have developed Talent Mobility: Empowering Global
around 3,000 skills via the LinkedIn Learning
platform. This initiative has successfully empowered Growth and Development
Our People
our team to upskill and encouraged ongoing personal The Mobility Framework is designed to provide
growth and development. Moving forward, we plan to employees with diverse opportunities for career
expand our LinkedIn Learning offerings and integrate development and skill enhancement. It helps us
new, innovative learning paths to ensure our retain and engage top talent by offering meaningful
employees continue to thrive in an ever-evolving and varied career paths, leveraging our internal talent
professional landscape.
At National Foods, our people are the cornerstone pool more effectively, and cultivating a versatile and
innovative workforce capable of driving our global
of our success and the driving force behind our Capability Building Programs: objectives forward. The framework includes
short-term, long-term, and permanent assignments,
innovation and growth. Developing Professional Competence each offering unique opportunities for professional
To ensure comprehensive compliance, our entire growth and organizational contribution.
manufacturing staff was trained on the BRC Issue 9
Talent development strategy, our Trailblazers engaged in
rotations within and outside their core functions. Standard. We also collaborated with KPMG to Strengthening Ties with Academia:
Furthermore, Trailblazers actively participated in conduct a Risk & Fraud Awareness Workshop for
At National Foods, we are dedicated to attracting, Fostering Emerging Talent
numerous training sessions aimed at enhancing their senior managers and above, enhancing their ability to
developing, and retaining top talent through strategic
proficiency in both functional areas and personal identify, mitigate, and manage risks and fraud within National Foods prioritizes the cultivation of
initiatives that enhance capabilities, foster growth, the organization. Additionally, our international sales
effectiveness. relationships with academic institutions as a core
and drive innovation across the organization. component of our employer branding strategy. This
proactive engagement serves to attract emerging
Charting Our Path Forward – LinkedIn Learning: Enabling talent and spotlight our Flagship Talent Programs,
Restructuring for Growth Continuous Learning
In May 2022, we initiated a comprehensive and At National Foods, we prioritize our employees'
collaborative process, engaging the expertise of personal and professional development by investing
seasoned global management consultants. This in resources that promote their holistic growth. In
transformative journey commenced with a rigorous October 2023, we launched LinkedIn Learning as our
evaluation of our strategic objectives, existing e-learning platform to make education easily
organizational structure, and corporate cultures. Our accessible and empower our workforce to reach their
consultants conducted in-depth interviews, full potential. This initiative aligns with our Founders’
benchmarking exercises against local and international Philosophy of creating a nurturing environment
competitors, and thorough data analysis, providing us where talent can thrive, and individuals have the team participated in Sales 101 and Commercial
opportunity to grow. Excellence training, aimed at refining their sales while showcasing the abundant opportunities
with invaluable insights into our strengths,
strategies, improving customer engagement, and available within National Foods.
weaknesses, opportunities, and threats.
driving commercial success in global markets.
After months of meticulous planning and careful
deliberation, we successfully redesigned our teams
Leadership
and resources to align more closely with our
At NFL, we are dedicated to nurturing a culture of
strategic objectives. Our new organizational design is
visionary leadership that drives excellence, fosters
anchored in several key principles: future orientation, innovation, and aligns with our core values to achieve
accountability at all levels, enhanced efficiency, sustained organizational success.
compliance within the governance framework, and
alignment with international best practices.
Reconnecting with Our Values:
Trailblazers Program: Theatre of Intent
Cultivating Fresh Talent This year, in partnership with Schuitema, we
The Trailblazer Program remains a key part of our Behavioral development, especially of our emerging conducted values refresher sessions for the entire
talent development strategy. This year, we welcomed leaders, remains a priority at NFL. Our flagship organization through interactive Theatre of Intent
a new group of fresh graduates, our Trailblazers, who Leadership Foundation Development Program is workshops. Facilitated by Omair Rana, these
embarked on a journey to become functional experts designed to prepare newly promoted team leads and
sessions used reenactments of real-life scenarios to
and strengthen our organizational capabilities. high-potential employees for future managerial roles.
illustrate how strong, value-based transactions and
As a key component of their comprehensive

behaviors can promote a culture of values at NFL. The BELONG Initiative: Embracing Abilities: Inclusion of Partner. The aim of this was to understand the key
Participants gained a deeper understanding of our Creating an Inclusive Workplace drivers of employee engagement and enable
Persons with Disabilities managers and leaders throughout the organization to
In our ongoing efforts to create an inclusive improve the employee experience.
At National Foods, our commitment to Diversity,
workplace, we focused on the recruitment and
Equity, and Inclusion (DEI) is embodied in our BELONG With an 85% response rate, our engagement index
integration of persons with disabilities into head
program. Launched to create a more inclusive and was over that of the Global Benchmark as
office roles. To support this initiative, we partnered
diverse workplace, BELONG focuses on various facets determined by Microsoft Viva Glint. The results were
with ConnectHear to conduct an extensive 18-hour
of diversity including gender, religion, and persons with sign language training program for teams working shared by the Global CEO in a Townhall titled – Your
disabilities. In the fiscal year 2023-2024, we directly with these individuals. Voice in Action: Shaping the Future Together.
implemented a series of strategic interventions aimed Subsequently, over 20 org-wide action planning
at fostering an inclusive environment where every
Celebrating Unity: sessions with over 400 people were conducted to
five core values and how these values are integral to Promoting Religious Harmony deep dive into the results and come up with Areas of
employee feels valued and respected.
their roles and responsibilities, empowering them to Focus for the year. These sessions allowed for the
Religious harmony is a cornerstone of our DEI organization to prioritize its Areas of Focus and start
advocate for these principles in their daily work. Leading the Charge: strategy. This year, we celebrated Interfaith working towards them in a phased manner.
Our Commitment to Gender Equality Harmony Week, which featured a series of events
Leadership Framework: honoring Easter, Nowruz, Holi, and Ramadan,
Defining Excellence As part of our dedication to gender equality, National showcasing the peaceful messages of each religion. Pazeerai: Recognizing and Celebrating
Foods became an SDG-5 Leader through CERB's We extended these celebrations to include Diwali, Excellence
This year, NFL has worked with seasoned Christmas, and Eid-Ul-Fitr, promoting an
SDG Leadership Program, reinforcing our In FY 22-23, the need for a comprehensive Rewards &
environment of mutual respect, unity,
consultants to formulate a detailed leadership commitment to moving towards a more equitable and Recognition Framework was identified through the
understanding, and inclusiveness.
framework, that outlines the behaviors that all equal future. Our initiatives included setting specific Culture Study. This led to the development and launch
employees must encompass and uphold as leaders DEI targets to ensure representation and advocating of Pazeerai – NFL’s Rewards & Recognition Program.
of National Foods. These behaviors have been for women within the company. We celebrated the The philosophy behind Pazeerai is rooted in the belief
defined after rigorous research of our culture, that every employee's effort, whether small or
contributions and achievements of women through
practices and strategies and in-depth conversation significant, deserves recognition. This continuous
various events, such as the International Day of
acknowledgment not only boosts morale but also
with our leaders. Women & Girls in Science and International Women's
motivates employees to excel and drives organizational
Day. These celebrations not only highlighted the results while reinforcing our core values.
Talent Review Meetings: significance of gender diversity but also inspired our
Shaping Future Leaders workforce to strive for excellence and equality.
The Annual Talent Review Meetings act as an

important forum for the identification of key roles
and individuals with immense leadership potential.
This platform presents an opportunity to then
discuss and chart out their growth plans, stretch
assignments, career trajectories, transitions, and
successions.
Diversity
To further support our employees, we introduced
Gender Pay Gap Statement more family-friendly policies, such as enhanced
paternal leave, providing greater flexibility for new
Culture
Following is gender pay gap calculated for the year parents. Additionally, we installed sanitary napkin
ended 30 June 2024. dispensers at all key locations, ensuring the health Shaping Our Future Together:
and comfort of our female staff. These measures Employee Engagement Partner
Mean Gender Pay Gap: -15% reflect our commitment to creating a supportive and
Building upon the Culture Study that was conducted
Median Gender Pay Gap: -34% equitable workplace for all employees. last year, National Foods onboarded Glint (now
Microsoft Viva Glint) as its Employee Engagement

Food Services Our Manufacturing
Division Excellence
The Food Services
Department excels in Port Qasim Plant SEDEX Certification
celebrating culinary Operations

talent, fostering Quality & HSE compliance
community connections, National Foods Limited emphasizes on excellent
Halal (PS 3733), IFANCA & ACTS
and innovating products. quality and HSE compliance through robust systems
and practices. It has been winning the hearts of & Halal (MS 1500), PHDA
consumers with its high-quality standard by
From honouring chefs at International Chef Day to
embedding a systematic Quality Assurance approach
hosting Chef Connect events, we prioritize culinary
in its culture. Some of the major achievements related
excellence. Strategic launches like Signature Mayo and
collaborations with industry leaders demonstrate our to Quality and Compliance are as follows:
agility and dedication to customer satisfaction.
Partnerships with renowned restaurants for campaigns BRCGS Certification
like Ramadan showcase our commitment to enriching NFL PQ Plant has successfully achieved Halal
cultural festivities. These achievements reflect our certification from Halal (PS 3733), IFANCA & ACTS &
ethos of innovation and customer-centricity, positioning Halal (MS 1500), PHDA which are crucial for ensuring
us for continued success. that its products meet Islamic dietary laws and can be
marketed to Muslim consumers globally.
ISO 9001 Certification
Connecting with Chefs: Co-Creating Value: Renewal of PNRA Certification for Recipe
Chef Connect Exports Inspection Machines
Portfolio Optimization
We proudly orchestrated Six Chef Connect events, In our continuous pursuit of meeting customer needs,
strategically situated across diverse urban landscapes, we have optimized our product range to better align
each boasting an impressive attendance of over 400 with evolving preferences.
passionate individuals. These events were an
immersive experience meticulously designed to unite
culinary enthusiasts, from seasoned chefs to budding
food entrepreneurs.
From interactive cooking demonstrations by renowned

chefs to panel discussions exploring the latest trends Certification from PNRA is a prerequisite for operation
and innovations in the food industry, every moment of X-ray machines for packets inspection. There are
was curated to inspire and ignite the imagination. 02 X-ray machines installed in Export Packing section
and are CCP that can detect not only metal
The significance of these gatherings extended far contaminants but also plastic, stones, EPDM etc.
beyond mere networking opportunities. By bringing anything which is denser than good product. The
together like-minded individuals who share a passion ISO 14001 and 45001 Certification certification from PNRA is for annual basis and we had
for food, we not only celebrated the artistry of cooking successfully acquired the license for X-ray machine
but also reaffirmed our dedication to pushing the operation from PNRA for FY24.
TIFIE TIFIE
ER D ER D
C C
boundaries of culinary creativity. Chef Connects
served as a testament to the power of community,
collaboration, and shared passion, embodying the true
14001:2015 45001:2018
N
N
O
spirit of culinary excellence. G

A N I Z ATI
G
A N I Z ATI
O
O
R

Replacement of Asbestos Shed
with Sheet Metal
Nooriabad Plant
Operations Faisalabad Plant
Quality Management System Inauguration
Nooriabad Plant has put a strong Quality Management
System (QMS) in place to document the policies,
business processes, and procedures necessary for an National Foods Unveils Largest Manufacturing
organization to create and deliver its products or services
to its customers. We are winning the hearts of our
Facility in Faisalabad
consumers with our High-Quality Standard, and this is
Operational Excellence assured by embedding a systematic Quality Assurance Backed by an impressive PKR 7 billion investment, this The new facility isn't just about expanding
National Foods has always preferred and encouraged approach in our culture. Some of the major achievements state-of-the-art facility signifies NFL's unwavering production—it's about creating opportunities. With
its employees to have the Operational Excellence related to Quality and Compliance are as follows. commitment to quality and innovation, serving as a over 600 jobs generated, the plant significantly
methodology incorporated in their daily task routine. It platform for international expansion. Set on a contributes to local employment, fostering economic
helps the company achieve its business objectives and spacious 30-acre site, the Faisalabad plant boasts growth in the Faisalabad region and beyond. This
remain competitive in the marketplace. Port Qasim has BRCGS Certification cutting-edge technology and a remarkable monthly enhanced capacity will empower the company to
been exceptional to deliver its projects that focus on production capacity of 6,000 tons. This plant is poised substantially increase its export volume, building upon
optimizing processes, reducing waste, improving to make a profound impact on Pakistan's food its current exports, and promising a brighter economic
efficiency, and continuously improving performance. Food Safety
industry by manufacturing an array of products, future for the region.
Version 9 ensuring that NFL continues to meet the evolving
tastes and demands of consumers both locally and As NFL continues to broaden its horizons, the
internationally. Faisalabad plant stands as a symbol of progress and
Halal Certification ambition, representing a future where Pakistani food
The grand inauguration ceremony was graced by products can compete on the global stage and be
Chairman Zahid Majeed, Global CEO Abrar Hasan, the celebrated for their quality and diversity, instilling a
company's Board of Directors, management sense of pride and optimism.
personnel along with guests and employees.
Operational Excellence
Operational Excellence has been a critical component
for National Foods Limited for maintaining its
competitive edge and ensuring sustainable growth. It
helps NFL to increase process efficiency, improve
product quality, and greater customer satisfaction.
This holistic approach ensures we not only meet our
current operational goals but also position ourselves
for long-term success and sustainability in the
competitive food industry.

Seed to
Table
A Paradigm Shift in Pakistan's Agriculture
NFL, fueled by the vision of reshaping Pakistan's The project was also showcased at the Pakistan
agricultural landscape, launched the ‘Seed to Table’ Agriculture Connection Expo & Conference 2024 here
project in August 2023 with a vision to reduce the in Lahore. Our participation at the PAC Expo
country’s dependency on imported raw materials, comprised of an insightful presentation by the Global
particularly the annual import of tomato paste CEO, Mr. Abrar Hasan, highlighted the program's
amounting to USD 10 million. Through the dedicated pioneering approach towards agricultural
efforts of all stakeholders in the project including development, delighting the audience with its depth of
farmers, tomato seeds were cultivated in September knowledge and tangible outcomes.
2023 over 500 acres in different parts of Sindh. The
harvests started in February this year, yielding around Our stall, distinguished by its striking design and
8,000 tons of premium-quality tomatoes so far. strategic layout, effectively communicated the
inspiring journey of Seed to Table, leaving attendees
The project aims to empower local farmers ensuring intrigued by our openness to share knowledge and
their continued growth and prosperity through formal drawing them in. Through communication materials
partnerships with progressive farm-managing both in print and an informative documentary, the
companies including Syngenta, Ibtida Ventures, Vital audience was able to gain a comprehensive
Green, Indus Acres, Kevlaar, Al-Rahim Agri Processing, understanding of the subject matter, fostering
Farmdar, Farmevo, and Salaam Takaful. We are engagement and facilitating meaningful discussions.
dedicated to building upon the success of the ‘Seed to
Table’ project by replicating this model with other key
ingredients as well.

Our Supply
Chain
Procurement
Our procurement team prioritizes securing the finest Reflecting our commitment to Continuous improvement
raw materials, both locally and internationally. We and Operational Excellence, the Procurement function
forge strong relationships with reputable suppliers has introduced 3rd party manufacturer tagging in our
who share our commitment to global food compliance Vermicelli Bags to eliminate waste and improve
standards and sustainable practices. We have inventory accuracy. Standardization of twist caps
increased our supplier share of socially responsible across all products and SKUs has simplified buying and
packaging suppliers and are working on a POLO to inventory management, and reduced supply risk.
BSPL board project to transform our packaging into a
more sustainable product. Additionally, we recycle and We actively support the localization of agricultural
resell slobs in the paper and board category to reduce raw materials to ensure a steady flow of high-quality
environmental impact and create circular supply ingredients while minimizing environmental impact
chains. In collaboration with QC and IRD teams, we and reducing dependance on imports. We are now
redesigned Ketchup Cartons from stand-up to lay-flat growing tomato varieties locally and having them
orientations, resulting in less material used per carton processed through local service providers, moving
and cost savings. away from imports.

Integrated Business Planning
Customer Relations
cutting-edge warehousing solutions has undoubtedly
set a new benchmark for production and dispatch
Supply Planning continued leading the cross-functional
efficiency within the industry.
Management
forum of SLOB (Slow Moving & Obsolete Materials) to
highlight materials with potential risk of expiries. This
Furthermore, addition of Automated Material Handling
included inventory for FG, RM, PM and SFG. SLOB forum
Equipment (MHE) bolstered the efficiency and
continued promoting the consumption of materials prior
increased the pace of the processes thus ensuring
to expiration, highlighting the financial risk to business,
that fast-paced production can be proceeded as per
minimizing write-off, and avoiding business waste.
the market needs.
Materials with potential write-off risks were categorized
and thorough liquidation plans were implemented. Any
Seamless Salesforce
potential losses were prevented by the agency of Customer World’s #1
efforts inserted by the SLOB forum. Furthermore,
Experience CREATE
WITH SALESFORCE CRM Software
Supply Planning team ensured that Customer
expectations were timely met, despite tech transfer to Customer Experience is a cornerstone of National We have recently implemented Salesforce, the world's
Faisalabad and S4 HANA implementation. Foods' commitment to excellence, reflecting our leading CRM software, to elevate our customer
dedication to understanding and meeting consumer experience (CX) and provide a more seamless customer
In a volatile business environment, the S&OP process needs. This year, we have answered and resolved journey. Their state-of-the-art module allows us to
remained essential for forecast alignment with automate processes and track all customer cases,
1,500 inbound calls and hundreds of cases related to
business outcomes. To ensure robustness, catering to both domestic and international customers,
queries, complaints, and product feedback, ensuring
ensuring that every interaction is efficiently managed
organizational processes and design were altered. that every customer interaction is addressed with and resolved. The importance of having a CRM
This helped harmonize and integrate different care and efficiency. Our proactive approach includes software like Salesforce lies in its ability to centralize
planning horizons to capture demand. Additionally, the 25,000 outbound calls via NFL Hotlink, encompassing customer data, streamline communication, and offer
team worked with commercial teams at the Demand multi-channel surveys across multiple brands and personalized service, ultimately enhancing customer
Supply Reconciliation meetings to guarantee product categories, to directly engage with our consumers. satisfaction and loyalty. By adopting Salesforce, NFL is
availability during the S4 HANA Transition and tech This extensive outreach allows us to gather invaluable committed to staying at the forefront of customer
transfer to Faisalabad. insights, fostering a deeper connection with our service excellence.
customers and continuously improving our products
Logistics and Warehousing and services to exceed their expectations.
National Foods Faisalabad Plant’s revolutionary
production and dispatch operations is complimented
by induction of state-of-the-art high-racked
Consumer Profiling &
warehousing system. This pioneering solution boasts Segmentation
unparalleled efficiency, streamlining processes and
National Foods is dedicated to getting to know our
ensuring seamless product flow. The towering high
customers better, leveraging our CRM portfolio to
racks, meticulously designed to maximize storage
capacity, have significantly increased the plant's
gain deeper insights into customer preferences Khatoon-e-Khaas
inventory holding capability. This translates to better
across each product category. By utilizing CRM, we
can analyze consumer behavior, tailor our offerings,
Loyalty Program
product availability, enabling National Foods to cater
and enhance the overall customer experience. In the Khatoon-e-Khaas is an innovative consumer loyalty
to fluctuating market demands with greater agility.
CPG and FMCG industries, customer profiling is program launched by National Foods Limited,
crucial as it allows companies to segment their marking a first-of-its-kind initiative for our company.
Furthermore, the par excellence warehouse This program is specifically designed to celebrate
audience, predict trends, and create targeted
operations implemented alongside the high-racked and reward our valued female customers. Through
marketing strategies. Understanding the unique
system have further optimized logistics. The Khatoon-e-Khaas, we offer exclusive benefits,
needs and preferences of our customers enables us
integration of advanced warehouse management personalized offers, and engaging experiences that
to deliver personalized experiences, foster brand resonate with the unique preferences of women. By
systems ensures meticulous stock control and
loyalty, and stay ahead in a competitive market. providing tailored rewards and fostering a sense of
tracking. This not only minimizes errors and
discrepancies but also empowers informed community, we aim to deepen our connection with
our female consumers, enhancing their loyalty and
decision-making regarding inventory management.
satisfaction. National Foods is proud to lead the way
Additionally, the streamlined picking and packing with Khatoon-e-Khaas, setting a new standard in
processes minimize turnaround times, expediting consumer engagement and loyalty.
dispatches and ensuring timely product deliveries to
customers. National Foods' commitment to

Brands and Equity Building: on major digital platforms. This strategy effectively
countered competitive inroads and was well received,
In line with our strategy of owning key occasions and achieving over 81 million impressions, and reaching
Campaigns
seasons, the Dawat e Azadi campaign was launched to more than 16 million people.
commemorate the spirit of Independence Day. This
campaign was launched primarily on digital media with Along with digital airing, consumer experience was
leading influencers being engaged, generating positive further amplified through Cluster Activation in Urban
brand association for NFL. Markets across 11 towns nationwide. The on-ground
experience was tailored for each town to create
Recipe Mixes Furthermore, product superiority of Bombay Biryani
Karachi Khaas was leveraged nationwide through
impactful brand visibility, consumer engagement and
trial incentives.
regionally tailored campaigns in Lahore and Islamabad
National Foods Recipe Mix is a trusted brand with high
equity and has managed to maintain its market Karachi Transformation Plan 195Mn+ views and 2M+ clicks. The digital campaign was
also supported with various on ground activations such
leadership, despite growing external challenges on the The entire Karachi Khaas range is validated by as door to door selling (200,000+ interceptions and 45%
global economic front impacting costs and profitability. consumers to be superior than competition and is
available across all outlets in Karachi. Furthermore, a
trial rate) and Cluster Activations across 10 markets.
new HUT study conducted to validate the claim of The Karachi Khaas campaign was designed to capture
'Best Biryani in Town' verified the clear superiority of the essence of Karachi, with the iconic W-11 bus
transformed into W-Aala, creating harmony with
Portfolio Fortification: Bombay Biryani Karachi Khaas over its competitors.
communication. This transformation created a
As part of our Route To Market expansion plan, larger-than-life experience for consumers across all
As the market leader in Recipe Mixes, National Foods numeric distribution was increased to ensure touchpoints, featuring customized Karachi Khaas
places utmost priority on product superiority. Through availability in Karachi. As a result, store productivity branding and wet sampling of unique dishes made with
a continuous process of product fortification, our for the new Karachi Khaas range increased by 35% the Karachi Khaas variants. The food street
amounting to 4900M+ outlets. activations resulted in over 21,000+ interactions
Core Range—including Biryani, Quorma, Karahi, and
across 10 prime locations. Additionally, the W-Aala
Achar Gosht—has achieved unparalleled quality and bus visited 11 universities, where young culinary
To further build equity and counter competition in
superiority. Additionally, research results obtained Karachi City, National Foods for the first time enthusiasts participated in the Recipe Princess
from HUT for Tikka Boti confirmed its product introduced tailored communication for Karachi - a copy competition using Bombay Biryani Karachi Khaas,
superiority and was successfully made available in focusing on the new Karachi Khaas Range and a generating 17,200+ interceptions throughout the
supplementary copy highlighting our flagship variant; activity. The W-Aala bus was also a highlight at
market for the Bakra Eid season.
Bombay Biryani Karachi Khaas. Both communications Karachi Eat, where it served customized dishes to
were live on all digital platforms in Karachi and were over 376,000+ people.
widely appreciated by the audience for their disruptive
concepts, garnering a total of 401Mn+ impressions,
Moreover, variant extensions including Malai Boti,

fried chops and meat tenderizer were added to the
To provide consumers with added value and portfolio for Bakra Eid season as a limited time offer
convenience, consumer promotions were carried out to provide variety to consumers while capitalizing
on Retail and Modern Trade stores during the Winter seasonal preferences.
Season to promote cross consumption of Fish and
Chat Masala. The campaign was amplified through Another addition to the portfolio is Chicken White
various digital platforms reaching over 15.4 Mn views. Karhai which was one variant that was highly
Consumers were also offered major promotions during demanded by the consumers and is made available.
the Eid Season such as savers pack for Bombay Biryani
Karachi Khaas and BBQ packs.

KPK Attack Plan CRM Ketchup
Consumer research has shown a growing preference In order to create consumer engagement, consumer
for a spicier taste palette. As a result, Bombay Biryani data was also collected by the on- ground team and Amidst a challenging economic environment marked
Karachi Khaas was introduced in KPK as a door opener, the consumers who tried our products were then by high inflation in Pakistan, the ketchup market
owing to its superiority over competition. engaged through CRM for feedback. In Karachi, 98% remains fiercely competitive. Despite these
of the consumers expressed an intent to repurchase headwinds, National Foods has solidified its position
Following Route to Market strategy for KPK,
our Bombay Biryani Karachi Khaas and 60% as Pakistan’s No.1 Tomato Ketchup, commanding an
dedicated efforts were deployed to increase numeric
expressed preference over their current brand due to
distribution for Bombay Biryani Karachi Khaas across impressive 59% share of the national market. This
the immaculate product delivery, extensive on-ground
all outlets in multiple towns. Store productivity has dominant market presence underscores National
efforts and creative digital amplifications. A dedicated
improved by 23%, amounting to 3800+ outlets. Foods' commitment to quality and consumer
agent fluent in Pushto was hired for KPK consumers
satisfaction, setting a benchmark in the industry.
To gain market share in KPK, door to door selling was to create a comfortable experience for them to share
carried out in major towns of KPK resulting in their experience which resulted in 95% consumers
expressing an intent to repurchase Bombay Biryani On Ground Activations
Karachi Khaas after trial and 71% showing preference
100,000+ interceptions and with a trial rate of 45%.
over their current brand. Cluster Activations
95% of the consumers who tried National’s Bombay
To 23 retail outlets in Faisalabad were activated with
Biryani Karachi Khaas expressed an intent to
The promising feedback from consumers not only National Ketchups shop fascia, for the first time ever.
repurchase it. Moreover, a customised copy of the
Bombay Biryani communication was aired in Pushto further strengthened brand equity, but also paved
on digital platforms, reaching 33 Mn+ impressions and way for a dedicated engagement platform called
7.5 Mn+ views. Cluster Activations were executed Khatoon-e-Khaas. With an extensive pool of Modern Trade Activations
during the Bakra Eid season to enhance brand visibility consumers, Khatoon-e-Khaas focuses on advocacy, Taking customer engagement in our main season
and encourage trials, leveraging the festive spirit to engagement, and the launch of new variants. This
seriously, the trials and interceptions were amplified
boost long-term brand recognition. comprehensive CRM platform enhances customer
with Modern Trade Activations across Karachi, Lahore,
relationships by offering one-on-one communication,
and Islamabad. Shoppers were encouraged to play
exclusive content, and loyalty programs which was
games and win instant gifts on the purchase of
celebrated in an event hosted by specialized chefs
with over 200 Khaas women in attendance. The National Ketchup and Chili Garlic.
initiative of constantly engaging with home-makers
through this platform further builds on advocacy and Leveraging Season
engagement for Recipe Mixes.
To support our main season, Ramzan Limited Edition
packaging and price off on all variants of National
Ketchup and Chili garlic was rolled out in March 2024.
This was supported by instore branding across
modern trade and traditional retail making National
Ketchup the most prominent on shelves. An
opportunity of PKR10M was tapped making the
season a massive success!
33 | About The Company Annual

Annual
Report
Report
2024
2024
| 040
| 34
Pickles off on Mixed Pickle 900g in Q1 and Rs.30 off on Mixed
Pickle 370g in Q3. These promotions not only drove
Spreads Desserts
National Pickles Marketing incremental sales but also provided value to consumers
Activities Overview during the challenging times This year, the desserts category took on a mission to
. The Irresistible Duo: National provide consumers with a superior experience in the
Throughout the fiscal year, National Pickles has Reinforcing Brand Equity Mayonnaise & Ketchup custard category through extensive sampling efforts;
undertaken a strategic approach to marketing, aiming and Imagery: 67,000 trials were generated nationally.
not only to expand market share but also to support This year, we introduced an exciting limited time offering
inflation-impacted consumers. Our initiatives have During Ramadan, we enhanced in-store and
focused on innovation, consumer engagement, and E-Commerce visibility to cater to increased consumer for consumers to experience the taste of National Mayo Custard door to door
addressing the needs of diverse market segments. demand. Our strategic presence during the last ten through a consumer promotion with Ketchup 800g. sampling in Peshawar
nights of Ramadan at Eid Bazaar Activations across 65,000 trials were generated of Classic Mayo in 27
Deriving Trials of National five cities ensured heightened brand visibility among Imtiaz stores across the nation. The initiative created A targeted sampling drive was activated in Peshawar
Crushed Pickles shoppers. Additionally, our products received
brand awareness for Classic Mayonnaise and provided reaching over 10,000 households. QR codes and NFL
prominent placement on E-Commerce platforms,
ensuring accessibility and convenience for consumers support in driving Ketchup Sales. hotlink was leveraged to collect first party data through
The Crushed Pickle Trials exemplify our commitment to
during this crucial period. an incentivized lucky draw. 3 Lucky winners were gifted
innovation and consumer engagement. Two modern
trade activations, coupled with gift incentivization, National Mayonnaise a month’s supply for National Foods products.
drove product trials and purchases. Leveraging Furthermore, our efforts to reinforce our brand imagery takes off with AirSial
E-Commerce platforms like PandaMart and KraveMart and equity were evident in our participation in prominent Building associations
allowed for cost-effective trials, complemented by events such as the Karachi Eat Food Festival and The
National Mayo soared to new heights by partnering
co-branding opportunities and seasonal visibility Commons Karachi Eid Festival. These engagements,
along with out-of-home wall artwork strategically placed with AirSial, Pakistan’s premier airline, with the Tapping into the Mango Season, around 42,000 units
assets, coupled with execution of Food Competitions
at the Marriot Signal Site, enhanced our brand equity and objective of building awareness and generating trial. of mango custard were sampled with Fresh Mango
on renowned Facebook Groups, integrating the product
on YouTube Food Channels allowed us to expand our visibility among consumers. Over 1350 children aboard 45 domestic flights boxes on Pandamart & Krave Mart during the summer
reach while remaining accessible to consumers in a engaged with the brand via an in-flight entertainment season. This collaboration showcased the perfect
changing economic landscape. Capturing the Unbranded Segment: kit, containing National Mayo & Ketchup, NFL branded harmony of mango custard and mangoes to create a
coloring book and pencils, creating a flavorful and fun delicious seasonal delight.
Supporting Inflation unbranded market, providing them with a quality
journey for children and their families.
Impacted Consumers: product at an affordable price while driving category
conversion from unbranded to branded. Furthermore,
In line with supporting inflation impacted consumers, the Mixed Pickle 35g was reintroduced with a focus on Celebrating Meethi Eid:
consumer promotions were strategically deployed in visibility, reaching stores nationwide. Owning Occasions
quarter 1 and quarter 2. The promotions included Rs.50
To strengthen the association of National Desserts
with Ramadan, Adeel Chaudhry recreated tantalizing
dessert recipes featured by the social media content
stars - Irfan Junejo and Hamza Bhatti. This
#BiggestFoodCollab garnered significant reach of 154
Mn on social media.

Technological
infrastructure layers, ensuring operational readiness. Throughout this collaboration, PwC has conducted reinforcing our commitment to data protection, and
Notable implementations such as the VOIP solution, rigorous information, security risk assessments, compliance standards.
integration of IT and OT Firewalls, and Secure Internet executed Vulnerability Assessment and Penetration
Developments Services have been successfully executed with Testing (VAPT), reviewed network design and Audio-Visual system upgrade, our state-of-the-art
redundancy measures in place. Moreover, significant configurations, and facilitated cybersecurity SMD screen, upgraded sound system, and integrated
awareness sessions for NFL personnel. Additionally, microphone system set a new standard for
enhancements to the Warehouse, including a secure
PwC has conducted GAP analyses and updated NFL's audiovisual excellence, enhancing the learning and
VPN tunnel between NFL & Gatron for secure
Information Security (IS) policies and procedures to presentation experience for all attendees.
communication, have been deployed.
ensure alignment with industry best practices and
regulatory standards. The successful deployment of the IP Telephony
These initiatives underscore our commitment to system in our Corporate and Remote Offices
technological excellence, operational efficiency, and These initiatives underscore NFL's unwavering seamlessly integrates with various departments,
safety standards, setting a solid foundation for future commitment to maintaining the highest standards of enhancing communication, collaboration, and cost
cybersecurity resilience. By partnering with PwC, NFL efficiency. These features significantly improve
growth and innovation.
reinforces its dedication to protecting its digital operational efficiency and support our long-term
assets and maintaining the trust of its stakeholders. growth strategy.
Salesflo:
Subsequently, we're transitioning to a new workflow
National Foods Limited's sustained growth is
DDT Service Management: ticketing portal to improve operational efficiency.
attributed to the successful implementation of the We have implemented centralised secure printing
solutions to enhance data security and confidentiality These initiatives reflect our commitment to
Enrich with SAP Integration: Citadel strategy and a proactive approach to market
innovation, efficiency, and user satisfaction.
demands. To align our information systems with across our organization. These measures mitigate the
risk of unauthorized access to sensitive documents,
We are proud to report the successful implementation business objectives, we introduced SAP S/4HANA in
of SAP S/4 HANA at National Foods Limited, marking April 2024. This cutting-edge ERP solution offers
a significant milestone in enhancing our operational real-time analytics and simplified processes, enabling
efficiency and data management capabilities. This rapid adaptation to the digital economy's demands
achievement signifies a major step forward in our and enhancing decision-making agility.
commitment to excellence and innovation.
In addition, we deployed Salesflo, a cloud-based
Looking ahead, our integration efforts will expand to platform nationwide, improving Order to Cash Cycle
include Success Factors, Ariba, IBP, GRC, and the efficiency. To ensure seamless integration with SAP
Business Technology Platform. This comprehensive S/4HANA, we transitioned to direct API
approach to SAP integration is poised to further optimize communication, eliminating delays, and ensuring data
our operations, fostering seamless collaboration across integrity.
various functions within our organization.
Key enhancements in NFL Sales Automation include
The adoption of SAP S/4 HANA has already begun to the Demand Based Replenishment System (DBRS),
yield tangible benefits for National Foods Limited, Claim Automation, Pulse for ad-hoc report design, and
such as improved operational efficiency, enhanced Salesflo Sight for market insights. Our Data Lake
data management capabilities, and increased agility in serves as a centralized repository for primary and
responding to market demands. We are excited about secondary sales data, facilitating robust analytics
the opportunities that lie ahead as we continue to processes and Power BI reporting.
leverage these advanced technologies to drive growth
and success in the food manufacturing industry. IT Governance:
DDT Infrastructure Enhancement at National Foods Limited (NFL) is proud to announce its
Faisalabad Plant: strategic partnership with A.F. Ferguson & Co. (PwC)
to bolster its cybersecurity infrastructure through
The Faisalabad Plant has undergone a remarkable Virtual Chief Security Officer (vCSO) services. PwC, a
transformation, thanks to cutting-edge IT renowned leader in cybersecurity consulting, has
infrastructure developments. This includes the provided NFL with a comprehensive suite of services
establishment of key components like the Datacentre, aimed at fortifying its digital defenses and
UPS Room, Meet-Me Room, and switching & WIFI safeguarding sensitive data.
37
70 | |About
AboutThe
theCompany
Company Annual Report 2024 | 38
National Centre Health Safety
Environmental Compliance:
As part of our Environmental objectives we actively
of Excellence
engage in tree plantation activities at Nooriabad plant
& Environment and other areas of Karachi. Tree plantation is a vital

component of environmental conservation, helping us
offset carbon emissions, improve air quality, and
conserve natural resources. By actively participating
Fostering a Culture of HSE Excellence:
To bring successful new products and projects to life, in these initiatives, we contribute to a greener
the development teams should be fully equipped with Collective Engagement for Safety and Well-being. environment and support sustainable development.
the necessary resources and infrastructure. NFL’s deeply rooted commitment, employee- centric Our tree plantation efforts align with our broader
policies, and proactive safety measures are the commitment to environmental stewardship and
In November 23', our Innovations, Research, and keystones of our success in advancing HSE standards. further enhance our environmental performance.
Development team relocated to a state-of-the-art
facility called “Centre of Excellence”, signaling a new Excellence in Health, Safety & Environment
chapter in creativity. By centralizing R&D activities represents NFL's ultimate objective, and each
(Product Development, Packaging Development, incremental step taken in this direction brings us
closer to our goals. With this vision in mind, NFL deems
Regulatory & Compliance, Innovation Management)
it essential not only to implement traditional
under one roof, we are able to streamline operations,
Occupational Health and Safety Management
foster collaboration among teams, and accelerate the
Systems but also to extend efforts towards
pace of innovation, ultimately enabling them to meet
implementing more robust and dependable Process
evolving consumer demands and stay ahead in the
Safety Management standards.
market. This facility is also easily accessible to internal
and external stakeholders.
Throughout the year, numerous significant measures
were implemented to enhance our continuously
Central to this space is the Executive Kitchen, fully improving safety measures. Some of these measures
equipped and designed to infuse our products with are outlined below:
passion and inventiveness. From cooking and grilling,
chilling and freezing, to baking and frying, every Health and Wellbeing of Employees:
creation is crafted to captivate our global audience.
Adjacent to the kitchen, our Product Development At National Foods, prioritizing the well-being of our
Lab meticulously blends spices and seasonings, employees stands as a foundational principle
orchestrating a symphony of flavors and colors. ingrained within our organizational ethos. As part
These culinary creations undergo rigorous evaluation of our commitment to ensuring the holistic health
in our scientifically designed sensory booths, of our workforce, we recognize the importance of
raising awareness about various health-related
carefully assessing appearance, taste, texture, and
issues, including HIV.
overall experience. Within our Packaging
Development Laboratory, prototypes are refined to
perfection, ensuring a compelling presentation in the Occupational Safety:
market. Together, we can co-create new products
and concepts faster and efficiently through the
“Centre of Excellence”.
Numerous projects have been identified and

implemented for the continuous improvement and
superiority of our brands to make sure that the
products remain relevant and attractive for the end
consumers. The R&D team has worked extensively to
develop a myriad of products this year across
categories that serve consumer needs nationally as
well as internationally. More exciting products are
currently in the pipeline and will be available in the
market soon for our consumers to enjoy.
39 | About The Company Annual

Annual
Report
Report
2024
2024
| 048
| 40
National Foods
DMCC
FY 24 was a year of significant achievements and
growth driven by our ongoing efforts to solidify
foundational elements and build a sustainable
growth platform. Despite short-term challenges,
we remained committed to our long-term vision for
sustained success, by strategically deploying
resources, expanding our organizational structure,
optimizing process, and enhancing infrastructure.
While this marks just the beginning of our journey, Empowering Growth Product Promotion:
these efforts have propelled us to new heights this
year, with several initiatives still in progress and
Through Transformation: In line with our demand-driven approach, we focused
set to be rolled out over the upcoming year. One of our core aims has been a holistic our efforts on key strategic initiatives and driving the
transformation of the business unit in terms of consumer funnel through sustained and consistent
Expanding Our Distribution Footprint: operations and infrastructure to enhance efficiency support. We deployed robust campaigns across target
and build capability for sustainable growth: markets using a mix of ATL and BTL components such
This year, we are on track to a new milestone in as digital marketing, in-store visibility, merchandising,
revenue, marking the highest sales in our Business sampling, and active participation in food festivals
• Integrated Planning: We enhanced our
Unit’s history. This outstanding performance can across key inflection points. These efforts were
operational efficiency through comprehensive
be attributed to the dedication and hard work of designed to expand our consumer base and reinforce
optimization of our Sales and Operations Planning
our teams operating across various territories, our foothold in existing markets.
process. This synchronized cross functional
particularly Europe, the Middle East, and APAC
efforts and facilitated well informed decision
regions where we dedicated ourselves to
making through data analytics.
expanding our distribution footprint, reinforcing it
where necessary, capitalizing on gaps, and opening
• Automation & Simplification: We streamlined our
new markets. We have also made significant
order-to-dispatch process by building a
progress in expanding our presence in mainstream
cloud-based ordering portal, automating
in North America, particularly in Canada, laying the
time-intensive manual tasks, developing in-house
foundation for future expansion that will bring our
capabilities, working towards standardizing
products into more homes worldwide.
products to ensure compliance across regions,
and transitioning to SAP S/4 HANA across our
business ecosystem.
• Distribution Hubs: We established a Distribution

Hub in Canada to better service our target
market. Through a demand-based replenishment
model, this endeavor unlocks servicing agility
through efficient stock management and rapid
order fulfillment.

Showcasing Our Strengths:
In FY 24, we elevated our presence at major industry NF DMCC
Innovations
events like Gulfood 2024 and key Food Exhibitions in
the USA. These platforms allowed us to showcase
our portfolio and innovations, strengthening
relationships with existing partners and connecting
with new prospects globally.
Rejuvenating Sauces Category
This year, we undertook a strategic transformation of
our Sauces category, focusing on product
enhancement, packaging innovation, and brand
revitalization. We streamlined our offerings to
relaunch a range of seven sauces, each with
.
improved quality and a bold, contemporary design.
The new packaging exudes vibrancy and
cutting-edge aesthetics, creating a visual impact
that captures attention and resonates with today's
consumers. As a brand known for its innovation,
National Foods is committed to delivering
exceptional products that resonate with diverse
consumer needs. The product will be available in the Additionally, we embarked on a mission to deepen our
market in the next FY. understanding of KSA consumers by conducting a
research study focused on the usage and attitudes
of both Arab and non-Arab consumers regarding
spice usage. This extensive research provided
profound insights into consumer needs, empowering
us to address them with greater precision and
effectiveness. This will result in many strategic
portfolio expansions across the GCC region in the
years to come.
Enhancing Pickle Portfolio

Our 320g pickle range has been upgraded to a PET
format with an induction foil seal to improve user
experience and preserve freshness. This new
packaging is easy to handle and store while presenting
a premium look. The changeover has been
implemented across all our markets, ensuring
convenience and enhanced quality for our consumers.
Winning the KSA Market

Continuing our strategic focus from last year, our
commitment to winning in the KSA market remained
strong. The launch of our new Masala seasonings
last year was supported by Digital and BTL
initiatives to create awareness and drive product
trials. This successful campaign, executed across
various retail outlets in KSA, garnered an
Future Outlook: overwhelming response.
Looking back, we have undergone significant
transformative changes that have propelled us to new Further, building on a tactical opportunity, we
heights. As we advance into the next phase of our introduced Mango Powder in a 100g Bag-in-box format
journey, we are confident in our ability to seize exciting during the Ramadan season, expanding our PSI range.
future opportunities while remaining committed to our
long-term vision for sustained success.

At the Heart
of Progress
The establishment of National Foods (FZE) in Sharjah,
UAE, signifies new beginnings in our global expansion
journey, positioning us at the heart of growth.
As a subsidiary of National Foods DMCC in Dubai, this move

propels us forward, extending our manufacturing reach and
embracing the spirit of innovation and growth. It opens new
pathways in GCC markets, symbolizing our continuous flow
towards new horizons.
45 | Stakeholders Information Annual Report 2024 | 46

Corporate
Organizational Chart
Board of
Directors
Human Resources
Audit
& Remuneration
Committee
Committee
Chief Executive
Officer
Company Head of
Secretary Internal Audit

Board of Directors
Chart
CEO Office Chief Executive Officer Internal Audit
49 | Stakeholders Information
People & Innovation, Quality Digital,
Pakistan International Legal &
Finance Corporate Research & Assurance Data &
Operations Operations Compliance
Reputation Development & Control Technology
International
Marketing
Marketing
NFL Organizational
International
Sales
Sales
Supply Chain International

Management Supply Chain
Manufacturing Transformation
(Canada)
A-1 Bags &

Supplies Inc.
National Epicure Inc.
(FZE)
NFL Subsidiaries
USA Inc.
DMCC (UAE)
ATC Holdings
National Foods
National Foods
National Epicure
(Private) Limited
National Foods Limited

Organizational Chart
National Foods
Pakistan (UK) Ltd.
Annual Report 2024 | 50

Company
Information
Board of Directors Auditors
Mr. Zahid Majeed Chairman Messrs. KPMG Taseer Hadi Shaikh Sultan Trust Building No. 2,
Mr. Abrar Hasan Chief Executive Officer & Co. Chartered Accountent Beaumont Road, Karachi, 75530.
Mr. Ehsan Ali Malik Independent Director
Mr. Ali H. Shirazi Independent Director
Mr. Adam Fahy Majeed Executive Director Share Registration Office
Mrs. Saadia Naveed Non-Executive Director
CDC Share Registrar CDC House, 99-B, Block B, S.M.C.H.S.,
Mrs. Noreen Hasan Non-Executive Director
Services Limited Main Shahrah-e-Faisal, Karachi-74400, Pakistan.
Audit Committee Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275)
Mr. Ehsan Ali Malik Chairman Fax: (92-21) 34326053
Mrs. Saadia Naveed Member Email: [email protected]
Mrs. Noreen Hasan Member Website: www.cdcsrsl.com
Ms. Quratulain Mamsa Secretary
Human Resources and Remuneration Committee Company Banks

Mr. Ali H. Shirazi Chairman Allied Bank Limited Habib Bank Limited (UAE)
Mrs. Noreen Hasan Member Askari Bank Limited Habib Metropolitan Bank Limited
Mr. Ehsan Ali Malik Member
Bank Al Habib Limited MCB Bank Limited
Ms. Asma Yusuf Secretary
Bank Alfalah Limited (Islamic Banking Group) MCB Bank Limited - Dubai
Chief Internal Auditor Bank of Montreal Meezan Bank Limited
Ms. Quratulain Mamsa EY Ford Rhodes Chartered Accountant Faysal Bank Limited National Bank of Pakistan
Habib Bank AG Zurich - Dubai Toronto Dominion Canada Trust Bank
Management Committee
Habib Bank Limited United Bank Limited
Mr. Abrar Hasan Global Chief Executive Officer
Habib Bank Limited (UK)
Mr. Hasan Sarwat Chief Operating Officer – Pakistan Operations
Mr. Dominique Charles Silvarelli Chief Operating Officer - International Division
Syed Farhan Ali Rizvi Global Chief Financial Officer
Web Presence:
Ms. Ivana Bajamic Global Chief People and Corporate Reputation Officer
Updated company information
Ms. Asma Yusuf Director People & Workplace Services and the latest Annual Report
Mr. Saleem Rafi Khilji Director Manufacturing can be accessed at: www.nfoods.com
Mr. Ali Rashid Khan Director Marketing
Mr. Naveed Zaffar Director Sales
Mr. Ahmed Murad Khan Director Innovation Research & Development
Mr. Shah Abdullah Raza Director Digital, Data & Technology
Mr. Ahmed Salman * Director Integrated Supply Chain
Mr. Adnan Naseer Warsi General Manager Quality
Mr. Fazal ur Rehman Hajano Legal Counsel
Company Secretary
Mr. Fazal ur Rehman Hajano
Chief Financial Officer

Syed Farhan Ali Rizvi
* Mr Ahmed Salman resigned as Director Integrated Supply Chain National Foods Limited as at June 30, 2024

Factories &
Offices
Registered Office 12/CL-6 Claremont Road, Civil Lines, Karachi-75530.
Phone: (92-21) 38402022 & 36490029
Fax: (92-21) 35670996
Port Qasim Plant A-13, North Western Industrial Zone, Bin Qasim, Karachi.
Phone: 021-3475-0373 – 7
Nooriabad Plant A-393, Nooriabad Industrial Estate, Nooriabad, Karachi.

Phone: 0300-0335287
Faisalabad Plant Plot # 346/347, Phase II, M-3, Industrial City, (M-3IC)
Sahianwala Interchange, Faisalabad.
Phone: 0302-5825369
SITE Plant (Non-Operational) F- 160/ C, F- 133, S.I.T.E. Karachi, Sindh, 75000
Regional & Sales Off ices

Office # 107&309, 1st Floor, National Foods, Parsa Tower,
Karachi Regional Office Sharah-e-Faisal, Karachi.
Lahore Regional Office 418- CCA, DHA Phase 8, (Ex Park View), Lahore Cantt, Lahore.
Office # 4, Sixteenth Avenue Mall, 16-A, Industrial Estate,

Gujranwala Regional Office
Grand Trunk Road, Gujranwala.
Rawalpindi Regional Office Bilal Complex, 1st Floor Main PWD Double Road Rawalpindi.
Office # 27, National Foods Limited, 3rd Floor, Bominji Square,

Multan Regional Office
Multan Cantt, Multan City.
Office # 202, 2nd Floor, Syedna Tahir Saifuddin Memorial Building,

SAP Project Office
PSTD, Civil Lines Kashmir Mujahid Colony, Karachi.
20-C, Main Khayaban -e-Nishat, Ittehad Commercial Line 6, D.H.A

National Centre of Excellence
Phase 6, Karachi, Sindh 75500, Pakistan
Phone: 021-35842022
Office # 210, National Foods Limited, 2nd Floor ,Block-C City

Peshawar Sales Office
Towers Main University Road Peshawar
Babu Iqbal Village, near Civil Hospital, Nabisar Road Kunri, Sindh
Kunri Office
69160, 0238-557277

Calendar
of Events National Ketchup x KDSP
Carnival
NFL establishes
Supply Chain hub in Canada
NFL ketchup & mayo

NFL conducts Sales PQ Plant achieves AA+ Grade collaborate with AirSial
Excellence Awards on BRC Audit
7 years of Partnership with
NFL celebrates World NFL wins 70th Corporate A1 Cash & Carry
Standards Day Challengers Cup
BBKK x Pakistan Super
NFL obtains Halal NFL celebrates International NFL launches Khatoon-e-Khaas League (PSL)
Certifications from Al-Waiz Chefs Day Loyalty Program
Bushfire Ramadan 2024
Launch of Dawat-e-Azadi NFL conducts BBKK DDS NFL launches NFL wins Digital PR Campaign
Recipe Mixes Campaign across KPK Signature Mayo in FSD FSD Chefs Connect 2024 NFL hosts Eid-ul-Fitr brunch by Pakistan Digital Awards
AUGUST OCTOBER DECEMBER FEBRUARY APRIL JUNE

2023 2023 2023 2024 2024 2024
JULY SEPTEMBER NOVEMBER JANUARY MARCH MAY

2023 2023 2023 2024 2024 2024
PQ & NBD Plant get National Ketchup owns National Foods Marketing wins big NFL launches corn flour and NFL hosts first consumer Regional Roadshows
ISO 14001:2015 certified Back to School at Dragons of Asia desserts in FSD insights session with Iftar 2024 held
for Khatoon-e-Khaas
FSD holds culinary workshops NFL celebrates World FSD records highest ever NFL explores custard trials NFL showcases
with PWDs Gratitude Day 2023 monthly sales through CRM in KPK NFL x Commons Karachi Seed to Table at PAC Agri
Connections Conference
NFL partners with IBA for NFL relocates Gujranwala Karachi Khaas Campaign Ramadan Roadshows 2024 NFL celebrates
Media Skills Workshop Regional Office goes live conducted Women’s Day 2024 NFL wins 78th Corporate
Challengers Cup
NFL celebrates World Youth NFL inaugurates National NFL goes big at Karachi Eat
Skills day Centre of Excellence NFL inaugurates flagship
NFL explores ketchup Faisalabad Plant
NFL welcomes Trailblazers NFL captures Snacking Occasions consumption through CRM
2023 with National Ketchup
NFL transitions to BRC issue 9
NFL celebrates International at NBD Plant
Children’s Day with Indus Hospital
NFL establishes new
NFL celebrates subsidiary in Sharjah, UAE
Children’s Day 2023

CEO
Message
National Foods has a special place in the hearts of
consumers globally. Our brand's strength rests on
being a familiar and trustworthy household name.
Dear Shareholders,
Reflecting on the outstanding journey National Foods community, across public and private institutions. The
Limited (NFL) has had despite challenges in 2023-24, "Seed to Table" initiative and Faisalabad Plant
there is immense pride to see that new paradigms of exemplify our commitment to growth beyond borders,
performance have been set. The year is a testament assisting the economy through exports.
to NFL’s resilience and agility, underpinned by
customer-centricity and commitment to excellence. In the international arena, NFL continues to
As an industry pioneer, accountability and ownership transform beyond local boundaries. A1 Cash & Carry
are at the core of NFL creating positive impact and and National Foods DMCC show remarkable growth,
driving change, which contributes to community, and we will continue to invest in the businesses to
society, as well as the overall economy. enable their promising trajectories. Moreover, NFL is
mindful of the ever-changing innovation and digital
trends and continues to remodel as a corporate
brand and organization.
Pakistan being highly susceptible to climate change

drives our efforts to build awareness and push for
change through Sustainability and CSR efforts which
In line with our commitment to optimize operations span across our operations and our offices. This is to
and growth locally, NFL’s state-of-the-art Faisalabad ensure a robust Environmental, Social, and
Plant has been fully operational in 2024. This crucial Governance (ESG) framework is developed and
enhancement supports NFL as well as Pakistan in maintained to create lasting impact.
optimizing operations, enhancing efficiencies, and
driving higher growth. For over fifty years we have combined heritage,
innovation, and passion to enrich lives and impact
In prevailing economic challenges and supply chain millions of people. At the heart of the future, in 2024
disruptions, NFL stands resilient in our commitment to our focus will remain on pioneering the industry with
innovative solutions. an intentional culture of excellence and innovation. We
hope to continue delivering unmatched quality and
NFL’s commitment to localization and self-sufficiency value to our diverse stakeholders and customer bases
continues to drive efforts to digitize and improve across Pakistan, the region, and globally.
farming locally with Agri-tech partners, positively
impacting the agricultural landscape. We aim to not
only enrich the lives of farmers but enable an
infrastructure which improves agri practices, food Warm regards
security, and unleashes the agricultural potential of
Pakistan. As a leader in the industry, we are actively
engaged in policy advocacy across various aspects of
the business, particularly agriculture. NFL is leading
the narrative and the path to ensure unhindered Abrar Hasan
growth within industries with the business Chief Executive Officer

At the Heart
of Growth
National Epicure Inc.'s Supply Chain Hub in Ontario,
Canada, showcases our forward-thinking approach
and global expansion commitment.
This strategic move boosts our North American presence,

optimizing warehousing and enhancing market efficiency.
Seizing opportunities in this thriving landscape propels us
towards accelerated global growth.
59 | Corporate Governance Annual Report 2024 | 60

Board Directors’
Composition Profile
Board Architecture Mr. Zahid Majeed
Our Board Architecture is mainly governed by highly qualified professionals from varied Chairman
Companies Act, 2017 and Listed Companies (Code disciplines, including finance, investment, legal and
of Corporate Governance) Regulations, 2019 and business management. From 2000 onward, he led the drive towards creating a
other good corporate governance practices, multinational business by establishing the first
ideologies available locally and internationally. Our Board comprises of 7 Directors, who actively international subsidiary in DMCC, Dubai, UAE. This
ensure that all shareholders and stakeholders’ became the basis of acquiring the majority
NFL values and ensures effective, efficient, and interests are fully protected. There are 3 shareholding in A1 Cash & Carry, Canada in 2017. He
independent decision making. The Board as a group Non-Executive Directors, 2 Executive Directors continues to serve as the Chairman till date, partnering
includes competencies and diversity considered and 2 Independent Directors on our Board. with the original sponsors to drive an accelerated
relevant in the context of Public Limited growth model. He has also served in various group
Company’s operations. Our Board comprises of The status of directorship e.g., non-executive, functions leading Textile, Environmental, and
members who have local and international executive, independent etc. is also provided in the Investment activities.
experience, giving the Board a competitive edge Statement of Compliance with the Code of
for effectively managing the complexities of our Corporate Governance, issued by the Company on Mr. Majeed studied Philosophy, Politics and Economics
business. Our Board of Directors is comprised of page 133. at Magdalen College, Oxford University, UK, and later
studied Textile Technology from the University of New
South Wales, Australia. He is a Certified Director from
Mr. Zahid Majeed is the Institute of Directors (IOD), London, an international
Board Gender Chairman of National certification which underpins his commitment to the
highest standards of Corporate Governance.
Composition Diversity Foods Limited and has Additionally, he recently attended the Board
Executive Male
played an integral role in Effectiveness Program at Havard Business School.
Non-Executive Female pioneering its transformation,

Independent from a small food enterprise
to a leading food brand in
Pakistan, exporting to
29% 28% 29% multiple countries across
the world. In 1987 he joined
as the Plant Director and
subsequently his role
71% changed to Corporate
Marketing Director.
43%

Mr. Abrar Hasan Mrs. Noreen Hasan
Global Chief Executive Officer Non-Executive Director
Recognizing the vital role of Technology, under Mr. The degree was awarded with two First classes for
Hasan’s leadership, NFL became the first local food her dissertation on “The Guatemalan Crisis of 1956
company to put in an ERP system (Scala), which was and Anglo American Relations”, and was published by
subsequently upgraded to SAP ERP system, in a record the University.
six-month deployment. NFL has recently upgraded SAP
Systems to S/4HANA on Cloud. Mrs. Hasan’s experience is well focused on CSR and
philanthropic activities. Her present involvement
A firm supporter of Corporate Social Responsibility (CSR) includes activities for the “Children’s Cancer
and Environmental Social Governance (ESG), Mr. Hasan Foundation Pakistan Trust”. She has actively
intentionally embeds CSR and Sustainability across NFL’s organized and raised funds on a continuous basis for
workforce, organization, production facilities and offices. the Trust which is now affiliated with the Indus
Hospital to increase sustainability and awareness.
Mr. Hasan has played a pivotal role in NFL’s "Seed to Table" On a smaller scale, Mrs. Hasan has also been involved
initiative in partnership with major seed, nutrition and crop in various other charity groups some of which include
protection companies, progressive farm management financially supporting the Education and Children’s
Mr. Abrar Hasan is the companies and agri-tech startups to revolutionize food Mrs. Noreen Hasan Health Organization (Echo) Foundations in Gharo and
Global Chief Executive crop farming through advanced agritech solutions,
enhancing production, and implementing scalable,
graduated in 1991 sponsoring underprivileged children for a school in
Rashidabad.
Officer (CEO) at National responsible practices to promote self-sufficiency goals. after completing her
Foods Limited (NFL) and He is also a Director at National Foods DMCC Bachelor’s Degree with
has been a Director on the (NFDMCC), a wholly owned subsidiary of NFL; a
Director at National Epicure Inc. Canada (NEI) and
HONS in “Medieval and
Board of NFL since 2000. National Foods Pakistan UK Ltd., and a Director at A-1 Modern World History”
Bags & Supplies Inc. Canada, a subsidiary of NEI.
from the University of
In 1993, Mr. Hasan joined NFL as Plant Director; in 1997, he
was elected Deputy Managing Director, and shortly after
Mr. Abrar Hasan studied Industrial Management and
Industrial Engineering from Purdue University, Indiana,
Birmingham, UK.
as CEO. He has steered the company to deliver steady USA, and is a Certified Director from the Pakistan
growth year on year, from PKR 200 million in 1993 to a Institute of Corporate Governance.
PKR 50 billion leading multi-category food company in
Pakistan, with over 250 different products, marketed in
Pakistan and exported to 40 countries.
The company currently holds Global Food safety BRCGS,

HALAL, Social Compliance SEDEX, QMS ISO 9001, Food
Safety Management System 22000, Environment,
Health and Safety 45001 and 14001 certifications, along
with Laboratory accreditation by PNAC, reflecting NFL’s
commitment to exceptional quality, food safety, ethical
practices, workplace safety, and environmental
sustainability.

Mrs. Saadia Naveed Mr. Ehsan A. Malik
Non-Executive Director Independent Director
leading to the successful implementation of SAP along From 1st September 2006 to 31 October 2014 Mr.
with its business intelligence and other value-added Malik was the Chief Executive Officer of Unilever
models. Saadia is a true team leader who works closely Pakistan Limited and a director of Unilever Pakistan
with Departmental Heads to further improve Foods Limited. Prior to this he was Chairman and CEO,
organizational systems, processes and policies. It is her Unilever Sri Lanka Limited. His earlier international
contribution and sound knowledge of finance that made appointments covered Unilever’s regional business
EBM a self-sufficient and debt-free organisation. in Egypt, Lebanon, Jordan, Syria and Sudan as well as
Unilever’s Head Office in UK. These preceded senior
Saadia also represents the Boards of Hoechst Pakistan commercial and financial roles at Unilever Pakistan.
Limited (Formerly Sanofi-Aventis Pakistan Ltd.), Shield He is also a Member of the Board of Directors of
Corporation, Employers Federation of Pakistan (EFP), Abbott Laboratories Pakistan Limited, Gul Ahmed
AKUH Corporate Committee for University Textiles Limited, Standard Chartered Bank Pakistan
Advancement, and Management Association of Limited, Friesland Campina Engro Pakistan Limited
Pakistan (MAP). She was the first ever female President and the Pakistan Business Council. Mr. Malik is a
of MAP from June 2013 till March 2015. As President of Fellow of the Institute of Chartered Accountants of
Having an experience of MAP, she contributed significantly to raise the profile of Mr. Ehsan A. Malik is England and Wales and alumni of the Wharton and
almost two decades, working what is already one of the most acclaimed management
organisations in the country. She focused on creating currently serving as the Harvard Business Schools.
at a senior executive position greater awareness of good management practices, and

promoted the recognition of companies who actively
Chief Executive Officer of
at English Biscuit engaged in them. Pakistan Business Council.
Manufacturers Pvt. Ltd. Saadia is a great example of a dynamic leader and an
(EBM), Saadia Naveed being inspiration for Pakistani women aspiring to take
leadership roles. In 2012, she received Marketing
the Director and Shareholder Excellence & Wonder Women of the Year awards for her
in the Company, is currently contributions to business excellence in Pakistan.
Soft-spoken, a true friend and deeply interested in
the Deputy Managing uplifting the lives of those around her, she is a keen
Director of EBM. supporter of various philanthropic initiatives in addition

to her professional role. She is also an active member of
several other professional organizations including
Institute of Directors (IOD) London, National Academy of
Saadia held the challenging position of Director
Performing Arts (NAPA), Korangi Association of Trade &
Operations in the year 2002, prior to her appointment as
Industry (KATI), and Karachi Chamber of Commerce &
Deputy Managing Director in 2008. Under her
Industry (KCCI).
stewardship, EBM has witnessed remarkable
achievements like exponential volume growth,
enhancement of Production capabilities and Technical
Advancements such as Oracle based ERP system in
2003-04 enabling the team to adapt quickly and be
more responsive to the current and future challenge

Mr. Ali H. Shirazi Mr. Adam Fahy Majeed
Independent Director Executive Director
During this period, he worked for the Bank of He graduated from the University of Leeds in 2019,
Tokyo-California.-Mitsubishi in New York as well as receiving a first class Joint Honours BA in History of Art
American Honda in Torrance, California. He is Atlas and Italian. Adam has been involved in a wide variety of
Group Director Financial Service and President/Chief artistic projects relating to his field of academic
Executive of Atlas Battery Limited. He serves on the expertise, including: the first Karachi Biennale in 2017
Board of Atlas Asset Management Limited, Atlas (curatorial team member); Amin Gulgee’s 7 and 7.7
Insurance Limited, Shirazi Investment (Pvt.) Limited, solo-exhibitions, Rome, 2018 (assistant curator); The
National Management Foundation (Sponsorship body Trojan Donkey, 2020 (curator); Healing II, Karachi, 2020
of LUMS), Techlogix International Limited, Cherat (curator); The Q Rickshaw Project, Karachi, 2022
Packaging Limited, Pakistan Cables Limited and (curator). He was the curator of Amin Gulgee’s most
Pakistan Society for Training and Development.
recent solo-exhibition, The Spider Speaketh in Tongues,
Previously he has also served on the Board of National
at the South Asia Institute, Chicago, 2022. His writing
Clearing Company of Pakistan Limited (NCCPL).
has been published in numerous catalogues, as well as in
the form of feature-length articles for The Friday Times.
Mr. Ali H. Shirazi He is a ‘Certified Director’ from the Pakistan Institute Adam Fahy-Majeed
of Corporate Governance and in 2018 completed the
graduated with a BA from Owner / President Management Program (OPM) from received his Master’s Adam is Executive Director at National Foods Limited
and Non-Executive Director at ATC Holdings (Private)
Yale University, U.S.A. in Harvard Business School. degree in Modern and Limited. Adam’s role allows him to traverse all aspects
2000 and thereafter Contemporary Art of the group in the endeavour of maximising growth
completed his Masters in History, from the School opportunities and expanding the business locally and
internationally. This includes innovations, international
Law from Bristol of the Art Institute of expansion, new product development, and the pursual
University, U.K. in 2005. Chicago in 2021. of new business ventures.

Board
Meetings
Scheduled Board
Meetings
Our Board has established a corporate governance Notices within statutory timelines. The Board Folder
framework with clearly defined responsibilities and is sent seven days prior to the Board Meeting which
accountabilities. For our Board to operate effectively comprises of the Notice, Agenda and Financial
and to consider key matters, Board Committees Documents along with other business papers on
have been established as set out on page 73. which decisions or approvals are to be considered.
Further, the next Board of Directors’ Meeting is Audit Committee and Human Resource &
approved in each meeting, in which the Board Remuneration Committee meetings are held
Meetings, HR and Remunerations Committee and according to the schedule to ensure maximum
Audit Committee Meetings are scheduled for the director participation.
next quarter. The Board Members are issued Meeting
Attendance at scheduled Board and Committee Meetings during 2023-24

Scheduled Board Meetings
Sr Name of
Status 07 Sep. 19 Oct. 27 Feb. 29 Apr. 13 Jun.
No Board Director
2023 2023 2024 2024 2024
01 Mr. Zahid Majeed Chairman P P P P P
Executive
02 Mr. Abrar Hasan P P P P P
Director
Independent
03 Mr. Ehsan Ali Malik P P P P P
Director
Independent
04 Mr. Ali H. Shirazi P P P P P
Director
Executive
05 Mr. Adam Fahy Majeed P P P P P
Director
Non-Executive
06 Ms. Saadia Naveed P P P P P
Director
Non-Executive
07 Ms. Noreen Hasan P P P P P
Director

OTHER DIRECTORSHIPS OTHER DIRECTORSHIPS
Sr No. Director Name Directorships Held Sr No. Director Name Directorships Held
I. Atlas Battery Limited (President & CEO)- Listed

I. ATC Holdings (Private) Limited.
II. Atlas Insurance Limited – Listed
II. ATC Technology Consultants (Private) Limited III. Cherat Packaging Limited- Listed
01 Mr. Zahid Majeed III. Associated Environment & Energy Solutions (Pvt) Ltd. IV. Pakistan Cables Limited- Listed
V. Shirazi Investments (Private) Limited - Unlisted
IV. Mungwow (Pvt.) Ltd
VI. Shirazi Trading Company (Private) Limited – Unlisted
V. Epicure DMCC VII. Atlas Asset Management Limited – Unlisted
VIII. Atlas Solar Limited – Unlisted
IX. Techlogix International Limited – Unlisted
04 Mr. Ali H. Shirazi X. Atlas Venture Limited, UAE – Unlisted

I. Cherat Cement Limited
XI. Atlas Global FZE, UAE – Unlisted
II. Pakistan Business Council XII. Oyster International Holdings Limited, UAE – Unlisted
XIII. Oyster re-brokers Limited, UAE
III. National Food DMCC (NFDMCC)
XIV. SF Global Holdings Limited, UAE – Unlisted
IV. National Epicure Inc. Canada (NEI)
XV. SFM Investment DMCC
V. National Foods Pakistan (UK) Ltd. XVI. Atlas Foundation
XVII. Atlas Vocational Training Institute
VI. A-1 Bags & Supplies Inc. Canada
XVIII. National Management Foundation
02 Mr. Abrar Hasan VII. ATC Holdings (Pvt) Ltd
(Sponsoring body of LUMS)
VIII. ATC Technology Consultants (Pvt) Ltd XIX. Pakistan Society for Training & Development
IX. Associated Environment & Energy Solution (Pvt.) Ltd
X. Naymat Collateral Management Company Limited

05 Mr. Adam Fahy Majeed I. Director - ATC Holdings (Private) Limited.
XI. Epicure DMCC
XII. National Epicure USA Inc.
XIII. Mungwow (Private) Limited

I. English Biscuit Manufacturers (Pvt.) Ltd.
II. Shield Corporation Limited
III. Employers Federation of Pakistan

Public Listed 06 Ms. Saadia Naveed
IV. Management Association of Pakistan
I. Abbot Laboratories (Pak) Limited
V. Education Fund for Sindh
II. Gul Ahmed Textiles Limited
VI. Hoechst Pakistan Ltd. (Formerly Sanofit-Aventis Pakistan Ltd.)
03 Mr. Ehsan Ali Malik III. Friesland Campina Engro Pakistan Ltd
IV. Standard Chartered Bank Pakistan Limited
Section 42
07 Ms. Noreen Hasan I. Director – ATC Holdings (Private) Limited
V. The Pakistan Business Council

Board Human Resource & Remuneration Committee
NFL has established HRRC in accordance with the Secretary, and Chief Internal Auditor. It also considers
Committees
requirements of the Code of Corporate Governance. and approves recommendations of the CEO on matters
HRRC assists the Board in fulfilling its responsibilities in related to succession planning of key management
the review, formulation, recommendation and positions and ensuring proper compensation to NFL
implementation of human resource policies and the employees. This Committee comprises of Directors,
appointment and remuneration of the Chief Executive consisting of mainly Non-Executive Directors, including
The Board has formed the following Committees in line with best practices and requirements Officer (CEO), Chief Financial Officer, Company one Independent Director.
of the Code of Corporate Governance:
Audit Committee Mr. Ali H. Shirazi

The Committee assists the Board in the effective Committee comprises of one Independent and two (Chairman)
discharge of its responsibilities for corporate Non-Executive Directors. The Chairman of the Audit
governance and financial reporting. The Audit Committee is an Independent Director.
Mr. Ehsan Ali Malik

Chairman
Mrs. Noreen Hasan Ms. Asma Yusuf
(Member) Secretary
Mr. Ehsan Ali Malik
(Member)
Mrs. Saadia Naveed Mrs. Noreen Hasan Ms. Quratulain Mamsa
Non-Executive Director Non-Executive Director Secretary
The meeting of this committee has been held twice a year.

The brief terms of reference of the audit committee are as follows: Attendance at Scheduled Committee Meetings
1. Determination of appropriate measures to and ensuring that the Internal Audit function has
safeguard the Company’s assets; adequate resources and is appropriately placed Scheduled Board Meetings
within the Company Sr. No Name of Committee Member Designation
2. Review of annual and interim financial 15 Aug. 2023 28 Mar. 2024
statements of the Company, prior to their 7. Consideration of major findings of internal
approval by the Board of Directors investigations of activities characterized by 01 Mr. Ali H. Shirazi Chairman P P
fraud or corruption and Management’s
3. Review of preliminary announcements of results
response thereto; 02 Mr. Ehsan Ali Malik Member P P
prior to external communication and publications;
8. Determining compliance with relevant statutory
4. Facilitating the external audit and discussion 03 Ms. Noreen Hasan Member P P
requirements;
with external auditors of major observations
arising from interim and final audits and any 9. Recommend to the Board of Directors the
matter that the auditors may wish to highlight (in
the absence of Management, where necessary)
appointment of external auditors, their removal,
audit fee, the provision of any service
Terms of Reference of the Human Resource
5. Review of Management letter issued by the
permissible to be rendered to the Company by & Remuneration Committee
the external auditors in addition to audit of its
external auditors and Management’s response 1. Comprising of at least 3 members; consisting of 4. Recommend selection, evaluation, development,
financial statements.
thereto;
mainly Non-Executive Directors, including two compensation (including retirement benefits) and
10. Consideration any other issue or matter as may
6. Review of the scope and extent of internal audit, Independent Directors. A CEO can be a member, but succession planning of the CEO, COO, CFO,
be assigned by the Board of Directors.
audit plan, reporting framework and procedures not the Chairman of this committee. The CEO Company Secretary and Head of Internal Audit.
cannot participate in the proceedings of the
Attendance at Scheduled Committee Meetings 5. Consider and approve recommendations of CEO on
committee on matters related directly to his
matters related to key management positions who
Scheduled Board Meetings performance and compensation.
Sr Name of report directly to CEO or COO.
Designation
No Committee Member 05 Sep. 2023 18 Oct. 2023 26 Feb. 2024 29 Apr. 2024 2. Recommend HR Management Policies to the Board
6. To approve and ensure dissemination of Company’s
3. Recommend to the Board for consideration and Code of Conduct across the company.
01 Mr. Ehsan Ali Malik Chairman P P P P
approval of a policy framework for determination
7. Undertake annually a formal process of
02 Ms. Saadia Naveed Member P P P P of remuneration of Directors (both executive
evaluation of the performance of the Board as a
and non-executive directors and members of
03 Ms. Noreen Hasan Member P P P P whole and its committees.
senior management).

Corporate
The Company treats all questions and issues directives of SECP. The grievances can also be
confidentially, where possible, while investigating fairly, notified through phone call or post to the Company.
cooperating with governments, and complying with
Governance
legal obligations. The Company adheres to the practice of responding
to shareholders’ complaints within prescribed time
Reporting and investigating concerns from the receipt thereof. A letter/email in this regard is
sent to the shareholders with intimation to the Shares
We encourage people to speak up if they have any
Registrar/SECP/Stock Exchange duly signed by the
concerns relating to illegal or unethical conduct or
Company Secretary.
Our ability to deliver our vision and create long-term the Audit Committee which recommends them to the behavior that is inconsistent with our values. Anyone
value and benefit for our shareholders and Board for approval in each quarter. These transactions within the Company can raise concerns or speak to
stakeholders emanates from our governance
structure operated by the Board across the Company.
are also fully disclosed in the annual financial
statements of the company.
the Whistleblowing Officer confidentially. We take
every reported concern seriously and review each one
Investors’ Section
to understand whether a formal investigation is on Website
Exceeding Legal Our Directors are reminded of insider trading and avoid
in the dealing of shares during the closed period. The
warranted. If our investigations show that an
employee has breached our policies, we take In order to provide ease of access to our shareholders
Requirements Company’s Board has been constituted in compliance

with the provisions of the Companies Act, 2017. The
appropriate disciplinary action. The Dignity at NFL
portal also helps in anonymous reporting in case of a
and stakeholders, the Company’s latest information for
investors is available on our website, under the
The Company strives to operate transparently, members of the Board, including Non-Executive and breach of code of conduct. “Investor Relations” (http://nfoods.com/). This page is
consistently, and timely comply with all prevailing laws Independent Directors exercise full independence and updated regularly in order to provide transparent,
adequate and up to date information.
and regulations of Pakistan. We take pride in highlight and recuse themselves in case of any Inside Information Register
proactively complying with many additional legal possible conflict of interest as is expected from their
In compliance with the regulatory requirements, the
requirements which were not mandatory. role. All observations / suggestions of Board members
during their proceedings are accordingly recorded.
Company ensures that it maintains Insider Information
Register, which is updated on a regular basis.
CEO Performance Review
In addition to all the mandatory requirements The CEO provides an overview of the Company’s
of the laws and regulations of Pakistan, some
examples are given below:
Safeguarding of records Corporate Briefing performance to the Board and addresses any specific
questions of the Board members. The performance of
a. The Listed Companies (Code of Corporate The Company effectively ensures the safety of its Session the CEO is assessed through the evaluation system set
by National Foods Limited. The principle factors of
records which are retained as required to meet legal,
Governance) Regulations, 2019 encourage all NFL's Investor briefing was held on October 20, 2023, evaluation include financial performance, business
administrative, operational and other requirements of
directors to obtain directors’ training certifications. Friday on MS Teams/video conferencing. processes, compliance, business excellence and people
the Company.
Six (06) directors of the Company have already management.
acquired certifications. However, the newly Investors attending the event displayed great interest in
appointed director’s training is due within this
financial year.
Whistle Blowing Policy the affairs of the Company. The presentation was
followed by a Q&A session which was well addressed to Role of Chairman
The Company is committed to conducting the the satisfaction of the audience.
b. The Company has defined standards and guidance The Chairman provides leadership and governance to
to the best of its ability that act as security business with honesty and integrity. All members of The presentation from the Corporate Briefing Session the Board. The Chairman has the responsibility to
measures to protect employees, operations, staff are expected to maintain high standards in can be viewed on the Company’s website under monitor and ensure the effective functioning of the
property and information against the threat of accordance with applicable laws, regulations and the “Investors” section. Board. The Chairman ensures that the Board as a
attacks, intrusions, loss, injury, damage or abuse Company Code of Conduct and are encouraged to whole plays a full and constructive part in the
including unauthorized disclosure or access to promptly raise concerns of possible misconduct, development and determination of the organization’s
information. Further as per OHSAS 18000, the potential conflicts, or known breaches with the Redressal of Investors’ strategies and policies. Furthermore, the Chairman
also ensures that the organization’s strategies are
Company committed to prevent injury, ill health
and continual improvement in Occupational Health
Company’s Code of Conduct, and other company
policies and procedures. In such instances,
Complaints being fully implemented effectively. The Chairman
& Safety (OH&S) management and Occupational employees are encouraged to report any conducts the Board meetings and ensures that all
The Company aims to provide its shareholders,
Health & Safety performance Directors fully participate in the decision-making
nonconformity through their respective HRBPs or potential shareholders and other stakeholders with all
procedure of the Board.
c. The Board of Directors of the Company comprises Line Managers. In some cases, the transgression is relevant financial and similar information as
of two female Directors. also reported directly to the Whistleblowing Officer effectively and as timely as possible, in order to
or Chairman Audit Committee. Action is then taken provide more insight into the Company and the sector.
Role of Chief
Conflict of Interest by the Company accordingly. Further, the Company is committed to ensure that
grievances notified by the shareholders are handled Executive Officer
Among Board Members Protection for Whistleblower and resolved efficiently at an appropriate level. Any
complaints/reservations received from the investors The CEO leads the management in the day-to-day
The Company does not tolerate retaliation against are considered, discussed, resolved and running of the organization’s business in accordance
As per Code of Corporate Governance, every Director is communicated in due course by appropriate level of
whistle blowers in any way and concerns can be with the business plans and within the budgets
required to bring to the attention of the Board complete authority in the Company.
reported without fear of detrimental treatment. If the approved by the Board. The CEO is also responsible for
details regarding any material transaction which has a
whistle blower raises concerns in good faith, he or she oversight of the directions of the Board, in accordance
conflict of interest for prior approval of the Board. The Shareholders can submit a complaint through email i.e.
interested Directors neither participate in discussions will not be subject to any detrimental treatment with the Companies Act. It is the responsibility of the
including dismissal, disciplinary action, threats or other ([email protected]) which is also
nor vote on such matters. Further, complete details of CEO to ensure that the organization’s resources are
available on the Company’s website in line with
all transactions with related parties are submitted to unfavorable treatment. allocated efficiently.

Management
Commitee
Ms. Asma Yusuf Mr. Dominique Charles Silvarelli Mr. Fazal ur Rehman Hajano
Director People & Workplace Services Chief Operating Officer - International Division Legal Counsel
Mr. Abrar Hasan Mr. Hasan Sarwat Ms. Ivana Bajamic Mr. Naveed Zaffar
Chief Operating Officer – Pakistan Operations Global Chief People & Corporate Reputation Officer Director Sales
Global Chief Executive Officer
Mr. Adnan Naseer Warsi Mr. Ahmed Murad Khan Mr. Ali Rashid Khan Mr. Saleem Rafi Khilji Mr. Shah Abdullah Raza Syed Farhan Ali Rizvi
General Manager Quality Director Innovation, Research & Development Director Marketing Director Manufacturing Director Digital, Data & Technology Global Chief Financial Officer

At the Heart
of Enrichment Even our systems come
with enriched flavour.
National Foods is proud to announce the successful
implementation of SAP S/4 HANA. This achievement
marks a significant milestone in enhancing our
operational efficiency and data management capabilities.
National Foods is expanding SAP integration to include Success Factors,

Ariba, SAP, GRC, and the Business Technology Platform, optimizing
operations and enhancing collaboration. The adoption of SAP S/4 HANA
has already improved efficiency, data management, and market
responsiveness. We are excited about leveraging these technologies to
drive growth and success in the food manufacturing industry.
FOODS
SINCE 1970
79 | CSR & Sustainability Annual Report 2024 | 80

Sustainability
& CSR
At National Foods, we continue to embed sustainability
into the core of our business and focus on strategic CSR
initiatives that deliver more impact.
Last year, we adopted the Government Primary
Empowering Gender-Inclusive Climate Aligned with National Foods' commitment to School in Bhatta Pind, Lahore, focusing on promoting
sustainable community development through
Action: National Foods' Commitment to girls' education due to the higher ratio of girls to boys.
education, the National Foodpreneur Program offers The program has shown remarkable success, with a
Climate2Equal scholarships to individuals passionate about culinary 32% increase in attendance following the quarterly
arts. By investing in the next generation of culinary post-launch evaluation.
leaders, we continue to create a positive impact on
Building on this progress, we have expanded our
both individuals and communities, fostering innovation
efforts by signing a Memorandum of Understanding
and growth within Pakistan's culinary landscape.
(MoU) in January to sponsor another school in
Jaranwala, Faisalabad. The ongoing program in
Lahore continues to thrive, with a 41% increase in
enrolment and attendance rising from 85% to 97%.
These improvements underscore our dedication to
Combatting Classroom Hunger: making education accessible and enhancing the
well-being of students across Pakistan.
As part of our commitment to the IFC-PBC led
National Foods' School Khana Program
Climate2Equal peer learning platform, National Foods In Pakistan, nearly 40% of children suffer from Celebrating Inclusivity:
has pledged to enhance gender-inclusive malnutrition, with over 35% of children in Punjab
business-led climate action. This year, we reaffirm
Sponsoring the KDSP Carnival
attending school without breakfast, adversely
our commitment to (i) increasing the participation of affecting their physical and cognitive development.
women leaders in our climate action initiatives and (ii) To combat this, National Foods Limited continues its
supporting women-led organizations and women commitment to addressing classroom hunger
climate leaders externally. We will continue to through our School Khana Program in collaboration
participate in workshops to track and report our with Allah Walay Trust.
progress, ensuring that our ongoing and future
projects align with this pledge. Our efforts reflect our
dedication to fostering greater gender-inclusive
business-led climate action at National Foods.
Enabling Culinary Entrepreneurs:

The National Foodpreneur Program
National Foods proudly announces the launch of its
flagship social impact initiative, the National
Foodpreneur Program, in partnership with MasterClass
Pakistan Hospitality Business School. This innovative
program aims to empower 21 young culinary
enthusiasts nationwide by providing them with the Recognizing the importance of diversity and
opportunity to pursue their passion for cooking and inclusion, National Foods Limited proudly sponsored
elevate their skills within the food and beverage sector. the Karachi Down Syndrome Program (KDSP)
Carnival, held on Sunday, January 28th, 2024, at the

DHA Sports Club – Moin Khan Academy. As a silver Spreading Joy: Partnership with participants in celebrating diversity and showcasing
sponsor, we joined KDSP in advocating for the value the true spirit of unity and support.
ChildLife Foundation on World
and inclusion of individuals with Down syndrome.
Children's Day
The KDSP Carnival welcomed over 7,000 attendees,
On World Children's Day, National Foods renewed its
primarily families, for a day of fun and inclusivity. The
commitment to children's well-being by partnering
National Ketchup Platform provides a platform for
with ChildLife Foundation for a toy distribution. This
young artists to express their creativity through
collaboration underscores our dedication to creating
food and colors. Witnessing their enthusiasm as they
a more equal and inclusive world, echoing our past
decorated pizzas and sandwiches alongside Chef
efforts in flood relief operations. Inspired by their
Zarnak Sidhwa at the National Ketchup Station was
impactful work, we joined hands to bring joy to
truly heartwarming.
pediatric patients through a day of fun-filled
activities and heartfelt engagements.
Our sponsorship of the KDSP Carnival reflects our
commitment to supporting initiatives that promote
inclusion and provide opportunities for individuals
with disabilities to lead fulfilling lives. It is moments
ChildLife Foundation is at the forefront of
like these that remind us of the profound satisfaction
transforming healthcare accessibility for children in
and pride in contributing to our community
Pakistan, providing advanced medical care and
.
support. Our collaboration aims to uplift spirits and
Empowering Through Education: contribute to the holistic well-being of pediatric
Aagahi Adult Literacy Program patients undergoing treatment.
Support Through Sport: Special

Olympics Pakistan Unified Marathon Sports have the unique ability to break barriers and
unite people from diverse backgrounds. At National
Foods, we believe in harnessing this power to create
a more inclusive society where everyone, regardless
of their abilities, can thrive. Our sponsorship of the
SOP Unified Marathon reflects our dedication to
promoting wellness and empowerment for individuals
with disabilities.
In Pakistan, education is paramount for societal At National Foods, our commitment to community
advancement. National Foods Limited proudly well-being is demonstrated through our support of
continues its long-standing collaboration with The various charitable organizations, reflecting our dedication
Citizens Foundation (TCF) in the Aagahi Adult Literacy to inclusivity, empowerment, and compassion.
Programme. Launched under the guidance of our late
co-founder Mr. Majeed, the initiative has positively
impacted countless lives. Strengthening our
Collaboration with GoRead.pk:
commitment, a strategic MoU signing in January 2024 Advancing Environmental Education
has expanded the program's reach across Pakistan. Through Joyful Stories
This year, we reaffirm our support for 250 learning This year, National Foods has renewed its
centers, demonstrating our dedication to community Recognizing the transformative power of sports in partnership with GoRead.pk to support the
engagement and women's empowerment. The Aagahi promoting diversity and inclusion, National Foods development of children's book dedicated to
program serves as a beacon of hope, equipping Limited proudly sponsored the 9th SOP Unified environmental education. As a socially conscious
women with fundamental skills to catalyze positive Marathon 2024, organized by Special Olympics movement, GoRead.pk is dedicated to crafting
change within households. The Aagahi Adult Literacy Pakistan. As a silver sponsor, we demonstrated our developmentally appropriate stories for children in
Programme exemplifies our enduring commitment to commitment to supporting inclusivity and social underprivileged communities. Through joyful story
fostering lasting change, breaking barriers, and responsibility. Our employees enthusiastically read-aloud sessions and meaningful children’s
building a more inclusive and literate society. participated in this event, joining thousands of content, they aim to bring about social change.

Karachi Biennale Trust underscored our dedication to
promoting educational initiatives and nurturing
young talent within our community.
By promoting environmental education from an

early age, we aim to nurture environmentally
conscious citizens who will work toward betterment
of our planet. The development of upcoming titles
ensures that the next generation understands the
importance of environmental protection and
conservation is equipped with the knowledge to make a
positive impact.
Commitment to Communities:
Support for Charitable Organizations In line with our mission of making a positive impact on
the community, National Foods extended its support
Our commitment to community well-being is through donations in-kind to Hisaar Foundation and
demonstrated through our support of various Patients Aid Foundation. These contributions are part
charitable organizations, reflecting our dedication of our ongoing efforts to support organizations that
to inclusivity, empowerment, and compassion. provide critical services and support to those in need.
To further promote inclusivity and support Fostering Art and Education:

neurodivergent children, we sponsored a day event
for kids and teens at TDF Magnificence through
Partnership with Karachi Biennale Trust
BuddyClub Pakistan. This initiative aims to create a
To further our commitment to community
secure and nurturing environment for
enrichment and education, National Foods partnered
neurodivergent children who may struggle with
with the Karachi Biennale Trust to sponsor the third
social awkwardness among their peers. By
Karachi Biennale. As the exclusive sponsor of the
providing monthly gatherings at carefully chosen
KB24 Primary School Education Program (PSEP), we
venues, these individuals are offered a unique
were excited to support this year's theme, "Karachi
opportunity to forge connections in a relaxed and
Fruits and Family Stories," centered around the
neutral setting.
concept of "rizq."
To further encourage local talent and empower

The PSEP workshops provided students with the
women entrepreneurs, we served as a Supporting
unique opportunity to deepen their understanding of
Partner at The Crafter's Expo 2023, held on
locally grown fruits and showcase their creativity
November 12th. This event celebrated creativity and
through art aligned with this theme. By fostering
talent, with 87% of the exhibitors representing
artistic expression and education, we aimed to
inspiring women-led businesses. Our involvement
enhance students' appreciation for their cultural
underscores our longstanding commitment to
heritage and local agriculture. Our partnership with
championing women-led initiatives.

At the Heart
of Excellence
Fueled by an investment of PKR 7 billion, the Faisalabad
plant is equipped with cutting-edge technology and
marks a significant milestone in our pursuit to bring
further innovation and quality to the food industry.
With over 600+ jobs creation, it has production capacity

of 6,000 tons/month, and houses production of spices,
recipe mixes, ketchups, mayonnaise, Chinese sauces,
seasonings and Kasuri Methi.
87 | Business Review Annual Report 2024 | 88

Chairman’s
Review
My fellow Shareholders and Stakeholders, Culture & People Strategy
We recognize that for a strategy to succeed, we need
National Foods Achieves a New
to create a high-performance culture and attract and
Milestone of over PKR 106 Billion
retain the right talent. I would like to highlight this strategy.
(USD $ 375 Million) in Group Revenue
On behalf of the Board of Directors I would like to • People & Culture: In the last year, we have enhanced
recognize the remarkable achievement by the our focus and strengthened our commitment to
management and team at National Foods Pakistan, fostering an environment where every individual can
NFDMCC (International Division) and A1 Cash & Carry thrive. Our People Strategy is anchored in four pillars:
Canada on this remarkable achievement which Talent, Leadership, Culture, and Diversity. This
represents a massive growth of over 30% in a year. strategy ensures we attract, develop, and retain top
talent, cultivate visionary leaders, nurture an inclusive
I am confident that this accelerated growth will be
workplace culture, and champion diversity at all levels.
sustained over the years to come as visualized in our
Strategic Plan which was prepared for each Entity and • Talent: Aligned with our business strategy and the
approved by the Board this year. vision for global expansion, we introduced a new
operating model to empower NFL to navigate
future challenges. In collaboration with our partner
Financial Highlights
People First, we evaluated our structure and
Pakistan's economy showed signs of recovery in FY24, strategic objectives through interviews,
on the back of improved inflation, current account benchmarking, and data analysis. This process led
balance, and an increase in foreign exchange reserves. to a realignment of teams and resources,
This recovery was supported by the stabilization of the emphasizing future orientation, accountability, and
PKR/USD exchange rate and the successful adherence to international best practices. This
completion of a $3 billion SBA program with the IMF. reorganization, along with our improved Talent
Review & Calibration processes have allowed us to
A 25% surge in our Core Business and an incredible
identify and nurture key and emerging talent,
42% growth in A1 Bags & Suppliers Inc. contributed to
thereby strengthening our leadership culture. Late
the above-mentioned substantial 34% top-line growth.
last year we also launched LinkedIn Learning to
Strategic focus on Cost Transformation agendas and
provide employees with easy access to
Operational efficiency enabled the organization to
educational resources for their professional and
sustain through inflationary pressures and challenging
personal development. This initiative complements
economic conditions. Profitability, however, dampened
our focus on functional talent development, with
on account of a period of high gearing led by strategic
an additional 3,440 learning hours completed in
local and international investments.
areas such as Sales, Commercial Excellence, Risk &
With over 50% of our turnover now generated outside Fraud, and others.
Pakistan, we are well-positioned for continued success
and are confident that our global reach and strategic • Leadership: To reinforce our Core Values and
initiatives will drive future growth and prosperity. foster a sense of belonging, we conducted values
refresher sessions in collaboration with our
learning partner Schuitema across the
organization. We have also developed a detailed

leadership framework outlining key behaviors for Investing in our Vision ‫ﮨﻤﺎرے ﻧﻈﺮﯾﺌﮯ ﻣﯿﮟ ﺳﺮﻣﺎﯾﮧ ﮐﺎری‬ �‫( � � � �رى وا‬DEI)�� ‫ �وات اور‬،‫ �ّع‬:‫ﺗﻨﻮع‬ ّ •
our current and future leaders, with 21 of these
،� � � ‫( �و�ام � ا�ر ��د‬BELONG)�� ‫�رے‬
This year has seen significant investments in the group
leaders embarking on a year-long growth journey ‫اس �ل � �وپ � ��ں �� رى د� � � � �رے � اى او‬ ‫ اور �ور�ں � ا� د� �� م � ا� �� ۔‬،��
as ambassadors of this model. as highlighted by our CEO, Mr. Abrar Hasan in his report.
� � ‫�ب ا�ار � � ا� ر�رٹ � اس � رو� ڈا� � ۔ ا� �ر‬ ‫ اور �� زى � ا�ا�ت اس‬،‫ �ا�ں‬،�‫�ز� د� � �ا‬
• Diversity: Our commitment to Diversity, Equity,
Once again, I would like to appreciate the efforts by NFL
‫ اور اے َون‬،(NFDMCC) � � �‫ ا� ا� ڈى ا‬،‫� �ڈز � ��ن‬ ‫�و�ام � �� ۔‬
Pakistan, NFDMCC, and A1 Cash & Carry in executing
and Inclusion (DEI) is embodied in our BELONG � ‫ ان ��ں � �� ا�م د� � ��ں‬،� ‫� ا� �ى‬
these plans so successfully. To highlight a few:
program, which creates an inclusive workplace by
Deployment of SAP HANA, commissioning of Faisalabad �� ‫ ا� اے‬: �� ‫�� ں �۔۔۔ ا� � � رو� ڈا‬
� � �( ‫ � �ل � �� ) � ا�ى‬:‫ﺛﻘﺎﻓﺖ‬
focusing on gender, religion, and disabilities. The
‫ � �دام اور‬،� � �� ‫ � آ�د‬،�� ‫(� �م‬SAP HANA) •
� �
mega plant, new warehousing, and outlets in Canada.
program is supported by hiring strategies,
interventions, and capability-building initiatives.
The dynamism and determination to make these happen ‫�ا � �ا�۔ ان � � �� م ادارے � �� اور �م‬ �� (�Microsoft Viva Glint ‫()� � اب‬Glint) ��
have been most impressive across the organization.
‫� � ز�دہ �� ر� � ۔‬ � ‫�ا� دارى � �� ز� � وا� اور �� ۔‬
• Culture: Following last year’s Culture Study, we
� ‫ اور �ادرى � �ح و �د‬،�� ،�� ،�‫ ذ‬،�� ،‫� ذر� �ش‬
partnered with Glint (now Microsoft Viva Glint) to
enhance employee engagement and experience.
Corporate Governance – ‫ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ ۔ اﯾﮏ ﻣﺸﻐﻮل ﺑﻮرڈ‬ � � ‫��ز ا� �� ح و �د � �و�ام �وع � ۔ اس � �وہ‬
An Engaged Board � � �� ‫�ز� � �ك �� اور ا� �دى ا�ار � �ط‬
We launched a comprehensive well-being program
‫�� ر�د� � �� ش � � � �را �رڈ ا� �ل �رڈ‬
focused on Career, Social, Mental, Physical, In line with global best practice, we are fortunate to ‫ � �را ا��ت اور ا�اف � �و�ام � ۔‬،� ‫”��ا�“ � آ�ز‬
Financial, and Community well-being. Additionally, have an engaged Board that actively participates in the ‫� ��رو�ر اور � � �ر�د� � �ارى � �ل �ر � � � � ۔‬
we introduced Pazeerai, our Rewards & oversight of the Business and Company’s performance.
� � ‫�ص �ر � � آپ � � � �� ب ا�ن‬ ‫اس �ل � ا� � � � �ق �ر�د� � �� اور �� ں‬
Recognition Program, to motivate employees and
In particular, I would like to recognize the contribution of
‫�ون � ا�اف �� ں � ۔ � �� آ� ��ں � دوران ان � �دار‬ � ‫ اور ا� �و� ذى � ا�اد‬،�� ‫� �� ون � ذر‬
reinforce our core values.
Mr. Ehsan Malik to the success of your Company. We
‫� �رآزاد ڈا�� اور آڈٹ � � �� ا� � ۔‬ �‫�� ط �ا� دارى اور ا�د � ذر� �رى ر� � ارادہ ر‬
This year we intend to continue enhancing our appreciate his role as an independent Director and
‫� ۔ اس �ح � � �ف ا� ا�رو� �ز� � �ك اور �وف‬
�� ‫ا�ں � ا� ز�دہ �� رڈ � � اور ا� � � � و‬
strategy through collaboration with cross-functional Chairman of the Audit Committee over the last eight years.
and global teams, and stronger partnerships and �� (EVP) � ‫ر� �� ا� اى وى‬
alliances with our external stakeholders. This way
He has been instrumental in creating a more effective ‫� � ا� �دار ادا � � ۔ ان � �اث � � � �رى ر� � ۔‬ ‫ا� � � ا� �ف �� اور ��ار ر� � � � � �ڈز‬
�
Board, and a higher level of governance. His legacy will
we aim to not only keep our internal employees
endure well into the future. �
� � �� ‫�� را‬ �ُ‫ � � ا� � ا‬2030 ‫� آ� � �ل‬ ‫� � � � ر� � � � �ر� �� ۔‬
motivated and engaged but also further enhance
our EVP so as to attract and retain top talent who At the end I would like to express my confidence in the ‫ا�� اور و� �ہ �ز� � �� ا�د � ا�ر �� ں � ۔‬
will be groomed to become future leaders at NFL. capability of Management and our dedicated Employees
to deliver our ambitious vision for 2030.
‫زاﮨﺪ ﻣﺠﯿﺪ‬
��

‫ﭼﯿﺌﺮﻣﯿﻦﮐﯽ‬ Directors’
‫ﺟﺎﺋﺰاﺗﯽ ر ﭘﻮرٹ‬ Report
، ‫�ے �� ن اور ذى � ا�اد‬ Fellow Shareholders,
Company inaugurated the Faisalabad facility – the
‫ �� س � � ا� �� ز � اور‬:‫ﻟﻮگ اور ﺛﻘﺎﻓﺖ‬ • ( �‫� ا�� ڈا‬375 ) �‫� �� رو‬106 � ��‫� �ڈز � �وپ ر‬ The Directors of National Foods Limited (the ‘Company’)
are pleased to present the Annual Report along with the largest manufacturing site with PKR 7B
‫ا� ��ل � �وان �� ى ارادہ � �ں � �د �� زل‬ ‫� ا� � �ِ � �ر � � ۔‬ financial results which include both stand-alone and investment. Management believes that the
:� ‫� � �ر ��ں � ا�دہ‬ ِ ‫� �ے ۔ ��ں � � �رى‬ consolidated audited financial statements, for the year investment will have longer-term qualitative and
� �‫ ا� ا� ڈى ا‬، ‫� �رڈ آف ڈا��ز � �� ڈز ��ن‬ ended June 30, 2024. quantitative strategic advantages.
�� ‫ �� اور � ��ى ۔ � �ِ � اس ا‬،‫ �دت‬،�
� ‫� ) ا� � ڈو�ن( اور اے َو ن � ا� �ى �ا � ا�� اور‬
�‫ �وغ د‬،� �� ‫� � � �� وں � ا� �ف‬ Company’s Principal Activities
�‫� �� اس ��ار �� ا�اف �� ں � �ے �� ا‬ On the International front, the Company increased
، � �� ‫� اور ا� ا� �س ر� � �� آ�رى‬ momentum on the invest to grow model, strengthening
‫� � ز�دہ �� ۔‬30 � ‫�ل‬ The Company manufactures, markets, and sells food
the people structure and re-aligning distributors in
�� ‫�م � � � �� وان �� اور‬ products under the brand name “National”.
certain regions. Territories including the UK, Europe, and
‫�� ۔‬ ‫� �را ا�د � � آ� وا� ��ں � اس ا�وں � �� ا� �ح‬ GCC showed good traction yielding double-digit topline
( ‫��ار ر� �� رى �� زى � �ِ � )ا� �� ن‬
Economic Overview
growth. Profitability, however, was impacted owing to
�‫ ا� �رو�رى �� زى اور �� ا‬:‫ﮨﻨﺮ‬ • ‫� � � � � � � �د � � �ر � � � اور اس �ل �رڈ � اس‬ Pakistan's economy, post-elections has shown some investments in the business to strengthen the
signs of recovery in FY24, highlighted by a reduction in foundations of the international footprint.
� � � � ‫� آ�� ڈل �رف �وا� � �� ڈز‬ ‫� �رى دى � ۔‬
inflation, improved current account balance, and foreign
� � � ‫�د آز� �� ۔ ا� ��ِ �ر ”� ��“ � �ون‬ exchange reserves. Comparatively stable PKR/ USD The Company is operating at a 5-year high gearing level,
� ‫ﻣﺎﻟﯿﺎﺗﯽ ﺟﮭﻠﮑﯿﺎں‬
ِ� ‫�� ذر� ا� �� اور‬ � �‫�ر اور ا�ادو�ر‬،‫ا�و�ز‬ exchange rates coupled with reducing inflation and coupled with the steep interest rates, finance
numbers of 13% in June vs 28% SPLY played an costs took a toll on the profitability indices. The
ِ�‫� � �� ۔ اس �� ر � �ں اور و�� از‬
� � �� ‫� �� ل � �ى � آ�ر‬2024 � � � ‫��ن‬ important role. Consumer buying power impacted Company is confident that the contributions from the
�� ‫ ا�ب اور‬،�� ‫� �� ف �رى را�� اور‬
� ��‫ �� ا�ؤ� � اور ز ِر �د� � ذ‬،‫� و� ا�ا ِط زر � �ى‬ volumes and downtrading to smaller pack sizes. projects, combined with the expected cuts in interest
� � � ‫� ا��ا� روا�ت � زور د� ۔ اس � � � �� رے‬ rates, will enable the achievement of projected returns
‫�ح �د� � ا�م‬
ِ �‫ ا�� ڈا‬/ �‫ا�� ۔ اس �� و� �� رو‬ Business Performance Overview
� �� ‫� ِ �� اور �� ى � � � � �ورى اور ا‬ in the longer term.
�� ‫ � ڈا� � ا�ل‬3 �� (�‫اور ا�� ى � )آ� ا� ا‬
�‫ � � �رى ��ا‬،‫� �� اور اس � �� ا�زت دى‬ Operating and Financial Performance
‫ا�� و�ام � ��ب � � ۔‬ A1 Bags & Supplies Inc.
�� ‫�� ۔ � �ل � آ� � � � �� اِن‬ The business has achieved a topline growth of 42%.
The Group
� � � �� ‫� آ�ز � �� ز� � ان � � ورا� اور ذا‬ �‫� ا�� اور اے َون � ا� ��ز ا�ر�ر‬25 � ‫�رے �دى �رو�ر‬ The group achieved a notable 34% top-line revenue
We've successfully expanded into additional stores and
‫� � � ��ں �دار ر�۔‬34 �� ‫درج‬

ِ � ��‫� � �� ا‬42 �
warehousing facilities. Our profitability has seen a
� � ‫و�� آ�ن ر�� ا� � � � ۔ � ا�ام �رے �ل‬ growth crossing the PKR 100B landmark – along with
significant improvement, with operating and net
،�‫� � ا�� و‬3,440 ‫�� ز �� وہ‬ ‫�� َ � اور � �ر�ارى � �ِ � � ادارے‬ 52% contribution generated from the international
� profitability increasing by 45% and 42%, respectively.
�� ‫�ا�ا ِط زر � د�� اور �رز� �� ت � ذر� ا�م د� ۔‬
footprint. Profitability in the short run has been impacted
‫ �ہ و د�� د� اور د� �ں � � �� ۔‬،‫�ر� ا�ز‬
by high interest rates on financing for the Faisalabad
�‫اور � ا��ا� ��ى �� رى � ز� ا�م ز�دہ �� ت � و‬ manufacturing facility and investments abroad to
‫� �� ر� ۔‬ establish a growth base for international business. The
� ‫ ا� �دى ا�ار � �ط �� اور � � ا�س‬:‫ﻗﯿﺎدت‬ • Company, however, believes that these strategic
�
� � � ِ�� ‫ � � ا‬،� � �‫�وغ د‬
�(Schuitema) �� ‫� � ز�دہ اب ��ن � �� ا�� و‬50 � �� ‫�دش‬
ِ ‫�رى‬ investments will yield longer-term sustainable growth.
� ‫�� م ادارے � ا�ار � �ز� � � � � ۔‬ ��‫� � ��ں � �ر � ر� � اور � ا�د � � �رى �� ر‬

Core Business
� � � ‫� ��دہ اور � � ر�ؤں � � ا� رو�ں‬ ‫اور �� زى � ا�ا�ت � � �� اور �� ا�� ۔‬ Local business posted a double-digit growth on the
‫ ر�ؤں‬21 � � � � ‫ �دت � ا� � �� ر‬،�‫�� وا‬ topline and operating profitability – even in times of
� � � �� ‫� اس �ڈل � �وں � �ر � ا� �ل‬ ِ
‫ﺣﮑﻤﺖ ﻋﻤﻠﯽ‬ ‫ﺛﻘﺎﻓﺖ اور ﻟﻮﮔﻮں ﮐﯽ‬ challenged consumer purchasing power & commodity
cycles impacting the cost of business. Volumes have
‫آ�ز � � ۔‬
�� ‫� �� ِ � � ��ب �� ا� �ر�د‬ started to recover towards the end of the year, with
‫� � اور� � � �� اور ��ار ر� � �ورت � ۔ � اس‬ revenue transformations via pack size and price point
activations in key categories. During the year, the
‫�ِ � � رو� ڈا� ��ں � ۔‬

Key financial numbers of the group for the fiscal year are summarized below: promoting it through visibility drives and Business Sustainability
point-of-sale materials. Consumer promotions in the By localizing starch, we delivered a superior product,
Amounts in PKR Million
first and second quarters, including discounts on excelling in consumer tests and improving supply
Group Core Business A1 Bags & Suppliers Inc.
mixed pickles, drove sales and provided value for chain efficiencies.
FY24 FY23 Change FY24 FY23 Change FY24 FY23 Change consumers during challenging times. To attract
consumers shifting from unbranded to branded Core
Net sales 86,375 64,322 34% 37,961 30,315 25% 48,414 34,007 42% options due to inflation, the Mixed Pickle Pouch is We drove trials with a Pandamart initiative,
launched at an appealing price of Rs.100, offering generating trials through burger-related orders.
Gross profit 23,570 18,194 30% 12,563 10,993 14% 11,007 7,201 53%
quality at an affordable cost. On-ground activations at “Karachi Eat” and “The
Operating profit* 6,223 5,504 13% 2,256 2,759 -18% 3,967 2,745 45% Commons”, along with a collaboration with food
Crushed Pickle influencers, reinforced National Mayonnaise as a top
Net profit after tax** 2,795 3,795 -26% 560 2,225 -75% 2,235 1,570 42% We leveraged digital and social media to enhance snack partner. These efforts have notably enhanced
brand recall and top-of-mind awareness, creating our market position and consumer engagement.
Earnings per share (Rs.) 8.2 13.6 2.4 9.5 content that highlights the versatility of our product.
33.1% 36.3% -3.2% 22.7% 21.2% 1.6% Our efforts included Modern Trade activations and Desserts
Gross profit 27.3% 28.3% -1.0%
collaborations with E-Commerce platforms like National Custard has made significant strides,
Operating profit 7.2% 8.6% -1.4% 5.9% 9.1% -3.2% 8.2% 8.1% 0.1% PandaMart and KraveMart to drive trials. improving to match key competitors and diversifying
Participation in high-traffic events like “Karachi Eat” our starch supplier base for margin stability. With
Profit after tax *** 3.2% 5.9% -2.7% 1.5% 7.3% -5.9% 4.6% 4.6% 4.6% and “The Commons Karachi Eid Festival” further the ‘New & Improved’ product now available, we
boosted our brand presence and consumer targeted key consumption occasions like Eid,
* Excludes other income and other expenses. engagement. These initiatives have strengthened Ramadan, and weddings, reaching new consumers
** This includes amortization of Rs. 23 million (2023: Rs.20 million) on intangible recognized on consolidation of National Pickle's position as a market leader, through e-tailers and households in Peshawar via
A1 Bags & Suppliers Inc. effectively meeting evolving consumer needs. direct sampling. A targeted visibility drive across
*** Group PAT includes A1 at 100% (PAT excluding NCI: 2024 PKR 1,910 M: 2023 PKR 3,175M)
major outlets in Karachi, Lahore, and Islamabad
Group PAT eliminates intercompany dividends (PKR 522M vs. 287M PY).
Sauces (Ketchup) further boosted awareness.
Sales and Marketing digital campaign investments for Karachi Khaas and National Ketchup maintained its leadership and
extensive sampling of Karachi Khaas units, including remains the most loved and preferred brand. Despite Corporate Campaign
Key highlights of FY’24 on the brand side are as follows: a competitive market and high inflation, National
door-to-door selling with an impressive trial rate, In line with our strategy of owning key occasions and
Ketchup solidified its position as Pakistan’s No.1
further boosted consumer engagement. Additionally, seasons, special campaigns and promotions were
Recipe Mixes: tomato ketchup, capturing a major share of the
the "Recipe Princess" initiative was launched to engage launched across the portfolio. These included a
market and achieving an impressive double-digit
with aspiring young women in universities and colleges. Recipe campaign on Independence Day
This year, National Foods reinforced its leadership in the growth in secondary volume.
“Dawat-e-Azadi”, a Condiments range for Ramadan
Recipe Mix category by enhancing product formulations,
KPK Core
“Zaiqa Mil Bethnay Ka” and an influencers campaign
broadening its portfolio, and making significant strides
In KPK, National Foods adopted a localized strategy on Meethi Eid for National Custards in collaboration
in key markets such as Karachi and KPK. We tapped into the Back-to-School season with a
by introducing Bombay Biryani-Karachi Khaas, with popular cooking channels and chefs. These were
successful collaboration with Panda Mart & Bacha
backed by CSR activation for underprivileged
leading to an improvement in store productivity Party, generating trials. Engaging children and
Category Core children in Lyari and one of the year's largest food
across outlets. Tailored digital content in Pashto, families, we also hosted a Ketchup Factory-themed
National Foods launched "Project Fortification" to collaborations, strengthening the connection
coupled with on-ground activations, resulted in high activation at the Karachi Down Syndrome Program
elevate its core variants above the competition. Most of between our condiments and Ramadan.
consumer engagement. Carnival. Our cricket season campaign achieved
these variants, including Biryani, have been remarkable results on Meta and YouTube, surpassing
significantly improved, outperforming competitors. In
International
These strategic initiatives have strengthened National planned metrics. The Ramadan Limited Edition Pack,
addition, the company upgraded its packaging combined with a consumer promotion, enhanced This year, our marketing efforts were driven by a
Foods' market leadership, enhanced product offerings,
standards, enhancing print quality and visual appeal. To shelf appeal and competitive differentiation. In focus on enhancing brand awareness, driving
and expanded its presence in key regions.
cater to consumers seeking variety, new variants like Faisalabad, a strategic 360-degree plan, including consumer trials, and strengthening our presence in
White Karahi and seasonal options such as Fried Chops cluster activations, improved our market share. key markets.
Savory Condiments (Pickle)
and Malai Boti were introduced.
Over the fiscal year, National Pickle made strategic
Spreads (Mayonnaise) In the UK, we maintained consistency with quarterly
strides to enhance both our Core and Crushed promotional drives across our core categories,
Karachi This year marked significant progress for National
Pickle ranges. utilizing a mix of in-store sampling, tactical
In Karachi, the introduction of the “Karachi Khaas” Mayonnaise, focusing on operational efficiency and
promotions, and visibility tools that effectively
range, tailored to local taste preferences, along with product enhancement.
expanded distribution and targeted marketing, resulted
Core expanded our footprint. In Canada, our efforts
Mixed Pickle Sachet improvement via adjusting the centered on enhancing our mainstream presence,
in a significant increase in in-store productivity. The
grammage, aligning it with consumer needs, and leveraging partnerships to bring our products to a

broader audience. In the UAE, we activated the Leadership: We strengthened our leadership culture by and resources to emerging culinary talents, we are Corporate & Financial Reporting
B-Class segment, while in Saudi Arabia, we piloted conducting values refresher sessions and establishing nurturing the next generation of leaders in Pakistan’s Framework
Masala Seasoning, offering differentiated products a detailed leadership framework. This year-long growth culinary industry. This program reflects our
that extended our reach. journey has empowered 21 leaders to model these commitment to fostering innovation and excellence The managerial objective of the Company is good
behaviors and reinforce our core values. within the local food sector. corporate governance and compliance with best
We focused on being prominent during key inflection practices. As required under Listed Companies (Code of
points, with comprehensive campaigns during Diversity: Our BELONG program drives our Empowering Women through the Aagahi Adult Corporate Governance) Regulations, 2019 (the ‘Code’),
Ramadan and Diwali that ran simultaneously across commitment to Diversity, Equity, and Inclusion by Literacy Program the Company has adopted the Code in letter and
our focus markets. These campaigns not only creating an inclusive workplace focused on gender, In partnership with The Citizens Foundation (TCF) and in spirit as follows.
increased our brand visibility but also facilitated religion, and disabilities. This initiative is supported by memory of our late co-founder Abdul Majeed, we
consumer engagement during these significant targeted hiring strategies, interventions, and continue to support the Aagahi Adult Literacy Program.
• The financial statements, present fairly the state
festive periods. These efforts were complemented capability-building efforts. This initiative has empowered countless women with
of affairs of the Company, the results of its
by aggressive seasonal consumer promotions essential skills, driving positive change within their
Culture: Partnering with Glint, we enhanced employee operations, cash flows, and changes in equity.
alongside tactical deployments to strengthen households and communities. Our efforts are focused
in-store activations. engagement through a comprehensive Wellbeing on enhancing literacy and creating opportunities for
Program covering Career, Social, Mental, Physical, personal and professional growth.
• Proper books of account of the Company have
To elevate our brand presence globally, we Financial, and Community aspects. Our new Rewards & been maintained.
participated in major industry events such as Recognition Program, Pazeerai, further motivates Promoting Inclusivity and Health through
Gulfood and Fancy Food, where we showcased our employees by reinforcing our core values. Strategic Partnerships • Appropriate accounting policies as stated in the
product innovations, strengthened relationships with This year, we expanded our impact by partnering with notes to the financial statements have been
key partners, and explored new growth opportunities We will strengthen our strategy by collaborating with several organizations, including the Child Life consistently applied in preparation of financial
on an international scale. cross-functional and global teams and building stronger Foundation Pakistan, the Karachi Down Syndrome statements and accounting estimates are based
external partnerships. These efforts will keep our Program, the Behbud Welfare Organization, and the on reasonable and prudent judgment.
In addition to our marketing initiatives, we took employees engaged and enhance our EVP to attract Special Olympics of Pakistan. These collaborations are
significant steps to modernize our product offerings. and develop future NFL leaders. aimed at advancing inclusivity, improving health • International Financial Reporting standards have
We completed overhauls of packaging design for outcomes, and reducing inequalities. Our partnerships been followed in the preparation of financial
several categories, aligning them with our evolving Sustainability & Corporate Social underscore our core values and integrate them into statements and any departure therefrom has been
brand identity and enhancing their appeal, with Responsibility our corporate culture, reinforcing our commitment to adequately disclosed.
launches scheduled for the upcoming fiscal year. social responsibility.
National Foods remains steadfast in its commitment to
Sustainability and Corporate Social Responsibility,
• The system of internal control is sound in design
These concerted efforts have laid a strong foundation Through these and other initiatives, National Foods is and has been effectively implemented and
focusing on responsible practices that tackle critical
for sustained growth, positioning our brand for paving the way for a future where responsible practices monitored. The Board has constituted a Board
environmental and social challenges. Aligned with the
continued success in an increasingly competitive deliver lasting benefits for all. With a steadfast Audit Committee consisting of three members,
United Nations Sustainable Development Goals, our
landscape. We remain committed to building on commitment to our core principles, we are excited to including the chairman of the committee. The
initiatives are designed to create meaningful and
these achievements, driving further advancements, build on these successes and drive continued progress
lasting positive impacts. chairman of the Board Audit Committee is an
and delivering long-term value to our stakeholders. toward a more inclusive, sustainable, and prosperous
independent director, and the committee regularly
future for all.
People & Culture Environmental Stewardship meets as per requirements of the Code.
In Fiscal Year 2024, we proudly advanced our
Contribution to the National Exchequer
Our People Strategy has progressed around four key commitment to environmental sustainability by • There has been no material departure from the
pillars over the years which are essential for our vision During the year, the contribution to the National
launching the R3 Project, which emphasizes waste best practices of corporate governance, as
and mission i.e., Talent, Leadership, Culture, and Exchequer has further increased and the Company
reduction and recycling. This initiative underscores our detailed in the listing regulations.
Diversity. Building onto the detailed overview from paid over Rs 9,583 million (2023: Rs 7,546 million) to the
alignment with the Sustainable Development Goals
government and its various agencies on account of
Zahid Majeed in his Chairman’s report, below is a framework and our proactive stance on promoting • There are no significant doubts about the
glimpse of the progression of the pillars: different government levies, including customs duty,
sustainable practices. Additionally, our participation in Company’s ability to continue as a going concern.
sales tax, and income tax. Moreover, foreign exchange
the IFC-PBC Climate2Equal peer learning platform
of Rs 3,178 million (2023: Rs 2,440 million) was also
Talent: We aligned our talent strategy with our global
underscores our dedication to integrating • The outstanding duties, statutory charges, and
expansion goals by introducing a new operating model, generated through the export of products, which
gender-inclusive approaches into climate action. taxes, if any, have been duly disclosed in the
realigning teams, and enhancing our Talent Review & further reflects our participation in the national economy.
Calibration processes. This approach has empowered National FoodPreneur Program:
us to identify and nurture future leaders while Dividend
Cultivating Culinary Talent • A statement regarding key financial data for the
equipping employees with essential skills through Our National FoodPreneur Program is a standout The Board of Directors has recommended a final cash last six years is annexed to this report.
platforms like LinkedIn Learning. initiative dedicated to sustainable community dividend of Rs. 5 per share. Total standalone profit distributed
development through education. By offering training by way of dividend amounts to 92% (2023: 27%)

Board of Directors and its Committees Pattern of Shareholding
The total number of Directors is 7 as per the following: The pattern of shareholding of the Company and other shareholders was timely reported to the Pakistan
Male 05 Female 02 related information is set out on page 279. Stock Exchange during the year.
Category Names Trading in shares of the Company during the year by

Trading of shares by the Chief Executive, Directors,
Chief Financial Officer, Company Secretary, executives, the Chairman, Executive, Director’s spouse, Substantial
Independent Directors Mr. Ali H Shirazi Shareholder, and Associated Company is as follows:
their spouses and minor children, and substantial
Mr. Ehsan A Malik
Executive Director Mr. Abrar Hasan (CEO) Mr. Zahid Majeed Buy 571,367
Mr. Adam Fahy Majeed Gift Out 4,714,769
Female Directors Mrs. Saadia Naveed Directors

Mr. Adam Fahy Majeed Gift In 259,800
Mrs. Noreen Hasan
Mrs. Noreen Hasan Buy 13,000
Non-Executive Directors Mr. Zahid Majeed (Chairman of the Board)
Substantial Shareholder Millville Opportunities Master Fund, LP Buy 4,562,654
Board Committees Sagheer Ahmed Sell 1,000

Executive
The Board has formed Committees comprising of members given below: Buy 900
a) Audit Committee Other Directors, CEO, CFO, Company Secretary and Related Party Transactions
their associates and minor children did not carry out
Mr. Ehsan Ali Malik Chairman The related party transactions entered into by the
any transaction in the shares of the Company
during the year. Company during the year are disclosed in Note 39
Mrs. Saadia Naveed Member
of the Financial Statements for the year ended
Mrs. Noreen Hasan Member Remuneration Policy of June 30, 2024.
Non-Executive and
b) Human Resource and Remuneration Committee Statement of Compliance with
Independent Directors
Code of Corporate Governance
Mr. Ali H Shirazi Chairman
Through the Articles of the Company, the Board of
The Company has fully complied with the requirements
Mr. Ehsan Ali Malik Member Directors is authorized to fix the remuneration of
of the Listed Compliance (Code of Corporate Governance)
Non-Executive and Independent Directors from time to
Mrs. Noreen Hasan Member Regulations, 2019. The Statement of Compliance is
time. In this regard, the Board of Directors has developed
provided under the relevant section of the report.
a Remuneration policy for Non-executive and Independent
As required by the Code of Corporate Governance, extensive details related to the Board of Directors, including but
Directors of the Company. The details of Directors’
not limited to, the profile of directors, board committees, training, diversity, and changes in the Board are covered External Auditors
Remuneration are disclosed in Note 38 of the Financial
under the Corporate Governance Section on Page 61 to 76.
Statements for the year ended June 30,2024. The present auditors M/S. KPMG Taseer Hadi & Co
(Chartered Accountants), retired and being eligible,
Board of Directors Meetings and Attendance
Performance Evaluation of the Board have offered themselves for re-appointments. The
The Board of Directors met five times during the year and all these meetings were held in Pakistan. Further details are
of Directors and its Committees Board of Directors endorses the recommendation of
covered under our Governance Section on page 61. the Board Audit Committee for their re-appointment as
Complying with the Listed Companies (Code of auditors of the Company for the financial year ended
The Election of Directors will be held at the Annual General Meeting (AGM) this year. The term of the elected Corporate Governance) Regulations, 2019 the Board June 30, 2025.
directors will expire on 20 October 2028. has adopted a comprehensive mechanism for
evaluating its performance. The Company has Internal Auditors
introduced a questionnaire on the Board’s composition,
leadership, effectiveness, planning, and overall The Company’s internal Audit function is being looked
Company’s strategy, performance, and monitoring. after by the Head of Internal Audit, who is assisted by
The Board evaluates all factors based on input the internal auditor M/s EY Ford Rhodes. The Head of
received from every director annually. Internal Audit reports directly to the Chairman of the

Board Audit Committee. The primary responsibility of Director and spouses of late Founding Directors of the
the Internal Audit Function is to assess the Company. Details of the assets and contributions of
effectiveness of internal controls and recommend any the funds are provided in Note 20 of Consolidated and
necessary improvements. The Audit Committee Note 19 of Unconsolidated Financial Statements for
receives regular periodic audit reports from the internal the year ended June 30, 2024.
audit function, enabling them to review and consider
the findings and recommendations for the betterment Forward-Looking Statement and
of the Company's internal controls and processes. Future Outlook
Our company approaches the future with cautious
Adequacy of Internal Financial Control
optimism, leveraging Pakistan's recent economic stabi-
The Board of Directors has established a comprehensive
lization to enhance our global presence. While inflation
system of internal financial controls, aimed at ensuring
has moderated and currency stability is improving, we
the smooth and efficient operation of the Company.
acknowledge the challenges posed by structural
These controls encompass fraud prevention, asset
economic weaknesses and potential policy shifts.
protection, legal compliance, accurate financial
Despite these hurdles, we are committed to innovation,
record-keeping, and the timely generation of reliable
efficiency, and strategic planning for business funda-
financial information. Regular reviews and updates are
mentals improvement and maintaining the market
conducted to maintain their effectiveness in accor-
leadership position in all major categories. By focusing
dance with evolving laws and regulations, reflecting our
on resilience, our Founder’s Philosophy, and “Our
commitment to stringent financial governance and
Values”, we aim to navigate these challenges effective-
accountability.
ly, ensuring sustainable growth and continued value
creation for our stakeholders.
Subsequent Events
No material changes or commitments affecting the Acknowledgment
financial position of the Company have occurred
The Board would like to convey its earnest gratitude to
between the end of the financial year of the Company
all the people involved with the Company for enabling it
and the date of this report.
to flourish and deliver a constant performance over the
last five years. Our people are steadfast to the welfare
Provident & Retirement Funds
of the Company and have shown their potential by
The Company maintains a contributory Provident Fund overcoming the numerous difficulties posed by the
for all employees and a defined Benefit Pension & operating environment. We treasure their dedication
Pensioners Medical Plan for the Chief Executive, a and feel highly obliged.
On behalf of Board of Directors
Chief Executive Officer Director

‫�ت � � ا� � � � اور �ز �� ن �رى‬ ‫ر�ڈز )‪ � (M/s EY Ford Rhodes‬ز� �و� � ۔ ا�رو�‬ ‫� � �رت � �‪� ،‬ل � دوران ��ن ا�ك ا� �‬ ‫ﺣﺼﺺ ﮐﯽ ﻣﻠﮑﯿﺖ ﮐﺎ ﻃﺮﯾﻘﮧ ﮐﺎر‬
‫ر� �ا � ۔ ا��ں اور �ز � �ا�ں � �ت ‪� 30‬ن ‪2024‬‬ ‫��ل � ��اہ‪� ،‬اہِ را� �رڈ آڈٹ � � �� ‬ ‫�و� �ا� � � ۔‬
‫� � � � � � �� ر اور اس � � د��ت � ‪279‬‬
‫�ا�م �� ل � � � �دہ �� ت � �� ت‬‫ِ‬ ‫�� ۔ ا�رو� ��ل � ��ت � �دى ذ� دارى ا�رو�‬
‫� دى � � ۔‬
‫� �ٹ ‪ 20‬اور � �� ت � �ٹ ‪� � 19‬ا� � � � ۔‬ ‫ا�رات � ا� ��ى � �� اور � � �ورى �ى �‬ ‫� � �رت �ل � دوران ��‪ ،‬ا��‪ ،‬ڈا�� ت‪،‬‬
‫�رش �� ۔ آڈٹ � � ا�رو� ��ل � ��ت � ��ل‬ ‫�ے �� ا�اد ‪ ،‬اور ا�� ا� � � ذر� � � � �‬
‫� ا��ڈا��ز‪ �� ،‬آ�‪�� ،‬ى‪ ،‬ا��ز‪ ،‬ان‬
‫ﭘﯿﺶ ﺑﯿﻦ ﺑﯿﺎن اور ﻣﺴﺘﻘﺒﻞ ﮐﺎ ﻧﻘﻄﮧ ﻧﻈﺮ‬ ‫� ر�ر� ��ہ و� و� � ��ل �� ‪ � ،‬ا� �‬ ‫�رت درج ذ� �‪:‬‬
‫�� ت اور �� ں اور ا� � ر� وا�ں � ذر�‬
‫� ا�رو� ا�رات اور �ر�د� � � �� اور‬
‫��ن � �� ا�م � ��ہ ا�� ا� �� د�‬ ‫�ر�ت � �� اور �ر �� ۔‬ ‫‪571,367‬‬ ‫��‬ ‫�ب زا� �‬
‫� �� رى � ا�ط اور � � � �� ‬ ‫‪4,714,769‬‬ ‫�� د�‬
‫�ف د� � ۔ ا�� ا�اط زر � � آ� � اور �� ‬ ‫اﻧﺪروﻧﯽ ﻣﺎﻟﯿﺎﺗﯽ اﺧﺘﯿﺎرات ﮐﯽ ﻣﻮزوﻧﯿﺖ‬ ‫ڈا��ز‬
‫��‬
‫‪259,800‬‬ ‫�� ‬ ‫�ب آدم �� ‬
‫ا�م � �ى آ ر� �‪ �� ،‬ا�دى �ور�ں اور �‬ ‫�� ‬ ‫�رڈ آف ڈا��ز � � � �ار اور �‬ ‫‪13,000‬‬ ‫��‬ ‫�� ر� �‬
‫�� ں � �ا �� وا� �ں � � �� ۔ ان‬ ‫� ا�رو� �� ا�رات � ا� �� م �� ۔ ان‬
‫ر�و�ں � �و�د‪� � ،‬ت‪� ،‬ر�د�‪ ،‬اور�دى �رو�رى ا��ں‬ ‫‪4,562,654‬‬ ‫��‬ ‫� وِل ا�ر� �� ‪ ،‬ا � �‬ ‫�ے �� ِ� ا�اد‬
‫ا�رات � د�� د� � روك �م‪ ،‬ا��ں � �‪�� ،‬ن � �‪،‬‬
‫� �ى � � ا� �� ى � � ��م � اور �م‬ ‫در� �� ر�رڈ � �ارى‪ ،‬اور �� ا�د �� ت �‬ ‫�و�‬ ‫� ا�‬ ‫ا��‬
‫‪1,000‬‬
‫ا� ز�وں � �ر� � ��ا� � � ��ار ر� � ۔‬ ‫�و� �ا� �� ۔ ان � ا� ��ى � ��ار ر� � �‬
‫‪900‬‬ ‫��‬
‫�� ا� اور �ا� � �� ہ ��ے � ��‬
‫� ‪ ،‬ا� �� اور ’’�رى ا�ار‘‘ � �� ز � � ��‬ ‫ﻣﺘﻌﻠﻘﮧ ﭘﺎرﭨﯽ ﮐﮯ ﻟﯿﻦ دﯾﻦ‬ ‫د� ڈا��ز‪ � ،‬ا� � �� آ�‪ �� ،‬آ�‪�� ،‬ى اور ان‬
‫� اور �� ‪ � �� ،‬و � اور ا�ب �‬
‫� ان �ں � �� ‪�� ،‬ار �� ‬ ‫� � �رى وا� � � � �� ۔‬ ‫� �� ر‪ ،‬اور �� ں � �ل � دوران � � � � ��‬
‫� � ذر� �ل � دوران � � � �ر� � � د� ��‬
‫اور ا� ذى � ا�اد� � � ارزش � ارادہ ر� � ۔‬ ‫� د� � � ۔‬
‫�ل ‪� 30‬ن ‪ �� 2024‬وا� �� ت � �ٹ ‪39‬‬
‫ﺑﻌﺪ ﮐﮯ واﻗﻌﺎت‬ ‫� �� ۔‬
‫ﺳﭙﺎس ﮔﺰاری‬ ‫ﻏﯿﺮ اﯾﮕﺰﯾﮑﭩﯿﻮ اور آزاد ڈاﺋﺮﯾﮑﭩﺮز ﮐﯽ‬
‫� � �� ل � ا�م اور اس ر�رٹ � �ر� � در�ن‬ ‫ﻣﺸﺎﮨﺮہ ﭘﺎﻟﯿﺴﯽ‬
‫�رڈ � � �� م ��ں � � �ص �� ادا �� ‬ ‫� � �� وا� �� ّدى ��ں � و�ے �‬ ‫اﺟﺘﻤﺎﻋﯽ ﻧﻈﻢ و ﺿﺒﻂ ﮐﮯ ﺿﺎﺑﻄﮧ ﮐﮯ‬
‫� � �ں � � � �و� � ا� �دار ادا � اور �� ‬ ‫�� ۔‬ ‫ﺳﺎﺗﮫ ﺗﻌﻤﯿﻞ ﮐﺎ ﺑﯿﺎن‬ ‫� � آر� � ذر�‪� ،‬رڈ آف ڈا��ز � � ا��اور آزاد‬
‫��ں � � ا� �ر�د� � �� ۔ �رے �گ �‬ ‫ڈا��ز � ��ہ و� �� ر�� ا�ر د� � � ۔ اس �‬
‫ر�� ‬
‫� � ا�راج �ہ )ا�� و � � ��( � �‬
‫�‬
‫� �ح و �د � � �� م � اور آ�� ل � �ف‬ ‫ﭘﺮاوﯾﮉﻧﭧ اور رﯾﭩﺎﺋﺮﻣﻨﭧ ﻓﻨﮉز‬ ‫� �رڈ آف ڈا��ز � � � � ا�� اور آزاد ڈا��ز‬
‫‪�� 2019‬ں � � � � � ۔ � � �ن ر�رٹ �‬
‫� � �دہ � �ر �ت � �� ا� �� ہ �‬ ‫� � ا� ��ہ �� ر � � ۔ ڈا��ز � ��ے �‬
‫� � �م �ز� � � ا� �ا� �او�� اور �‬ ‫� � � �ا� � � � ۔‬
‫� ۔ � ان � � � �ا� � اور ان � � ز�دہ �ر � ۔‬ ‫�ت �� ل ‪� 30‬ن ‪ �� 2024‬وا� �� ت �‬
‫ا�� ا� ڈا�� اور� � ��م �� ڈا��ز � ��‬ ‫�ٹ ‪ � � � �� 38‬۔‬
‫ﺑﯿﺮوﻧﯽ ﭘﮍﺗﺎل ﮐﻨﻨﺪﮔﺎن‬
‫��دہ ��ل ��ن �ز� � ا� �)‪� �� (KPMG‬دى ا�‬ ‫ﺑﻮرڈ آف ڈاﺋﺮﯾﮑﭩﺮز اور اس ﮐﯽ ﮐﻤﯿﭩﯿﻮں‬
‫� )�ر�ڈ ا�ؤ � �� ( ر�� اورا� ا� � �د � دو�رہ‬ ‫ﮐﯽ ﮐﺎرﮐﺮدﮔﯽ ﮐﯽ ارزﯾﺎﺑﯽ‬
‫از�ف �رڈ آف ڈا��ز‬
‫�ّرى � � ا� آپ � � � � ۔ �رڈ آف ڈا��ز � �‬
‫ا�راج �ہ � )�� و� � ��( ر�� ‪� � 2019‬‬
‫� �� ل ‪� 30‬ن ‪ �� 2025‬وا� �ل � � ان � دو�رہ‬
‫�� ‪� ،‬رڈ � ا� �ر�د� � ارز�� ا� ��‬
‫� ّرى � � �رڈ آڈٹ � � �رش � �� ۔‬
‫�� ر ا�� ۔ � � �رڈ � �‪� ،‬دت‪ ،‬ا� ��ى‪،‬‬
‫ڈا��‬ ‫� ا�� آ�‬ ‫�� ى‪ ،‬اور �� ر � � � � �‪� ،‬ر�د�‪ ،‬اور‬
‫اﻧﺪروﻧﯽ ﭘﮍﺗﺎل ﮐﻨﻨﺪﮔﺎن‬
‫�ا� � ا� �ا�� رف �ا� � ۔ �رڈ � �ل � ڈا�� ‬
‫ا�رو� ��ل � ��اہ‪ � �،‬ا�رو� ��ل � ��ت �‬ ‫��ل �� وا� �ے � �د � �م �ا� � ارز�� ۔‬
‫�ارى � ر� �‪ � ،‬ا�رو� ��ل �ہ �زاى وا� �رڈ‬
‫‪103 | Business Review‬‬ ‫‪Annual Report 2024 | 104‬‬

‫ﺑﻮرڈ آف ڈاﺋﺮﯾﮑﭩﺮز اور اس ﮐﯽ ﮐﻤﯿﭩﯿﺎں‬ ‫اﺟﺘﻤﺎﻋﯽ اور ﻣﺎﻟﯿﺎﺗﯽ اﻧﺪراج ﮐﺎ ﺧﺎﮐﮧ‪:‬‬ ‫اور و�� ا� � �‪�� ،‬ن � �� ا� � �‬
‫ر�ؤں � �ورش � ر� �۔ � �و�ام �� ڈ � � �ت اور‬
‫� � ا�� ا� ا�� و � اور �� ں � � � ۔‬ ‫�� وغ د� � � �رے � � �� ۔‬
‫ڈا��ز � � �اد ‪ � � � 7‬درج ذ� �‪:‬‬
‫� � ا�راج �ہ � )ا�� و� � ��( ر�� ‪�) 2019 ،‬ڈ’(‬
‫�د ‪�� 05‬ن ‪02‬‬
‫� � در�ر �‪� � � � �� ،‬رت � ا�� اور اس �‬ ‫آﮔﺎﮨﯽ ﺑﺎﻟﻎ ﺧﻮاﻧﺪﮔﯽ ﭘﺮوﮔﺮام ﮐﮯ ذرﯾﻌﮯ ﺧﻮاﺗﯿﻦ ﮐﻮ‬
‫�م‬ ‫ز�ہ‬ ‫روح درج ذ� �‪:‬‬ ‫ﺑﺎاﺧﺘﯿﺎر ﺑﻨﺎﻧﺎ‬
‫�ب � ا� �ازى‬ ‫دا �ن �ؤ��)‪� �� (TCF‬ا� � اور �رے ��م ��‬
‫آزاد ڈا��ز‬ ‫�� ت‪�� ،‬ت‪ ،‬اس � �ر�د� � ��‪� � ،‬ؤ اور‬ ‫•‬
‫�ب ا�ن اے �‬ ‫�� ب �ا� ��م � �د � � آ�� ا�� و�ام � ا��‬
‫ا�� ں � �� ۔‬ ‫�رى ر� �۔ اس ا�ام � � �ر �ا� � �ورى �ر�ں � �و�‬
‫�ب ا�ار � )� ا� � �� آ�(‬
‫�ب آدم �� ‬ ‫ا�� ڈا��‬ ‫�ا�ر �� اِن � �وں اور �ادر�ں � � �� ر� �۔‬
‫� � ��ت � �� ر� � � ۔‬ ‫•‬ ‫�رى �� ا�� اور ذا� اور � ورا� �� ا� �ا‬
‫�� ‬
‫�ا� ڈا��ز‬ ‫�� ز �۔‬
‫�� ر� �‬
‫�� ت � �رى � �� ن �دہ �� ب �ب �‬ ‫•‬
‫�ب زا� � )�� رڈ(‬ ‫� ا�� ڈا��‬ ‫��ں � � �ر � �� اور �ب �ب ��ل‬ ‫ﺣﮑﻤﺖ ﻋﻤﻠﯽ ﮐﯽ ﺷﺮاﮐﺖ داری ﮐﮯ ذرﯾﻌﮯ ﺷﻤﻮﻟﯿﺖ‬ ‫ِ‬
‫اور دا�ا� � � � � ۔‬ ‫اور ﺻﺤﺖ ﮐﻮ ﻓﺮوغ دﯾﻨﺎ‬
‫ﺑﻮرڈ ﮐﻤﯿﭩﯿﺎں‬ ‫اس �ل � � � �ں � �� ا� دارى � � ا� ا�ات � ��‬
‫�� ت � �رى � � ا��ا� �� ا�راج � �رات ��‬ ‫•‬ ‫� � �� ؤ�� ن‪� ،‬ا� ڈاؤن �روم �و�ام‪� ،‬د و�‬
‫�رڈ � درج ذ� ار�ن �� ں� دى � ‪:‬‬ ‫� � � اور اس � � � ا�اف � �ل ا�از � �� ۔‬ ‫آر�� اور ��ن � �� او� �� ۔اس �ون � �‬
‫ا( آڈٹ ﮐﻤﯿﭩﯽ‬ ‫�� آ� ��‪ �� ،‬اور �م �وات � � �� ۔‬
‫ا�رو� ا�رات � �م � � �ا� � �ط � اور �� ‬ ‫•‬ ‫�رى �ا� دارى �رى �دى ا�ار � ا�� اور ا� �رى ا�� ‬
‫)��(‬ ‫�ب ا�ن اے �‬ ‫� �� ‪ ،‬اور اس � �ا� � � � ۔ �رڈ � � ار�ن‬ ‫� � �� ذ� دارى � � �رے � � �� د� �۔‬
‫)ر�(‬ ‫�� ‬ ‫� � �رڈ آڈٹ � � دى �‪� �� ،‬‬
‫�� ۔ �رڈ آڈٹ � � �� ا� آزاد ڈا�� اور�‬ ‫ان ا�ا�ت اور د� ا�ا�ت � ذر�‪� � ،‬ڈز ا� ا� � � �‬
‫)ر�(‬ ‫�� ر� �‬
‫�� ور�ت � �� ت �� ۔‬ ‫راہ �ار � ر� � �ں ذ� دارا� �� د�� ا� �ا� ��‬
‫ب( اﻧﺴﺎﻧﯽ وﺳﺎﺋﻞ اور ﻣﺸﺎﮨﺮہ ﮐﻤﯿﭩﯽ‬ ‫�۔ �رے �دى ا��ں � � �� م � � �� ان ��ں‬
‫ا�راج � ��ں � � � �ن �دہ �� ا�� و �‬ ‫•‬ ‫� � �� اور � � � ا� ز�دہ �‪�� ،‬ار اور ��ل � �‬
‫)��(‬ ‫�ب � ا� �ازى‬ ‫� ��ں � �� ّدى ا�اف � �ا � ۔‬ ‫�ف � � ر� � آ� � �� ش �۔‬
‫)ر�(‬ ‫�ب ا�ن اے �‬
‫� � �رى ر� � �� رے � �� ذ��ك و‬ ‫•‬ ‫ﻗﻮﻣﯽ ﺧﺰاﻧﮯ ﻣﯿﮟ ﺷﺮاﮐﺖ‬
‫)ر�(‬ ‫�� ر� �‬
‫�ت � � ۔‬
‫ا�� و� � �� رڈ آف ڈا��ز �� ت‪� ،‬ل � ان � �ود �‪ ،‬ا�� و� � �� ت �‬ ‫�ل � دوران �� ا� � �ا� �� ھ � � اور � � �‬
‫�� ل‪ �� ،‬اور �‪ ،‬ا� �� ‪�� ،‬ت �‬ ‫•‬ ‫��رى ا�ں � � ��رى ��‪� ،‬ل � ڈ��‪ � � ،‬اور ا�‬
‫� ��ى‪ ،‬اور �رڈ � ��ں � ا�� ۔‬
‫‪ � 76 � 61‬ڈا��ز � �ا� ��ں‪� ،‬رڈ �ں‪ّ ،�� ،‬‬
‫وا� �� ۔‬ ‫� � � � ‪ � 9,583‬رو� )‪ � 7,546 :2023‬رو�( � ز�دہ ادا‬
‫� �۔ �� آں ��ت � �آ� � ذر� ‪ � 3,178‬رو� )‪:2023‬‬
‫ﺑﻮرڈ آف ڈاﺋﺮﯾﮑﭩﺮز ﮐﮯ اﺟﻼس اور ﺣﺎﺿﺮی‬
‫� � ��ں � � �ى �� ا�ادو�ر � �رے � ا� �ن‬ ‫•‬ ‫‪ � 2,440‬رو�( � زر�د� � �ا �ا‪� � � �� ،‬رى ��‬
‫�رڈ آف ڈا��ز � ��رہ �ل � دوران �� ت � اور � �م �� ن � � � ۔ �� ت � ا�� رے � و� � �� ‬ ‫اس ر�رٹ � �� ۔‬ ‫� �� ۔‬
‫� � ‪ � � � � 61‬۔‬
‫ڈﯾﻮﯾﮉﻧﮉ‬
‫ا�س �م )اے � ا�( � ��۔ � ڈا��ز � �ت ‪ 20‬ا�� ‪� � 2028‬م �� ۔‬

‫ِ‬ ‫ڈا��ز � ا�ب اس �ل ��‬ ‫�رڈ آف ڈا��ز � � � ‪ 5‬رو� � � � ڈ�� رش � �۔ڈ��‬
‫� ذر� � �� وا� � ا� اَ�ن �� ‪� (2023:27%) 92%‬۔‬

‫ﻗﯿﺎدت‪ � � :‬ا�ار � �زہ �رى � �ں � ا�د � � اور �دت‬ ‫� � � اور �ا � د�۔�ا� دار�ں � ��ہ ا�� ا� ��ت‬ ‫ﮐﺎروﺑﺎری اﺳﺘﺤﮑﺎم‬ ‫رواﯾﺘﯽ اﭼﺎر‬
‫� ا� � �� ر � � ا� �دت � �� ط �۔ اس �ل �‬ ‫� ز�دہ � ز�دہ �� ا � �رى �� ى‬ ‫�� دے �‪ � � ،‬ا� ا� � )��ت( �ا� � �‪،‬‬ ‫��ِ� �� ا�ر �� ى‪ ،‬وزن � �� ‪� ،‬ر� � � � ��‪،‬‬
‫� �� ‪ 21‬ر�ؤں � ان رو�ّ ں � �� اور �رى �دى‬ ‫د�رے � ا� ��د� � �� ز �۔ �ہ �ب ا�رات �‪،‬‬ ‫�ر� � ��ں � �� ر�د� � ��ہ � اور � � � �‬ ‫اور ا� وا� � آ� اور�و� � �ا�)�ا� آف �( � آو�اں‬
‫ا�ار � �� د� � �� ۔‬ ‫� � دو�ے در� )‪� � � �(Class-B‬ل �‪� � ،‬دى �ب‬ ‫�ر�د� � � ��۔‬ ‫�اد � ذر� �وغ د�۔ � اور دو�ى � �� ر� � � �و�‬
‫� � � �� آ�ش � ��ہ �‪�� ،‬ت � � �ں‬ ‫)�و��(‪� ،‬ل �� ) ��ِ� ��( ا�ر � ر�� و� � ا�� اور‬
‫ﺗﻨﻮ ع‪ّ� :‬ع‪� ،‬وات اور�� رى وا� �رے‬ ‫ّ‬ ‫� �رى ر�� ۔‬ ‫ﺧﻼﺻﮧ‬ ‫� و�ں � �ر� � ��ہ ��۔ ا�ا ِط زر � و� � � �ا�ڈ �‬
‫��)‪� (BELONG‬و�ام � ا�ر ��د � � �‪ ،�� ،‬اور �ور�ں‬ ‫� � ��ا �رٹ آ�ز � �� آرڈرز �‬ ‫�ا�ڈ��ت � �ف � �� وا� �ر� � را� �� ‪،‬‬
‫�‬
‫� ا� د� �� م � ا� �� ۔ �ز� د� � �ا�‪،‬‬ ‫� � ا� �ا� � � ر�ن اور د�ا� � دوران �� ت � ��‬ ‫�� ۔”�ا� ا�“ اور ”دى ��“ � � ��ں‪� ،‬ا �‬ ‫ذر� �‬ ‫��ِ� �� ا�ر �ؤچ � ‪ 100‬رو� � �� رف � �‪� �،‬‬
‫��‬ ‫��‬
‫�ا�ں‪ ،‬اور �� زى � ا�ا�ت اس �و�ام � �� ۔‬ ‫��ں �� ز �‪� � ،‬رى � �دہ �ر�ں � � و� ��‬ ‫�� وا� ا�ئ )�ڈ ا��ز( � �و� � � �� ‬ ‫�‬ ‫�� ر �ا� �۔‬
‫�۔ ان �ت � � �ف �رى �ا� � رو� � ا�� ان ا�‬ ‫ا� ا� ا� �ر� � �ر � �ب � ��۔ ان ��ں � �ر� �‬
‫ﺛﻘﺎﻓﺖ‪� �� Glint :‬ا� دارى �� ‪ � � ،‬ذر� � �‬
‫��‪،�� ،‬‬ ‫�اروں � دوران �ر� � �� آ�ن ��۔ ان ��ں � ��‬ ‫�رى � اور �ر� � �� اور د� � ��ں �ر � �� ۔‬ ‫ﭘﺴﺎ ﮨﻮا )ﮐﺮﺷﮉ( اﭼﺎر‬
‫ذ�‪ ،�� ،�� ،‬اور �ادرى � �ؤں � ا�� وا� ا� �� ح و�د‬ ‫�ر� � �أ�ا� �ى �ت � �� اِن ا�ر ��ں �‬ ‫� � �ا� � �د�زہ �� اور ذ� � آ�� ا �� ڈ�‬
‫�و�ام � ذر� �ز� � �� ۔ �را � ا��ت اور ا�اف �‬ ‫�ط �� ِ � � �م � �� ۔‬ ‫ﺷﯿﺮﯾﻨﯽ ﯾﺎ ﻣﯿﭩﮭﮯ ﭘﮑﻮان‬ ‫اور �� ہ ا��‪ ،‬ا� �اد � � � �رى ��ت � � �ى‬
‫�و�ام”��ا�“ �ز� � �رى �دى ا�ار � �� دے � �� ك �� ۔‬ ‫�‬ ‫� ا�� ۔ �رى ��ں � �� رت � ��ں اور اى ��س‬
‫��ں � �� ا�‬ ‫� �ڈ � ��ں � ر� � �‪ ،‬ا� �‬
‫�� ا� �ا� � ��د� � �� ڈ اور �‬ ‫� �ر�‪�� ،‬ا �رٹ اور �� رٹ � �� و� �� ‬
‫�ڈ � �ى � �ر� � � � �ں � � ا� ��ت � ��ں‬ ‫اور �� ا�م � � �رے ا�رچ �� ع �� ۔اب‬
‫� � ق �ر�د� � �� اور �� ں � �� ون � � اور �ط �و�‬ ‫آز�� ت � �وغ د� � �۔‪�”.‬ا� ا�“ اور”دى �� ا� �‬
‫� ��ہ �‪ ،‬ا� �ا� داروں � �� ت �ط �‪ ،‬اور � ا��ا�‬ ‫”� اور �“ ��ت � �� د�ب �‪ ،� � � ،‬ر�ن اور �دى‬
‫�ا� دارى � � ا� � � � �ط �� ۔ � �� رے �ز� �‬ ‫�ل“ � � �م ��ت � �� رے �ا� � ��د� اور‬
‫� � �� ا� �ش �۔‬ ‫�ہ � ا� �ا� � �� ز �‪� ،‬ور � ا�� ذرا� )اى۔ �ز( اور‬
‫�ل ر� � اور � � � �ڈز � � ر�ؤں � ا� �ف ��‬ ‫��‬
‫�ر� � �� اور د� � اور � ا�� ۔ ان ا�ا�ت � �ر� �ر‬
‫ا� ِ �� ذر� �اہ را� � � � �� ر� � �۔ �ا�‪�� ،‬ر‬
‫�� اور �� د� � � �رے اى وى � )‪� �� (EVP‬۔‬ ‫� �ر � � ا�ر � �ز� � �ط � � �ر� � �� ور�ت‬
‫�ر� � � � ا� ا�ا�ت � �وہ � � ا� ��ت � ��‬ ‫اور ا�م آ�د � �و� � �ے �ا� � ا� �� رو� � � �‬
‫� �� را � ر� �۔‬
‫�� ا� ا�ا�ت �۔ � � � �� ‬ ‫آ�� ۔‬
‫ﭘﺎﺋﯿﺪاری اور ﮐﺎرﭘﻮرﯾﭧ ﺳﻤﺎﺟﯽ ذﻣﮧ داری‬
‫��‬
‫ار�ٴ �� ا� �� ‬ ‫� ڈ�ا� � � �ر � �� ‪ ،‬ا� ا� �‬ ‫ﭼﭩﻨﯽ )ﮐﯿﭽﭗ(‬
‫� �ڈز ��ارى اور ا�� ذ� دارى � � ا� �� م‬ ‫�� آ� � اور ان � � � ا�� ‪ ،‬اس � �� ان �‬ ‫اﺟﺘﻤﺎﻋﯽ ﻣﮩﻢ‬
‫�‪ � ،‬ا� �� اور �� د آز� �� ذ� دارا�‬ ‫�‬ ‫� �� ا� ��ا� � � ��ار ر� اور � � ز�دہ �� ‬
‫د� �۔‬‫آ�ز آ�ہ �� ل � � �� ‬ ‫ا� �ا� اور ��ں � ا�دہ �� وا� ا� �ِ � � ��‪،‬‬ ‫��‬
‫��ں � �� ز �� ۔ ا�ام �ہ � ��ار �� ا�اف �‬ ‫�‬ ‫وا�اور �� ا� ر�۔ �� ر� اور � ا�ا ِ‬
‫ط زر � �و�د � � � � �‬
‫�”د�ت آزادى“�‬ ‫ِ‬ ‫�� ى �ت � آ�ز � �۔ ان � �م آزادى‬
‫�� آ�‪� ،‬رے ا�ا�ت �� اور د�� ا�ات �ا �� ‬ ‫�‬
‫� ��ن � � ‪� � �� 1‬ر � ا� � � �ط �‪� ،‬ر� �‬
‫�‬ ‫ان �� ں � ��ار �� ا� �ط �د ر� �‪� ،‬‬ ‫�م � ا� � � �� ‪ ،‬ر�ن � � ”ذا� � � �“� �م � �‬
‫د� � �۔‬ ‫� �� ‬ ‫�ا � �� اور ��ى � � �� دو�ے �� ۔‬
‫��‬
‫�رے �ا� � ا� �� در�‬ ‫�ں‪ ،‬اور � � � � �ڈز � � �وف �� اور � � � ��‬
‫� �� ر� �۔ � ان ��ں � ��ار ر�‪ � �� ،‬ت �ازى‪ ،‬اور‬ ‫��‬
‫� �ون � ا� � �� ۔ ان �ت � �رى � ��ہ �ں‬
‫ﻣﺎﺣﻮﻟﯿﺎﺗﯽ ﺗﺤﻔﻆ‬ ‫ﺧﻼﺻﮧ‬
‫ا� ذى � ا�اد � �� ر �ا� �� م �۔‬ ‫� � ا�� ذ� دارى )‪ �� (CSR‬اور �ل � � � �ى‬
‫�� ل ‪ � � � � � � 2024‬اور دو�رہ ا�ل � زور د� وا�‬ ‫� � � � ا�ل �ن � ��ا �رٹ اور � �ر� � �� ب �ون‬
‫�ا� �ون � � ا� � �� ‪� � � ،‬رى �ں اور‬
‫‪� R3‬و� � آ�ز � � �� ارى � � ا� � � � � ��‬ ‫� آز�� ت �وع �۔ �ں اور ��ا�ں � �� ‪� ،‬‬
‫ﻟﻮگ اور ﺛﻘﺎﻓﺖ‬ ‫ر�ن � �� ط �۔‬
‫آ� ��۔ � ا�ام ��ار �� ا�اف � �� رى �‬ ‫� �ا� ڈاؤن �روم �و�ام �ر�ل � �� ى � وا� �� ‬
‫�‬
‫آ� اور ��ار ��ں � �وغ د� � � �رے �ل � �� ا��‬ ‫��ں � � �رى � � � ��ں �ر ا� ��ں � ارد �د ��‬ ‫�� ۔ �رى �� ن � � � � اور ��ب � ��ار ��‬
‫�� اور �� زم � � �‪�،‬دت‪�� ،‬‬
‫�‬
‫�‬ ‫� � � �رے‬ ‫ﺑﯿﻦ اﻻﻗﻮاﻣﯽ‬ ‫�� ‪ � ��،‬ز�دہ �� ر�۔ ر�ن � �ود ا�� ‬
‫�� ۔ اس � �� ‪� �� Climate2Equal PBC-IFC‬‬
‫�رم � �رى �� ں � �� رروا� � �‬ ‫اور�ّ ��ى۔ �ب زا� � � �� ر�رٹ � � ��ہ � ��‪،‬‬ ‫اس �ل‪� ،‬رى �ر� � �� ا� � �رے � آ�� ‪،‬‬ ‫�ر� � � �و� )�و��( � �� اور �� ق‬
‫�� رى وا� � ا�� ۔‬ ‫اِن ��ں � �� ا� � ذ� � د�� ر� �‪:‬‬ ‫�ر� � ��ں � �وغ د� اور ا� �زاروں � �رى ��د� � �‬ ‫� ��۔ � آ�د � ا� �� ‪ 360‬ڈ�ى �ن �ل �� ‬
‫�� ز �۔‬ ‫��ں � �رے �ر� � � � ��۔‬
‫ﻧﯿﺸﻨﻞ ﻓﻮڈﭘﺮﯾﻨﯿﻮر ﭘﺮوﮔﺮام‪ :‬ﮐﮭﺎﻧﺎ ﭘﮑﺎﻧﮯ ﮐﯽ ﺻﻼﺣﯿﺖ‬ ‫ﮨﻨﺮ‪ � � � � :‬ا� � � �� رف �وا�‪� ،‬ں � دو�رہ �‬
‫ﮐﻮ ﻓﺮوغ دﯾﻨﺎ‬ ‫��‪ ،‬اور �رے � � ��ے اور �� ى � � � � �� ا�‬ ‫�� ا� �دى زُ �وں � � �� ى � � �� اِن‬ ‫اﺳﭙﺮﯾﮉز )ﻣﺎﯾﻮﻧﯿﺰ(‬
‫��‬
‫� � � ا� �� ا�اف � �� آ� �۔ اس � � �‬ ‫ِ‬ ‫اِ�ر � � � �� ‪�� ،‬ا� �‪ ،‬اور رو� � اوزاروں � ا�اج � �� ا�ل‬
‫�را � �ڈ��ر �و�ام � � ذر� �ادرى � ��ار �� ‬ ‫��‬ ‫اس �ل � �� ں � ر� ��‪ ،‬آ�� ر�د� اور‬
‫� � � ر�ؤں � �� اور �� ز�‬ ‫� �� رے‬ ‫�� ا� � �ا� ��ار ر� � � � �‬
‫و� ا� ��ں ا�ام �۔ �� اُ�� وں � ��‬ ‫��ت � �ى � �� ز ر�۔‬
‫� �� ان �� ر� � ذر� �ورى �ر�ں � � � �۔‬

‫�وپ � �� ل � ا� �� ا�اد و �ر � �� ذ� � درج �‪:‬‬
‫ڈاﺋﺮﯾﮑﭩﺮز‬
‫رﭘﻮرٹ‬
‫ر��ت �� رو� � �‬
‫اے َون ﺑﯿﮕﺰ اﯾﻨﮉ ﺳﭙﻼﺋﯿﺮز اﻧﮑﺎرﭘﻮرﯾﭩﯿﮉ‬ ‫ﺑﻨﯿﺎدی ﮐﺎروﺑﺎر‬ ‫ﮔﺮوپ‬
‫��‬ ‫�� ل ‪� �� 24‬ل ‪23‬‬ ‫��‬ ‫�� ل ‪� �� 24‬ل ‪23‬‬ ‫��‬ ‫�� ل ‪� �� 24‬ل ‪23‬‬
‫‪42%‬‬ ‫‪34,007‬‬ ‫‪48,414‬‬ ‫‪25%‬‬ ‫‪30,315‬‬ ‫‪37,961‬‬ ‫‪34%‬‬ ‫‪64,322‬‬ ‫‪86,375‬‬ ‫�� و�‬
‫ﺳﺎﺗﮭﯽ ﺷﯿﺌﺮ ﮨﻮﻟﮉرز‪،‬‬
‫‪53%‬‬ ‫‪7,201‬‬ ‫‪11,007‬‬ ‫‪14%‬‬ ‫‪10,993‬‬ ‫‪12,563‬‬ ‫‪30%‬‬ ‫‪18,194‬‬ ‫‪23,570‬‬ ‫�� ‬
‫ز�وں � �ا� �ا� � �� ذر� ر�� ں � �� ‬
‫� �ڈز � )”�“(� ڈا��ز ‪�30‬ن‪� ��ِ �� 2024‬ل �‬
‫‪45%‬‬ ‫‪2,745‬‬ ‫‪3,967‬‬ ‫‪-18%‬‬ ‫‪2,759‬‬ ‫‪2,256‬‬ ‫‪13%‬‬ ‫‪5,504‬‬ ‫‪6,223‬‬ ‫آ�� *‬ ‫� �ل � آ� � �� آ� �وع � � �۔� � �ل � دوران �‬
‫� � �� ن � ��ل �ہ �� ‬
‫‪-75%‬‬ ‫� از � �� **‬ ‫آ�د � �ر�� ا�ح �‪ �� 7 � �،‬رو� � �� رى �‬
‫‪42%‬‬ ‫‪1,570‬‬ ‫‪2,235‬‬ ‫‪2,225‬‬ ‫‪560‬‬ ‫‪-26%‬‬ ‫‪3,795‬‬ ‫‪2,795‬‬
‫�س �� ‪� � � ،‬ہ �ہ اور �� ت �� ۔‬
‫� � اور � ��ت � � � �ى �� ۔ا�� ‬
‫‪9.5‬‬ ‫‪2.4‬‬ ‫‪13.6‬‬ ‫‪8.2‬‬ ‫� � آ�� )رو�(‬
‫اس �� رى � �ِ �ر اور �ِ �ار �� ِ � �‬
‫‪-3.2%‬‬ ‫�� ‬
‫ﮐﻤﭙﻨﯽ ﮐﯽ ّاوﻟﯿﻦ ﺳﺮﮔﺮﻣﯿﺎں‬
‫‪1.6%‬‬ ‫‪21.2%‬‬ ‫‪22.7%‬‬ ‫‪36.3%‬‬ ‫‪33.1%‬‬ ‫‪-1.0%‬‬ ‫‪28.3%‬‬ ‫‪27.3%‬‬
‫�ا� �� ں �۔‬
‫‪0.1%‬‬ ‫‪8.1%‬‬ ‫‪8.2%‬‬ ‫‪-3.2%‬‬ ‫‪9.1%‬‬ ‫‪5.9%‬‬ ‫‪-1.4%‬‬ ‫‪8.6%‬‬ ‫‪7.2%‬‬ ‫آ�� ‬ ‫� ا � � م ”�“� � ا �� رد و�ش � ر �� ‪ � ،‬ر� ��‬
‫� ا��ا� �ان � اس � � ا�ا� � � � � �� رى � ر�ر‬ ‫� اور �و� �� ۔‬
‫� از � ��***‬
‫‪4.6%‬‬ ‫‪4.6%‬‬ ‫‪4.6%‬‬ ‫‪-5.9%‬‬ ‫‪7.3%‬‬ ‫‪1.5%‬‬ ‫‪-2.7%‬‬ ‫‪5.9%‬‬ ‫‪3.2%‬‬
‫� ا�� ‪�� ،‬ں � و� � �ط � اور � ��ں � � ��ن �‬
‫* د� آ�� اور د� ا�ا�ت �� ۔‬ ‫دو�رہ �� د�۔ �ہ ��‪� ،‬رپ اور � �آ�� ں �‬ ‫ﻣﻌﺎﺷﯽ ﺟﺎﺋﺰہ‬
‫** اس � اے َون � ا� �� ا�ر�ر� � ا�م � � �ہ � � ّدى ا��ں � ‪ � 23‬رو� )‪ � 20 :2023‬رو�( � ا��ں � �� د� �� ۔‬
‫دو�ے ��ں � �� آ�� ا� � �� ۔ �� ‬
‫*** �وپ �� از � � اے َون � ‪� � NCI) � � � �� %100‬ڑ � �� از �‪ �� 1,910 ،2024 :‬رو�‪ �� 3,175 2023 :‬رو�(‬ ‫�� ل‪ �2024‬ا��ت � �� آ�ر��ں‬
‫ا��ا� � � � �دوں � �� رو�ر � �� رى � و�‬
‫�وپ �� از � ا� � ڈ��ز � � �� )‪ �� 522‬رو� �� ‪(�� 287‬۔‬ ‫�� ا�ا ِط زر � �‪ �� ،‬ا�ؤ� � � �ى اور ز ِر �د�‬
‫�� ا۔‬
‫�ح �د� � ��‬ ‫� ذ�� وا� �۔� � �� رو� ‪ /‬ا�� ڈا� ِ‬
‫ﺳﯿﻠﺰ اور ﻣﺎرﮐﯿﭩﻨﮓ‬ ‫�ن � ا�اط ِ زر � �ر � �� س ا� دورا� �‪�� 28‬‬
‫� ‪� 5‬ل � � �� م � ر� � اور � �ح �د � ��‪،‬‬
‫�اوارى �� وا� �ر � ا�� ا۔ �ا� �ص � � ڈ� �‬ ‫�‪ � �13‬وا� �� ا� �دار ادا � �۔�ر� � � ِّت �� ‬
‫��‬
‫�� ا�ر�ں � ا� ا�از �� ۔ � � � � �‬
‫� �� رى اور �ا� �ص �� و� �� ‪� ،‬ل‬ ‫�ا� � �� ل ‪ � 2024‬ا� �ں درج ذ� �‪:‬‬ ‫� �� ااور � � � �� ۔‬
‫��ں � �� وا� �و�‪ ،‬اور �ح �د � �� ‪،‬‬
‫دروازے � دروازے � �و� � �� آز�� ح �‬
‫�� ت � �� د � �۔‬
‫�� ‬
‫��“‬
‫�‬
‫�ر� � د� اور وا� � اور � ��۔ اس � �وہ ”� � �‬ ‫رﯾﺴﯿﭙﯽ ﻣﮑﺴﺰ‬ ‫ﮐﺎروﺑﺎری ﮐﺎرﮐﺮدﮔﯽ ﮐﺎ ﺟﺎﺋﺰہ‬
‫� ا�ام � � �� ت اور ��ں � آرزو� ��ان �ا� � ��‬ ‫اس �ل � �ڈز � ��ت � � �ّ��ت � � � �‪ ،‬ا� ��ت �‬ ‫اے َون ﺑﯿﮕﺰ اﯾﻨﮉ ﺳﭙﻼﺋﯿﺰ اﻧﮑﺎرﭘﻮرﯾﭩﯿﮉ‬
‫��ت � � � وا� اور�� ا � � �۔‬ ‫آﭘﺮﯾﭩﻨﮓ اور ﻣﺎﻟﯽ ﮐﺎرﮐﺮدﮔﯽ‬
‫�� و� � �‪ ،‬اور �ا� اور � ��ا � � ا� �زاروں �‬ ‫�رو�ر � ‪ � � 42‬آ�� ۔ � � ا�� ا�رز‬
‫�‬
‫��ں � ر� � � � � �� ا� �دت � �ط �۔‬ ‫اور �دام � ��ت � �� ۔ �رے �� ‬
‫ﺧﯿﺒﺮﭘﺨﺘﻮﻧﺨﻮا‬ ‫ﮔﺮوپ‬
‫��ں �ى د� � ر� �‪ ،‬آ�� اور �� ‪� 45‬‬
‫� ��ا � � �ڈز � � ��‪�-‬ا� �ص �رف �وا � ��‬ ‫�وپ � ‪ �� 100‬رو� � � � �ر �� ‪� �� 34‬‬
‫درﺟﮯ ﮐﯽ ﺑﻨﯿﺎد‬ ‫اور ‪ � 42‬ا�� ا �۔‬
‫� � ا��‪�� ،‬ارى �ا� � ا�ر � �اوارى �� ‬ ‫� آ�� ‪ ،‬اس � �� ا��ا� � �� ا ��‬
‫� �ڈز � ا� �دى �ق ��ت � �� او� ا�� ‬
‫�ى ��۔ � ز�ن � �ر �دہ ڈ� �اد اور د� ��ں � و� �‬ ‫وا� ‪� �52‬ا� � �۔ � آ�د � �رى � �� ‬
‫�� )�و� �ر�( �آ�ز �۔ ان � � ز�دہ � �ق‬
‫�ر� � �� اور د� � ا�� ا۔‬ ‫�ون‬
‫ِ‬ ‫�ح �د � � ت � �� ا� ا�از �� اور‬
‫�رى � �رى ِ‬
‫��ت �ل �� وا� �ر � � �� ر�د�‬
‫� ��‬ ‫� �� رى �� ا��ا� �رو�ر � � ا�ا� � �د �� ‬
‫� ��ہ � ر� �۔ اس � �وہ � � ا� �� ر � �� ‬
‫� � � �� اِن ا�ا�ت � � �ڈز � �ر� � ��ا�‬ ‫�۔�� اس ا� � � ر� � � �� رى � � �ِ � ��‬
‫�‪� � �� ،‬ر اور ��ى � � �� ۔ وہ �ر� � � ا�م �‬
‫� ��ط �‪�� ،‬ت � �ں � � �� اور ا� ��ں � ا�‬ ‫�� ار � �� ۔‬
‫�ش � ر� �‪ ،‬اُن � �‪ � ،‬ا�م � وا� �ا� اور �� ان �‬
‫��د� � ��۔‬
‫� �ا� �� اور �� رف �ا� �۔‬
‫ﺑﻨﯿﺎدی ﮐﺎروﺑﺎر‬
‫ذاﺋﻘﮧ دار ﭼﭩﻨﯽ )اﭼﺎر(‬ ‫�� رو�ر � �پ �� اور آ�� دو�ے ��ں � ا��‬
‫ﮐﺮاﭼﯽ‬
‫� �‬ ‫�ا۔ �ں � � �ر� � � ِ‬
‫ّت �� اور ا�س � � � � �‬
‫اس �� ل � دوران � ا�ر � �رے روا� اور� ��)��( ا�ر‬ ‫�� ذا�ں � ��ت � �� ا� �”�ا� �ص“� ا�م �‬
‫و� �‪� � � ،‬رو�ر � �� ۔� � �� اورا�‬
‫� �ں � � �� ِ � � �� ا�ا�ت �۔‬ ‫�رف � � �� اور �ف � �� رو�ر � � � ”اِن ا�ر“‬

At the Heart of
Driving Value
Through disciplined financial management and a
commitment to innovation, we have sustained the
trajectory of driving value for stakeholders.
The financial performance reflects dedication to

fostering sustainable growth while reinforcing our
leadership position in the industry.
111 | Financial Review Annual Report 2024 | 112

DuPont Financial
Analysis Ratios
Unit 2024 2023 2022 2021 2020 2019
2024 2023 (Restated) (Restated) (Restated)
Profitability Ratios
Gross Profit Ratio % 27.3 28.3 28.5 28.2 29.1 28.8
Operating Profit to Sale % 7.2 8.6 9.0 8.5 9.2 8.3
Net Profit before Tax to Sales % 4.2 7.7 7.9 7.6 8.0 7.1
Net Profit after Tax to Sales % 3.2 5.9 6.0 5.7 5.7 5.7
Tax Burden Interest Burden Tax Burden Interest Burden EBITDA Margin to Sales % 9.9 11.0 11.5 11.0 12.1 10.5
77% 58% 87% 79% Operating Leverage Ratio % 61.0 85.3 118.1 48.6 193.1 351.3
Return on EquityN1 % 16.1 28.4 28.5 26.5 26.6 27.2
Return on Capital Employed % 24.2 27.6 34.4 31.4 32.0 31.7
Return on Assets % 6.2 9.7 10.0 9.9 10.9 10.3
Liquidity Ratios
Current Ratio Times 1.3 1.2 1.1 1.2 1.2 1.1
Quick / Acid Test Ratio Times 0.5 0.4 0.4 0.6 0.5 0.3
Cash to Current Liabilities Times 0.1 (0.1) (0.1) 0.1 0.2 0.03
Cash Flow from Operations to Sales % 8.0 4.6 3.2 7.3 10.4 7.9
Operating Margin Asset Turnover Operating Margin Asset Turnover Working Capital Turnover Times 19.1 25.5 32.8 21.1 30.8 (131.0)
7% 2.05 9% 1.94 Efficiency Ratios
No. of Days in Inventory Days 83.1 96.0 89.3 85.3 90.4 91.1
No. of Days in Receivables Days 13.7 16.9 14.8 12.4 15.7 17.0
No. of Days in Payables Days 26.8 24.3 20.9 22.7 24.5 25.7
Operating Cycle Days 70.0 88.6 83.2 75.0 81.7 82.4
Asset Turnover Times 2.0 1.9 1.9 2.0 2.0 2.0
Inventory Turnover Times 4.4 3.8 4.1 4.3 4.0 4.0
Receivables Turnover Times 26.7 21.6 24.6 29.4 23.2 21.5
Payables Turnover Times 13.6 15.0 17.5 16.1 14.9 14.2
Revenue / Employee Rs. 111,088 85,524 68,526 59,126 54,422 44,269
Net Income / Employee Rs. 2,933 4,085 3,163 2,506 2,286 1,820
Leverage Ratio Leverage Ratio No. of Employees No. 953 929 859 788 722 753
3.12 2.98
Investment / Market Ratios
Earnings Per ShareN1 & N2 Rs. 8.2 13.6 10.4 7.5 6.3 5.6
Price Earning Ratio Times 21.3 7.2 13.9 24.3 25.4 17.2
Dividend Yield Ratio % 3.7 2.5 3.5 2.2 2.0 2.2
Dividend Payout RatioN1 % 79.3 18.4 48.1 53.0 50.7 38.4
Dividend Cover RatioN1 Times 1.3 5.5 2.1 1.9 2.0 2.6
Cash Dividend Per Share Rs. 6.5 2.5 5.0 5.0 5.0 4.0
Cash Dividend % 130 50 100 100 100 80
Stock Dividend Per Share Rs. - - - 1.3 1.3 1.2
Return on Equity Return on Equity Stock Dividend % - - - 25 25 20
Market Value Per Share at the end of the year Rs. 174.7 98.4 144.8 229.0 250.5 179.0
21% 34%
Low during the year Rs. 97.0 89.9 141.9 188.6 133.0 147.5
High during the year Rs. 186.1 164.8 230.6 304.0 267.5 310.0
Breakup Value Per Share without
Surplus on Revaluation of Fixed AssetsN2 Rs. 60.3 55.6 39.7 31.2 26.0 40.5
Market Capitalisation (in millions) Rs. 40,728 22,939 33,751 42,711 37,366 22,256
Capital Structure Ratios

Formula
Financial Leverage Ratio % 120.3 98.6 87.7 77.9 49.9 63.5
Tax Burden Net Profit / Profit before tax Weighted Average Cost of Debt % 16.7 10.8 6.7 7.2 10.9 9.4
Interest Burden Profit before tax / Profit before interest & tax Gearing Ratio
Operating Margin Profit before interest & tax / Net Sales (Total debt / Total debt + Shareholders Equity) % 44.1 42.9 39.4 38.2 27.1 38.5
Interest Coverage Ratio Times 2.4 4.7 8.8 9.4 7.7 7.1
Asset Turnover Net Sales / Average Total Assets No. of Ordinary Shares (in millions) EA 233 233 233 186 149 124
Leverage Ratio Average Total Assets / Average Equity
Return on Equity Profit after tax / Average Shareholder Equity N1 - Calculated on owners share only.
N2 - Calculated on number of shares as at 30 June 2024.

Financial Statements Profit or Loss (Rupees in Million)
at a Glance 100,000
90,000 (62,805)
86,375
80,000
Assets (Rupees in Million)
70,000
50,000 60,000
(1,003) 2,098 45,246
4,929 58
12 50,000
40,000 39,153
40,000
30,000 (17,347)
30,000
20,000
(2,867) 276 (838) 2,795
10,000
20,000
0
Finance Cost
Net Cost of Operating Other Profit after
& Other Taxation
Turnover Sales Expenses Income Taxation
10,000 Charges
0 Cash Flow (Rupees in Million)

Property, Plant Other Non- Stock in Trade Other Current
FY 23 & equipment current Assets Trade Debts Assets FY 24
(Restated)
8,000 6,929
Equity and Liabilities (Rupees in Million)
6,000
4,000
2,124
2,000
48,000 357
1,099 (1,352) 0,00
46,000 4,695
550 45,246
(35)
44,000
-2,000
42,000 (2,393) (2,735)
442
659 -4,000
40,000 39,153 Currency
Cash & Cash
Operating Investing Financing Translation Cash & Cash
38,000 Equivalent
Activities Activities Activities Difference on Equivalent
2023 Cash & Cash 2024
36,000 Equivalents
34,000
Paid up Capital Non Trade and Short Term
Non-Current Other Current
FY 23 and Revenue Controlling
Liabilities
Other Borrowing &
Liabilities FY 24
(Restated) Reserves Interest Payables Running Finance

Financial Earnings Per Share (in Rupees)
Highlights
2019 5.6
2020 6.3
2021 7.5
2022 10.4
Our results compared to same period Last year at a Glance 2023 13.6
(Restated)
2024 8.2
FY 2024
Turnover up by 33 % 0 5 10 15
Gross profit up by 30 %
Profit after Taxation declined by 26 %
Earning per Share PKR 8.19 (June 30 2023 - Restated PKR 13.58)
Cash Dividend Per Share (in Rupees)
Turnover by Business Operating Profit by Business
Core Segment 52% Core Segment 36% 2019 4.0
Retail (Cash & Carry) 64% 2020 5.0

Retail (Cash & Carry) 48%
2021 5.0
2022 5.0
2023 2.5
2024 6.5
0 1 2 3 4 5 6 7
Turnover by Geographical Locations (Rupees in Million)
Local Canada/USA Middle East Asia Europe / Uk Others

60,000
50,506
52,139
Market Value Per Share at the end of the year (in Rupees)
50,000
40,107
2019 179.0
40,000 37,093 36,644
32,195
2020 250.5
30,000 27,573
2021 229.0
23,915
20,640
20,000 2022 144.8
12,789
10,725 2023 98.4
10,000 8,431
1,310 763 1,148 1,838 1,085 823 167 874 2024 174.7
395 18 485 1,163 432
9 14 4 112 3
0 0 100 200 300
2024 2023 2022 2021 2020 2019
(Restated)
Gross Profit (Rupees in Million)

Core Business Retail
15,000
Breakup Value Per Share (in Rupees)
12,563
12,000 11,007 10,993
2019 40.5
9,490
9,000 2020 26.0
7,201 7,354
6,354 2021 31.2
6,000 5,541
39.7
2022
(Restated)
3,714
2023 55.6
3,000 2,117 2,013 (Restated)
1,443
2024 60.3
0 0 10 20 30 40 50 60 70
2024 2023 2022 2021 2020 2019
(Restated)

Price Earning Ratio (in Rupees) Net Profit After Tax to Sales %
2019 17.2 2019 5.7
2020 25.4 2020 5.7
2021 24.3 2021 5.7
2022 13.9 2022 6.0

(Restated)
2023 7.2 2023 5.9
(Restated)
(Restated)
21.3 2024 3.2
2024
0 10 20 30 40 0 2 4 6 8
A. Profitability Ratios
Return on Assets %
Gross Profit Ratio %
2019 10.3
2019 28.8
2020 10.9
2020 29.1
2021 9.9
2021 28.2
2022 10.0
(Restated)
2022 28.5 2023 9.7
(Restated)
2023 28.3 6.2
(Restated) 2024
2024 27.3 0 2 4 6 8 10 12 14
26 27 28 29 30
Operating Profit to Sales % Return on Equity %
2019 2019 27.2

8.3
2020 9.2 2020 26.6
8.5 2021 26.5

2021
2022 9.0 2022 28.5
(Restated)
2023 8.6 2023 28.4

(Restated)
(Restated)
7.2 2024 16.1

2024
0 2 4 6 8 10 12 0 10 20 30 40
Net Profit Before Tax to Sales % Return on Capital Employed %
2019 7.1 2019 31.7

2020 8.0 2020 32.0
2021 7.6 2021 31.4

2022 7.9 2022 34.4
(Restated)
2023 7.7 2023 27.6
(Restated) (Restated)
2024 4.2 2024 24.2

0 2 4 6 8 10 22 24 26 28 30 32 34 36

Revenue / Employee (Rs. in ‘000)
D. Eff iciency Ratios
Inventory Days (No. of Days)
2019 44,269
2020 54,422 2019 91.1
2021 59,126 2020 90.4
2022 68,526 2021 85.3

2023 85,524 2022 89.3
(Restated)
(Restated)
2024 111,088 2023 96.0

(Restated)
0 20000 40000 60000 80000 100000 120000 2024 83.1
75 80 85 90 95 100
Net Income / Employee (Rs. in ‘000)

Receivables Days (No. of Days)
2019 1,820
2019 17
2020 2,286
2020 15.7
2021 2,506
2022 3,163 2021 12.4
2023 4,085 2022 14.8

(Restated)
(Restated)
2024 2,933 2023 16.9

(Restated)
0 1000 2000 3000 4000 5000 2024 13.7
0 5 10 15 20
B. Liquidity Ratios
Current Ratio Payables Days (No. of Days)
2019 2019 25.7

1.1
2020 2020 24.5
1.2
2021 2021 22.7
1.2
2022 1.1 2022 20.9
2023 1.2 2023 24.3

2024 1.3 2024 26.8
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 0 5 10 15 20 25 30
C. Gearing Ratios
Debt to Equity Ratio%

2019 38.5
2020 27.1
2021 38.2
2022 39.4
(Restated)
2023 42.9
(Restated)
2024 44.1
0 5 10 15 20 25 30 35 40 45 50

Horizontal Vertical
Analysis Analysis
2024 2023 2022 2021 2020 2019 2024 2023 2022 2021 2020 2019
(Restated) (Restated) (Restated) (Restated)
Percent (%) Percent (%)
INCOME STATEMENT INCOME STATEMENT
Sales - Net 34.3% 41.3% 31.6% 20.5% 18.4% 12.3% Sales - Net 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Sales 36.2% 41.7% 31.0% 22.1% 17.8% 16.0% Cost of Sales 72.7% 71.7% 71.5% 71.8% 70.9% 71.2%
Gross Profit 29.5% 40.2% 33.1% 16.6% 19.8% 4.2% Gross Profit 27.3% 28.3% 28.5% 28.2% 29.1% 28.8%
Distribution costs 31.8% 33.4% 39.7% 16.8% 16.2% (5.3%) Distribution cost 15.1% 15.4% 16.3% 15.4% 15.9% 16.2%
Impairment loss on trade debts 150.2% (78.8%) 45.5% 0.2% (2.8%) (72.7%) Impairment loss on trade debts 0.0% 0.0% 0.1% 0.1% 0.1% 0.1%
Administrative expenses 53.9% 56.8% 22.2% 16.3% 8.8% 24.9% Administrative Expense 4.9% 4.3% 3.9% 4.2% 4.3% 4.7%
Other expense (9.4%) (2.1%) 112.6% 3.1% 5.8% (43.0%) Other expense 0.3% 0.5% 0.7% 0.4% 0.5% 0.5%
Administration, Distribution & Other Income 0.3% 1.4% 1.4% 0.4% 0.9% 1.0%
Other Opertating Exp and impairment 47.8% 48.1% 30.3% 15.0% 8.5% 11.2% Financial Charges 3.0% 1.8% 1.0% 0.9% 1.2% 1.2%
Other income (69.7%) 41.2% 387.2% (47.1%) 0.9% 364.4% Profit before Taxation 4.2% 7.7% 7.9% 7.6% 8.0% 7.1%
Financial charges 124.1% 149.9% 47.3% (8.1%) 20.9% 44.8% Taxation - Net 1.0% 1.8% 2.0% 1.9% 2.3% 1.5%
Profit before Taxation (26.8%) 37.2% 37.4% 14.0% 34.0% 46.8% Profit after taxation 3.2% 5.9% 6.0% 5.7% 5.7% 5.7%
Taxation - net (28.1%) 29.8% 36.8% (0.2%) 86.6% 140.7%
Profit after taxation (26.3%) 39.7% 37.6% 19.6% 20.4% 33.4% BALANCE SHEET
BALANCE SHEET Issued, subscribed and paid up capital 4.5% 5.8% 9.8% 9.9% 5.2% 5.5%
Unappropriated Profit 37.7% 43.8% 57.0% 60.8% 33.8% 35.2%
Issued, subscribed and paid up capital 0.0% 0.0% 25.0% 25.0% 20.0% 20.0% Non Controling Interest 8.6% 8.9% 6.5% 6.8% 3.7% 2.4%
Unappropriated Profit 11.1% 29.5% 18.4% 17.7% 21.3% 23.5% Exchange revaluation reserve 3.7% 6.4% 4.9% 0.0% -0.4% 1.3%
Non controlling interest 24.8% 131.9% 20.9% 20.9% 93.5% 38.4% Total Equity 54.6% 64.9% 78.2% 77.6% 42.3% 44.3%
Exchange revaluation reserve (24.7%) 120.0% 20849.4% (105.4%) (136.0%) 154.9% Long Term Obligations 45.4% 35.1% 21.8% 22.4% 15.5% 11.4%
Total Equity 8.5% 39.9% 27.3% 20.0% 20.5% 25.6% Total Long-term Liabilities and shareholder equities 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Long Term Obligations 67.2% 170.5% 22.9% (5.2%) 71.1% 209.7% Fixed Assets, CWIP & Intangibles 80.7% 79.1% 91.7% 78.9% 81.8% 92.4%
Total Long-term Liabilities and shareholder equities 29.1% 68.4% 26.3% 13.2% 30.9% 43.1% Other Non current assets 0.1% 0.2% 0.5% 1.3% 0.9% 0.6%
Current Assets 95.0% 117.0% 136.1% 131.9% 100.4% 116.9%
Fixed Assets, CWIP & Intangibles 31.4% 45.2% 46.9% 9.1% 15.9% 12.6% Total Assets 175.9% 196.3% 228.3% 212.2% 183.2% 209.9%
Other Non current assets (8.0%) (26.5%) (56.4%) 61.7% 90.1% (1.4%) Current Liabilites & Provisions 75.9% 96.3% 128.3% 112.2% 83.2% -109.9%
Current Assets 4.7% 44.7% 30.3% 48.7% 12.5% 29.7% Net Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Total Assets 15.5% 44.8% 35.9% 31.1% 14.2% 21.5%
Current Liabilites & Provisions 1.5% 26.4% 44.5% 52.6% (0.9%) 6.9%
Net Assets 28.9% 68.4% 26.3% 13.2% 30.9% 43.1%
Financial Position Analysis - Equity & Liabilities Financial Position Analysis - Assets
Shareholders' Equity Current Liabilites & Provisions Non Current Liabilities Fixed Assets, Intangibles & CWIP Current Assets Other Non current assets
2019 5,030 1,297 6,956 2019 5,848 41 7,395
2020 6,064 2,220 6,892 2020 6,780

6,064 78
2,220 8,318
6,892
2021 7,273 2,104 10,518 2021 7,398

7,273 126
2,104 12,372
10,518
2022 9,261 2,585 15,196 2022 10,867

9,261 2,585 55 15,19616,119
2023 12,955 6,991 19,206 2,104 2023 12,955 15,784 6,991 40 23,329
19,206 2,104
2024 14,056 11,686 19,504 2024 14,056 20,740 11,686 70 24,436

19,504
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

Summary of Six Year Cash Flow
Cash Flow Statement Using Direct Method
2024 2023 2022 2021 2020 2019 2024 2023 2022 2021 2020 2019
Source
(Rupees in Mln) (Rupees in ‘000)
Cash flows from operating activities 6,929 2,931 1,446 2,526 2,992 1,923
Cash received from customers 86,338,009 63,807,696 43,725,791 34,968,163 28,392,384 24,293,352
Cash flows used in investing activities (2,735) (3,873) (3,358) (1,860) (919) (1,107) Cash paid for goods & services (75,955,264) (58,858,758) (41,143,051) (31,505,586) (24,729,935) (21,946,283)
Cash flows used in financing activities 357 284 (800) (845) (559) (110)
Cash generated from operations 10,382,744 4,948,938 2,582,740 3,462,577 3,662,449 2,347,069
Net (decrease) / increase in cash and cash equivalents 4,551 (658) (2,711) (178) 1,514 706
Cash and cash equivalents at the beginning of the year (2,393) (1,890) 852 1,196 (225) (978) Financial cost paid CF (1,814,843) (779,254) (392,876) (320,124) (356,062) (269,647)
Currency translation difference on cash and cash equivalents (35) 156 (31) (166) (93) 46 Net increase in long term deposits CF 3,209 751 (5,677) (1,144) (6,767) 862
Deferred rent CF - - - - (34,980) 2,455

Cash and cash equivalents at the end of the year 2,124 (2,393) (1,890) 852 1,196 (225)
Retirement benefit obligation CF (29,134) - (15,621) (154,587) (34,912) (42,366)
Operating activities
Income tax paid CF (1,612,794) (1,239,634) (722,146) (460,272) (238,190) (115,528)
The Company’s operating cash flow has increased at a CAGR of 24% over the past 6 years due to improved business
performance.
Net cash flows from operating activities 6,929,183 2,930,801 1,446,420 2,526,450 2,991,538 1,922,845
Investing activities
Cash used in investing activities has increased at a CAGR of 17% over the past 6 years and mainly comprises investment
in capital expenditure on Faislabad project. Purchase of property, plant & equipment CF (3,630,897) (3,693,722) (3,113,174) (873,205) (900,450) (952,272)
Financing activities Business acquisition CF - (577,872) - - - -
Financing activities mainly comprise long-term loans obtained for Faisalabad project. The Company has financed its Purchase of intangible assets CF (185,756) (79,733) (32,311) (51,842) (8,240) (42,370)
expansion needs by obtaining long-term loans which were partially offset by dividend payments.
Sale proceeds from disposal of property, plant and equipment CF 135,859 78,921 111,224 65,516 20,146 95,021
Purchase of equity investment CF - - - - (30,000) -
Cash flows from operating activities Cash flows used in investing activities Cash flows used in financing activities Purchase of debt investment CF 945,344 399,392 (323,596) (1,000,000) - -
Deferred consideration paid CF - - - - - (207,017)

8,000
6,929
7,000
6,000 Net cash flows from investing activities (2,735,451) (3,873,014) (3,357,858) (1,859,531) (918,544) (1,106,638)
5,000
4,000
2,931 2,992
3,000 2,526 Proceeds from short term borrowings CF 71,809 (726,439) 1,107,483 169,733 - -
1,923
2,000 1,446 Proceeds from long term finance CF 2,796,916 2,959,608 (576,323) (6,425) 582,348 504,387
1,000 357 284 Repayment of short term borrowings CF - - - - (459,690) (50,000)
0,00
(110) Decrease in long term financing - net - - - - - (177,354)
-1,000 (800) (559)
(845) (919) (1,107)
-2,000 (1,860) Repayment of lease obligations CF (1,201,014) (560,991) (294,494) (148,149) (150,693) -
-3,000 (2,735) Dividend paid CF (1,310,299) (1,387,850) (1,036,422) (860,323) (530,852) (386,925)
-4,000 (3,358)
(3,873)
-5,000
2024 2023 2022 2021 2020 2019 Net cash flows from financing activities 357,412 284,328 (799,755) (845,164) (558,887) (109,892)
Net cash flows 4,551,144 (657,885) (2,711,192) (178,245) 1,514,107 706,315

Statement of Value Added 2024
and its Distribution

70%
2024 2023
(Restated) Cost of Sales
(Rupees in ‘000) % (Rupees in ‘000) % 9%
Distributon Expense
Value Addition
3% Administration and
Revenue Other Operating Expense
86,375,106 64,322,287
Employees Renumeration
Other Income 276,399 912,120 11%
Finance Cost
86,651,505 65,234,407 Income Tax

3%
Dividend to shareholders
1%
0% Profit retained for Investment &
3% Future Growth
Cost of Sales 60,388,991 70% 44,404,895 68%
Distributon Expense 7,720,500 9% 6,047,573 9%
Administration and Other Operating Expense 2,509,854 3% 1,718,481 3%

2023
Employees Renumeration 9,802,348 11% 6,944,724 11%
(Restated)
Finance Cost 2,597,265 3% 1,158,889 2% 68%
Cost of Sales
Income Tax 837,637 1% 1,165,121 2%
9%
Distributon Expense
3%
Dividend to shareholders 293,874 0% 1,269,907 2% Administration and
Other Operating Expense
Profit retained for Investment & Future Growth 2,501,036 3% 2,524,817 41% Employees Renumeration
11%
Finance Cost
86,651,505 100% 65,234,407 100%
Income Tax
2%
2% Dividend to shareholders
2%
4% Profit retained for Investment &
Future Growth

At the Heart of
Sustainable Financial
Growth
The financial report offers a thorough view of our
performance, highlighting key metrics and strategic insights.
The detailed analysis reflects commitment to transparency,

showcasing progress, financial health, and the strategic
initiatives that continue to drive sustainable growth across
the business.
129 | Unconsolidated Financial Statements Annual Report 2024 | 130

Unconsolidated Financial
Statements 2024

Statement of Compliance
with Listed Companies (Code of Corporate Governance) Regulations, 2019
National Foods Limited 7. The meetings of the Board were presided overby the Chairman and, in his absence, by a director elected
Year ended 30 June 2024 by the Board for this purpose. The Board has complied with the requirements of the Companies Act, 2017
['Act'] and the Regulations with respect to frequency, recording and circulating minutes of meetings of Board.
The Company has complied with the requirements of the Regulations in the
following manner: 8. The Board have a formal policy and transparent procedures for remuneration of directors in accordance
with the Act and these Regulations.
1. The total number of directors are seven (07) as per the following:
9. 6 Directors have attained their Directors’ Training program as per the applicable CoCG prescribed timelines.
a. Male: Five (05) Further, the Company had also arranged Directors’ Training for one (01) Female Executives during the year.
b. Female: Two (02)
- Ms. Ivana Bajamic Chief People & Corporate Reputation Officer
2. The composition of Board is as follows:
10. The Board has approved appointment of Chief Financial Officer, Company Secretary and Head of Internal
a) Independent Directors * Audit, including their remuneration and terms and conditions of employment and complied with relevant
Mr. Ehsan A. Malik requirements of the Regulations.
Mr. Ali H. Shirazi
11. Chief Financial Officer and Chief Executive Officer duly endorsed the financial statements before approval
b) Non-Executive Directors of the Board.
Mr. Zahid Majeed
Mrs. Noreen Hasan
12. The Board has formed committees comprising of members given below:
Mrs. Saadia Naveed
a) Audit Committee
c) Executive Directors
Mr. Abrar Hasan
Mr. Ehsan A. Malik Chairman
Mr. Adam Fahy Majeed
Mrs. Noreen Hasan Member
Mrs. Saadia Naveed Member
d) Female Directors
Mrs. Noreen Hasan
b) HR and Remuneration Committee
Mrs. Saadia Naveed
Mr. Ali H. Shirazi Chairman

*For the purpose of Clause 6 (1), the Company has not rounded up the fraction as one since the Board has
Mr. Ehsan A Malik Member
adequate Independent Directors i.e. 02 Independent Directors out of the Board of 07 Directors.
Mrs. Noreen Hasan Member
3. The directors have confirmed that none of them is serving as a director on more than seven listed
companies, including this Company. 13. The terms of reference of the aforesaid committees have been formed, documented and advised to the
committee for compliance.
4. The Company has prepared a Code of Conduct and has ensured that appropriate steps have been taken to
disseminate it throughout the Company along with its supporting policies and procedures. 14. The frequency of meetings (quarterly/half yearly/ yearly) of the committee were as per following:
5. The Board has developed a vision/mission statement, overall corporate strategy and significant policies of a) Audit Committee – Four (04)
the Company. The Board has ensured that complete record of particulars of the significant policies along b) HR and Remuneration Committee – Two (02)
with their date of approval or updating is maintained by the Company.
15. The Board has co-sourced the internal audit function to EY Ford Rhodes Chartered Accountants.,
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by who are considered suitably qualified and experienced for the purpose and are conversant with the
Board/ shareholders as empowered by the relevant provisions of the Act and these Regulations. policies and procedures of the Company.

Independent Auditor’s
16. The statutory auditors of the Company have confirmed that they have been given a satisfactory rating under the Review Report
Quality Control Review program of the Institute of Chartered Accountants of Pakistan and registered with Audit To The Members of National Foods Limited
Oversight Board of Pakistan, that they and all their partners are in compliance with International Federation of
Accountants (IFAC) guidelines on code of ethics as adopted by the Institute of Chartered Accountants of Pakistan
and that they and the partners of the firm involved in the audit are not a close relative (spouse, parent, dependent
and non-dependent children) of the Chief Executive Officer, Chief Financial Officer, Head of Internal Audit,
Company Secretary or director of the Company. Review Report on the Statement of Compliance contained in Listed Companies
(Code of Corporate Governance) Regulations, 2019
17. The statutory auditors or the persons associated with them have not been appointed to provide other
services except in accordance with the Act, these Regulations or any other regulatory requirement and the We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate Governance)
auditors have confirmed that they have observed IFAC guidelines in this regard. Regulations, 2019 (the Regulations) prepared by the Board of Directors of National Foods Limited (the Company) for the
year ended 30 June 2024 in accordance with the requirements of Regulation No. 36 of the Regulations.
18. We confirm that all requirements of regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been
complied with. The responsibility for compliance with the Regulations is that of the Board of Directors of the Company. Our
responsibility is to review whether the Statement of Compliance reflects the status of the Company s compliance
with the proiisions of the Regulations and report if it does not and to highlight any non-compliance with the
requirements of the Regulations A review is limited primarily to inquiries of the Company s personnel and review of
various documents prepared by the Company to comply with the Regulations.
As a part of our audit of the financial statements we are required to obtain an understanding of the accounting and internal
control systems sufficient to plan the audit and develop an effective audit approach. We are not required to consider
Chief Executive Officer Director whether the Board of Directors' statement on internal control covers all risks and controls or to form an opinion on the
effectiveness of such internal controls, the Company's corporate governance procedures and risks.
The Regulations require the Company to place before the Audit Committee, and upon recommendation of the Audit
Committee, place before the Board of Directors for their review and approval, its related party transactions. We are only
required and have ensured compliance of this requirement to the extent of the approval of the related party transactions
by the Board of Directors upon recommendation of the Audit Committee.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance
does not appropriately reflect the Company's complianbe, in all material respects, with the requirements contained in the
Regulations as applicable to the Company for the year ended 30 June 2024.
Date: 28 September 2024
KPMG Taseer Hadi & Co.

Karachi Chartered Accountants
UDIN: CR202410201WgMBcFiQt

Independent Auditor’s Report
To The Members of National Foods Limited
Report on the Audit of the Unconsolidated Financial Statements Following is the Key audit matter:
Key audit matter How the matter was addressed in our audit
Valuation of stock-in-trade Our audit procedures to assess the valuation of

Opinion stock-in-trade, amongst others, included the following:
We have audited the annexed unconsolidated financial statements of National Foods Limited (the Company) which Refer notes 4.12 and 9 to the unconsolidated financial
statements for the accounting policy and particulars • obtained an understanding of and assessed
comprise the unconsolidated statement of financial position as at 30 June 2024, and the unconsolidated
of stock-in-trade. the design and tested the implementation of
statement of profit or loss and other comprehensive income, the unconsolidated statement of changes in equity,
management's controls over determination
the unconsolidated statement of cash flows for the year then ended, and notes to the unconsolidated financial
Stock-in-trade represents 31.4% of the Company's of net realisable value;
statements, including material accounting policy information and other explanatory information, and we state that
we have obtained all the information and explanations which, to the best of our knowledge and belief, were total assets at year-end. Stock-in-trade comprise of
raw materials, packing materials, work in process and • assessed the reasonableness of the Company's
necessary for the purpose of the audit.
finished goods which are stated at lower of cost and method for determination of net realisable value;
In our opinion and to the best of our information and according to the explanations given to us, the unconsolidated estimated net realisable value.
• checked, on a sample basis, reasonableness of the
statement of financial position, the unconsolidated statement of profit or loss and other comprehensive income,
We have identified the valuation of stock-in-trade as management's determination of the write-down of
the unconsolidated statement of changes in equity and the unconsolidated statement of cash flows together with
a key audit matter as it represents a significant inventory to its net realisable value, including
the notes forming part thereof conform with the accounting and reporting standards as applicable in Pakistan and
proportion of the Company's total assets and estimates for selling price, costs necessary to
give the information required by the Companies Act, 2017 (XIX of 2017), in the manner so required and respectively
determination of an appropriate write-down to net make the sale, cost of completion and provision for
give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of the profit and other
realisable value involves considerable management obsolescence, along with the basis of calculations,
comprehensive loss, the changes in equity and its cash flows for the year then ended.
judgment and estimation which are subjective in to ensure consistency of the application of the
nature. Company's accounting policy and mathematical
Basis for Opinion accuracy of the underlying calculations; and
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan.
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of • ensured the appropriateness of the disclosure
the Unconsolidated Financial Statements section of our report. We are independent of the Company in accordance as presented in note 9 to the unconsolidated
with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants as financial statements in accordance with the
adopted by the Institute of Chartered Accountants of Pakistan (the Code), and we have fulfilled our other ethical requirements of the accounting and reporting
responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and standards as applicable in Pakistan.
appropriate to provide a basis for our opinion.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the unconsolidated financial statements of the current period. These matters were addressed in the context of our
audit of the unconsolidated financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
Report on the Audit of the Unconsolidated Financial Statements appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
Information Other than the Unconsolidated and Consolidated Financial Statements - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
and Auditor’s Reports Thereon related disclosures made by management.
- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
Management is responsible for the other information. The other information comprises the information included in
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
the Company’s annual report for the year ended 30 June 2024 but does not include the unconsolidated and significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
consolidated financial statements and our auditor’s reports thereon. uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
unconsolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our
Our opinion on the unconsolidated financial statements does not cover the other information and we do not express conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
any form of assurance conclusion thereon. events or conditions may cause the Company to cease to continue as a going concern.
In connection with our audit of the unconsolidated financial statements, our responsibility is to read the other information - Evaluate the overall presentation, structure and content of the unconsolidated financial statements, including
and, in doing so, consider whether the other information is materially inconsistent with the unconsolidated financial the disclosures, and whether the unconsolidated financial statements represent the underlying transactions and
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. events in a manner that achieves fair presentation.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit and
we are required to report that fact. We have nothing to report in this regard. significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Responsibilities of Management and Board of Directors for the Unconsolidated We also provide the board of directors with a statement that we have complied with relevant ethical requirements
Financial Statements regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
Management is responsible for the preparation and fair presentation of the unconsolidated financial statements in
accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of From the matters communicated with the board of directors, we determine those matters that were of most
Companies Act, 2017(XIX of 2017) and for such internal control as management determines is necessary to enable significance in the audit of the unconsolidated financial statements of the current period and are therefore the key
the preparation of unconsolidated financial statements that are free from material misstatement, whether due to audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
fraud or error. about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
In preparing the unconsolidated financial statements, management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going Report on Other Legal and Regulatory Requirements
concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so. Based on our audit, we further report that in our opinion:
The Board of directors is responsible for overseeing the Company’s financial reporting process. a) proper books of account have been kept by the Company as required by the Companies Act, 2017 (XIX of 2017);
Auditor’s Responsibilities for the Audit of the Unconsolidated Financial Statements b) the unconsolidated statement of financial position, the unconsolidated statement of profit or loss and other
comprehensive income, the unconsolidated statement of changes in equity and the unconsolidated statement
Our objectives are to obtain reasonable assurance about whether the unconsolidated financial statements as a of cash flows together with the notes thereon have been drawn up in conformity with the Companies Act, 2017
(XIX of 2017) and are in agreement with the books of account and returns;
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit c) investments made, expenditure incurred and guarantees extended during the year were for the purpose of the
conducted in accordance with ISAs as applicable in Pakistan will always detect a material misstatement when it Company’s business; and
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these d) zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the
unconsolidated financial statements. Company and deposited in the Central Zakat Fund established under section 7 of that Ordinance.
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and maintain The engagement partner on the audit resulting in this independent auditor’s report is Amyn Pirani.
professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the unconsolidated financial statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement Date: 28 September 2024
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional Karachi KPMG Taseer Hadi & Co.
omissions, misrepresentations, or the override of internal control. UDIN: AR202410201wvjBH4kx0 Chartered Accountants

Unconsolidated Statement of Unconsolidated Statement
Profit or Loss and Other Comprehensive Income
of
Financial Position
30 June 30 June 01 July
As at 30 June 2024 2024 2023 2022 For the year ended 30 June 2024 Note 2024 2023
(Restated) (Restated) (Restated)
Note
(Rupees in ‘000) (Rupees in ‘000)
ASSETS
Sales - net 25 37,377,245 29,602,876
Non-current assets
Property, plant and equipment 6 11,781,424 9,764,235 7,067,013
Intangibles 7 273,167 135,362 73,943 Cost of sales 26 (25,541,297) (19,360,522)
Long-term investments 8 31,719 31,719 45,935
Long-term deposits 37,050 40,259 38,444 Gross profit 11,835,948 10,242,354
12,123,360 9,971,575 7,225,335
Current assets Selling and distribution costs 27 (6,409,750) (5,642,096)

Stores and spare parts 316,195 260,966 168,050
Stock-in-trade 9 8,524,856 9,769,284 6,628,926 Reversal of / (Impairment loss) on trade debts 10.2 3,289 (18,198)
Trade debts 10 1,237,991 1,569,867 1,948,605
Advances 11 484,684 1,207,650 732,502 Administrative expenses 28 (2,570,002) (1,910,177)
Deposits and prepayments 12 99,972 120,955 66,005
Other receivables - 83,550 -
Short-term investments - at fair value through profit or loss 13 738 937,047 1,324,795 2,859,485 2,671,883
Cash and bank balances 14 4,358,974 1,191,325 712,989
15,023,410 15,140,644 11,581,872 Other expenses 29 (223,669) (277,976)
TOTAL ASSETS 27,146,770 25,112,219 18,807,207
Other income 30 319,295 884,472
EQUITY AND LIABILITIES
Finance costs 31 (1,567,732) (621,391)
Share capital and reserves
Authorized share capital
1,000,000,000 (30 June 2023: 1,000,000,000)
Profit before final taxes, minimum tax differential and income tax 1,387,379 2,656,988
ordinary shares of Rs. 5 each 5,000,000 5,000,000 5,000,000
Final taxes 32 (35,262) (53,396)
Share capital Minimum Tax differential 33 (224,647) -
Issued, subscribed and paid-up capital 15 1,165,576 1,165,576 1,165,576
Revenue Reserve (259,909) (53,396)
Unappropriated profit 6,428,295 6,096,863 5,131,417
7,593,871 7,262,439 6,296,993 Profit before income tax 1,127,470 2,603,592
Non - current liabilities Income Tax 34 141,098 (452,131)
Long-term finance 16 6,141,638 3,089,985 255,976
Lease liabilities 17 38,655 7,854 16,671
Deferred taxation - net 18 29,537 278,652 153,407 Profit for the year 1,268,568 2,151,461
Deferred liabilities - for retirement benefits 19 324,352 282,322 213,973
Long term provisions 20 - 4,626 22,461 Other comprehensive income
6,534,182 3,663,439 662,488
Items that will not be reclassified to statement of profit or loss
Current liabilities
Trade and other payables 21 8,147,816 7,464,318 5,738,658 Remeasurements of retirement benefit liability actuarial (loss) (5,807) (25,390)
Contract liability 22 264,459 291,002 93,076 Related deferred tax thereon 1,132 4,951
Short-term borrowings 23 3,079,997 4,905,760 4,269,883
Unclaimed dividend 22,906 20,639 23,161 (4,675) (20,439)
Long-term finance classified as current - secured 16 48,333 93,320 416,215
Mark-up accrued on bank borrowings 937,824 459,706 80,072 Total comprehensive income for the year 1,263,893 2,131,022
Taxation - net 517,382 951,596 1,226,661
13,018,717 14,186,341 11,847,726
(Rupees)
Contingencies and commitments 24

(Restated)
Earnings per share - basic and diluted 35 5.44 9.23

TOTAL EQUITY AND LIABILITIES 27,146,770 25,112,219 18,807,207
The annexed notes 1 to 45 form an integral part of these unconsolidated financial statements.
Chief Executive Officer Chief Financial Officer Director Chief Executive Officer Chief Financial Officer Director

Unconsolidated
Cash Flows
Statement of Unconsolidated
Changes in Equity
Statement of
For the year ended 30 June 2024 For the year ended 30 June 2024
Note 2024 2023 Issued, Revenue
subscribed reserve -
(Rupees in ‘000) Total
and paid-up unappropriated
CASH FLOWS FROM OPERATING ACTIVITIES Note capital profit
(Rupees in ‘000)
Cash generated from operations 36 6,783,664 2,467,030
Balance as at 1 July 2022 - as previously reported 1,165,576 5,343,575 6,509,151
Finance cost paid (1,079,778) (241,757)
Impact of restatement 5 - (212,158) (212,158)
Income taxes paid (801,008) (650,397)
Balance as at 1 July 2022 - restated 1,165,576 5,131,417 6,296,993
Retirement benefits paid (29,134) -
Long term deposits - net 3,209 (1,815) Total comprehensive income for the year
ended 30 June 2023 5
Net cash flows from operating activities 4,876,953 1,573,061
Profit for the year - restated - 2,151,461 2,151,461
CASH FLOWS FROM INVESTING ACTIVITES Other comprehensive income for the year - restated - (20,439) (20,439)
- 2,131,022 2,131,022
Transactions with owners recorded directly
Purchase of property, plant and equipment (2,830,091) (3,452,975) in equity - distributions
Purchase of intangible assets (177,357) (79,733)
Final dividend for the year ended
Redemption of short term investment - net 945,344 399,392 30 June 2022 @ Rs. 5 per share - (1,165,576) (1,165,576)
Proceeds from disposal of operating fixed assets 131,267 76,515
Balance as at 30 June 2023 - restated 1,165,576 6,096,863 7,262,439
Net cash flows from investing activities (1,930,837) (3,056,801)
Balance as at 1 July 2023 1,165,576 6,096,863 7,262,439
CASH FLOWS FROM FINANCING ACTIVITES
Total comprehensive income for the year
ended 30 June 2024
Repayment of short term borrowings - net 150,000 (450,000)
Lease rental paid (29,176) (18,855) Profit for the year - 1,268,568 1,268,568
Proceeds of long term finance - net 3,006,666 2,513,151 Other comprehensive income for the year - (4,675) (4,675)
Dividends paid (930,194) (1,168,098) - 1,263,893 1,263,893
Net cash flows from financing activities 2,197,296 876,198 in equity - distributions
Final cash dividend for the year ended

Net increase / (decrease) in cash and cash equivalents 5,143,412 (607,542) 30 June 2023 @ Rs. 2.5 per share - (582,788) (582,788)
Interim cash dividend for the period ended

Cash and cash equivalents at beginning of the year (2,914,435) (2,306,893)
31 December 2023 @ Rs. 1.5 per share - (349,673) (349,673)
Cash and cash equivalents at end of the year 37 2,228,977 (2,914,435)
Balance as at 30 June 2024 1,165,576 6,428,295 7,593,871
The annexed notes 1 to 45 form an integral part of these unconsolidated financial statements..

Notes to
Financial Statements
the Unconsolidated
For the year ended 30 June 2024
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS Standards
1. THE COMPANY AND ITS OPERATIONS or IFAS, the provisions of and directives issued under the Companies Act, 2017 have been followed.
1.1 National Foods Limited ("the Company") was incorporated in Pakistan on 19 February 1970 as a private
limited company under the Companies Act, 1913 and subsequently converted into a public limited company 2.2 Basis of measurement
under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) by a special resolution passed in
the extra ordinary general meeting held on 30 March 1988. The Company is principally engaged in the These financial statements have been prepared under the historical cost convention except as stated
manufacturing and sale of convenience based food products. The Company is listed on Pakistan Stock
otherwise.
Exchange. The registered office of the Company is situated at 12 / CL - 6, Claremont Road, Civil Lines,
Karachi.
2.3 Functional and presentation currency
1.2 The ultimate parent entity of the Company is ATC Holdings (Private) Limited based on control model as
provided under IFRS 10 - 'Consolidated Financial Statements'.
These financial statements are presented in Pakistani Rupees which is also the Company's functional
These financial statements are separate financial statements of the Company in which investment in currency. All financial information presented in Pakistani Rupees has been rounded to the nearest
subsidiary is accounted for on the basis of cost rather than on the basis of reported results. Consolidated thousand of rupees, unless stated otherwise.
financial statements of the Company are prepared separately. Details of Company's investments in
subsidiary companies are given in note 7 to these unconsolidated financial statements.
2.4 Use of significant estimates and judgments
1.3 The manufacturing facilities and sales offices of the Company are situated at the following locations:
The preparation of financial statements in conformity with the approved accounting and reporting
Manufacturing facilities: standards as applicable in Pakistan, requires management to make judgements, estimates and
- Unit F-160/ C, F- 133, S.I.T.E., Karachi (Non Operational); assumptions that affect the application of the Company's accounting policies and the reported amounts of
- Office A-13, North Western Industrial Zone, Bin Qasim, Karachi;
assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical
- A-393, Nooriabad Industrial Estate, Nooriabad; and
- Plot No. 346 & 347 Phase - 2, M-3 Industrial City, Faisalabad. experience and various other factors that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about the carrying values of assets and liabilities
Sales offices: that are not readily apparent from other sources. Actual results may differ from these estimates.
- Office No.107, 1st Floor Parsa Tower, Sharah-e-Faisal, Karachi;
- Office No.309, 3rd Floor Parsa Tower, Sharah-e-Faisal, Karachi;
- Office No. 84/2 Bomanji Square, Nusrat Road, Adali Colony, Multan; The estimates and underlying assumptions are reviewed on ongoing basis. Revisions to accounting
- 18-CCA (Commercial Area), Phase VIII, DHA Lahore, Cantt; estimates are recognised in the period in which the estimate is revised, if the revision affects only that
- Sixteenth Avenue Mall, 16-A Grand Trunk Road, Small Industrial Estate-1 Gujranwala; period, or in the period of the revision and future periods if the revision affects both current and future
- 1st Floor, Bilal Complex, Main PWD Road, Sector O-9, Islamabad; and
periods. In the process of applying the Company's accounting policies, the management has made the
- Office # 506, Block -C, 5th Floor, City Towers, Jahangir Abad University Road, Peshawar.
following estimates and judgments which are significant to the financial statements:
2. BASIS OF PREPARATION
Note
2.1 Statement of compliance Property, plant and equipment 4.1
Intangible assets 4.3
These financial statements have been prepared in accordance with the accounting and reporting standards
as applicable in Pakistan. The accounting and reporting standards as applicable in Pakistan comprise of: Taxation 4.9
Retirement benefits obligations 4.10
- International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Stock in trade 4.12
Standards Board (IASB) as notified under the Companies Act, 2017;
Impairment 4.13
- Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of
Pakistan as notified under the Companies Act, 2017; and Refund liability 4.7.3.3

Notes to
the Unconsolidated
For the year ended 30 June 2024 - Lease Liability in a Sale and Leaseback (amendment to IFRS 16 in September 2022) adds subsequent
measurement requirements for sale and leaseback transactions that satisfy the requirements to be
accounted for as a sale. The amendment confirms that on initial recognition, the seller-lessee includes
variable lease payments when it measures a lease liability arising from a sale-and-leaseback transaction.
3. ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED
APPROVED ACCOUNTING STANDARDS After initial recognition, the seller-lessee applies the general requirements for subsequent accounting of the
lease liability such that it recognizes no gain or loss relating to the right of use it retains. A seller-lessee may
3.1 Standards, interpretations and amendments to published approved accounting standards that have adopt different approaches that satisfy the new requirements on subsequent measurement. The
become effective in the current year amendments are effective for annual reporting periods beginning on or after 1 January 2024 with earlier
application permitted. Under IAS 8, a seller-lessee will need to apply the amendments retrospectively to
The Company has adopted the certain amendments and improvements to approved accounting and sale-and-leaseback transactions entered into or after the date of initial application of IFRS 16 and will need
reporting standards as applicable in Pakistan which became effective for the current year. Except for the to identify and re-examine sale-and-leaseback transactions entered into since implementation of IFRS 16 in
adoption of the amendment as mentioned below, the said amendment did not have any material impact on
2019, and potentially restate those that included variable lease payments. If an entity (a seller-lessee)
these financial statements.
applies the amendments arising from Lease Liability in a Sale and Leaseback for an earlier period, the entity
The Company has adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice shall disclose that fact.
Statement 2) from 1 July 2023. These amendments did not result in any changes to the accounting policies
itself and did not impact the accounting policy information disclosed in the financial statements. - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS
10 and IAS 28) amend accounting treatment on loss of control of business or assets. The amendments also
The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The introduce new accounting for less frequent transaction that involves neither cost nor full step-up of certain
amendments also provide guidance on the application of materiality for the disclosure of accounting policies, retained interests in assets that are not businesses. The effective date for these changes has been deferred
assisting entities to provide useful, entity-specific accounting policy information that users need to
indefinitely until the completion of a broader review
understand other information in the financial statements.
3.2 Standards, interpretations and amendments to published approved accounting standards that are not yet - Supplier Finance Arrangements (amendments to IAS 7 and IFRS 7) introduce two new disclosure objectives for a
effective company to provide information about its supplier finance arrangements that would enable users (investors) to
assess the effects of these arrangements on the company’s liabilities and cash flows, and the company’s
The following International Financial Reporting Standards (IFRS Standards) as notified under the Companies exposure to liquidity risk. Under the amendments, companies also need to disclose the type and effect of
Act, 2017 and the amendments and interpretations thereto will be effective for accounting periods non-cash changes in the carrying amounts of the financial liabilities that are part of a supplier finance
beginning on or after 1 July 2024: arrangement. The amendments also add supplier finance arrangements as an example to the existing disclosure
requirements in IFRS 7 on factors a company might consider when providing specific quantitative liquidity risk
- Classification of liabilities as current or non-current (Amendments to IAS 1 in January 2020) apply
disclosures about its financial liabilities. The amendments are effective for periods beginning on or after 1 January
retrospectively for the annual periods beginning on or after 1 January 2024 (as deferred vide
amendments to IAS 1 in October 2022) with earlier application permitted. These amendments in the 2024, with early application permitted. However, some relief from providing certain information in the year of
standards have been added to further clarify when a liability is classified as current. Convertible debt initial application is available.
may need to be reclassified as ‘current’. The standard also amends the aspect of classification of liability
as non-current by requiring the assessment of the entity’s right at the end of the reporting period to - Lack of Exchangeability (amendments to IAS 21) clarify:
defer the settlement of liability for at least twelve months after the reporting period. An entity's - when a currency is exchangeable into another currency; and
expectation and discretion at the reporting date to refinance or to reschedule payments on a long-term - how a company estimates a spot rate when a currency lacks exchangeability.
basis are no longer relevant for the classification of a liability as current or non-current. An entity shall
apply those amendments retrospectively in accordance with IAS 8.
Further, companies will need to provide new disclosures to help users assess the impact of using an
estimated exchange rate on the financial statements. These disclosures might include:
- Non-current Liabilities with Covenants (amendment to IAS 1 in October 2022) aims to improve the
information an entity provides when its right to defer settlement of a liability for at least twelve months - the nature and financial impacts of the currency not being exchangeable;
is subject to compliance with conditions. The amendment is also intended to address concerns about - the spot exchange rate used;
classifying such a liability as current or non-current. Only covenants with which a company must comply - the estimation process; and
on or before the reporting date affect the classification of a liability as current or non-current. - risks to the company because the currency is not exchangeable.
Covenants with which the company must comply after the reporting date (i.e. future covenants) do not
affect a liability’s classification at that date. However, when non-current liabilities are subject to future The amendments apply for annual reporting periods beginning on or after 1 January 2025. Earlier application
covenants, companies will now need to disclose information to help users understand the risk that those is permitted. Earlier application is permitted.
liabilities could become repayable within 12 months after the reporting date. The amendments apply
retrospectively for annual reporting periods beginning on or after - Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9
1 January 2024, with earlier application permitted. These amendments also specify the transition Financial Instruments and IFRS 7 Financial Instruments: Disclosures:
requirements for companies that may have early-adopted the previously issued but not yet effective - Financial Assets with ESG-Linked features:
2020 amendments to IAS 1 (as referred above).

Notes to
the Unconsolidated
financial tax regime of the Income Tax Ordinance, 2001 have been bifurcated from the income tax charge of
the previous year and presented separately on the Statement of Profit or Loss.
Similar treatment has been made for the current year, whereby tax payable under final tax regime and
Under IFRS 9, it was unclear whether the contractual cash flows of some financial assets with
minimum Tax differential has been separately presented in the Statement of Profit or Loss.
ESG-linked features represented SPPI. This could have resulted in financial assets with ESG-linked
features being measured at fair value through profit or loss.
4.1 Property, plant and equipment
The amendments introduce an additional SPPI test for financial assets with contingent features that are
Initial recognition
not related directly to a change in basic lending risks or costs – e.g., where the cash flows change
depending on whether the borrower meets an ESG target specified in the loan contract.
The cost of an item of property, plant and equipment is recognised as an asset if it is probable that future
economic benefits associated with the item will flow to the entity and the cost of such item can be measured
The amendments also include additional disclosures for all financial assets and financial liabilities that
reliably.
have certain contingent features that are:
- not related directly to a change in basic lending risks or costs; and
Recognition of the cost in the carrying amount of an item of property, plant and equipment ceases when the
- are not measured at fair value through profit or loss. items is in the location and condition necessary for it to be capable of operating in the manner intended by
The amendments apply for reporting periods beginning on or after 1 January 2026. Companies can choose the management.
to early-adopt these amendments (including the associated disclosure requirements), separately from the
amendments for the recognition and derecognition of financial assets and financial liabilities. Measurement
- Recognition / Derecognition requirements of Financial Assets / liabilities by Electronic Payments:
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, if
The amendments to IFRS 9 clarify when a financial asset or a financial liability is recognized and any. The cost of property, plant and equipment includes:
derecognized and provide an exception for certain financial liabilities settled using an electronic
payment system. Companies generally derecognize their trade payables on the settlement date (i.e., (a) its purchase price including import duties, non refundable purchase taxes after deducting trade
when the payment is completed). However, the amendments provide an exception for the derecognition discounts and rebates;
of financial liabilities. The exception allows the company to derecognize its trade payable before the
settlement date, when it uses an electronic payment system that meets all of the following criteria: (b) any other costs directly attributable to bringing the asset to the location and condition necessary for it
- no practical ability to withdraw, stop or cancel the payment instruction; to be capable of operating in the manner intended by the management; and
- no practical ability to access the cash to be used for settlement as a result of the payment
instruction; and (c) Borrowing costs, if any.
- the settlement risk associated with the electronic payment system is insignificant.
The amendments apply for reporting periods beginning on or after 1 January 2026. Earlier application is When parts of an item of property, plant and equipment have different useful lives, they are accounted for
permitted. as separate items (major components) of property, plant and equipment.
The above are not likely to have a material impact on the financial statements of the Company based on the Subsequent expenditure (including normal repairs and maintenance)
current balance.
Expenditures incurred to replace a significant component of an item of property, plant and equipment is
4. MATERIAL ACCOUNTING POLICY INFORMATION capitalised and the asset so replaced is retired. Other subsequent expenditure is capitalised only when it is
probable that future economic benefits associated with the item will flow to the entity and the cost of the
Except for the change in accounting policy, described below, the accounting policies set out below have been items can be measured reliably. All other expenditures (including normal repairs and maintenance) is
applied consistently to all periods presented in the financial statements. recognised in the profit or loss as an expense when it is incurred.
Change in an accounting policy Depreciation
The Company has adopted the "IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Depreciation on all items ,except land, is charged on a straight line method. The useful lives for depreciation
Taxes" issued by the Institute of Chartered Accountants of Pakistan (ICAP) vide Circular No 7 of 2024 dated are indicated in note 6.1 of the financial statements. Depreciation on additions to property, plant and
15 May 2024. The Company has applied the change in accounting policy retrospectively in accordance with equipment is charged from the month the asset is available for use up to the month of disposal. Depreciation
IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. Resultantly there is a methods, useful lives and residual values of each part of property, plant and equipment that is significant in
reclassification of amounts of final tax, designated. relation to the total cost of the asset are reviewed, and adjusted if appropriate, at each reporting date.
There is no change in the Company’s profit after taxation, either for the current year, or the previous year.
However, income tax charge of Rs. 53.39 million, relating to the previous year and chargeable under the

Notes to
the Unconsolidated
At inception, the ROU asset comprises the initial lease liability, initial direct costs and the obligations to
refurbish the asset, less any incentives granted by the lessors. The ROU asset is depreciated over the
shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for
Gains and losses on disposal impairment if there is an indicator for impairment, as for owned assets.
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the 4.5 Long term investment - subsidiary
proceeds from disposal with the carrying amount of the property, plant and equipment, and is recognized in
the profit or loss.
Subsidiary is an entity over which the Company has control. Investments in subsidiary is carried at cost less
Capital work in progress accumulated impairment losses, if any. The carrying amount of investments in subsidiaries is reviewed at
each reporting date to determine whether there is any indication of impairment. If any such indication exists
Capital work in progress is stated at cost less impairment loss, if any and consists of all expenditures the investment’s recoverable amount is estimated at higher of its value in use and its fair value less cost to
incurred (including any borrowing cost, if applicable) and advances made in the course of their construction sell. An impairment loss is recognized if the carrying amount exceeds its recoverable amount. Impairment
and installation. Transfers are made to relevant asset category, of property, plant and equipment as and
losses are recognized in unconsolidated statement of profit or loss.
when assets are available for intended use.
4.2 Borrowing costs 4.6 Cash and cash equivalents
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying Cash and Cash equivalents comprise of cash in hand and balances with banks on current and profit and loss
asset (i.e. an asset that necessarily takes substantial period of time to get ready for intended use) form part
sharing accounts. Running finance under mark-up arrangements that are repayable on demand and form an
of the cost of those asset and, therefore are capitalized. Other borrowing costs are recognised as an
expense, in the period in which it incurs. Borrowing cost are calculated based on the effective interest rate. integral part of the Company's cash management are included as component of cash and cash equivalents
for the purpose of statement of cash flows.
4.3 Intangibles
4.7 Financial Instruments
An intangible asset is recognised if it is probable that future economic benefits attributable to the asset will
flow to the Company and cost of such asset can be measured reliably. Intangibles acquired by the Company
are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and any 4.7.1 Recognition, classification and measurement - Financial Assets
provision for impairment loss. Amortisation of intangible assets is charged to statement of profit and loss
from the month in which an intangible asset is acquired applying the straight line method at the rates Classification
specified in note 7 to the financial statements after taking into account residual value, if any.
The Company currently classifies its financial assets in the following measurement categories:
The carrying values of intangible assets are reviewed for impairment when events or changes in
circumstances indicate that this carrying value may not be recoverable, if any such indication exists and
where the carrying values exceed the estimated recoverable amounts, the assets are written down to their - fair value through profit or loss (FVTPL); and
recoverable amount. - measured at amortised cost.
4.4 Leases The classification depends on the entity’s business model for managing the financial assets and the
contractual terms of the cash flows.
The Company assesses whether a contract is or contains a lease at inception of the contract. This
assessment involves the exercise of judgement about whether it depends on a specified asset, whether the
Company obtains substantially all the economic benefits from the use of that asset, and whether the A financial asset is measured at amortised cost if it meets both of the following conditions and is not
Company has the right to direct the use of the asset. designated as at fair value through profit or loss:
The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date, - it is held within business model whose objective is to hold assets to collect contractual cash flows; and
except for short term leases of 12 months or less and leases of low value items, which are expensed in the
statement of profit or loss on a straight-line basis over the lease term.
- its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
The lease liability is initially measured at the present value of the lease payment that are not paid at the interest on principal amount outstanding.
commencement date, discounted using the interest rate implicit in the lease. If this rate cannot be readily
determined, the Company uses the incremental borrowing rate applicable in the market for such leases. A financial asset shall be measured at fair value through profit or loss unless it is measured at amortised cost
or at fair value through other comprehensive income. However the Company may make an irrevocable
The lease liability is subsequently measured at amortized cost using the effective interest rate method and
remeasured (with a corresponding adjustment to the related ROU asset) when there is a change in future election at initial recognition for particular investments in equity instruments that would otherwise be
lease payments in case of renegotiation, changes of an index or rate or in case of reassessment of options. measured at FVTPL to present subsequent changes in fair value in other comprehensive income.

Notes to
the Unconsolidated
The Company enters into transactions whereby it transfers assets recognised in its statement of financial
position, but retains either all or substantially all of the risks and rewards of the transferred assets. In
these cases, the transferred assets are not derecognised.
On initial recognition, the Company may, irrevocably designate a financial asset as measured at FVTPL if
doing so eliminates or significantly reduces a measurement or recognition inconsistency ('accounting Financial liabilities
mismatch') that would otherwise arise from measuring assets or liabilities or recognising the gains and
losses on them on different bases. The Company derecognises a financial liability when its contractual obligations are discharged or
cancelled, or expire. The Company also derecognises a financial liability when its terms are modified and
Initial measurement
the cash flows of the modified liability are substantially different, in which case a new financial liability
A financial asset is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are based on the modified terms is recognised at fair value.
directly attributable to its acquisition.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the
Subsequent measurement consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit
or loss.
Financial assets at FVTPL These assets are subsequently measured at fair value. Net
gains and losses, including any interest / markup or dividend 4.7.3.1 Trade and other payables
income, are recognised in statement of profit or loss.
Trade and other payables are recognised initially at fair value plus directly attributable costs, if any, and
Investments in mutual funds are measured at fair value subsequently measured at amortised cost.
based on net asset value of the fund on each balance sheet
date (as per the redemption prices quoted by each mutual
4.7.3.2 Offsetting
fund) and the unrealized gain / (loss) is recognized in the
statement of profit or loss.
Financial assets and financial liabilities are offset and the net amount is reported in the financial
statements only when the Company has currently legally enforceable right to set-off the recognised
Financial assets measured at These assets are subsequently measured at amortised
amounts and the Company intends either to settle on a net basis or to realize the assets and to settle the
amortised cost cost using the effective interest method. The amortised
cost is reduced by impairment losses. Interest / markup liabilities simultaneously.
income, foreign exchange gains and losses and impairment
are recognised in the statement of profit or loss. 4.7.3.3 Refund Liability
A refund liability is initially measured at the amount of consideration received or receivable to which the
4.7.2 Financial liabilities - Classification, subsequent measurement and gains and losses. entity does not expect to be entitled. The Company updates the measurement of the refund liability at
each reporting date for changes in expectations about the amount of the refunds and recognises
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified
as FVTPL if it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL adjustments to the refund liability as revenue. No asset is recognized for returns as they are not
are measured at fair value and net gains and losses, including any interest expense, are recognised in profit anticipated to be resold.
or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest
method. Interest expense and foreign exchange gains and losses is recognised in statement of profit or 4.8 Contract Liabilities
loss. Any gain or loss on derecognition is also recognised in statement of profit or loss.
A contract liability is the obligation to transfer goods or services to a customer for which the Company has
4.7.3 Derecognition received consideration from the customer. If a customer pays consideration before the Company
transfers goods or services to the customer, a contract liability is recognised when the payment is made.
Financial assets
Contract liabilities are recognised as revenue when the Company performs under the contract.
The Company derecognises a financial asset when:
4.9 Taxation
- the contractual rights to the cash flows from the financial asset expire; or
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent
- it transfers the rights to receive the contractual cash flows in a transaction in which either: that it relates to the items recognised directly in equity or in other comprehensive income, in which case the
tax amounts are recognized directly in equity or other comprehensive income, as the case may be.
- substantially all of the risks and rewards of ownership of the financial asset are transferred; or
- the Company neither transfers nor retains substantially all of the risks and rewards of ownership
and it does not retain control of the financial asset.

Notes to
the Unconsolidated
Defined contribution plan
The Company operates an approved contributory provident fund for eligible employees. Equal monthly
contributions are made, both by the Company and the employees, to the fund at the rate of 10% per annum
i) Current
of the basic salary.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year;
4.11 Stores and spare parts
calculated using tax rates enacted or substantively enacted by the end of the reporting period. The
calculation of current tax takes into account tax credit and tax rebates, if any, in accoradance with the
These are valued at cost less provision for slow moving and obsolete items (if any). Items in transit are valued
Income Tax Ordinance 2001. at cost comprising invoice value plus other charges incurred thereon.
The Company recognises provision for income tax based on best current estimates. However, where the 4.12 Stock in trade
final tax outcome is different from the amounts that were initially recorded, such differences will impact
the income tax provision in the period in which such determination is made. All stocks are stated at the lower of cost and estimated net realisable value. Cost is determined by weighted
average method except for those in transit where it represents invoice value and other charges incurred
ii) Deferred thereon. Net realisable value signifies the estimated selling price in the ordinary course of business less cost
necessarily to be incurred in order to make the sale. Cost of work in process and finished goods includes
Deferred tax is accounted for using the balance sheet method on all temporary differences arising direct cost of materials, direct cost of labour and production overheads. Provisions and write-offs for
between tax base of assets and liabilities and their carrying amounts in the financial statements. damaged and obsolete stock in trade are made based on the specific identification of items of stock in trade
Deferred tax liability is recognised for all taxable temporary differences and deferred tax asset is by the management.
recognised to the extent that it is probable that future taxable profits will be available against which the
deductible temporary differences, unused tax losses and tax credits can be utilised. However, tax 4.13 Impairment losses
holiday period is also considered for the purposes of detemination of deductible / taxable temporary
differences. Deferred tax is charged or credited in the profit or loss (except to the extent that it relates 4.13.1 Financial assets
to items recognized directly in equity or other comprehensive income in which cases these are
recognized directly in equity or other comprehensive income as the case may be). The Company recognises loss allowances for Expected Credit Losses (ECLs) in respect of financial assets
measured at amortised cost.
4.9.1 Levy of income tax
The Company measures loss allowances at an amount equal to lifetime Expected Credit Losses (ECLs) for
Final tax, designated as such under various provisions of Income Tax Ordinance, 2001, charged/ withheld / paid trade receivables.
on various income streams and calculated on basis other than the taxable income are recognized as a levy in
accordance with the IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes issued by When determining whether the credit risk of a financial asset has increased significantly since initial
the Institute of Chartered Accountants of Pakistan vide Circular No 7 of 2024 dated 15 May 2024. recognition and when estimating ECLs, the Company considers reasonable and supportable information that
is relevant and available without undue cost or effort. This includes both quantitative and qualitative
4.10 Employee retirement benefits information and analysis, based on the Company's historical experience and informed credit assessment and
including forward-looking information.
Defined benefit plans
The Company assumes that the credit risk on a financial asset has increased significantly if it is more than
The Company operates a funded pension scheme and post retirement medical benefit for the individuals past due for a reasonable period of time. Lifetime ECLs are the ECLs that result from all possible default
mentioned in note 8 to these financial statements. The liability recognised in the statement of financial events over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result
position in respect of the defined benefit plans is the present value of the defined benefit obligations at the from default events that are possible within the 12 months after the reporting date (or a shorter period if the
end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated expected life of the instrument is less than 12 months). The maximum period considered when estimating
ECLs is the maximum contractual period over which the Company is exposed to credit risk.
annually by an independent actuary using the projected unit credit method. Remeasurements which
comprise actuarial gains and losses are recognised immediately in other comprehensive income. The latest
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying
actuarial valuation of the defined benefit plans was conducted at 30 June 2024.
amount of the assets.
The current and past-service costs and interest income / expenses are recognized immediately in the
The gross carrying amount of a financial asset is written off when the Company has no reasonable
expectations of recovering of a financial asset in its entirety or a portion thereof. The Company individually
makes an assessment with respect to the timing and amount of write-off based on whether there is a
Surplus arising on the actuarial valuation is recognized to the extent these are available under the applicable
reasonable expectation of recovery. The Company expects no significant recovery from the amount written
trust deed at the present value of economic benefits available in the form of refund or reductions in future off. However, financial assets that are written off could still be subject to enforcement activities in order to
contribution to the fund. comply with the Company's procedures for recovery of amounts due.

Notes to
the Unconsolidated
4.17 Revenue recognition
Revenue from contracts with customers is recognized at the point in time when a contractual promise to a
customer (performance obligation) has been fulfilled by transferring control over the promised goods and
4.13.2 Non-financial assets
services to the customer. Accordingly:
At the end of each reporting period, the Company reviews the carrying amount of non-financial assets to
- Local sales are recognized when the products are delivered to the customer's designated location.
determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the Company estimates the recoverable amount of the asset and when the carrying amount of - Export sales are recognized at the point of shipment, as evidenced by the issuance of the bill of lading.
the asset exceeds its recoverable amount, an impairment loss is recognized in statement of profit or loss. Revenue is measured based on the consideration specified in a contract with a customer, net of returns,
At the end of each reporting period, the Company also assesses whether there is an indication that an amounts collected on behalf of third parties (sales taxes etc.), pricing allowances and other trade discounts.
impairment loss recognized in prior periods for an asset may no longer exist or may have decreased. If any such
indication exists, the Company estimates the recoverable amount of the asset and reverses the impairment 4.18 Miscellaneous income
loss recognized in previous period such that the increased carrying amount of the asset does not exceed the Miscellaneous income including export rebate is recognised on receipt basis.
carrying amount that would have been determined (net of amortization and depreciation) had no impairment
loss been recognized for the asset in prior years. Reversal of impairment loss is recognized in statement of 4.19 Interest / Mark up income / Rental income
profit or loss. When it is not possible to estimate the recoverable amount of an individual asset, the Company
Income on Interest / Mark up income and rental income is recognised on a time proportionate basis and in
estimates the recoverable amount of the cash-generating unit to which the asset belongs and accordingly
case of interest and mark-up at the rate of return implicit in the arrangement.
recognizes impairment loss or reverses the impairment loss recognized in prior periods.
Recoverable amount of an asset or cash-generating unit is the higher of its fair value less cost of disposal 4.20 Dividend income
and its value in use. Dividend income is recognised when the Company's right to receive it is established.
Value in use is estimated as the present value of estimated future cash flows from the continuing use of an
asset / cash generating unit and from its disposal at the end of its useful life. A pre-tax discount rate that 4.21 Research and development
reflects current market assessments of the time value of money and risks specific to the asset for which the Research and development expenditure is charged to statement of profit and loss in the period in which it is
estimates of future cash flows have not been adjusted. incurred.
4.14 Ijarah 4.22 Dividends and appropriations

In ijarah transactions' significant portion of the risks and rewards of ownership are retained by the lessor. Final dividend distributions to the Company's shareholders are recognized as a liability in the unconsolidated
Islamic Financial Accounting Standard 2 – 'Ijarah', issued by the Institute of Chartered Accountants of financial statements in the period in which the dividends are approved by the Company's shareholders at the
Pakistan, requires the recognition of ‘ujrah payments’ (lease rentals) against ijarah financing as an expense Annual General Meeting, while the interim dividend distributions are recognized in the period in which the
in the statement of profit or loss on a straight-line basis over the ijarah term. dividends are declared by the Board of Directors. Appropriations of profit are reflected in the unconsolidated
statement of changes in equity in the period in which such appropriations are approved.
4.15 Provisions
4.23 Government grants
Provisions are recognized when the Company has present obligation (legal or constructive) as a result of
Government grant includes any benefit earned on account of a government loan obtained at below market
past event and it is probable that an outflow of resources embodying economic benefits will be required to
rate of interest. The loan is recognized and measured in accordance with IFRS 9 “Financial Instruments”. The
settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the outflow
benefit of the below-market rate of interest shall be measured as the difference between the initial fair value
of resources embodying economic benefits is not probable, a contingent liability is disclosed, unless the
of the loan determined in accordance with IFRS 9 and the proceeds received. The difference, representing
possibility of outflow is remote. Provisions are reviewed at each reporting date and adjusted to reflect
the grant amount (income) is recognized over the period of the loan.
current best estimate.
4.24 Earnings per share
4.16 Foreign currency transactions and translation
The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is
Foreign currency transactions are translated into Pakistani Rupee using the exchange rates approximating calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the
those prevailing at the dates of the transactions. All monetary assets and liabilities in foreign currencies are weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by
translated into Pakistani Rupee at the rates of exchange approximating those prevailing at the reporting date. adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of
Exchange gains / losses on translation are included in statement of profit and loss currently. ordinary shares outstanding for the effects of all dilutive potential ordinary shares.

Notes to
the Unconsolidated
Impact of restatement
As previously Adjustments As restated
reported
5. RESTATEMENT OF PRIOR YEARS FINANCIAL STATEMENTS
(Rupees in ‘000)
In the 37th Annual General Meeting of the Company held on 15 October 2008 for the purpose of the Statement of Profit or Loss and Other
consideration and approval of several matters by the shareholders, including the approval of the audited
Comprehensive Income
financial statements of the company for the year ended 30 June 2008, a proposal was then submitted for
the provision of certain retirement benefits to the then Chief Executive and the Executive Directors of the Administrative expenses (1,865,221) (44,956) (1,910,177)
Company. Accordingly, the shareholders had then resolved to grant an authority to the Board of Directors
Others 4,567,165 - 4,567,165
for the determination of payment of remuneration, including but not limited to perquisites, bonus, vacation
pay, other allowances and retirement benefits to four individuals, who then were the Executive Directors Profit before tax 2,701,944 (44,956) 2,656,988
and the Chief Executive of the Company. Taxation - net (513,905) 8,378 (505,527)
However, one of the individuals so mentioned in the resolution, inadvertently was not included in the Profit for the year 2,188,039 (36,578) 2,151,461
defined pension and medical benefits schemes, due to which his entitlement thereunder was not included
in subsequent years actuarial valuations for the purpose of the determination of Company’s obligation to Remeasurements of retirement benefit
him, recognition of liability in the Company’s books and records and related contributions to the respective
funds. Obligation to the other three directors, however, was being so determined and also recorded in the liability actuarial (loss) / gain (11,493) (13,897) (25,390)
books and records. This inadvertent omission was noted by the Company during the current year. Related deferred tax thereon 4,482 469 4,951
(7,011) (13,428) (20,439)

Accordingly, adjustments have been recognised by restating the comparative figures to account for the
impact retrospectively in accordance with International Accounting Standard (IAS) 8 - Accounting policies,
changes in accounting estimates and errors, details of which are as follows:
Total comprehensive income for the year 2,181,028 (50,006) 2,131,022
Impact of restatement Impact of restatement

(Rupees)
As at 1 July 2022 As at 30 June 2023
As previously As previously Earnings per share - basic and diluted 9.39 (0.16) 9.23
Adjustments As restated Adjustments As restated
reported reported

There is no impact on the company's total operating, investing and financing cash flows for the year ended
Statement of Financial Position
30 June, 2023
Deferred assets - net surplus in the funds 53,656 (53,656) - 44,158 (44,158) -
Others 18,807,207 - 18,807,207 25,112,219 - 25,112,219
Total Assets 18,860,863 (53,656) 18,807,207 25,156,377 (44,158) 25,112,219
Deferred liabilities - for retirement benefits - 213,973 213,973 - 282,322 282,322
Deferred taxation - net 208,878 (55,471) 153,407 342,969 (64,317) 278,652

6. PROPERTY, PLANT AND EQUIPMENT Note 2024 2023
Others 12,142,834 - 12,142,834 17,288,806 - 17,288,806
(Rupees in ‘000)
Total Liabilities 12,351,712 158,502 12,510,214 17,631,775 218,005 17,849,780
Operating fixed assets 6.1 11,315,472 4,915,430

Unappropriated profit 5,343,575 (212,158) 5,131,417 6,359,026 (262,163) 6,096,863
Capital work-in-progress 6.6 403,577 4,834,734
Others 1,165,576 - 1,165,576 1,165,576 - 1,165,576
Right-of-use assets 6.8 62,375 14,071
Total Equity 6,509,151 (212,158) 6,296,993 7,524,602 (262,163) 7,262,439
11,781,424 9,764,235

Notes to
the Unconsolidated
6.2 Above assets includes fully depreciated assets having cost of Rs. 1.6 billion (2023: Rs. 1.5 billion).
At 30 June 2024, land and a building with a carrying amout of Rs. 257 million are not in active use and are
6.1 Operating fixed assets expected to be disposed off. Fair value of these assets exceed their carrying values.
2024 6.3 The depreciation charge for the year has been allocated as follows
Office
Freehold Leasehold Buildings on Building on Plant and Furniture
and other Computers
Laboratory
Vehicles Total Note 2024 2023
land land freehold land leasehold land machinery and fittings equipments
equipments
(Rupees in ‘000)
(Rupees in ‘000)
At 1 July 2023
Cost of sales 26 692,879 531,443
Cost 207,335 179,992 - 3,189,588 4,179,216 197,587 269,257 364,788 84,922 37,750 8,710,435 Selling and distribution costs 27 18,935 28,196
Accumulated depreciation - - - (727,880) (2,333,956) (161,440) (232,615) (270,595) (47,047) (21,472) (3,795,005) Administrative expenses 28 75,767 116,577
Net book value 207,335 179,992 - 2,461,708 1,845,260 36,147 36,642 94,193 37,875 16,278 4,915,430
787,581 676,216
Additions / transfer - note 6.6.2 - - 4,100,340 16,455 2,241,960 79,876 688,545 110,514 18,070 12,020 7,267,780 6.4 Change in estimate
Disposals Effective 1 July 2023, the Company has revised its estimate of the useful lives of buildings on leasehold land, and Plant
Cost - (693) - (104,953) (135,305) (35,734) (49,533) (67,635) (4,917) (484) (399,254) and machinery (except those expected to be disposed off). The revision has been made after considering the expected
Accumulated depreciation - 143 - 51,662 115,499 31,061 48,585 67,414 4,305 428 319,097
pattern of the recovery of economic benefits associated with the use of these assets. The revision has been
- (550) - (53,291) (19,806) (4,673) (948) (221) (612) (56) (80,157)
accounted for as a change in accounting estimate as defined in International Accounting Standard (lAS) 8 - Accounting
Depreciation charge for the year - - (61,316) (109,911) (481,960) (18,721) (64,088) (31,509) (11,895) (8,181) (787,581)
policies, changes in accounting estimates and errors. Had the revision in the useful lives not been made, depreciation
expense for the year would have been higher by Rs. 46.7 million, while profit for the year before tax and carrying value
Closing net book value 207,335 179,442 4,039,024 2,314,961 3,585,454 92,629 660,151 172,977 43,438 20,061 11,315,472 of these assets would have been lower by Rs. 46.7 million. The reassessment was conducted by an independent
qualified appraiser.
At 30 June 2024
Cost 207,335 179,299 4,100,340 3,101,090 6,285,871 241,729 908,269 407,667 98,075 49,286 15,578,961 The effect of these changes on actual and expected depreciation expense included in cost of sales, selling
Accumulated depreciation - 143 (61,316) (786,129) (2,700,417) (149,100) (248,118) (234,690) (54,637) (29,225) (4,263,489) and distribution costs and administrative expenses will be as follows:
Net book value 207,335 179,442 4,039,024 2,314,961 3,585,454 92,629 660,151 172,977 43,438 20,061 11,315,472
2024 2025 2026 2027 2028 Later

Useful life (years) - - 5 - 49 3 - 52 5 - 23 5 2 - 10 3 2 - 10 4-5
(Decrease) / increase in depreciation expense (46,734) (81,600) (50,661) (48,980) (34,255) 262,230
2023
Freehold Leasehold Buildings on Building on Plant and Furniture
Office
and other Computers
Laboratory
Vehicles
6.5 The details of property, plant and equipment having net book value of Rs. 500,000 and above, sold /
land land freehold land leasehold land machinery and fittings equipments Total
equipments disposed off during the year are as follows:
(Rupees in ‘000)
Gain /
At 1 July 2022 Cost Accumulated Net book Sale (loss) on Mode of Particulars of Relationship with
Description value proceeds purchaser the purchaser
Cost 207,335 179,992 - 3,050,479 3,710,257 169,185 249,380 333,613 70,784 134,170 8,105,195
depreciation disposal disposal
Accumulated depreciation - - - (611,237) (1,965,075) (143,257) (195,013) (214,723) (36,303) (50,862) (3,216,470)
Net book value 207,335 179,992 - 2,439,242 1,745,182 25,928 54,367 118,890 34,481 83,308 4,888,725 (Rupees in ‘000)
Additions / transfer - note 6.6.2 - - - 139,109 501,597 28,727 20,186 35,081 14,138 27,301 766,139
Land - Leasehold 693 143 550 98,000 97,450 Negotiation Elahi Group Third party
Plant & Machinery 4,308 3,375 933 4,809 3,876 Negotiation Javeria enterprises Third party
Disposals Plant & Machinery 2,507 1,860 647 1,204 557 Negotiation Akram Trading Third party
Cost - - - - (32,638) (325) (309) (3,906) - (123,721) (160,899)
Accumulated depreciation - - - - 29,446 325 300 3,886 - 63,724 97,681 Plant & Machinery 5,780 4,287 1,493 2,939 1,446 Negotiation Akram Trading Third party
- - - (3,192) - (9) (20) - (59,997) (63,218) Plant & Machinery 4,318 3,202 1,116 588 (528) Negotiation Akram Trading Third party
Plant & Machinery 3,051 2,263 788 250 (538) Negotiation Advanced Disposal Third party
Depreciation charge for the year - - - (116,643) (398,327) (18,508) (37,902) (59,758) (10,744) (34,334) (676,216)
Plant & Machinery 3,230 2,367 863 440 (423) Negotiation Akram Trading Third party
Closing net book value 207,335 179,992 - 2,461,708 1,845,260 36,147 36,642 94,193 37,875 16,278 4,915,430 Plant & Machinery 1,990 1,348 642 440 (202) Negotiation Akram Trading Third party
Plant & Machinery 2,418 1,595 823 329 (494) Negotiation Advanced Disposal Third party
At 30 June 2023
Cost 207,335 179,992 - 3,189,588 4,179,216 197,587 269,257 364,788 84,922 37,750 8,710,435 Plant & Machinery 3,238 2,024 1,214 441 (773) Negotiation Advanced Disposal Third party
Accumulated depreciation - - - (727,880) (2,333,956) (161,440) (232,615) (270,595) (47,047) (21,472) (3,795,005) Plant & Machinery 2,643 837 1,806 250 (1,556) Negotiation Advanced Disposal Third party
Net book value 207,335 179,992 - 2,461,708 1,845,260 36,147 36,642 94,193 37,875 16,278 4,915,430 Plant & Machinery 3,454 1,094 2,360 2,300 (60) Negotiation Advanced Disposal Third party
Useful life (years) - - - 5 - 60 5 - 10 5 5 - 10 3 2 - 10 4-5 37,630 24,395 13,235 111,990 98,755

Notes to
the Unconsolidated
For the year ended 30 June 2024 Storage
6.8 Right-of-use assets Office Tank Warehouse Total
Note (Rupees in ‘000)
6.6 Capital work-in-progress (CWIP) As at 30 June 2022 21,999 8,390 - 30,389
Note 2024 2023 Additions - - - -

(Rupees in ‘000) Depreciation charge (7,928) (8,390) - (16,318)
As at 30 June 2023 14,071 - - 14,071
Civil works 6.6.2 32,439 3,593,846
Addition 23,565 28,669 18,351 70,585
Advance against civil work 7,664 367,575 Depreciation charge 6.8.1 (9,667) (9,556) (3,058) (22,281)
Plant and machinery 228,849 264,473 As at 30 June 2024 27,969 19,113 15,293 62,375
Advance against Plant & Machinery and Office Equipment 122,283 248,101
Office equipment - 277,157 Lease term 3 to 4 3 3
Furniture & Fixtures 12,342 80,401 6.8.1 The depreciation charge for the year has been allocated as follows:
Advance against motor Vehicles and furniture & fixtures - 3,181
Note 2024 2023
403,577 4,834,734
(Rupees in ‘000)
Cost of sales 26 12,615 8,390

6.6.1 During the year, borrowing cost amounting to Rs. 526.6 million (2023: Rs. 569.4 million) has been capitalized in CWIP. Selling and distribution costs 27 4,793 2,357
Administrative expenses 28 4,875 5,571
6.6.2 This includes borrowing costs amounting to Rs. 12 million (2023: Rs. 673.4 million).
22,283 16,318
6.6.3 During the year the additions to CWIP and transfer of respective assets to operating fixed assets amounted
to Rs. 3,314 million (2023: Rs. 3,295 million) and Rs. 7,256 million (2023: Rs. 608 million) respectively. 7. INTANGIBLES
Computer software and ERP System 7.1 249,729 39,069

6.7 Particulars of immovable property (i.e. land and building) in the name of the Company are as follows: Systems under development - Capital work-in-progress 7.3 23,438 96,293
273,167 135,362
Location Usage of immovable property Geographical Location Total Area (In Sq. Ft.) Covered Area (In Sq. Ft.) 7.1 Computer software and ERP System
Corporate office Office Building 12/CL-6 Claremount Road, 45,099 16,301

Net carrying value basis
Civil Lines, Karachi
Opening net book value 39,069 32,285
S.I.T.E. Manufacturing plant Unit F-160/ C, F- 133, 76,491 50,786 Additions (at cost) / transfer 250,212 25,098
(Non-operational) S.I.T.E., Karachi Amortisation for the year (39,552) (18,314)
Closing net book value 249,729 39,069
Port Qasim Manufacturing plant Office A-13, North Western 435,602 283,132
Industrial Zone, Bin Qasim, Karachi Gross carrying value basis
Cost 603,038 352,826
Nooriabad Manufacturing plant A-393, Nooriabad Industrial Estate, 602,942 147,045
Accumulated amortisation (353,309) (313,757)
Nooriabad
Net book value 249,729 39,069
Faisalabad Manufacturing plant Plot No. 346 & 347 Phase - 2, 1,086,456 412,862
M-3 Industrial City, Faisalabad Useful life (years) 3-5 3-4
7.2 The amortization charge for the year has been allocated as follows:
Cost of sales 26 1,220 665

39,552 18,314

Notes to
the Unconsolidated
National Epicure Inc.
National Epicure Inc. ("NEI") was incorporated in Canada on 16 October 2013 under the Canada Business
Corporations Act. NEI is a wholly owned subsidiary of National Foods DMCC and is principally engaged in the
7.3 This represent amount given to vendor for the development of ERP which is expected to be capitalised
trading of food products. NEI is the holding company of A-1 Bags & Supplies Inc. and National Epicure USA
next year.
Inc. as mentioned below.
8. LONG TERM INVESTMENTS A-1 Bags & Supplies Inc.
Note 2024 2023
(Rupees in ‘000)
A-1 Bags & Supplies Inc. was incorporated under the Business Corporations Act of Ontario on March 14, 2001.
National Epicure Inc. acquired 60% holding in A-1 Bags and Supplies Inc. in the year 2017 and is principally
Investment at fair value through profit or loss (FVTPL) engaged in distribution and wholesale of food products, disposables, janitorial and sanitation products.
Naymat Collateral Management Company Limited 30,000 30,000
Less: Provision for Impairment 8.1 (30,000) (30,000) National Epicure USA Inc.
8.1.1 - -
National Epicure USA Inc. was incorporated in USA on 1 December 2021 under the General Corporation Law
of the State of Delaware, USA with an authorized share capital of 500 shares with a par value of $0.0001
Investment in subsidiary - at cost per share. Shares have not yet been issued by this entity and has not commenced its operations. The
National Foods DMCC 8.2 31,719 31,719 company is a subsidiary of National Epicure Inc - Canada.
31,719 31,719
National Foods (FZE).
8.1 The movement in provision for impairment during the year is as follows:
National Foods (FZE) has been established in Sharjah, United Arab Emirates on 23 November 2023. The
company is a wholly owned subsidiary of National Foods DMCC and will be principally engaged in the
Balance at beginning of the year (30,000) (15,784) manufacturing of food products, although the entity has not commenced its operations.
Provision recognized during the year 8.1.1 - (14,216)
Balance at end of the year (30,000) (30,000)
9. STOCK-IN-TRADE
8.1.1 On 25 February 2020, the Company subscribed 3,000,000 ordinary shares of Rs.10 each in Naymat Collateral Note 2024 2023
Management Company Limited (NCMCL). The Company's shareholding gives it ownership interest and voting (Rupees in ‘000)
power of 10% in it. NCMCL is an unlisted public company that was incorporated under Companies Act, 2017 on
21 January 2020 and has its registered office at C-25/B, Block 4, Clifton, Karachi Saddar Town, Sindh, Pakistan. Raw materials 9.1 & 9.2 3,239,970 3,923,355
It is engaged in the business of providing storage and preservation services for a range of agricultural Provision for obsolescence 9.4 (96,628) (51,543)
commodities as well as issuing credible warehouse receipts for agricultural commodity financing. 3,143,342 3,871,812
The management, under prudence, has decided to fully impair the above investment as the investee Packing materials 9.1 & 9.2 850,265 1,362,662
company is still incurring losses. Moreover, material uncertainity relating to going concern is also disclosed
Provision for obsolescence 9.4 (43,416) (86,604)
in the audited financial statements of NCMCL as at 30 June 2023.
806,849 1,276,058
8.2 The Company has a wholly owned (100%) subsidiary which was set up in United Arab Emirates in 2012 and
is carried at cost. The subsidiary was formed as a limited liability company and commenced operations from Work in process 9.1 3,264,881 2,523,297
March 2013. National Foods DMCC (NF DMCC) was registered on 7 November 2012 in Dubai Multi Provision for obsolescence 9.4 (252,042) (48,873)
Commodities Centre (“DMCC”) pursuant to Dubai (DMCC) Law No. 4 of 2001 and operates in the United Arab 3,012,839 2,474,424
Emirates (“UAE”) under a trade license issued by DMCC. The registered address of the Company is Unit No.
2404-19, Reef Tower, Plot No. JLT-Ph 2-O1A, Jumeirah Lake Towers, Dubai, United Arab Emirates. Finished goods 9.1 & 9.3 1,663,243 2,216,879
The primary objective of NF DMCC is to boost export sales of its parent company through trading in food stuff.
NF DMCC also has following two wholly owned direct subsidiaries and two indirect subsidiaries as follows: 1,561,826 2,146,990
National Foods Pakistan (UK) Limited 8,524,856 9,769,284
National Foods Pakistan (UK) Limited was incorporated in United Kingdom on 29 May 2013 as a private
company under the UK Companies Act, 2006. The company is a wholly owned subsidiary of National Foods
DMCC and will be principally engaged in the trading of food products, although currently it is not operational.

Notes to
the Unconsolidated
11. ADVANCES Note 2024 2023
(Rupees in ‘000)
Considered good
9.1 Stock in trade includes Rs. 5.41 billion (2023: Rs. 5.84 billion) held with third parties.
Suppliers & others 11.1 484,684 1,207,650
484,684 1,207,650
9.2 This include goods in transit pertaining to raw materials amounting to Rs. 97.2 million (2023: Rs. 310 million).
Considered doubtful
9.3 Above balances include items costing Rs. 295.68 million (2023: Rs. 66.55 million) valued at net realisable value Suppliers 51,827 37,558
of Rs. 257.14 million (2023: Rs. 55.87 million). 536,511 1,245,208
9.4 During the year, the Company recorded charge of provision (2023: reversal) for obsolescence of Rs. 236.68 Provision for doubtful advances to suppliers (51,827) (37,558)
484,684 1,207,650
million (2023: Rs. 112.05 million) and has written off stocks against provision amounting to Rs. 205.69 million
(2023: Rs.239.16 million)..
11.1 These advances include cash margin of Rs. 79.33 million. Remaining balance of Rs. 405.35 million
has been paid to the supplier for the purchase of raw materials, packing materials, stores & spares and for
marketing services.
10. TRADE DEBTS Note 2024 2023 Note 2024 2023
12. DEPOSITS AND PREPAYMENTS (Rupees in ‘000)
(Rupees in ‘000)
Unsecured
Related party 10.1 679,480 860,160 Deposits - considered good 16,598 20,570
12.1
Others 610,254 764,739 Prepayments 83,374 100,385
99,972 120,955
1,289,734 1,624,899
12.1 These trade deposits and prepayments are mainly against rent, insurance and IT utilities and are not
Expected Credit Loss 10.2 (51,743) (55,032) considered doubtful. These do not carry any mark up arrangement.
1,237,991 1,569,867
13. SHORT-TERM INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS
2024 2023
10.1 Receivable from a related party Invested Redeemed As at 30
(Rupees in ‘000) As at 1
Name of the Mutual Fund during during the June
July 2023
the year year 2024
National Foods DMCC 679,480 860,160
(Number of units)
These amounts are not past due.
HBL Cash Fund 178,803 26,460 205,263 -
10.1.1 The maximum aggregate amount due from the related party at the end of any month during the year MCB Pakistan Sovereign Fund - 834,533 834,533 -
are as follows: Pakistan Cash Management Fund - 1,004,559 1,004,559 -
Habib Islamic Money Market Fund 2,704,051 46,740 2,750,791 -
National Foods DMCC 1,547,268 1,076,509
Faysal Stock Fund 669,106 - 669,106 -
10.2 The movement in the expected credit loss on trade debts is as follows: Faysal Islamic Cash Fund 2,738,554 2,024,366 4,762,920 -
Note 2024 2023 Faysal Money Market Fund 775 140 - 915
(Rupees in ‘000) Faysal Financial Sector Opportunity Fund - 333,916 333,916 -
ABL Cash fund 29,444,907 628,486 30,073,393 -
Opening expected credit loss 55,032 36,834
(Reversal) / charge for the year - net (3,289) 18,198 Alfalah GHP Stock Fund 422,996 6,840 422,996 6,840
Closing expected credit loss 51,743 55,032 Total 36,159,192 4,906,040 41,057,477 7,755

Notes to
the Unconsolidated
15. ISSUED, SUBSCRIBED AND PAID-UP CAPITAL
2024 2023 2024 2023
Invested Redeemed As at 30 (Number of shares) (Rupees in ‘000)

As at 1
Name of the Mutual Fund during during the June
July 2023
the year year 2024 3,139,975 3,139,975 Ordinary shares of Rs. 5 15,700 15,700
(2023: Rs. 5) each issued for
(Rupees in '000) consideration paid in cash
HBL Cash Fund 18,258 2,699 20,957 - 229,975,450 229,975,450 Ordinary shares of Rs. 5 1,149,876 1,149,876
(2023 Rs. 5) each as fully
MCB Pakistan Sovereign Fund - 50,698 50,698 - paid bonus shares
Pakistan Cash Management Fund - 50,698 50,698 -
233,115,425 233,115,425 1,165,576 1,165,576
Habib Islamic Money Market Fund 273,581 4,729 278,310 -
Faysal Stock Fund* 32,097 - 32,097 -
15.1 As at 30 June 2024, ATC Holdings (Private) Limited (ultimate parent company) held 79,311,413
Faysal Islamic Cash Fund 273,857 202,437 476,294 - (2023: 79,311,413) ordinary shares of the Company.
Faysal Money Market Fund 79 15 - 94
Faysal Financial Sector Opportunity Fund - 35,174 35,174 - 16. LONG TERM FINANCE
ABL Cash fund 301,183 6,445 307,628 - Note 2024 2023
Alfalah GHP Stock Fund* 37,992 859 38,207 644 (Rupees in ‘000)
Total 937,047 353,754 1,290,063 738

Long term finance
Secured long-term finances utilised under mark-up arrangements 16.1 6,189,971 3,183,305
Note 2024 2023 Classified under current liability (48,333) (93,320)
14. CASH AND BANK BALANCES
(Rupees in ‘000) 6,141,638 3,089,985
Cash in hand 3,515 2,350 16.1 This represents original long term finance facilities of Rs. 6,600 million obtained from commercial banks.
These finances carry markup ranging from 3 months Kibor + 0.1% to 3 months Kibor + 0.4%. The loans are
Cash at bank - current accounts secured by way of hypothecation of Company's present and future fixed assets. Loan tenures range from
5 years to 10 years. These loans are fully repayable in quarterly installments of Rs. 15 million, 8.33 million,
- local currency 14.1 2,940,464 1,272
187.5 million and 187.5 million until November 2029.
- foreign currency 1,413,326 1,187,292
4,353,790 1,188,564
17. LEASE LIABILITIES
2024 2023
Cash at bank - profit and loss sharing accounts (Rupees in ‘000)
- local currency 14.2 1,669 411
Opening balance 16,672 32,426
4,358,974 1,191,325 Additions during the year 70,585 -
Interest expense 9,836 3,102
Rentals paid (29,176) (18,856)
14.1 The current accounts are placed with banks under conventional banking arrangements.
67,917 16,672
14.2 These carry markup rates of 20.5% per annum (2023: 19.5% per annum). Current portion (29,262) (8,818)
Balance as at 30 June 38,655 7,854

Notes to
the Unconsolidated
For the year ended 30 June 2024 18.1. Movement in deferred taxation
2024
Recognized in Recognized
Future Present value Balance as at 1 Balance as at
statement of profit in other
Minimum lease Interest of Minimum July 2023 30 June 2024
or loss comprehensive
payments charge lease payments (Note 34) income
(Restated)
(Rupees in ‘000)
(Rupees in ‘000)
Not later than one year 39,102 9,840 29,262 Taxable temporary
differences arising on:
Later than one year but not later than three years 38,698 7,326 31,372
Accelerated tax depreciation 493,723 117,403 - 611,126
Later than three years but not later than five years 7,556 273 7,283
Right-of-use assets 5,062 19,263 - 24,325
85,356 17,439 67,917
498,785 136,666 - 635,451
The future minimum lease payments have been discounted at rates ranging between Deductible temporary differences arising on:
11.22% to 23.14% per annum Provision for stock obsolesce (92,434) (100,033) - (192,467)
Minimum tax under section 113 - (224,647) (224,647)
Allowance for impairment on trade debts (19,800) (380) - (20,180)
18. DEFERRED TAXATION - NET 2024 2023 Lease Liabilities (5,998) (20,490) - (26,488)
(Restated)
Retirement benefit (55,053) (7,063) (1,132) (63,248)
(Rupees in ‘000) Provision for GIDC & other provisions (46,848) (32,036) - (78,884)
Credit / (debit) balance arising in respect of: (220,133) (384,649) (1,132) (605,914)
Accelerated tax depreciation / amortisation 611,126 493,723 278,652 (247,983) (1,132) 29,537
Right-of-use assets 24,325 5,062
635,451 498,785
2023
Recognized in Recognized
Balance as at
Provision for stock obsolescence (192,467) (92,434) Balance as at 1 statement of profit in other
30 June 2023
July 2022 or loss comprehensive
Minimum tax under section 113 (224,647) - (Note 34) income
Allowance for impairment on trade debts (20,180) (19,800) (Restated) (Restated) (Restated)
(Rupees in ‘000)
Lease liabilities (26,488) (5,998)
Taxable temporary
Retirement benefit (63,248) (55,053) differences arising on:
Provisions for GIDC and others (78,884) (46,848)
Accelerated tax depreciation 375,935 117,788 - 493,723
(605,914) (220,133) Right-of-use assets 9,293 (4,231) - 5,062
385,228 113,557 - 498,785
29,537 278,652
Deductible temporary differences arising on:
Provision for stock obsolesce (112,833) 20,399 - (92,434)
Allowance for impairment on trade debts (11,232) (8,568) - (19,800)
Lease Liabilities (9,916) 3,918 - (5,998)
Retirement benefit (41,725) (8,377) (4,951) (55,053)
Provision for GIDC & other provisions (56,115) 9,267 - (46,848)
(231,821) 16,639 (4,951) (220,133)
153,407 130,196 (4,951) 278,652

Notes to
the Unconsolidated
For the year ended 30 June 2024 Pension Plan Pensioners’ Medical Plan
19.6 Remeasurements recognised in other
comprehensive income
Note 2024 2023 2024 2023
19. DEFERRED LIABILITIES - FOR RETIREMENT BENEFITS
2024 2023 (Rupees in ‘000)
(Restated)
Re-measurements: actuarial loss / (gain)
(Rupees in ‘000) on obligation
- (Gain) / loss due to change in financial
Pension Plan 342,483 267,293 assumptions (4,047) 5,762 139 (314)
- Loss / (gain) due to change in experience
Pensioners' Medical Plan (18,131) 15,029
adjustments 50,032 25,527 (35,059) (8,735)
324,352 282,322 Actuarial loss / (gain) on defined benefit
obligation - net 45,985 31,289 (34,920) (9,049)
19.1 The Company currently operates a funded pension scheme and post retirement medical benefit for the Chief
Executive and a Director. In addition, payments are also being made from the pension scheme for the spouses
of the two late Directors. Actuarial valuation of these plans is carried out every year and the latest actuarial Re-measurements: Return on plan assets
valuation was carried out as at 30 June 2024.
Actuarial (gain) / loss (3,861) 2,657 (1,397) 493
19.2 Plan assets held in trust are governed by local regulations which mainly include the Trust Act, 1882, the
Total remeasurement loss / (gain)
Companies Act, 2017, the Income Tax Rules, 2002 and Rules under the Trust Deed of the Plans. Responsibility recognised in other comprehensive income 42,124 33,946 (36,317) (8,556)
for governance of the Plans, including investment decisions and contribution schedules, lies with the Board of
Trustees. The Company appoints the Trustees and all Trustees are employees of the Company.
19.6.1 Net actuarial loss recognized in other comprehensive income for the above two plans is Rs. 5.807 million (2023
19.3 The latest actuarial valuation of the Fund as at 30 June 2024 was carried out using the Projected Unit (restated): Rs. 25.39 million).
Credit Method (for earlier years also same method has been used). Details of the Fund as per the actuarial
19.7 Expense recognised in profit and loss account
valuation are as follows: Pension Plan Pensioners’ Medical Plan
19.4 Balance sheet reconciliation Note 2024 2023 2024 2023

Pension Plan Pensioners’ Medical Plan (Restated) (Restated)
Note 2024 2023 2024 2023 (Rupees in ‘000)
(Rupees in ‘000) Component of defined benefit costs
recognized in profit and loss account
Present value of defined benefit obligations 19.8 706,351 552,106 67,039 87,159 Current service cost 18,868 15,252 2,203 2,117
Fair value of plan assets 19.9 & 19.10 (363,868) (284,813) (85,170) (72,130) Net interest cost
342,483 267,293 (18,131) 15,029 - Interest cost on defined benefit
obligation 90,962 61,128 13,908 11,440
- Interest income on plan assets (47,629) (35,278) (11,643) (8,686)
19.5 Movement in the net liability recognised 43,333 25,850 2,265 2,754
in the balance sheet 62,201 41,102 4,468 4,871
19.8 Movement in the present value of defined
Opening balance 267,293 192,245 15,029 21,727 benefit obligations
Remeasurements recognised in
other comprehensive income 19.6 42,124 33,946 (36,317) (8,556) Obligation as at 1 July 552,106 446,792 87,159 85,664
Charge for the year 19.7 62,201 41,102 4,468 4,871 Current service cost 18,868 15,252 2,203 2,117
Contribution made (29,135) - - - Interest cost 90,962 61,128 13,908 11,440
Payments made to members (beneficiaries) Benefits paid (1,570) (2,355) (1,311) (3,013)
by the Company - - (1,311) (3,013) Actuarial loss / (gain) 19.6 45,985 31,289 (34,920) (9,049)
Closing balance 342,483 267,293 (18,131) 15,029 Obligation as at 30 June 706,351 552,106 67,039 87,159

Notes to
the Unconsolidated
19.12 Cost for the next financial year
As per the actuarial valuation report charge for the next financial year is as follows:
19.9 Movement in the fair value of plan assets
2025
Pension Plan Pensioners’ Medical Plan Pension Pensioners’
Note Plan Medical Plan
2024 2023 2024 2023
(Rupees in ‘000)
(Rupees in ‘000) Service cost 23,377 1,643
Interest cost / (income) - net 51,463 (2,497)
As at 1 July 284,813 254,547 72,130 63,937
Pension cost to be recognized in profit and
Expected return on plan assets 47,629 35,278 11,643 8,686 loss for the next financial year 74,840 (854)
Contribution made 29,135 - - -
Benefits paid (1,570) (2,355) - - 19.13 Sensitivity analysis for actuarial assumptions
Actuarial loss on plan assets 3,861 (2,657) 1,397 (493)
As at 30 June 363,868 284,813 85,170 72,130 The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
2024
19.10 Components of Plan assets Defined benefit obligation -
Change in
assumption Increase / decrease in liability
Cash at bank - current account 94,548 63,663 22,131 16,123
(Rupees in ‘000)
Investment in mutual funds 19.10.1 269,320 221,151 63,039 56,007
363,868 284,814 85,170 72,130 Discount rate at 30 June 1.00% 702,933 855,684
Future salary increases 1.00% 717,151 695,638
Future pension increases 1.00% 771,784 649,235
19.10.1 This represents 6,043,604 units, 254,741 units, 604,939 units, 597,298 units, 625,733 units and 122,847
units invested in ABL Cash Fund, Al Ameen Islamic Cash Plan, UBL Liquidity Plus Fund, UBL Cash Fund, Medical cost increases 1.00% 74,436 60,709
Alfalah GHP Money Market Fund and Alfalah GHP Cash Fund respectively with the fair value of
Rs. 61.88 million, Rs. 25.49 million, Rs. 61.32 million, Rs. 59.82 million, Rs. 61.91 million and Rs. 61.93 million 2023
(Restated)
respectively.
Change in Defined benefit obligation -
assumption Increase / decrease in liability
19.11 Principal actuarial assumptions
(Rupees in ‘000)
2024 2023
Discount rate at 30 June 1.00% 579,687 708,948
Expected rate of increase in salaries 14.75% 16.25%
Expected rate of increase in pension 7.75% 9.25% Future salary increases 1.00% 562,442 541,919
Expected rate of increase in medical benefits 12.75% 14.25% Future pension increases 1.00% 602,461 508,058
Discount factor used 14.75% 16.25% Medical cost increases 1.00% 96,868 78,855
Mortality rate SLIC (2001-05) SLIC (2001-05)
Rates of employee turnover Light Light The sensitivity analysis is based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When
calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same
method (present value of the defined benefit obligation calculated with the projected unit credit method at
the end of the reporting period) has been applied when calculating the pension liability recognised within the
balance sheet.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared
to the previous year.

Notes to
the Unconsolidated
21.2 The Finance Act 2008 introduced amendments to the Workers' Welfare Fund (WWF) Ordinance, 1971
whereby the definition of industrial establishment was extended. The amendments were challenged at
various levels and conflicting judgments were rendered by the Lahore High Court, Sindh High Court and
Peshawar High Court. The Company is of the view that it is not liable to pay this liability. However, the
20. LONG TERM PROVISION management has made provision for WWF for the years from 2015 to 2024 amounting to Rs. 229 million as
a matter of abundant caution.
This represents liability against Gas Infrastructure Development Cess (GIDC) amounting to Rs. 76.01 million
The Honourable Supreme Court of Pakistan vide its judgment dated 10 November 2016, has upheld the view
and are presented at present value of the total liability of Rs. 76.01 million (2023: Rs. 74.91 million) discounted of Lahore High Court and decided that WWF is not a tax and hence the amendments introduced through
in accordance with ICAP technical service guidelines 'Accounting for Gas Infrastructure Development Cess Finance Act 2008 are ultra-vires to the Constitution. The Federal Board of Revenue has filed Civil Review
(GIDC)' dated 19 January 2021. Petitions in respect of above judgment with the prayer that the judgment dated 10 November 2016 passed
in the Civil Appeal may kindly be reviewed in the interest of justice.
Current portion of the liability amounts to Rs. 76.01 million (2023: Rs. 70.29 million). The future value has
The management, as a matter of abundant caution, has decided to maintain the provision of WWF till the
been discounted at 7.1 % per annum. Monthly installments due under a court order amounts to Rs. 1.58 million decision of Supreme Court in respect of Civil Review Petition.
and is due by September 2024. However, the Company has obtained stay order from Honourable Sindh High
Court, against the payment of monthly installments. The case is still pending before Honourable Sindh High
Court for adjudication. 21.3 All investments out of provident fund have been made in accordance with the provisions of Section 218 of
the Companies Act 2017 and the conditions specified thereunder.
21. TRADE AND OTHER PAYABLES 21.4 This relates to amount of consideration expected to be refunded to customers, based on the estimated level
Note 2024 2023 of returns.
(Rupees in ‘000) 21.5 This represents amount payable to the subsidiary Company in respect of purchase of goods and expenses
paid on behalf of the Company.
Trade Creditors 2,531,780 1,726,272
Accrued expenses and liabilities 4,668,923 4,772,224
Workers' Profit Participation Fund 21.1 73,184 145,266
22. CONTRACT LIABILITY Note 2024 2023
Workers' Welfare Fund 21.2 229,064 254,185 (Rupees in ‘000)
Refund liabilities 21.4 21,355 69,694
Tax deducted at source 113,361 72,040 Advances from customers 22.1 264,459 291,002
Lease liability - current portion 17 29,262 8,818
22.1 Revenue recognised during the year that was included in the contract liability balance at the beginning of
Long term Provision - current portion 20 76,014 70,286
the year is Rs. 291 million (2023: Rs. 93.07 million).
Sales tax payable 191,218 24,431
Custom duties payable 72,546 120,283 23. SHORT-TERM BORROWINGS
Other liabilities 23,220 40,881 Note 2024 2023
Secured
Due to a related party 21.5 117,889 159,938 (Rupees in ‘000)
8,147,816 7,464,318 Conventional
Running finance under mark up arrangements 23.1 1,245,302 2,750,486
21.1 Workers' Profit Participation Fund Export re-finance 23.2
950,000 800,000
2024 2023
Islamic
(Rupees in ‘000) Running finance under Musharakah 23.3 884,695 1,355,274
3,079,997 4,905,760
Payable/ (Receivable) as at July 1 145,266 2,187
23.1 The facilities for running finance available from various commercial banks are for the purpose of meeting
Allocation for the year 73,184 145,266
working capital requirements. The effective rates of mark-up on these finances range from 22.03% to
218,450 147,453 22.12% (2023: 21.71% to 21.80%) per annum. The facilities are valid upto 30 September, 2024 and are
generally renewable.
Amount paid during the year (145,266) (2,187) 23.2 The Company has short term running finance facility under Export Refinance Scheme of the State Bank of
Payable as at June 30 73,184 145,266 Pakistan from commercial banks. The effective rate of mark-up on this facility is 18% (2023: 17%) per
annum. The facilities offer are valid upto 20 October, 2024 and are generally renewable.

Notes to
the Unconsolidated
25. SALES - NET
Note 2024 2023
23.3 The Company has obtained facilities for short-term finance under Running Musharakah. The effective rate (Rupees in ‘000)
of profit is 22.07% (2023: 21.75%) per annum. This facility matures within twelve months and is renewable. Local sales 50,506,049 40,107,177
The facilities offer are valid upto 31 January, 2025 and are generally renewable. Export sales 25.1 3,178,402 2,440,329
Gross sales 53,684,451 42,547,506
Less: Sales tax (7,050,898) (5,369,458)
23.4 The facilities available from various banks amount to Rs. 9.1 billion (2023: Rs. 6.14 billion). The arrangements
46,633,553 37,178,048
are secured by way of pari-passu charge against hypothecation of Company's current and future movable Less:
assets having aggregate charge amounting to Rs. 12.19 billion. - Discount, rebates and allowances (8,426,188) (6,846,810)
- Sales return (830,120) (728,362)
(9,256,308) (7,575,172)
23.5 As at 30 June 2024, the unavailed facilities from the above borrowings amounted to Rs. 6.09 billion
(2023: Rs. 1.2 billion). 37,377,245 29,602,876
24. CONTINGENCIES AND COMMITMENTS

25.1 Exports sales includes sales made to National Foods DMCC - a wholly owned subsidiary of the Company.
24.1 There are cases against the Company which are outstanding as at 30 June 2024. The management is 25.2 Net local sales, net of sales return is Rs. 42.63 billion (2023: Rs. 34.01 billion).
confident that the decision will be in favor of the Company.
25.3 DISAGGREGATION OF REVENUE
24.2 The facilities for opening letters of credit amount to Rs. 4.2 billion (2023: Rs. 4.2 billion) and for letters of
guarantee amount to Rs. 1,095 million (2023: Rs. 1,071 million) as at 30 June 2024 of which the amount 25.3.1 These financial statements has been prepared on a single reporting segment.
remaining unutilized at period end were Rs 3.6 billion (2023: Rs. 3.5 billion) and 926 million (2023: Rs. 620
25.3.2 The Company has disaggregated revenue recognised from contracts with customers into categories that
million) respectively. The guarantees have mainly been given to utility companies, Collector of Customs and
depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by
an oil marketing Company, etc. economic factors.
24.3 Aggregate commitments for capital expenditure as at 30 June 2024 amount to Rs. 369 million (2023:
In the following table, revenue is disaggregated by primary geographical markets and major product lines:
Rs. 2.4 billion).
24.4 Aggregate commitments in respect of ujrah payments for ijarah financing of motor vehicles from a
Note 2024 2023
Modaraba bearing markup rate at three months KIBOR + 0.90% (2023: three months KIBOR + 0.90%) and
(Rupees in ‘000)
from a commercial bank bearing markup rate at three months KIBOR + 1.25% (2023: three months
Primary geographical markets:
KIBOR + 1.25%) per annum for rentals payable monthly as at 30 June 2024 amount to: Local 50,506,049 40,107,177
United Arab Emirates 2,906,954 2,258,517
Afghanistan 271,448 181,812
Note 2024 2023
53,684,451 42,547,506
(Rupees in ‘000) Major Product Lines:
Not later than one year 417,451 371,529 Condiments 24,795,041 20,336,520
Later than one year but not later than five years Culinary 28,889,410 22,210,986
768,719 791,298
53,684,451 42,547,506
1,186,170 1,162,827
25.3.3 The Company's customer base is diverse with no single customer accounting for more than 10% of net
Total sanctioned facilities amount to Rs. 1.9 billion, out of which Rs. 1.2 billion has been utilized by the
sales. Sales to domestic customers in Pakistan are 94.08% (2023: 94.26%) and to customers outside
company as of the year end.
Pakistan are 5.92% (2023: 5.74%) of the revenue.

Notes to
the Unconsolidated
27. SELLING AND DISTRIBUTION COSTS
Note 2024 2023
(Rupees in ‘000)
26. COST OF SALES
Salaries, wages and other benefits 1,806,586 1,547,718
Note 2024 2023 Advertising and sales promotion 2,089,494 1,881,205
(Rupees in ‘000) Outward freight and handling charges 1,433,355 1,351,785
Contribution to the provident fund 49,371 42,133
Raw material consumed 13,461,656 11,775,863 Depreciation 6.3 18,935 28,196
Packing material consumed 5,651,499 4,955,873 Depreciation - Right of use asset 6.8.1 4,793 2,357
Ujrah payments 231,721 186,578
Stores and spares consumed 487,169 201,711
Fuel and power 8,193 7,853
Impairment loss / (reversal) against inventory 236,635 (112,052) Forwarding charges 30,629 27,363
Salaries, wages and other benefits 2,384,286 1,694,519 Insurance 41,505 26,683
Contribution to the provident fund 31,836 28,994 Printing and stationery 4,783 6,155
Rent, rates and taxes 272,322 214,030
Depreciation 6.3 692,879 531,443
Travelling 249,675 240,350
Depreciation - Right of use asset 6.8.1 12,615 8,390 Repairs and maintenance 62,375 45,558
Amortisation 7.2 1,220 665 Postage and communications 11,688 10,414
Others 27.1 94,325 23,718
6,409,750 5,642,096
Insurance 33,298 21,515 27.1 This includes expenses in relation to the business review meetings amounting to Rs. 13 million.
Laboratory, research and development 29,909 23,739
Postage and communications 8,909 5,805 28. ADMINISTRATIVE EXPENSES
Printing and stationery 16,033 15,620
Note 2024 2023
(Rupees in ‘000)
Travelling 368,912 217,152
Salaries, wages and other benefits 1,178,123 914,404
Repairs and maintenance 307,571 252,976
Security & janitorial charges 185,193 166,885 Depreciation 6.3 75,767 116,577
Inventory destruction charges 12,334 12,609 Depreciation - Right of use asset 6.8.1 4,875 5,571
Others 96,707 68,684 Amortisation 7.2 38,332 17,649
26.1
25,494,548 21,038,604
Insurance 9,088 11,497
Opening work in process 2,474,424 1,617,287 Legal and professional charges 95,591 101,705
Closing work in process (3,012,839) (2,474,424) Postage and communications 42,160 16,305
Cost of goods manufactured 24,956,133 20,181,467
Travelling 110,550 85,930
Opening stock of finished goods 2,146,990 1,326,045 Repairs and maintenance 620,406 411,904
Security & janitorial charges 29,880 20,073
Closing stock of finished goods (1,561,826) (2,146,990)
Others 28.1 127,099 42,442
25,541,297 19,360,522 2,570,002 1,910,177
28.1 This includes expenses in relation to inaugration of plant and training of employees amounting to Rs. 40 &
26.1 This includes service charges amounting to Rs. 34 million. 32 million respectively.

Notes to
the Unconsolidated
30. OTHER INCOME
2024 2023
(Rupees in ‘000)
29. OTHER EXPENSES
Income from financial instruments
Note 2024 2023
Exchange gain - net - 573,414
(Rupees in ‘000)
Return on profit and loss sharing bank account and
Workers' Profits Participation Fund 73,184 145,266 term deposits - conventional 65,711 336
Workers' Welfare Fund 3,114 58,106 Realized gain on short term investments at fair value
Auditors' remuneration 29.1 6,837 5,839 through profit or loss (FVTPL) 9,035 11,644
Exchange loss - net 45,305 - Liability written back 43,474 -
Provision on property, plant and equipment 71,000 -
Income from short term investments at FVTPL
Impairment of long term Investments 8.1 - 14,216 - dividend income 23,188 193,283
Unrealized loss short term investments at fair value
141,408 778,677
through profit or loss 198 4,710
Donations 29.2 24,031 49,839 Income from non-financial instruments
223,669 277,976 Profit on disposal of property, plant and equipment 57,644 13,297
Export rebate 8,910 3,370
29.1 Auditors' remunerationa
Rental income 3,638 3,610
Note 2024 2023
Amortisation of government grant - 2,037
(Rupees in ‘000)
Scrap sales 96,196 83,481
Audit fee 3,475 2,908 Others 11,499 -
Limited review, special reports and other certifications 2,162 2,510 177,887 105,795
Out of pocket expenses 1,200 421
6,837 5,839
319,295 884,472
29.2 Donations to following Organizations and Trusts exceed 10% of the Company's total amount of donation 31. FINANCE COSTS
or Rs. 1 million, whichever is higher:
2024 2023
2024 2023 (Rupees in ‘000)
(Rupees in ‘000) Mark-up on:
- Short-term running finances 277,437 253,240
The Indus Hospital 2,200 16,033
- Export refinance facility 138,118 77,926
Hisaar Foundation - 9,941
- Short-term borrowing - running musharakah 358,364 189,068
Karachi Relief Trust - 9,934
- Long-term loans 744,806 61,768
Allah Walay Trust 4,000 2,000 - Interest on lease liabilities 9,836 3,102
The Citizens Foundation 11,000 2,000 Bank charges 39,171 36,287
Childlife Foundation 1,000 1,500 1,567,732 621,391
Go Read.pk 2,000 1,500
32. FINAL TAXES
Donations did not include any amount paid to any person or organization or institution in which a director This represents Final Taxes payable under sections 150 and 154 of Income Tax Ordinance, 2001 (final tax
or his/her spouse had any interest. regimes).
33. MINIMUM TAX

This represents protion of minimum tax payable under section 113 of Income Tax Ordinance, 2001.

Notes to
the Unconsolidated
34.4 Relationship between income tax expense and
accounting profit
2024 2023
(Restated)
34. INCOME TAX
Note 2024 2023 (Rupees in ‘000)
(Restated)
Profit before taxation 1,387,379 2,656,988
(Rupees in ‘000)
Current 326,275 638,935 Tax at applicable rate of 39% (2023: 39%) 541,078 1,036,225
Deferred 18.1 (247,983) 130,196 Prior year tax effect (219,390) (317,000)
Prior year (219,390) (317,000) Tax effect of permanent differences (51,006) 37,176
(141,098) 452,131 Tax effect of final tax regime (56,821) (227,747)
Income subject to lower rate (90,967) (27,060)
Others (4,083) 3,933
118,811 505,527
34.1 The aggregate of final taxes, minimum tax differential and current tax, amounting to Rs. 586.18 million
(2023: Rs. 692.33 million) represents tax liablity of the Company calculated under the relevant provisions of
Income Tax Ordinance, 2001. 35. EARNINGS PER SHARE - BASIC AND DILUTED
2024 2023
35.1 Basic (Restated)
Reconcilation of Current Tax Charge charged as per tax laws
for the year, with currrent tax recognised in the profit and loss (Rupees in ‘000)
account, is as follows:
Profit after taxation attributable to ordinary
2024 2023 shareholders 1,268,568 2,151,461
(Rupees in ‘000)
Current tax liability for the year as per applicable tax laws 586,184 692,331 (Number)
Portion of current tax liability as per tax laws, representing
Weighted average number of ordinary shares
income tax under IAS 12 (326,275) (638,935)
outstanding during the year 233,115,425 233,115,425
Portion of current tax computed as per tax laws,
representing levy (refer notes 32 & 33) (259,909) (53,396) (Restated)
Difference - - (Rupees)
Earnings per share 5.44 9.23
35.2 A diluted earnings per share has not been presented as the Company did not have any convertible
34.2 Income Tax assessment for various tax and accounting years 2004, 2005, 2008, 2011, 2012 and 2014 to instruments in issue as at balance sheet date which would have any effect on the earnings per share if the
2021, taken as deemed assessments under section 120 of the Income Tax Ordinance, 2001 were option to convert is exercised.
subsequently amended under section 122(5A) of the Income Tax Ordinance, 2001 in which the Tax
authorities has raised several demands. The Company has filed appeals before various appellate forums and
has maintained an adequate provision for any potential future liability.
34.3 The Company has filed its income tax return up to the tax year 2023. Tax returns filed by the Company are
deemed to be assessed under Section 120 of the Income Tax Ordinance, 2001 unless selected for an
amendment / audit by the taxation authorities. Tax return may be selected for detailed audit within six years
from the end of tax year to which it relates and the Income Tax Commissioner may amend the assessment.

Notes to
the Unconsolidated
38. REMUNERATION TO CHIEF EXECUTIVE OFFICER, DIRECTORS AND EXECUTIVES
38.1 The aggregate amounts charged in these financial statements in respect of remuneration including all
36. CASH GENERATED FROM OPERATIONS Note 2024 2023 benefits to chief executive, directors and executives of the Company are as follows:
(Restated)
(Rupees in ‘000) Chief Executive Officer Directors Executives
2024 2023 2024 2023 2024 2023
Profit before taxation 1,387,379 2,656,988
(Rupees in ‘000)
Adjustments for non-cash charges and other items

Managerial remuneration
Depreciation 787,581 676,216
and allowances 71,120 45,745 - - 907,286 625,600
Amortisation 39,552 18,314
Depreciation - Right of use asset 22,283 16,318 Utilities 5,770 4,574 - - 73,601 56,331
Gain on disposal of property, plant and equipment (57,644) (13,297) Bonus / variable pay 43,499 53,109 - - 247,397 256,226
Amortisation of government grant - (2,037) Housing 25,967 20,585 - - 331,206 253,489
Provision/ (reversal) for slow moving stock 236,594 (112,053) Retirement benefits 5,770 4,574 - - 68,545 53,331
Impairment loss on long term investment - 14,216 Meeting fee - - 5,100 5,160 - -
(Reversal)/ impairment loss on trade debts (3,289) 18,198 Fuel allowance - - - - 174,700 117,760
Gain on remeasurement of investment at fair value
Medical allowance - - - - 74,352 58,249
through profit or loss (9,035) (11,644)
Interest expense - Lease liability 9,836 3,102 Travelling - - - - 7,580 13,548
Finance costs 1,557,896 618,289 Relocation allowance - - - - 34,937 21,811

Retirement benefits expense 65,357 42,960 Car maintenance allowance - - - - 35,747 26,728
2,649,131 1,268,582 Other expenses 4,292 3,352 - - 183,445 109,337
Profit before working capital changes 4,036,510 3,925,570 156,418 131,939 5,100 5,160 2,138,796 1,592,410
Working capital changes Number of persons 1 1 6 6 248 184

(Increase) / decrease in current assets
Stores, spare parts and loose tools (55,229) (92,916)
Stock in trade 1,007,834 (3,028,305)
38.2 The Chief Executive, two non-executive directors and certain executives of the Company are also
Trade debts 335,165 360,540
provided with Company maintained cars, residence and mobile telephones.
Advances 722,966 (475,148)
Trade deposits and prepayments 20,983 (54,950)
Other receivables 83,550 (83,550) 39. RELATED PARTY DISCLOSURES
2,115,269 (3,374,329)
Increase / (decrease) in current liabilities Related parties comprise the Holding Company, subsidiaries (direct and indirect), key management
Trade and other payables 658,428 1,717,863 personnel, staff retirement funds, directors, major shareholders and key management personnel.
Contract liability (26,543) 197,926
631,885 1,915,788 Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the Company. The Company considers its Chief Executive Officer, Chief
6,783,664 2,467,030 Financial Officer, Company Secretary, Non-Executive Directors and Departmental Heads to be its key
management personnel. Transactions with key management personnel are in accordance with their terms
37. CASH AND CASH EQUIVALENTS
Note 2024 2023 of employment / entitlement. Contribution charged for retirement benefit plan are in accordance with the
terms of the service rules / trust deed and actuarial valuation as relevant. Other transactions are in
(Rupees in ‘000) accordance with the agreed terms.
Cash and bank balances 4,358,974 1,191,325
Running finance 23.1 & 23.3 (2,129,997) (4,105,760)
2,228,977 (2,914,435)

Notes to
the Unconsolidated
39.3 Outstanding balances of related parties as at year end have been included in trade debts, other receivables,
trade and other payables and deferred assets. These are settled in ordinary course of business.
39.1 Balance outstanding with related parties 39.4 The following are the related parties with whom the Company had entered into transaction during the year:
2024 2023
Name of the Related Party Basis of association Aggregate %
(Rupees in ‘000) of Shareholding
Receivable from the parent company 5,160 5,188

Payable to the parent company 7,607 2,518 ATC Holdings (Private) Limited Holding Company* 34.02%
Receivable from the subsidiary company 679,480 860,160 Subsidiary Company
National Foods Dubai Multi Commodities Centre (holding by the company) 100%
Payable to the subsidiary company 117,889 159,938
Payable to associated companies - net 55,250 63,107 Associate due to common directorship
Cherat Packaging Limited (no holding in the company) 0%
Associate due to common directorship
39.2 Transaction with related parties other than those disclosed else where in the notes are disclosed below: Pakistan Cables Limited (no holding in the company) 0%
Relationship with 2024 2023 Associated Environment and Energy
Nature of transaction (no holding in the company) 0%
(Restated)
the Company Associate due to common directorship
(Rupees in ‘000) The Pakistan Business Council (no holding in the company) 0%
Holding Company Rental income 3,638 3,610 Employers' Federation of Pakistan (no holding in the company) 0%
Rental expense 5,014 5,432 Associate due to common directorship
Reimbursement of expenses from parent 11,465 13,184 Pakistan Society for Training & Development (no holding in the company) 0%
Reimbursement of expenses to parent 2,239 - Associate due to common directorship
Mungwao Private Limited (no holding in the company) 0%
Dividend paid 317,246 394,934
*It is the ultimate parent company.

Subsidiary Company Sale of goods 2,906,954 2,258,517
Purchase of goods 1,574,676 -
40. PLANT CAPACITY AND PRODUCTION
2024 2023
Associates Purchases 215,865 352,869
Annual subscription 2,500 2,546 (Metric tons)
Actual production of plants 84,046 101,083

Directors and their family members Dividend paid 366,857 454,156
The capacity and production of the Company's plants are indeterminable as these are multi-product and
Staff retirement funds Expense charged for defined involve varying processes of manufacture.
contribution plan 111,034 95,301
Payments to defined contribution plan 111,034 100,264
Charge during the period to the defined 41. NUMBER OF EMPLOYEES
benefit plan 66,669 45,973 2024 2023
Contribution made during the period to
(Number)
the defined benefit plan 73,293 -
The details of number of employees are as follows:
Key management personnel compensation:
Salaries and other short-term employee benefits 905,121 818,133
Total employees of the Company at the year end 825 808
Average employees of the Company during the year 817 829
Reimbursement of expenses 45,451 24,688
Director's meeting fee 5,100 5,160
Contribution to the Provident Fund 30,069 27,074

Notes to
the Unconsolidated
Gross Net
Expected
carrying carrying
credit loss
amount amount
42. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES (Rupees in ‘000)

30 June 2023
The Board of Directors of the Company has overall responsibility for the establishment and oversight of the Current (not past due) 1,211,304 2,874 1,208,430
Company's risk management framework. The Company's activities expose it to variety of financial risks
1–30 days past due 118,883 727 118,156
namely credit risk, liquidity risk and market risk (including foreign exchange risk and interest rate risk). The
Company's overall risk management programme focuses on having cost effective funding as well as 31–60 days past due 116,298 6,832 109,466
managing financial risk to minimise earnings volatility and provide maximum return to shareholders. 61-180 days past due 163,103 32,139 130,964
181-360 days past due 5,151 2,300 2,851
42.1.1 Credit risk
More than 360 days past due 10,160 10,160 -
Credit risk represents the financial loss that would be recognised at the reporting date if counterparties 1,624,899 55,032 1,569,867
failed to perform as contracted. The financial assets exposed to the credit risk amount to Rs. 5.65 billion
(2023: Rs. 3.76 billion) appropriately.
The Company's maximum exposure to credit risk as at the reporting date is as follows: Based on the past experience, consideration of financial position, past track records and recoveries, the
Company believes that the expected credit loss on trade debts past have been adequately accounted for in
2024 2023 these financial statements.
(Rupees in ‘000)
The bank balances and investments in mutual funds represent low credit risk as balances are placed at banks
Financial assets: and funds having credit ratings of A1+ & A+ as assigned by PACRA or JCR-VIS.
Deposits 53,648 60,829
Trade debts 1,237,991 1,569,867 Other financial assets are neither material to the financial statements nor exposed to any significant credit
Short-term investments - at fair value through profit or loss 738 937,047 risk. The management does not expect any losses from non-performance by these counterparties.
Bank balances 4,355,459 1,188,975
5,647,836 3,756,718 Concentration of credit risk
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the
The following table provides information about the exposure to credit risk on trade debts from customers same geographical region, or have economic features that would cause their ability to meet contractual obligations
as at June 30, 2024: to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative
sensitivity of the Company’s performance to developments affecting a particular industry. In order to avoid
Gross Expected Net excessive concentrations of risk, management focuses on the maintenance of a diversified portfolio. Identified
carrying credit carrying
amount loss amount
concentrations of credit risks are controlled and managed accordingly. Management does not consider that it has
any concentration of credit risk at reporting date. Following are the details:
(Rupees in ‘000)
30 June 2024 2024 2023

Current (not past due) 1,056,384 7,507 1,048,877 (Rupees in ‘000)
1–30 days past due 172,705 9,951 162,754
Trade debts
31–60 days past due 24,970 3,292 21,678 - Distributors 33,612 167,505
61-180 days past due 25,473 20,791 4,682 - Departmental stores 524,899 542,202
- Related party 679,480 860,160
181-360 days past due 617 617 -
Banks 4,355,459 1,188,975
More than 360 days past due 9,585 9,585 - Mutual funds 738 937,047
1,289,734 51,743 1,237,991 Utilities - deposits 53,648 60,829
5,647,836 3,756,718

Notes to
the Unconsolidated
42.1.3 Market risks
Foreign exchange risk

42.1.2 Liquidity risk
Foreign exchange risk arises mainly where trade receivables and trade payables exist in foreign currency and
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with from bank balances. As at 30 June 2024 net financial assets of Rs. 2.04 billion (2023: Rs. 2.01 billion) were
its financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk reflects the denominated in foreign currency which were exposed to foreign currency risk.
Company's inability in raising funds to meet commitments. The Company manages liquidity risk by
maintaining sufficient cash and bank balances and the availability of financing through banking As at 30 June 2024 if the Pak Rupee had strengthened/weaken by 5% against US Dollar with all other
arrangements. Management monitors rolling forecasts of the Company’s liquidity reserve which comprises of variables held constant, profit before tax for the year would have been lower / higher by Rs. 102.17 million
undrawn borrowing facility and cash and cash equivalents on the basis of expected cash flows. (2023: Rs. 102.37 million).
2024 The sensitivity of foreign exchange rate looks at the outstanding foreign exchange balances of the Company
only as at the balance sheet date.
Contractual Cashflows
Total Details of balances due/payable as at the year end were as follows:
Carrying Within one More than
Contractual
amount year one year
Cash flows 2024
(Rupees in ‘000) Rupees in AED in CNY in Euro in GBP in SAR in USD in AUD in
('000) ('000) ('000) ('000) ('000) ('000) ('000) ('000)
Non-derivative
Trade debts 679,480 - - - - - 2,441.18 -
Financial Liabilities
Bank balance 1,413,326 - - - - - 5,077.67 -
Long-term borrowings 6,189,971 10,483,946 1,309,461 9,174,485
Trade liabilities (51,969) - - (4.26) (3.78) - (177) -
Trade and other payables 7,341,812 7,341,812 7,341,812 - 2,040,837 - - (4.26) (3.78) - 7,341.48 -
Lease liabilities 67,917 85,365 39,102 46,254
Short-term borrowings - principal amount 3,079,997 3,079,997 3,079,997 - 2023
Rupees in AED in CNY in Euro in GBP in SAR in USD in AUD in
Mark-up accrued on bank borrowings 937,824 937,824 937,824 - ('000) ('000) ('000) ('000) ('000) ('000) ('000) ('000)
Unclaimed dividend 22,906 22,906 22,906 - Trade debts 860,160 - - - - - 3,007.66 -
17,640,427 21,951,841 12,731,102 9,220,739 Bank balance 1,187,292 - - - - - 4,151.52 -
Trade liabilities (35,648) (4.00) (90.17) (29.72) (0.35) (0.22) (61.61) (23.61)
2,011,804 (4.00) (90.17) (29.72) (0.35) (0.22) 7,097.56 (23.61)
2023
The following significant exchange rates were applied during the year:
Total 2024
Carrying Within one More than
Contractual
amount year one year Average rate Reporting date rate
Cash flows
(Rupees in ‘000) Rupees / USD 283.25 278.34

Non-derivative 2023
Financial Liabilities
Average rate Reporting date rate
Long-term borrowings 3,183,305 5,860,324 794,481 5,065,843
Rupees / USD 248.00 285.99
Trade and other payables 6,699,315 6,699,315 6,699,315 -
Lease liabilities 16,672 18,195 10,098 8,097 Interest rate risk
Short-term borrowings - principal amount 4,905,760 4,905,760 4,905,760 - At 30 June 2024 the Company had variable interest bearing financial liabilities of Rs. 9.27 billion (2023: Rs.
Mark-up accrued on bank borrowings 459,706 459,706 459,706 - 8.09 billion) and interest being financial assets of Rs. 1.7 million (2023: 0.491 million). Had the interest rates
Unclaimed dividend 20,639 20,639 20,639 - varied by 100 basis points (2023: 100 basis points) with all the other variables held constant, profit before
tax for the year would have been lower / higher by approximatety Rs. 92.7 million (2023: Rs. 80.89 million),
15,285,397 17,963,939 12,889,999 5,073,940
mainly as a result of higher / lower interest expense on floating rate borrowings.

Notes to
the Unconsolidated
43. RECONCILIATION OF MOVEMENTS OF LIABILITIES TO CASH FLOWS ARISING FROM
FINANCING ACTIVITIES
2024
Details of the financial instruments, exposed to interest rate risk, based on the earlier of re-pricing or Short term Other short Long term
borrowings term borrowings borrowings
contractual maturity dates are as follows: used for cash including related (including
Lease Retained
Total
liability earnings
management accrued markup related accrued
purpose markup)
Exposure to Interest / Mark up rate risk (Rupees in ‘000)
Upto 1 Upto 3 Balance as at 1 July 2023 4,105,760 800,000 3,183,305 16,672 6,096,863 14,202,600
Month Months Total
(Rupees in ‘000) Changes from financing cash flows

Proceeds from long term loan - - 3,006,666 - - 3,006,666
Financial assets Lease rental paid - - - (29,176) - (29,176)
Proceeds from short term borrowings - 150,000 - - - 150,000
Bank balances 1,669 - 1,669 Dividend paid - - - - (930,194) (930,194)
30 June 2024 1,669 - 1,669 Total changes from financing activities - 150,000 3,006,666 (29,176) (930,194) 2,197,296
Other changes - interest cost

30 June 2023 411 - 411
Interest expense 277,437 138,118 744,806 9,836 - 1,170,197
Interest paid (277,437) (138,118) (744,806) - - (1,160,361)
Financial liabilities Additions in lease liabilities - - - 70,585 - 70,585
Changes in running finance (1,975,763) - - (1,975,763)
Long term finance - 6,189,971 6,189,971
Total loan related other changes (1,975,763) - - 80,421 - (1,895,342)
Short term borrowings 3,079,997 - 3,079,997
30 June 2024 3,079,997 6,189,971 9,269,968 Total equity related other changes - - - - 1,261,626 1,261,626
Balance as at 30 June 2024 2,129,997 950,000 6,189,971 67,917 6,428,295 15,766,180

30 June 2023 4,905,760 3,183,305 8,089,065
Details of interest / markup rates are disclosed in the respective notes. 43.1 Capital risk management
The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going
concern in order to provide returns for shareholders and benefit for other stakeholders and to maintain an
optimal capital structure to reduce the cost of capital. During the year, the Company's strategy was to maintain
leveraged gearing. The gearing ratio as at 30 June 2024 was as follows:
2024 2023
(Restated)
(Rupees in ‘000)
Total borrowings 10,207,792 8,548,771

Cash and bank balances (4,358,974) (1,191,325)
Net debt 5,848,818 7,357,446
Total equity 7,593,871 7,262,439
Total capital 13,442,689 14,619,885
Gearing ratio 44% 50%
The Company finances its operations through equity, borrowings and management of working capital with a
view to maintain an appropriate mix between various sources of finance to minimise risk. The Company is not
exposed to externally imposed capital requirement.

Notes to
the Unconsolidated
2024
Carrying amount Fair value
Financial Financial
43.2 Fair values of financial assets and liabilities Assets at Fair Value Liabilities at Level 1 Level 2 Level 3
Amortised amortised
cost cost
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly (Rupees in ‘000)
transaction between market participants at the measurement date.
Financial assets not measured
at fair value - note 43.2.1
Underlying the definition of fair value is the presumption that the Company is a going concern without any
Trade debts 1,237,991 - - - - -
intention or requirement to curtail materially the scale of its operations or to undertake a transaction on
Bank balances 4,355,459 - - - - -
adverse terms.
Deposits 53,648 - - - - -
Cash in hand 3,515 - - - - -
The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on
Financial assets measured
the quoted market prices at the close of trading on the period end date. The quoted market prices used for
at fair value
financial assets held by the Company is current bid price.
Short-term investments at FVTPL - 738 - - 738 -
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly
Financial liabilities not measured
available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those
prices represent actual and regularly occurring market transactions on an arm’s length basis.
Long-term borrowings 6,189,971

IFRS 13, 'Fair Value Measurements' requires the Company to classify fair value measurements using a fair
- - - - -
value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value
Trade and other payables - - 7,341,812 - - -
hierarchy has the following levels:
Short-term borrowings 3,079,997
- - - - -
- Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
at the 'measurement date (level 1). Lease liabilities - - 67,917 - - -
Mark-up accrued on bank
- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either borrowings - - 937,824 - -
-
directly or indirectly (level 2).
Unclaimed dividend - - 22,906 - - -
- Unobservable inputs for the asset or liability (level 3). 5,650,613 738 17,640,427 - 738 -
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy:

Notes to
the Unconsolidated
43.2.1 The Company has not disclosed the fair values of the above financial assets and financial liabilities, as these
are either short term in nature or repriced, periodically. Therefore, carrying amounts of financial instruments
carried at amortised cost are reasonable approximation of their fair values.
2023
Carrying amount Fair value 44. EVENTS OCCURRING AFTER BALANCE SHEET DATE
Financial Financial
Assets at Fair Value Liabilities at Level 1 Level 2 Level 3 The Board of Directors of the Company in their meeting held on 5 September 2024 has proposed a final
Amortised amortised dividend of Rs. 5 per share (2023: Rs. 2.5 per share) amounting to Rs. 1,165.58 million (2023: 582.79 million) for
cost cost
(Rupees in ‘000) the year ended 30 June 2024. The approval of the shareholders of the Company for the dividend shall be
obtained at the upcoming Annual General Meeting for the year ended 30 June 2024. The financial statements
Financial assets not measured for the year ended 30 June 2024, do not include the effect of the proposed final cash dividend which will be
at fair value - note 43.2.1 accounted for in the year ending 30 June 2025.
Trade debts 1,569,867 - - - - -
Bank balances 1,188,975 - - - - - 45. DATE OF AUTHORISATION
Deposits 60,829 - - - - -
Cash in hand 2,350 - - - - - These financial statements were authorised for issue by the Board of Directors of the Company on 5
Financial assets measured September, 2024.
at fair value
Short-term investments at FVTPL - 937,047 - - 937,047 -

Long-term borrowings - - 3,183,305 - - -
Trade and other payables - - 6,699,315 - - -

Short-term borrowings - - 4,905,760
- - -
Lease liabilities - - 16,672 - - -
Mark-up accrued on bank
borrowings - - 459,706 - - -
Unclaimed dividend - - 20,639 - - - Chief Executive Officer Chief Financial Officer Director
2,822,021 937,047 15,285,397 - 937,047 -

Consolidated Financial
Statements 2024
205 | Consolidated Financial Statements Annual Report 2024 | 206

Report on the Audit of the Consolidated Financial Statements
Following is the Key audit matter:
Key audit matter How the matter was addressed in our audit
Opinion
Valuation of stock-in-trade Our audit procedures to assess the valuation of
We have audited the annexed consolidated financial statements of National Foods Limited and its subsidiaries (the
stock-in-trade, amongst others, included the following:
Group), which comprise the consolidated statement of financial position as at 30 June 2024, and the consolidated
Refer notes 4.11 and 9 to the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity, the
financial statements for the accounting • obtained an understanding of and assessed
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements,
policy and particulars of stock-in-trade. the design and tested the implementation of
including material accounting policy information and other explanatory information.
management's controls over determination
Stock-in-trade represents 30.5% of the of net realisable value;
In our opinion, consolidated financial statements give a true and fair view of the consolidated financial position of the
Group's total assets at year-end.
Group as at 30 June 2024, and of its consolidated financial performance and its consolidated cash flows for the year
Stock-in-trade comprise of raw materials, • assessed the reasonableness of the Group's
then ended in accordance with the accounting and reporting standards as applicable in Pakistan.
packing materials, work in process and method for determination of net realisable value;
finished goods which are stated at lower of
Basis for Opinion cost and estimated net realisable value. • checked, on a sample basis, reasonableness
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our of the management's determination of the
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the We have identified the valuation of write-down of inventory to its net realisable
Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the stock-in-trade as a key audit matter as it value, including estimates for selling price,
International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants as adopted by represents a significant proportion of the costs necessary to make the sale, cost of
the Institute of Chartered Accountants of Pakistan (the Code), and we have fulfilled our other ethical responsibilities Group's total assets and determination of completion and provision for obsolescence,
in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to an appropriate write-down to net realisable along with the basis of calculations, to
provide a basis for our opinion. value involves considerable management ensure consistency of the application of the
judgment and estimation which are Group's accounting policy and mathematical
Key Audit Matters subjective in nature. accuracy of the underlying calculations; and
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
• ensured the appropriateness of the disclosure
consolidated financial statements of the current period. These matters were addressed in the context of our audit of
as presented in note 9 to the consolidated
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
financial statements in accordance with the
separate opinion on these matters.
requirements of the accounting and reporting
standards as applicable in Pakistan.
• component auditor has performed audit

procedures on valuation of stock-in-trade in
accordance with the instructions issued by
us and reported the results thereof to us. We,
as auditors of the Group, also evaluated the
work performed by the component auditor
by reviewing their working files.

Report on the Audit of the Consolidated Financial Statements
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Information Other than the Consolidated and Unconsolidated Financial Statements - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
and Auditor’s Reports Thereon appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control.
Management is responsible for the other information. The other information comprises the information included in
the annual report for the year ended 30 June 2024, but does not include the consolidated and unconsolidated - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
financial statements and our auditor’s reports thereon. related disclosures made by management.
Our opinion on the consolidated financial statements does not cover the other information and we do not express - Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
any form of assurance conclusion thereon. the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
In connection with our audit of the consolidated financial statements, our responsibility is to read the other exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard. - Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Responsibilities of Management and Board of Directors for the Consolidated
Financial Statements - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible for
Management is responsible for the preparation and fair presentation of the consolidated financial statements in the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of
Companies Act, 2017(XIX of 2017) and for such internal control as management determines is necessary to We communicate with the board of directors regarding, among other matters, the planned scope and timing of the audit
enable the preparation of consolidated financial statements that are free from material misstatement, whether and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
due to fraud or error.
We also provide the board of directors with a statement that we have complied with relevant ethical requirements
In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to regarding independence, and to communicate with them all relationships and other matters that may reasonably be
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern thought to bear on our independence, and where applicable, related safeguards.
basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no
realistic alternative but to do so. From the matters communicated with the board of directors, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit
The Board of directors is responsible for overseeing the Group’s financial reporting process. matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements benefits of such communication.
Our objective are to obtain reasonable assurance about whether the consolidated financial statements as a whole The engagement partner on the audit resulting in this independent auditor’s report is Amyn Pirani.
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs as applicable in Pakistan will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
Date: 28 September 2024 KPMG Taseer Hadi & Co.
Karachi Chartered Accountants
- Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is UDIN: AR202410201C0RqhpjeN

Consolidated Statement of Consolidated Statement of
Financial Position Profit or Loss and Other Comprehensive Income
As at 30 June 2024 For the year ended 30 June 2024
30 June 30 June 1 July
2024 2023 2022 2024 2023
Note (Restated) (Restated) Note (Restated)
ASSETS
Non - current assets Sales - net 25 86,375,106 64,322,287
Property, plant and equipment 6 19,196,344 14,267,716 9,894,748 Cost of sales 26 (62,805,113) (46,128,408)
Intangibles and goodwill 7 1,543,624 1,515,889 972,164
Long-term investment - - 14,216 Gross profit 23,569,993 18,193,879
Long-term deposits 37,050 40,259 40,563
Deferred taxation - net 8 33,372 - - Selling and distribution costs 27 (13,064,582) (9,913,356)
20,810,390 15,823,864 10,921,691 Impairment loss on trade debts 10.1 (25,081) (10,024)
Current assets Administrative expenses 28 (4,257,182) (2,766,106)
Stores and spare parts 316,195 260,967 168,050 6,223,148 5,504,393
Stock-in-trade 9 13,802,201 14,805,197 9,459,719 Other expenses 29 (269,735) (297,779)
Trade debts 10 3,240,433 3,228,417 2,723,850 Other income 30 276,399 912,120
Advances 11 575,375 1,236,168 806,235 Finance costs 31 (2,597,265) (1,158,889)
Deposits and prepayments 12 1,612,568 1,010,881 499,110 Profit before final taxes, minimum tax differential and income tax 3,632,547 4,959,845
Other receivables 55,961 136,866 273 Final taxes 32 (35,262) (53,396)
Short-term investments - at fair value through profit or loss 13 738 937,047 1,324,793
Minimum Tax differential 33 (224,647) -
Cash and bank balances 14 4,832,346 1,713,226 1,137,334
24,435,817 23,328,769 16,119,364 (259,909) (53,396)
TOTAL ASSETS 45,246,207 39,152,633 27,041,055 Profit before income tax 3,372,638 4,906,449
Income Tax 34 (577,728) (1,111,725)
EQUITY AND LIABILITIES Profit for the year 2,794,910 3,794,724
Share capital and reserves
Authorised share capital Other comprehensive income
1,000,000,000 (30 June 2023: 1,000,000,000) Items that will not be reclassified to statement of profit or loss
ordinary shares of Rs. 5 each 5,000,000 5,000,000 5,000,000
Remeasurements of retirement benefit liability actuarial loss (5,807) (25,390)
Share Capital Related deferred tax thereon 1,132 4,951
Issued, subscribed and paid-up capital 15 1,165,576 1,165,576 1,165,576 (4,675) (20,439)
Revenue Reserves Items that may be reclassified to profit and loss account
Unappropriated profit 9,711,611 8,733,565 6,749,812 Exchange differences on translation of foreign operations (376,460) 1,305,273
Foreign exchange translation reserve 956,749 1,270,516 577,421
Equity attributable to owners of the Company 11,833,936 11,174,657 8,492,809 (381,135) 1,284,834
Non-controlling interest 16 2,222,085 1,780,155 767,772
Total equity 14,056,021 12,954,812 9,260,581 Total comprehensive income 2,413,775 5,079,558
Non - current liabilities Profit attributable to:

Long-term finance and deferred income 17 6,717,423 3,961,219 511,586 Owners of the Parent Company 1,910,182 3,174,768
Lease liabilities 18 4,598,366 2,381,605 1,680,976 Non-controlling interest 884,728 619,956
Long-term deposits - - 5,444 2,794,910 3,794,724
Long term provisions 19 - 4,626 22,461
Deferred taxation - net 8 - 348,027 144,038 Other comprehensive income attributable to:
Deferred liabilities - for retirement benefits 20 370,606 295,869 220,314 Owners of the Parent Company (318,442) 672,656
11,686,395 6,991,346 2,584,819 Non-controlling interest (62,693) 612,178
Current liabilities (381,135) 1,284,834
Trade and other payables 21 11,949,269 10,849,772 7,781,880
Contract liabilities 22 308,907 355,136 109,100 Total comprehensive income attributable to:
Short-term borrowings 23 4,055,513 5,407,269 4,883,090 Owners of the Parent Company 1,591,740 3,847,424
Long-term finance and deferred income classified as current 17 293,616 372,404 613,650 Non-controlling interest 822,035 1,232,134
Current portion of lease liabilities 18 1,239,268 644,680 433,964
2,413,775 5,079,558
Mark-up accrued on bank borrowings 937,824 459,706 80,882
Unclaimed dividend 22,906 20,639 23,161
Taxation - net 696,488 1,096,869 1,269,928 (Rupees)
19,503,791 19,206,475 15,195,655
Contingencies and commitments 24
(Restated)
Earnings per share - basic and diluted 35 8.19 13.62
TOTAL EQUITY AND LIABILITIES 45,246,207 39,152,633 27,041,055v vv
The annexed notes 1 to 45 form an integral part of these consolidated financial statements.

Consolidated Statement of Consolidated Statement of
Cash Flow Changes in Equity
For the year ended 30 June 2024 For the year ended 30 June 2024
Note 2024 2023

(Rupees in ‘000) Attributable to shareholders of the Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES Revenue Foreign
Issued, Non
Reserves exchange Total
subscribed and Sub-total controlling
unappropriated translation Equity
Note paid-up capital interest
Cash generated from operations 36 10,382,744 4,948,938 profit reserve
Finance cost paid (1,814,843) (779,254) (Rupees in ‘000)

Income tax paid (1,612,794) (1,239,634) Balance as at 1 July 2022 - as previously reported 1,165,576 6,961,970 577,421 8,704,967 767,772 9,472,739
Retirement benefits paid (29,134) -
Impact of restatement 5 - (212,158) - (212,158) - (212,158)
Long term deposits - net 3,209 751
Net cash flows from operating activities 6,929,182 2,930,801 Balance as at 1 July 2022 - restated 1,165,576 6,749,812 577,421 8,492,809 767,772 9,260,581
Total comprehensive income for the year

CASH FLOWS FROM INVESTING ACTIVITIES ended 30 June 2023 5
Profit for the period - restated - 3,174,768 - 3,174,768 619,956 3,794,724
Purchase of property, plant and equipment (3,630,897) (3,693,722)
Other comprehensive income for the period - restated - (20,439) 693,095 672,656 612,178 1,284,834
Proceeds from disposal of fixed assets 135,859 78,921 - 3,154,329 693,095 3,847,424 1,232,134 5,079,558
Business acquisition - (577,872) Transactions with owners recorded directly
in equity - distributions
Purchase of intangible assets (185,756) (79,733)
Redemption of short term investment - net 945,344 399,392 Final cash dividend for the year ended
30 June 2022 @ Rs. 5 per ordinary share - (1,165,576) - (1,165,576) - (1,165,576)
Net cash flows from investing activities (2,735,450) (3,873,014)
Dividend paid to non-controlling interest - - - - (219,751) (219,751)
CASH FLOWS FROM FINANCING ACTIVITIES
Balance as at 30 June 2023 - restated 1,165,576 8,738,565 1,270,516 11,174,657 1,780,155 12,954,812
Balance as at 1 July 2023 - restated 1,165,576 8,738,565 1,270,516 11,174,657 1,780,155 12,954,812
Proceeds / (Repayment) of short term borrowings - net 71,809 (726,439)
Proceeds of long term finance - net 2,796,916 2,959,608 Total comprehensive income for the year
Lease rental paid (1,201,014) (560,991)
ended 30 June 2024
Dividend paid (1,310,299) (1,387,850) Profit for the period - 1,910,182 - 1,910,182 884,728 2,794,910
Net cash flows from financing activities 357,412 284,328
Other comprehensive income for the period - (4,675) (313,767) (318,442) (62,693) (381,135)
Net increase / (decrease) in cash and cash equivalents 4,551,144 (657,885) - 1,905,507 (313,767) 1,591,740 822,035 2,413,775
in equity - distributions
Cash and cash equivalents at beginning of the year (2,392,534) (1,890,231)
Final cash dividend for the year ended
Currency translation difference on cash and cash equivalents (34,874) 155,582 30 June 2023 @ Rs. 2.5 per ordinary share - (582,788) - (582,788) - (582,788)
Cash and cash equivalents at end of the year 37 2,123,736 (2,392,534)
Interim cash dividend for the period ended
31 December 2023 @ Rs. 1.5 per share - (349,673) - (349,673) - (349,673)
Dividend paid to non-controlling interest - - - - (380,105) (380,105)
Balance as at 30 June 2024 1,165,576 9,711,611 956,749 11,833,936 2,222,085 14,056,021

Notes to the Consolidated
principally engaged in distribution and wholesale of food products, disposables, janitorial and sanitation products.
National Epicure USA Inc.
1. THE GROUP AND ITS OPERATIONS National Epicure USA Inc. was incorporated in USA on 1 December 2021 under the General Corporation Law
of the State of Delaware, USA with an authorized share capital of 500 shares with a par value of $0.0001 per
1.1 The group consists of: share. Shares have not yet been issued by this entity and has not commenced its operations. The company
is a subsidiary of National Epicure Inc - Canada.
i) Parent Company - National Foods Limited
ii) Subsidiary Company - National Foods DMCC, Dubai, United Arab Emirates. National Foods (FZE)
National Foods Limited National Foods (FZE) has been established in Sharjah, United Arab Emirates on 23 November 2023. The
company is a wholly owned subsidiary of National Foods DMCC and will be principally engaged in the
National Foods Limited ("Parent Company") was incorporated in Pakistan on 19 February 1970 as a private manufacturing of food products, although the entity has not commenced its operations.
limited company under the Companies Act, 1913 and subsequently converted into a public limited company
under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) by special resolution passed in 1.4 The manufacturing facilities and sales offices of the Group companies are situated at the following locations:
the extra ordinary general meeting held on 30 March 1988. The Parent Company is principally engaged in the
manufacturing and sale of convenience based food products. The Company is listed on Pakistan Stock Manufacturing facilities:
Exchange. The registered office of the Parent Company is situated at 12 / CL - 6, Claremont Road, Civil Lines,
Karachi. - Unit F-160/ C, F- 133, S.I.T.E., Karachi (Non Operational);
- Office A-13, North Western Industrial Zone, Bin Qasim, Karachi;
1.2 The ultimate parent entity of the National Foods Limited is ATC Holdings (Private) Limited based on control - A-393, Nooriabad Industrial Estate, Nooriabad; and
model as provided under IFRS10 - 'Consolidated Financial Statements'. - Plot No. 346 & 347 Phase - 2, M-3 Industrial City, Faisalabad.
1.3 Details of the subsidiary companies are as follows:
Sales offices:
National Foods DMCC
- Office No.107, 1st Floor Parsa Tower, Sharah-e-Faisal, Karachi;
- Office No.309, 3rd Floor Parsa Tower, Sharah-e-Faisal, Karachi;
The Parent Company has a wholly owned (100%) subsidiary which was set up in United Arab Emirates in
- Office No. 84/2 Bomanji Square, Nusrat Road, Adali Colony, Multan;
2012 and is carried at cost. The subsidiary was formed as a limited liability company and commenced
- 18-CCA (Commercial Area), Phase VIII, DHA Lahore, Cantt;
operations from March 2013. National Foods DMCC (NF DMCC) was registered on 7 November 2012 in Dubai
- 1st Floor, Bilal Complex, Main PWD Road, Sector O-9, Islamabad.
Multi Commodities Centre (“DMCC”) pursuant to Dubai (DMCC) Law No. 4 of 2001 and operates in the United
- Sixteenth Avenue Mall, 16-A Grand Trunk Road, Small Industrial Estate-1 Gujranwala;
Arab Emirates (“UAE”) under a trade license issued by DMCC. The registered address of the Company is Unit
- Unit No. 2404-19, Reef Tower, Plot No. JLT-Ph 2-O1A, Jumeirah Lake Towers, Dubai,
No. 2404-19, Reef Tower, Plot No. JLT-Ph 2-O1A, Jumeirah Lake Towers, Dubai, United Arab Emirates.
United Arab Emirates.
- 193 Maxome Avenue, Toronto, Ontario, Canada.
The primary objective of NF DMCC is to boost export sales of its parent company through trading in food
- 27 Second Floor, Gloucester Place, London, United Kingdom.
stuff. NF DMCC also has following two wholly owned direct subsidiaries, two indirect subsidiaries, which are
- 6400 Kennedy Road, Mississauga, Ontario
as follows:
- 1110 Dearness Dr, Toronto, Ontario
- 7300 Torbram Road, Mississauga, Ontario.
National Foods Pakistan (UK) Limited
National Foods Pakistan (UK) Limited was incorporated in United Kingdom on 29 May 2013 as a private
2. BASIS OF PREPARATION
company under the UK Companies Act, 2006. The company is a wholly owned subsidiary of National Foods
DMCC and will be principally engaged in the trading of food products, although currently it is not operational. 2.1 Statement of compliance
National Epicure Inc. These consolidated financial statements have been prepared in accordance with the accounting and
reporting standards as applicable in Pakistan. The accounting and reporting standards as applicable in
National Epicure Inc. ("NEI") was incorporated in Canada on 16 October 2013 under the Canada Business Pakistan comprise of:
Corporations Act. NEI is a wholly owned subsidiary of National Foods DMCC and is principally engaged in the
trading of food products. NEI is the holding company of A-1 Bags & Supplies Inc. and National Epicure USA - International Financial Reporting Standards (IFRS Standards) issued by the International Accounting
Inc. as mentioned below. Standards Board (IASB) as notified under the Companies Act, 2017;
A-1 Bags & Supplies Inc. - Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of
Pakistan as are notified under the Companies Act, 2017; and
A-1 Bags & Supplies Inc. was incorporated under the Business Corporations Act of Ontario on March 14,
2001. National Epicure Inc. acquired 60% parent in A-1 Bags and Supplies Inc. in the year 2017 and is - Provisions of and directives issued under the Companies Act, 2017 .

3 ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS TO PUBLISHED
APPROVED ACCOUNTING STANDARDS
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS Standards or 3.1 Standards, interpretations and amendments to published approved accounting standards that have
IFAS, the provisions of and directives issued under the Companies Act, 2017 have been followed. become effective in the current year
2.2 Basis of measurement The Group has adopted the certain amendments and improvements to approved accounting and reporting
standards as applicable in Pakistan which became effective for the current year. Except for the adoption of
These consolidated financial statements have been prepared under the historical cost convention except as the amendment as mentioned below, the said amendment did not have any material impact on these
stated otherwise. financial statements.
2.3 Functional and presentation currency The Group has adopted Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice
Statement 2) from 1 July 2023. These amendments did not result in any changes to the accounting policies
These consolidated financial statements are presented in Pakistani Rupees which is also the Group's itself and did not impact the accounting policy information disclosed in the financial statements.
functional currency. All financial information presented in Pakistani Rupees has been rounded to the nearest
thousand of rupees, unless stated otherwise. The amendments require the disclosure of 'material', rather than 'significant', accounting policies. The
amendments also provide guidance on the application of materiality for the disclosure of accounting policies,
2.4. Basis of consolidation assisting entities to provide useful, entity-specific accounting policy information that users need to
understand other information in the financial statements.
These consolidated financial statements consists of financial statements of the Parent Company and its
subsidiary companies as disclosed in note 1.1 to these consolidated financial statements (here in after 3.2 Standards, interpretations and amendments to published approved accounting standards that are not
referred as Group). yet effective
The financial statements of the Parent Company and its subsidiary companies are prepared up to the same
The following International Financial Reporting Standards (IFRS Standards) as notified under the Companies
reporting date and are combined on a line-by-line basis and investments held by the Parent Company is
Act, 2017 and the amendments and interpretations thereto will be effective for accounting periods
eliminated against corresponding share capital of subsidiary in these consolidated financial statements.
beginning on or after 1 July 2024:
2.5. Use of significant estimates and judgments
- Classification of liabilities as current or non-current (Amendments to IAS 1 in January 2020) apply
retrospectively for the annual periods beginning on or after 1 January 2024 (as deferred vide
The preparation of financial statements in conformity with the approved accounting and reporting
standards as applicable in Pakistan, requires management to make judgements, estimates and assumptions amendments to IAS 1 in October 2022) with earlier application permitted. These amendments in the
that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, standards have been added to further clarify when a liability is classified as current. Convertible debt
income and expenses. The estimates and associated assumptions are based on historical experience and may need to be reclassified as ‘current’. The standard also amends the aspect of classification of
various other factors that are believed to be reasonable under the circumstances, the results of which form liability as non-current by requiring the assessment of the entity’s right at the end of the reporting
the basis of making the judgements about the carrying values of assets and liabilities that are not readily period to defer the settlement of liability for at least twelve months after the reporting period. An
apparent from other sources. Actual results may differ from these estimates. entity's expectation and discretion at the reporting date to refinance or to reschedule payments on a
long-term basis are no longer relevant for the classification of a liability as current or non-current. An
The estimates and underlying assumptions are reviewed on ongoing basis. Revisions to accounting entity shall apply those amendments retrospectively in accordance with IAS 8.
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future - Non-current Liabilities with Covenants (amendment to IAS 1 in October 2022) aims to improve the
periods. In the process of applying the Group's accounting policies, the management has made the following information an entity provides when its right to defer settlement of a liability for at least twelve months
estimates and judgments which are significant to the financial statements: is subject to compliance with conditions. The amendment is also intended to address concerns about
classifying such a liability as current or non-current. Only covenants with which a company must
Note comply on or before the reporting date affect the classification of a liability as current or non-current.
Property, plant and equipment 4.2 Covenants with which the company must comply after the reporting date (i.e. future covenants) do not
Intangible assets and Goodwill 4.4 affect a liability’s classification at that date. However, when non-current liabilities are subject to future
Leases 4.5 covenants, companies will now need to disclose information to help users understand the risk that
Taxation 4.9 those liabilities could become repayable within 12 months after the reporting date. The amendments
Retirement benefits obligations 4.10 apply retrospectively for annual reporting periods beginning on or after 1 January 2024, with earlier
Stock-in-trade 4.11 application permitted. These amendments also specify the transition requirements for companies that
Impairment losses 4.12 may have early-adopted the previously issued but not yet effective 2020 amendments to IAS 1 (as
Refund liability 4.7.6 referred above).

- Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS
9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures:
- Lease Liability in a Sale and Leaseback (amendment to IFRS 16 in September 2022) adds subsequent - Financial Assets with ESG-Linked features:
measurement requirements for sale and leaseback transactions that satisfy the requirements to be
accounted for as a sale. The amendment confirms that on initial recognition, the seller-lessee includes Under IFRS 9, it was unclear whether the contractual cash flows of some financial assets with
variable lease payments when it measures a lease liability arising from a sale-and-leaseback ESG-linked features represented SPPI. This could have resulted in financial assets with ESG-linked
transaction. After initial recognition, the seller-lessee applies the general requirements for subsequent features being measured at fair value through profit or loss.
accounting of the lease liability such that it recognizes no gain or loss relating to the right of use it
retains. A seller-lessee may adopt different approaches that satisfy the new requirements on The amendments introduce an additional SPPI test for financial assets with contingent features that
subsequent measurement. The amendments are effective for annual reporting periods beginning on or are not related directly to a change in basic lending risks or costs – e.g., where the cash flows change
after 1 January 2024 with earlier application permitted. Under IAS 8, a seller-lessee will need to apply depending on whether the borrower meets an ESG target specified in the loan contract.
the amendments retrospectively to sale-and-leaseback transactions entered into or after the date of
initial application of IFRS 16 and will need to identify and re-examine sale-and-leaseback transactions
The amendments also include additional disclosures for all financial assets and financial liabilities that
entered into since implementation of IFRS 16 in 2019, and potentially restate those that included
have certain contingent features that are:
variable lease payments. If an entity (a seller-lessee) applies the amendments arising from Lease
Liability in a Sale and Leaseback for an earlier period, the entity shall disclose that fact.
- not related directly to a change in basic lending risks or costs; and
- Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to - are not measured at fair value through profit or loss.
IFRS 10 and IAS 28) amend accounting treatment on loss of control of business or assets. The
amendments also introduce new accounting for less frequent transaction that involves neither cost The amendments apply for reporting periods beginning on or after 1 January 2026. Companies can
nor full step-up of certain retained interests in assets that are not businesses. The effective date for choose to early-adopt these amendments (including the associated disclosure requirements),
these changes has been deferred indefinitely until the completion of a broader review separately from the amendments for the recognition and derecognition of financial assets and financial
liabilities.
- Supplier Finance Arrangements (amendments to IAS 7 and IFRS 7) introduce two new disclosure
objectives for a company to provide information about its supplier finance arrangements that would - Recognition / Derecognition requirements of Financial Assets / liabilities by Electronic Payments:
enable users (investors) to assess the effects of these arrangements on the company’s liabilities and
cash flows, and the company’s exposure to liquidity risk. Under the amendments, companies also need
The amendments to IFRS 9 clarify when a financial asset or a financial liability is recognized and
to disclose the type and effect of non-cash changes in the carrying amounts of the financial liabilities
derecognized and provide an exception for certain financial liabilities settled using an electronic
that are part of a supplier finance arrangement. The amendments also add supplier finance
payment system. Companies generally derecognize their trade payables on the settlement date (i.e.,
arrangements as an example to the existing disclosure requirements in IFRS 7 on factors a company
might consider when providing specific quantitative liquidity risk disclosures about its financial when the payment is completed). However, the amendments provide an exception for the derecognition
liabilities. The amendments are effective for periods beginning on or after 1 January 2024, with early of financial liabilities. The exception allows the company to derecognize its trade payable before the
application permitted. However, some relief from providing certain information in the year of initial settlement date, when it uses an electronic payment system that meets all of the following criteria:
application is available.
- no practical ability to withdraw, stop or cancel the payment instruction;
- Lack of Exchangeability (amendments to IAS 21) clarify: - no practical ability to access the cash to be used for settlement as a result of the payment
instruction; and
- when a currency is exchangeable into another currency; and - the settlement risk associated with the electronic payment system is insignificant.
- how a company estimates a spot rate when a currency lacks exchangeability.
The amendments apply for reporting periods beginning on or after 1 January 2026. Earlier
Further, companies will need to provide new disclosures to help users assess the impact of using an application is permitted.
estimated exchange rate on the financial statements. These disclosures might include:
The above are not likely to have a material impact on the financial statements of the Group based on the
- the nature and financial impacts of the currency not being exchangeable;
current balance.
- the spot exchange rate used;
- the estimation process; and
- risks to the company because the currency is not exchangeable. 4. MATERIAL ACCOUNTING POLICY INFORMATION
The amendments apply for annual reporting periods beginning on or after 1 January 2025. Earlier Except for the change in accounting policy, described below, the accounting policies set out below have been
application is permitted. applied consistently to all periods presented in the financial statements.

The Group treats transactions with non-controlling interests as transactions with equity owners of the
Group. For purchases from non-controlling interests, the difference between any consideration paid and the
relevant share acquired of the carrying value of net assets of the subsidiary is recorded in the equity.
Change in an accounting policy
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as
equity transactions.
The Group has adopted the "IAS 12 Application Guidance on Accounting for Minimum Taxes and Final Taxes"
issued by the Institute of Chartered Accountants of Pakistan (ICAP) vide Circular No 7 of 2024 dated 15 May
Loss of control
2024. The Group has applied the change in accounting policy retrospectively in accordance with IAS 8 -
Accounting Policies, Changes in Accounting Estimates and Errors. Resultantly there is a reclassification of When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any
amounts of final tax, designated as such under Income Tax Ordinance, 2001, previously classified as "current related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest
income tax" to "levy" in the statement of profit or loss. The detailed accounting policy with regards to retained in the former subsidiary is measured at fair value when control is lost. Subsequently, it is accounted for
taxation is disclosed in note 4.9. as an equity-accounted investee or as a financial asset depending on the level of influence retained.
There is no change in the Group’s profit after taxation, either for the current year, or the previous year. Transactions eliminated at consolidation
However, income tax charge of Rs. 53.396 million, relating to the previous year and chargeable under the
financial tax regime of the Income Tax Ordinance, 2001 has been bifurcated from the income tax charge of Intra-group balances and transactions, and any unrealised income and expenses (except for foreign
the previous year and presented separately on the Statement of Profit or Loss. currency transaction gains or losses) arising from intra-group transaction, are eliminated.
Similar treatment has been made for the current year, whereby tax payable under final tax regime and 4.2 Property, plant and equipment
minimum Tax differential has been separately presented in the Statement of Profit or Loss.
Initial recognition
4.1. Business Combination
The cost of an item of property, plant and equipment is recognised as an asset if it is probable that future economic
benefits associated with the item will flow to the entity and the cost of such item can be measured reliably.
The Group accounts for business combination using the acquisition method when control is transferred to
the Group. The consideration transferred (including contingent consideration) in the year of acquisition is Recognition of the cost in the carrying amount of an item of property, plant and equipment ceases when the items is
measured at fair value, as are the identifiable net assets acquired. Any goodwill acquired is not amortized but in the location and condition necessary for it to be capable of operating in the manner intended by the management.
tested annually for impairment. Any gain on a bargain purchase is recognized in profit or loss immediately.
Transaction cost are expensed as incurred, except if related to the issue of debt or equity securities. When Measurement
the initial accounting for a business combination is incomplete at the end of a reporting period, provisional
amounts are used. During the measurement period, the provisional amounts are retrospectively adjusted Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses, if any.
and additional assets and liabilities are recognized, to reflect new information obtained about the facts and The cost of property, plant and equipment includes:
circumstances that existed at the acquisition date which would have affected the measurement of the
amounts recognized at that date, had they been known. The measurement period does not exceed twelve (a) its purchase price including import duties, non refundable purchase taxes after deducting trade
months from the date of acquisition. discounts and rebates;
Subsidiaries (b) any other costs directly attributable to bringing the asset to the location and condition necessary for
it to be capable of operating in the manner intended by the management; and
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to or has
(c) Borrowing costs, if any.
rights to variable returns from its involvement with the entity and has the ability to affect those returns
through its power over the entity generally accompanying a share parent of more than fifty percent of the
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
voting rights. Subsidiaries are fully consolidated from the date on which control is transferred to the Group separate items (major components) of property, plant and equipment.
and up to the date when the control ceases.
Subsequent expenditure (including normal repairs and maintenance)
Non-controlling interest
Expenditures incurred to replace a significant component of an item of property, plant and equipment is
Non-controlling interest is that portion of equity in a subsidiary that is not attributable, directly or indirectly, capitalised and the asset so replaced is retired. Other subsequent expenditure is capitalised only when it is
to the Parent Company. Non-controlling interests are measured at their proportionate share of the probable that future economic benefits associated with the item will flow to the entity and the cost of the
acquiree's identifiable net assets at the date of acquisition. Non-controlling interests are presented as a items can be measured reliably. All other expenditures (including normal repairs and maintenance) is
separate item in the consolidated financial statements. recognised in the profit or loss as an expense when it is incurred.

4.5 Leases
The Group assesses whether a contract is or contains a lease at inception of the contract. This assessment
Depreciation involves the exercise of judgement about whether it depends on a specified asset, whether the Group
obtains substantially all the economic benefits from the use of that asset, and whether the Group has the
right to direct the use of the asset.
Depreciation on all items, except land, is charged on straight line method. The useful lives for depreciation are
indicated in note 6.1 of the financial statement. Depreciation on additions to property, plant and equipment is The Group recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date,
charged from the month the asset is available for use up to the month of disposal. Depreciation methods, useful except for short term leases of 12 months or less and leases of low value items, which are expensed in the
lives and residual values of each part of property, plant and equipment that is significant in relation to the total statement of profit or loss on a straight-line basis over the lease term.
cost of the asset are reviewed, and adjusted if appropriate, at each reporting date.
The lease liability is initially measured at the present value of the lease payment that are not paid at the
commencement date, discounted using the interest rate implicit in the lease. If this rate cannot be readily
Gains and losses on disposal
determined, the Group uses the incremental borrowing rate applicable in the market for such leases.
The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from The lease liability is subsequently measured at amortized cost using the effective interest rate method and
disposal with the carrying amount of the property, plant and equipment, and is recognized in the profit or loss. remeasured (with a corresponding adjustment to the related ROU asset) when there is a change in future
lease payments in case of renegotiation, changes of an index or rate or in case of reassessment of options.
Capital work in progress
At inception, the ROU asset comprises the initial lease liability, initial direct costs and the obligations to
refurbish the asset, less any incentives granted by the lessors. The ROU asset is depreciated over the
Capital work in progress is stated at cost less impairment loss, if any and consists of all expenditures incurred
shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for
(including any borrowing cost, if applicable) and advances made in the course of their construction and installation. impairment if there is an indicator for impairment, as for owned assets.
Transfers are made to relevant asset category, of property, plant and equipment as and when assets are available
for intended use. 4.6 Cash and cash equivalents
4.3 Borrowing costs Cash and Cash equivalents comprise of cash in hand and balances with banks on current and profit and loss
sharing accounts. Running finance under mark-up arrangements that are repayable on demand and form an
integral part of the Group's cash management are included as component of cash and cash equivalents for
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset
the purpose of statement of cash flows.
(i.e. an asset that necessarily takes substantial period of time to get ready for intended use) form part of the cost
of that asset and, therefore are capitalized. Other borrowing costs are recognised as an expense. Borrowing cost 4.7 Financial Instruments
are calculated based on the effective interest rate.
4.7.1 Recognition, classification and measurement - Financial Assets
4.4 Intangible assets and Goodwill
Classification
Goodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Other
The Group currently classifies its financial assets in the following measurement categories:
intangible assets, including customer relationships that are acquired by the Group and have finite useful lives are
measured at cost less accumulated amortisation and any accumulated impairment losses. Trademark have - fair value through profit or loss (FVTPL); and
indefinite useful life and are not amortised, therefore, these are measured at cost less any accumulated
impairment losses. - measured at amortised cost.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the The classification depends on the entity’s business model for managing the financial assets and the
contractual terms of the cash flows.
specific asset to which it relates.
A financial asset is measured at amortised cost if it meets both of the following conditions and is not
Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using designated as at fair value through profit or loss:
the straight-line method over their estimated useful lives, and is generally recognised in profit or loss.
Goodwill is not amortised. - it is held within business model whose objective is to hold assets to collect contractual cash flows; and
- its contractual terms give rise on specified dates to cash flows that are solely payments of principal
The carrying values of intangible assets are reviewed for impairment when events or changes in
and interest on principal amount outstanding.
circumstances indicate that the carrying value may not be recoverable, if any such indication exists and
where the carrying values exceed the estimated recoverable amounts, the assets are written down to their A financial asset shall be measured at fair value through profit or loss unless it is measured at amortised cost
recoverable amount. or at fair value through other comprehensive income. However the Group may make an irrevocable election

- it transfers the rights to receive the contractual cash flows in a transaction in which either:
- substantially all of the risks and rewards of ownership of the financial asset are transferred; or
at initial recognition for particular investments in equity instruments that would otherwise be measured at
FVTPL to present subsequent changes in fair value in other comprehensive income. - the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it
does not retain control of the financial asset.
On initial recognition, the Group may, irrevocably designate a financial asset as measured at FVTPL if doing
so eliminates or significantly reduces a measurement or recognition inconsistency ('accounting mismatch') The Group enters into transactions whereby it transfers assets recognised in its statement of financial
that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these
on different bases. cases, the transferred assets are not derecognised.
Initial measurement Financial liabilities:
A financial asset is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or
directly attributable to its acquisition. expire. The Group also derecognises a financial liability when its terms are modified and the cash flows of the
modified liability are substantially different, in which case a new financial liability based on the modified
Subsequent measurement terms is recognised at fair value.
On derecognition of a financial liability, the difference between the carrying amount extinguished and the
Financial assets at FVTPL These assets are subsequently measured at fair value. Net consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.
gains and losses, including any interest / markup or dividend
income, are recognised in statement of profit or loss.
4.7.4 Trade and other payables
Investments in mutual funds are measured at fair value
based on net asset value of the fund on each balance sheet
date (as per the redemption prices quoted by each mutual Trade and other payables are recognised initially at fair value plus directly attributable costs, if any, and
fund) and the unrealized gain / (loss) is recognized in the subsequently measured at amortised costs.
4.7.5 Offsetting
These assets are subsequently measured at amortised cost Financial assets and financial liabilities are offset and the net amount is reported in the consolidated financial
Financial assets measured at
statements only when the Group has currently legally enforceable right to set-off the recognised amounts and
amortised cost using the effective interest method. The amortised cost is
the Group intends either to settle on a net basis or to realize the assets and to settle the liabilities simultaneously.
reduced by impairment losses. Interest / markup income,
foreign exchange gains and losses and impairment are
4.7.6 Refund Liability
recognised in the statement of profit or loss.
A refund liability is initially measured at the amount of consideration received or receivable to which the entity
does not expect to be entitled. The Group updates the measurement of the refund liability at each reporting date
4.7.2 Financial liabilities - Classification, subsequent measurement and gains and losses for changes in expectations about the amount of the refunds and recognises adjustments to the refund liability
as revenue. No asset is recognized for returns as they are not anticipated to be resold.
Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as
FVTPL if it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are
4.8 Contract Liabilities
measured at fair value and net gains and losses, including any interest expense, are recognised in profit or
loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
method. Interest expense and foreign exchange gains and losses is recognised in statement of profit or loss.
consideration from the customer. If a customer pays consideration before the Group transfers goods or services
Any gain or loss on derecognition is also recognised in statement of profit or loss.
to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as
4.7.3 Derecognition revenue when the Group performs under the contract.
Financial assets: 4.9 Taxation
The Group derecognises a financial asset when: Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that
it relates to, or items recognised directly in equity or in other comprehensive income, in which case the tax
- the contractual rights to the cash flows from the financial asset expire; or amounts are recognized directly in other comprehensive income or equity, as the case may be.

Defined contribution plan
The Group operates an approved contributory provident fund for eligible employees. Equal monthly
contributions are made, both by the Group and the employees, to the fund at the rate of 10% per annum of
i) Current
the basic salary.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year;
Other long-term employee benefits - unfunded gratuity scheme
calculated using tax rates enacted or substantively enacted by the end of the reporting period. The
calculation of current tax takes into account tax credit and tax rebates, if any, and is inclusive of any
The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that
adjustments to income tax payable or recoverable in respect of previous years.
employees have earned in return for their service in the current and prior periods. That benefit is discounted to
determine its present value. Remeasurements are recognised in profit or loss in the period in which they arise.
The Group recognises provision for income tax based on best current estimates. However, where the
Remaining policy is the same as mentioned above for funded define benefit plan.
final tax outcome is different from the amounts that were initially recorded, such differences will impact
the income tax provision in the period in which such determination is made.
4.11 Stores and spare parts
ii) Deferred
These are valued at cost less provision for slow moving and obsolete items (if any). Items in transit are valued
at cost comprising invoice value plus other charges incurred thereon.
Deferred tax is accounted for using the balance sheet method on all temporary differences arising
between tax base of assets and liabilities and their carrying amounts in the financial statements. 4.12 Stock-in-trade
Deferred tax liability is recognised for all taxable temporary differences and deferred tax asset is
recognised to the extent that it is probable that future taxable profits will be available against which the All stocks are stated at the lower of cost and estimated net realisable value. Cost is determined by weighted
deductible temporary differences, unused tax losses and tax credits can be utilised. However, tax average method except for those in transit where it represents invoice value and other charges incurred
holiday period is also considered for the purposes of determination of deductible / taxable temporary thereon. Net realisable value signifies the estimated selling price in the ordinary course of business less cost
differences. Deferred tax is charged or credited in the profit or loss (except to the extent that it relates necessarily to be incurred in order to make the sale. Cost of work in process and finished goods includes
to items recognized directly in equity or other comprehensive income in which cases these are direct cost of materials, direct cost of labour and production overheads. Provisions and write-offs for
recognized directly in equity or other comprehensive income as the case may be). damaged and obsolete stock in trade are made based on the specific identification of items of stock in trade
by management.
4.9.1 Levy of income tax
4.13 Impairment losses
Final taxes of parent company, designated as such under various provisions of Income Tax Ordinance, 2001,
charged / withheld / paid on various income streams and calculated on basis other than the taxable income 4.13.1 Financial assets
are recognized as a levy in accordance with the lAS 12 Application Guidance on Accounting for Minimum
Taxes and Final Taxes issued by the Institute of Chartered Accountants of Pakistan vide Circular No 7 of The Group recognises loss allowances for Expected Credit Losses (ECLs) in respect of financial assets
2024 dated 15 May 2024. measured at amortised cost.
4.10 Employee retirement benefits The Group measures loss allowances at an amount equal to lifetime Expected Credit Losses (ECLs) for trade
receivables.
Defined benefit plans
When determining whether the credit risk of a financial asset has increased significantly since initial
The Group operates a funded pension scheme and post retirement medical benefit for the individuals recognition and when estimating ECLs, the Group considers reasonable and supportable information that is
mentioned in note 20 to these financial statements. The liability recognised in the statement of financial relevant and available without undue cost or effort. This includes both quantitative and qualitative
position in respect of the defined benefit plans is the present value of the defined benefit obligations at the information and analysis, based on the Group's historical experience and informed credit assessment and
end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated including forward-looking information.
annually by an independent actuary using the projected unit credit method. Remeasurements which
comprise actuarial gains and losses are recognised immediately in other comprehensive income. The latest The Group assumes that the credit risk on a financial asset has increased significantly if it is more than past
actuarial valuation of the defined benefit plans was conducted at 30 June 2024. due for a reasonable period of time. Lifetime ECLs are the ECLs that result from all possible default events
over the expected life of a financial instrument. 12-month ECLs are the portion of ECLs that result from
The current and past-service costs and interest income / expenses are recognized immediately in the default events that are possible within the 12 months after the reporting date (or a shorter period if the
statement of profit or loss. expected life of the instrument is less than 12 months). The maximum period considered when estimating
ECLs is the maximum contractual period over which the Group is exposed to credit risk.
Surplus arising on the actuarial valuation is recognized to the extent these are available under the applicable
trust deed at the present value of economic benefits available in the form of refund or reductions in future Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying
contribution to the fund. amount of the assets.

4.16 Foreign currency
The gross carrying amount of a financial asset is written-off when the Group has no reasonable 4.16.1 Foreign currency transactions
expectations of recovering of a financial asset in its entirety or a portion thereof. The Group individually
makes an assessment with respect to the timing and amount of write-off based on whether there is a Transactions in foreign currencies are translated into rupees at the foreign exchange rates prevailing on the
reasonable expectation of recovery. The Group expects no significant recovery from the amount written transaction date. Monetary assets and liabilities denominated in foreign currency are translated into rupees
off. However, financial assets that are written-off could still be subject to enforcement activities in order at the rates of exchange prevailing on the date of the statement of financial position.
to comply with the Group's procedures for recovery of amounts due.
4.16.2 Foreign operations
4.13.2 Non-financial assets
The assets and liabilities of foreign operations are translated to Pakistani rupees at exchange rates
At the end of each reporting period, the Group reviews the carrying amount of non-financial assets to prevailing at the date of the statement of financial position. The income and expenses of foreign operations
determine whether there is any indication that those assets have suffered an impairment loss. If any such are translated to Pakistani Rupees at average rates of exchange prevailing during the year.
indication exists, the Group estimates the recoverable amount of the asset and when the carrying amount
of the asset exceeds its recoverable amount, an impairment loss is recognized in statement of profit or loss. Goodwill arising on the acquisition of an entity by an overseas subsidiary is treated as an asset of the
overseas subsidiary and is translated at foreign exchange rates prevailing as at the date of the statement of
At the end of each reporting period, the Group also assesses whether there is an indication that an financial position.
impairment loss recognized in prior periods for an asset may no longer exist or may have decreased. If any
such indication exists, the Group estimates the recoverable amount of the asset and reverses the 4.16.3 Translation gains and losses
impairment loss recognized in previous period such that the increased carrying amount of the asset does not
exceed the carrying amount that would have been determined (net of amortization and depreciation) had no Gains and losses arising from foreign currency translations are taken to the profit and loss account, except
impairment loss been recognized for the asset in prior years. Reversal of impairment loss is recognized in those arising from the translation of the net investment in foreign subsidiaries, which are recognized through
statement of profit or loss. When it is not possible to estimate the recoverable amount of an individual asset, the statement of other comprehensive income as an Exchange Translation Reserve (ETR). Balances in the
the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs and ETR are only taken to the profit and loss account on the disposal of the investment.
accordingly recognizes impairment loss or reverses the impairment loss recognized in prior periods.
4.17 Revenue recognition
Recoverable amount of an asset or cash-generating unit is the higher of its fair value less cost of disposal
and its value in use. Revenue from contracts with customers is recognized at the point in time when a contractual promise to a
customer (performance obligation) has been fulfilled by transferring control over the promised goods and
Value in use is estimated as the present value of estimated future cash flows from the continuing use of an services to the customer. Accordingly:
asset / cash generating unit and from its disposal at the end of its useful life. A pre-tax discount rate that
reflects current market assessments of the time value of money and risks specific to the asset for which the - Local sales are recognized when the products are delivered to the customer's designated location.
estimates of future cash flows have not been adjusted. - Export sales are recognized at the point of shipment, as evidenced by the issuance of the bill of lading.
4.14 Ijarah Revenue is measured based on the consideration specified in a contract with a customer, net of returns,
amounts collected on behalf of third parties (sales taxes etc.), pricing allowances and other trade discounts.
In ijarah transactions' significant portion of the risks and rewards of ownership are retained by the lessor.
Islamic Financial Accounting Standard 2 – 'Ijarah', issued by the Institute of Chartered Accountants of The consideration which the Group receives in exchange for its goods or services may be fixed or variable.
Pakistan, requires the recognition of ‘ujrah payments’ (lease rentals) against ijarah financing as an expense in Variable consideration is only recognized when it is highly probable that a significant reversal will not occur.
the statement of profit or loss on a straight-line basis over the ijarah term. Revenue is measured based on the consideration specified in a contract with a customer, net of returns,
amounts collected on behalf of third parties (sales taxes etc.), pricing allowances, other trade discounts,
4.15 Provisions volume rebates and couponing, price promotions to consumers / customers and any other consideration
payable to customers. The level of discounts, allowances and promotional rebates are recognized, on
estimated basis using historical experience and the specific terms of the arrangement, as a deduction from
Provisions are recognized when the Group has present obligation (legal or constructive) as a result of past
revenue at the time that the related sales are recognized or when such incentives are offered to the
event and it is probable that an outflow of resources embodying economic benefits will be required to settle customer or consumer. Sales return provisions are recognized as deduction from revenue based on terms of
the obligation and a reliable estimate can be made of the amount of the obligation. Where the outflow of the arrangements with the customer and are included in trade and other payables. No asset is recognized for
resources embodying economic benefits is not probable, a contingent liability is disclosed, unless the returns as they are not anticipated to be resold. A receivable is recognised when the goods are delivered as
possibility of outflow is remote. Provisions are reviewed at each reporting date and adjusted to reflect this is the point in time that the consideration is unconditional because only the passage of time is required
current best estimate. before the payment is due.

average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the
profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares
outstanding for the effects of all dilutive potential ordinary shares.
The Group provides discounts to its customers on all products purchased by the customer once the quantity
of products purchased during the period exceeds a threshold specified in the contract. A contract liability is 5. RESTATEMENT OF PRIOR YEARS FINANCIAL STATEMENTS
recognised for expected discount payable to customers in relation to sales made until the end of the
reporting period. Further, a contract liability is also recognised for short term advances that the Group In the 37th Annual General Meeting of the Parent Company held on 15 October 2008 for the purpose of
receives from its customers. the consideration and approval of several matters by the shareholders, including the approval of the
audited financial statements of the company for the year ended 30 June 2008, a proposal was then
4.18 Miscellaneous income submitted for the provision of certain retirement benefits to the then Chief Executive and the Executive
Directors of the Parent Company. Accordingly, the shareholders had then resolved to grant an authority
Miscellaneous income including export rebate is recognised on receipt basis. to the Board of Directors for the determination of payment of remuneration, including but not limited to
perquisites, bonus, vacation pay, other allowances and retirement benefits to four individuals, who then
4.19 Interest / Mark-up income / Rental income
were the Executive Directors and the Chief Executive of the Parent Company.
Income on Interest / Mark up income and rental income is recognised on a time proportionate basis and in
case of interest and mark-up at the rate of return implicit in the arrangement. However, one of the individuals so mentioned in the resolution, inadvertently was not included in the
defined pension and medical benefits schemes, due to which his entitlement thereunder was not included
4.20 Dividend income in subsequent years actuarial valuations for the purpose of the determination of Parent Company's
obligation to him, recognition of liability in the Parent Company's books and records and related
Dividend income is recognised when the Group's right to receive dividend is established. contributions to the respective funds. Obligation to the other three directors, however, was being so
determined and also so recorded in the books and records. This inadvertent omission was noted by the
4.21 Segment information Parent Company during the current year.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief Accordingly, adjustments have been recognised by restating the comparative figures to account for the
operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources impact retrospectively in accordance with International Accounting Standard (lAS) 8 - Accounting
and assessing performance of the operating segments, has been identified as the Board of Directors of the
policies, changes in accounting estimates and errors, details of which are as follows:
Parent Group that makes strategic decisions.
4.22 Research and development Impact of restatement Impact of restatement

As at 1 July 2022 As at 30 June 2023
Research and development expenditure is charged to statement of profit or loss in the period in which
As previously Adjustments As restated As previously Adjustments As restated
it is incurred. reported reported
4.23 Dividends and appropriations (Rupees in ‘000)
Final dividend distributions to the Group's shareholders are recognized as a liability in the unconsolidated
financial statements in the period in which the dividends are approved by the Group's shareholders at the Statement of Financial Position
Deferred assets 53,656 (53,656) - 44,158 (44,158) -
Annual General Meeting, while the interim dividend distributions are recognized in the period in which the
Others 27,041,055 - 27,041,055 39,152,633 - 39,152,633
dividends are declared by the Board of Directors. Appropriations of profit are reflected in the unconsolidated
Total Assets 27,094,711 (53,656) 27,041,055 39,196,791 (44,158) 39,152,633
statement of changes in equity in the period in which such appropriations are approved.
Deferred liabilities 6,341 213,973 220,314 13,547 282,322 295,869
4.24 Government grants
Deferred taxation - net 199,509 (55,471) 144,038 412,344 (64,317) 348,027
Others 17,416,122 - 17,416,122 25,553,925 - 25,553,925
Government grant includes any benefit earned on account of a government loan obtained at below market
Total Liabilities 17,621,972 158,502 17,780,474 25,979,816 218,005 26,197,821
rate of interest. The loan is recognized and measured in accordance with IFRS 9 “Financial Instruments”. The
benefit of the below-market rate of interest shall be measured as the difference between the initial fair value
Unappropriated profit 6,961,970 (212,158) 6,749,812 9,000,728 (262,163) 8,738,565
of the loan determined in accordance with IFRS 9 and the proceeds received. The difference, representing
Others 2,510,769 - 2,510,769 4,216,247 - 4,216,247
the grant amount (income) is recognized over the period of the loan.
Total Equity 9,472,739 (212,158) 9,260,581 13,216,975 (262,163) 12,954,812
4.25 Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is
calculated by dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted

For the year ended 30 June 2024 Impact of restatement
Impact of restatement 6. PROPERTY, PLANT AND EQUIPMENT Note 2024 2023

For the year ended 30 June 2023 (Rupees in ‘000)
As previously Adjustments As restated
reported Operating fixed assets 6.1 13,138,271 6,366,654
Capital work-in-progress 6.6 403,577 4,834,734
(Rupees in ‘000)
Right-of-use assets 6.8 5,654,496 3,066,328
Statement of Profit or Loss and Other Comprehensive income 19,196,344 14,267,716
Administrative expenses (2,721,150) (44,956) (2,766,106)
Others 7,725,951 - 7,725,951
Profit before tax 5,004,801 (44,956) 4,959,845 6.1 Operating fixed assets:
Taxation - net (1,173,499) 8,378 (1,165,121)
2024
Profit for the year 3,831,302 (36,578) 3,794,724
Building on Building on Office
Freehold Leasehold Leasehold Plant and Furniture Laboratory
freehold leasehold and other Computers Vehicles Total
land land improvements machinery and fittings equipments
Remeasurements of retirement benefit liability actuarial (loss) / gain (11,493) (13,897) (25,390) land land equipments
Related deferred tax thereon 4,482 469 4,951
Exchange differences on translation of foreign operations 1,305,273 - 1,305,273 (Rupees in ‘000)
1,298,262 (13,428) 1,284,834 At 1 July 2023
Cost 207,335 179,992 252,292 - 3,189,588 4,179,216 797,557 562,423 586,270 84,922 178,155 10,217,750
Accumulated depreciation - - (109,151) - (727,880) (2,333,955) (479,978) (363,960) (376,278) (47,047) (115,574) (4,553,823)
Total comprehensive income for the year 5,129,564 (50,006) 5,079,558
Net exchange difference - - 133,173 - - - 297,423 117,071 94,312 - 60,748 702,727
Net book value 207,335 179,992 276,314 - 2,461,708 1,845,261 615,002 315,534 304,304 37,875 123,329 6,366,654
(Rupees)
Additions / transfer - note - 6.6.2 - - 305,857 4,100,340 16,455 2,241,960 287,075 793,879 163,272 18,070 141,676 8,068,584
Earnings per share- basic and diluted 13.78 (0.16) 13.62 Disposals
Cost - (693) (904) - (104,953) (135,305) (35,734) (49,533) (67,635) (4,917) (5,201) (404,875)
There is no impact on the company's total operating, investing and financing cash flows for the year ended Accumulated depreciation - 143 - - 51,662 115,499 31,061 48,585 67,414 4,305 2,035 320,704
30 June 2023. - (550) (904) - (53,291) (19,806) (4,673) (948) (221) (612) (3,166) (84,171)
Effect of movement in
exchange rate - - (23,653) - - - (37,095) (18,046) (12,911) - (8,829) (100,534)
Depreciation charge for the year - - (56,025) (61,316) (109,911) (481,960) (143,598) (123,616) (73,897) (11,895) (50,043) (1,112,261)
Closing net book value 207,335 179,442 501,589 4,039,024 2,314,961 3,585,454 716,711 966,803 380,547 43,438 202,967 13,138,271
At 30 June 2024
Cost 207,335 179,299 557,245 4,100,340 3,101,090 6,285,871 1,048,898 1,306,769 681,907 98,075 314,630 17,881,459
Accumulated depreciation - 143 (165,176) (61,316) (786,129) (2,700,416) (592,515) (438,991) (382,761) (54,637) (163,582) (5,345,380)
Net exchange difference - - 156,826 - - - 334,518 135,117 107,223 - 69,577 803,261
Net book value 207,335 179,442 501,589 4,039,024 2,314,961 3,585,454 716,711 966,803 380,547 43,438 202,967 13,138,271
Useful life (years) - - 4-5 5 - 49 3 - 52 5 - 23 5 2 - 10 3 2 - 10 4-5

2023
Building on Building on Office
Freehold Leasehold Leasehold Plant and Furniture Laboratory
freehold leasehold and other Computers Vehicles Total
land land improvements machinery and fittings equipments
land land equipments
6.4 Change in estimate
(Rupees in ‘000)
At 1 July 2022 Effective 1 July 2023, the Parent Company has revised its estimate of the useful lives of buildings on
Cost 207,335 179,992 208,759 - 3,050,479 3,710,257 550,662 457,217 493,909 70,784 231,830 9,161,224 leasehold land, and Plant and machinery (except those expected to be disposed off). The revision has been
Accumulated depreciation - - (60,972) - (611,237) (1,965,074) (376,779) (285,562) (286,340) (36,303) (95,155) (3,717,422) made after considering the expected pattern of the recovery of economic benefits associated with the use
Net exchange difference - - 58,680 - - - 146,256 48,741 42,431 - 31,341 327,449 of these assets. The revision has been accounted for as a change in accounting estimate as defined in
Net book value 207,335 179,992 206,467 - 2,439,242 1,745,183 320,139 220,396 250,000 34,481 168,016 5,771,251
International Accounting Standard (IAS) 8 - Accounting policies, changes in accounting estimates and errors.
Had the revision in the useful lives not been made, depreciation expense for the year would have been higher
Additions / transfer - note - 6.6.2 - - 38,596 - 139,109 501,597 90,922 99,090 96,267 14,138 52,060 1,031,779
Additions through
by Rs. 46.7 million, while profit for the year before tax and carrying value of these assets would have been
business acquisition - - 4,937 - - - 156,298 6,425 - - - 167,660 lower by Rs. 46.7 million. The reassessment was conducted by an independent qualified appraiser.
Transfer from right-of-use
assets upon exercise of The effect of these changes on actual and expected depreciation expense included in cost of sales, selling
purchase option* - - - - - - - - - - 15,486 15,486 and distribution costs and administrative expenses will be as follows:
- - 43,533 - 139,109 501,597 247,220 105,515 96,267 14,138 67,546 1,214,925
Disposals 2024 2025 2026 2027 2028 Later
Cost - - - - - (32,638) (325) (309) (3,906) - (121,221) (158,399)
Accumulated depreciation - - - - - 29,446 325 300 3,886 - 61,224 95,181 (Decrease) / increase in depreciation expense (46,734) (81,600) (50,661) (48,980) (34,255) 262,230
- - - - - (3,192) - (9) (20) - (59,997) (63,218)
Effect of movement in 6.5 The details of property, plant and equipment having net book value of Rs. 500,000 and above sold /
exchange rate - - 74,493 - - - 151,167 68,330 51,881 - 29,408 375,279 disposed of during the year by the Parent Company are as follows:
Depreciation charge for the year - - (48,179) - (116,643) (398,327) (103,524) (78,698) (93,824) (10,744) (66,157) (916,096)
Transfer from right-of-use Cost Accumulated Net book Sale Gain / Mode of Particulars of Relationship
depreciation value proceeds (loss) on disposal purchaser with the
assets upon exercise disposal purchaser
of purchase option* - - - - - - - - - - (15,486) (15,486)
- - (48,179) - (116,643) (398,327) (103,524) (78,698) (93,824) (10,744) (81,643) (931,582) (Rupees in ‘000)
Closing net book value 207,335 179,992 276,314 - 2,461,708 1,845,261 615,002 315,534 304,304 37,875 123,330 6,366,655
Land - Leasehold 693 143 550 98,000 97,450 Negotiation Elahi Group Third party
At 30 June 2023 Plant & Machinery 4,308 3,375 933 4,809 3,876 Negotiation Javeria enterprises Third party
Cost 207,335 179,992 252,292 - 3,189,588 4,179,216 797,557 562,423 586,270 84,922 178,155 10,217,750 Plant & Machinery 2,507 1,860 647 1,204 557 Negotiation Akram Trading Third party
Accumulated depreciation - - (109,151) - (727,880) (2,333,955) (479,978) (363,960) (376,278) (47,047) (115,574) (4,553,823) Plant & Machinery 5,780 4,287 1,493 2,939 1,446 Negotiation Akram Trading Third party
Net exchange difference - - 133,173 - - - 297,423 117,071 94,312 - 60,748 702,727 Plant & Machinery 4,318 3,202 1,116 588 (528) Negotiation Akram Trading Third party
Net book value 207,335 179,992 276,314 - 2,461,708 1,845,261 615,002 315,534 304,304 37,875 123,329 6,366,654 Plant & Machinery 3,051 2,263 788 250 (538) Negotiation Advanced Disposal Third party
Plant & Machinery 3,230 2,367 863 440 (423) Negotiation Akram Trading Third party
Useful life (years) - - 4-5 - 5 - 60 5 - 10 5 5 - 10 3 2 - 10 4-5 Plant & Machinery 1,990 1,348 642 440 (202) Negotiation Akram Trading Third party
* Reclassification to right-of-use assets pertains to equipment and vehicles leases previously classified as finance leases. Plant & Machinery 2,418 1,595 823 329 (494) Negotiation Advanced Disposal Third party
Plant & Machinery 3,238 2,024 1,214 441 (773) Negotiation Advanced Disposal Third party
Plant & Machinery 2,643 837 1,806 250 (1,556) Negotiation Advanced Disposal Third party
6.2 At 30 June 2024, land and a building with a carrying amout of Rs. 257 million are not in active use and are Plant & Machinery 3,454 1,094 2,360 2,300 (60) Negotiation Advanced Disposal Third party
expected to be disposed off. Fair value of these assets exceed their carrying values. Total 37,630 24,395 13,235 111,990 98,755
6.3 The depreciation charge for the year has been allocated as follows:
Note 2024 2023

(Rupees in ‘000)
Cost of sales 26 692,880 531,443

Selling and distribution costs 27 288,628 244,088
1,112,261 916,096

6.6 Capital work-in-progress (CWIP)
Note 2024 2023 6.8 Right-of-use assets
(Rupees in ‘000) The Group leases many assets including buildings and vehicles with lease terms of four to five years.
2024
Civil works 6.6.1 & 6.6.2 32,439 3,593,846 Properties Equipments Vehicles Total
Advance against civil work 7,664 367,575 (Rupees in ‘000)
Plant and machinery 6.6.1 & 6.6.2 228,849 264,473 Balance at 1 July 2023
Advance against Plant & Machinery and Office Equipment 122,283 248,101 Cost 3,097,823 20,029 119,439 3,237,291
Office equipment - 277,157 Accumulated depreciation (1,223,957) (17,683) (33,919) (1,275,559)
Furniture & Fixtures 12,342 80,401 Net exchange difference 1,047,467 3,769 53,360 1,104,596
Net Book Value 2,921,333 6,115 138,880 3,066,328
Advance against motor Vehicles and furniture & fixtures - 3,181
403,577 4,834,734 Additions 3,945,784 28,669 16,477 3,990,931
Charge for the year (1,076,413) (13,438) (53,595) (1,143,446)

6.6.1 During the year, borrowing cost amounting to Rs. 526.6 million (2023: Rs. 569.4 million) has been capitalized
in CWIP.
Balance at 30 June 2024 5,790,704 21,346 101,762 5,913,813
6.6.2 This includes borrowing costs amounting to Rs. 12 million (2023: Rs. 673.4 million). Effect of movements in exchange rates (251,885) (257) (7,174) (259,317)
5,538,819 21,089 94,588 5,654,496
6.6.3 During the year the additions to CWIP and transfer of respective assets to operating fixed assets amounted Net book value
to Rs. 3,314 million (2023: Rs. 3,295 million) and Rs. 7,256 million (2023: Rs. 608 million) respectively. As at 30 June 2024 5,538,819 21,089 94,588 5,654,496
6.7 Particulars of immovable property (i.e. land and building) in the name of the Parent Company are as follows: 2023
Properties Equipments Vehicles Total
Location Usage of immovable property Geographical Location Total Area (In Sq. Ft.) Covered Area (In Sq. Ft.) (Rupees in ‘000)
Balance at 1 July 2022
Corporate office Office Building 12/CL-6 Claremount Road,
Cost 2,219,562 17,700 149,467 2,386,729
Civil Lines, Karachi 45,099 16,301
Accumulated depreciation (671,178) (12,753) (71,393) (755,324)
S.I.T.E. Manufacturing plant Unit F-160/ C, F- 133, Net exchange difference 324,842 1,777 17,575 344,194
(Non-operational) S.I.T.E., Karachi 76,491 50,786
Net Book Value 1,873,226 6,724 95,649 1,975,599
Port Qasim Manufacturing plant Office A-13, North Western
Industrial Zone, Additions 878,261 2,329 71,646 952,236
Bin Qasim, Karachi 435,602 283,132
Derecognition during the year* - - (101,674) (101,674)
Nooriabad Manufacturing plant A-393, Nooriabad Industrial 878,261 2,329 (30,028) 850,562
Estate, Nooriabad 602,942 147,045 (552,779) (4,930) (57,516) (615,225)
Charge for the year
Faisalabad Manufacturing plant Plot No. 346 & 347 Phase - 2, Derecognition during the year* - - 94,990 94,990
M-3 Industrial City, Faisalabad 1,086,456 412,862 (552,779) (4,930) 37,474 (520,235)
Balance at 30 June 2023 2,198,708 4,123 103,095 2,305,926
Effect of movements in exchange rates 722,625 1,992 35,785 760,402
2,921,333 6,115 138,880 3,066,328
Net book value
As at 30 June 2023 2,921,333 6,115 138,880 3,066,328
* Derecognition comprises of transfer from right-of-use assets to property, plant and equipment upon
exercise of purchase option, and return of right-of-use assets to the lessor prior to the end of the lease term.

2023
6.8.1 The depreciation charge for the year has been allocated as follows: Computer
softwares and Customer
Goodwill relationships Trademark Total
Note 2024 2023 ERP System

Cost
Balance as at 1 July 2022 329,829 453,300 168,294 364,405 1,315,828
Cost of sales 26 12,615 8,390 Addition 25,569 46,134 92,185 - 163,888
Effect of movement in exchange rates 938 178,076 97,070 131,589 407,673
Selling and Distribution costs 27 1,040,156 541,373
Balance as at 30 June 2023 356,336 677,510 357,549 495,994 1,887,389
1,143,447 615,225 Accumulated amortisation
Balance as at 1 July 2022 295,990 - 89,332 - 385,322
Amortisation for the year 18,830 - 20,089 - 38,919
6.8.2 Equipments and vehicles represent the asset obtained under finance lease arrangements. Effect of movement in exchange rates 383 - 43,169 - 43,552
Balance as at 30 June 2023 315,203 - 152,590 - 467,793
7. INTANGIBLES AND GOODWILL Carrying amounts

Note 2024 2023 As at 30 June 2023 41,133 677,510 204,959 495,994 1,419,596
(Rupees in ‘000)
Useful life (years) 3-4 Indefinite 10 Indefinite
Goodwill and intangibles 7.1 1,520,186 1,419,596

7.2 The amortization charge for the year has been allocated as follows:
Systems under development - Capital work-in-progress 7.3 23,438 96,293
1,543,624 1,515,889 Note 2024 2023
(Rupees in ‘000)
7.1 Goodwill and intangibles Cost of sales 26 1,220 665

2024 Selling and Distribution costs 27 - 20,605
Computer Administrative expenses 28 74,694 17,649
Customer
softwares and Goodwill Trademark Total
relationships 75,914 38,919
ERP System
(Rupees in ‘000)
7.3 This represent amount given to vendor for the development of ERP which is expected to be capitalised
Cost next year.
Balance as at 1 July 2023 356,336 677,510 357,549 495,994 1,887,389
Addition 258,611 - - - 258,611
7.4 Impairment testing of goodwill, trademark and other indefinite useful life
Effect of movement in exchange rates (521) (40,684) (23,469) (29,785) (94,459)
Balance as at 30 June 2024 614,426 636,826 334,080 466,209 2,051,541
For the purpose of the impairment testing, goodwill acquired through business combination and
Accumulated amortisation trademarks with indefinite useful lives are allocated to the A-1 Bags and Supplies.
Balance as at 1 July 2023 315,203 - 152,590 - 467,793
Amortisation for the year 41,531 - 34,383 - 75,914 The recoverable amount of business operations of A-1 Bags and Supplies. (acquired entity) has been
Effect of movement in exchange rates (215) - (12,137) - (12,352) determined based on its value in use, determined by discounting the future cash flows to be generated
Balance as at 30 June 2024 356,519 - 174,836 - 531,355 from its continuing use. The cash flow projections are prepared covering period from 2024 to 2029 till
terminal period. The calculations used for cash flow projections are based on financial projections
Carrying amounts
prepared by management.
As at 30 June 2024 257,907 636,826 159,244 466,209 1,520,186
Useful life (years) 3-5 Indefinite 10 Indefinite The value in use determined for underlying cash generating unit is higher than its carrying amount.

The key assumptions used in the estimation of value in use were as follow: 8. DEFERRED TAXATION - NET Note 2024 2023
(Restated)
Percentage (%)
(Rupees in ‘000)
Sales (% annual growth rate) 10.0
Taxable temporary differences:
Budgeted gross margin (%) 10.0
Accelerated tax depreciation / amortisation & goodwill (644,238) (598,974)
Other operating cost 6.4 Right-of-use assets (24,325) (5,062)
(668,563) (604,036)
Long term growth rate 5.0 Deductible temporary differences:
Pre-tax discount rate (%) 17.5 Provision for stock obsolescence 244,268 92,434
Unused tax losses 268,867 -
Allowance for impairment on trade debts 20,180 19,800
Management has determined the values assigned to each of the above key assumptions as follows: Lease liabilities 26,488 5,998
Retirement benefits 63,248 55,053
Assumptions Approached used to determine values
Provisions for GIDC and others 78,884 82,724
Sales Volume Average annual growth rate over the forecast period based on recent performance 701,935 256,009
and management’s expectations of market development. Management does not 33,372 (348,027)
anticipate material impact owing to change in the assumptions used for growth in
sales volume.
8.1 During the year tax effect of temporary differences of Rs. (379.33) million (2023: Rs. 200.55 million) was
Sales Price Average annual growth rate over the forecast period based on current industry
recognized in profit or loss and Rs. 1.13 million (2023: Rs. 4.951 million) recognized in other comprehensive
trend and including long term inflation forecast. Management does not anticipate
material impact owing to change in the assumptions used for growth in sales price. income.
Budgeted Gross Margin Based on recent performance and management’s expectation for the future. 9. STOCK-IN-TRADE
Note 2024 2023
Other Operating Cost Fixed cost of the CGU, which do not vary significantly with sales volume or price.
Management forecast these costs based on the current structure of the business, (Rupees in ‘000)
adjusting for inflationary increases but not reflecting any future restructuring or
cost saving measures. The amounts disclosed above are the average operating Raw materials 9.1 & 9.2 3,239,970 3,923,355
costs for the forecast period. Management does not anticipate material impact Provision for obsolescence 9.4 (96,628) (51,543)
owing to change in the assumptions used for growth in other operating cost. 3,143,342 3,871,812
Long Term Growth Rate This is the weighted average growth rate used to extrapolate cash flows beyond the
budget period. Management does not anticipate material impact owing to change in Packing materials 9.1 & 9.2 850,265 1,362,662
the assumptions used for growth in the long term rate. Provision for obsolescence 9.4 (43,416) (86,604)
806,849 1,276,058
Pre-tax Discount Rates Reflect specific risks relating to the business segment, and the country in which it
operates.
Work-in-process 9.1 3,264,881 2,523,297
Sensitivity to changes Management have considered and assessed reasonably possible changes for Provision for obsolescence 9.4 (252,042) (48,873)
in other assumptions other key assumptions and have not identified any instances that could cause the 3,012,839 2,474,424
carrying amount to exceed its recoverable amount.
Finished goods 9.1 & 9.3 7,135,730 7,325,424
6,839,171 7,182,903
13,802,201 14,805,197

11. ADVANCES
Note 2024 2023
(Rupees in ‘000)
9.1 Stock in trade includes Rs. 5.41 billion (2023: Rs. 5.84 billion) held with third parties.
Considered good
9.2 This include goods in transit pertaining to raw materials amounting to Rs. 97.2 million (2023: Rs. 310 million). Suppliers & others 11.1 575,375 1,236,168
575,375 1,236,168
9.3 Above balances include items costing Rs. 295.68 million (2023: Rs. 66.55 million) valued at net realisable
value of Rs. 257.14 million (2023: Rs. 55.87 million).
Considered doubtful
9.4 During the year, the Group recorded charge of provision (2023: reversal) for obsolescence of Rs. 301.49 Suppliers 51,827 37,558
million (2023: Rs. 182.24 million) and has written off stocks against provision amounting to Rs. 205.69 million 627,202 1,273,726
(2023: Rs.239.16 million).
Provision for doubtful advances to suppliers (51,827) (37,558)
10. TRADE DEBTS 575,375 1,236,168
Note 2024 2023
(Rupees in ‘000)
11.1 These advances include cash margin of Rs. 79.33 million. Remaining balance of Rs. 496.04 million has been
paid to the supplier for the purchase of raw materials, packing materials, stores & spares and for marketing
Unsecured
services.
- Local 610,254 764,739
- Foreign 2,805,319 2,650,342
3,415,573 3,415,081 12. DEPOSITS AND PREPAYMENTS
Note 2024 2023
Expected Credit Loss 10.1 (175,140) (186,664) (Rupees in ‘000)
3,240,433 3,228,417
Deposits - considered good 685,183 20,570
12.1
Prepayments 927,385 990,311
10.1 The movement in the allowance for expected credit loss for trade debts is as follows:
1,612,568 1,010,881
Note 2024 2023
12.1 These trade deposits and prepayments are mainly against rent, insurance and IT utilities and are not
(Rupees in ‘000)
considered doubtful. These do not carry any mark up arrangement.
Opening expected credit loss 186,664 150,255
Charge for the year - net 25,081 10,024
Write-offs (29,435) (13,712)
Exchange difference (7,170) 40,097
Closing expected credit loss 175,140 186,664

14. CASH AND BANK BALANCES
Note 2024 2023
13. SHORT-TERM INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS
(Rupees in ‘000)
Name of the Mutual Fund As at Invested Redeemed As at
1 July during during 30 June Cash in hand 17,366 9,432
2023 the year the year 2024
Cash at bank - current account
- local currency 14.1 2,963,981 1,272
(Number of units) - foreign currency 1,849,330 1,702,111
4,813,311 1,703,383
HBL Cash Fund 178,803 26,460 205,263 -
MCB Pakistan Sovereign Fund - 834,533 834,533 - Cash at bank - profit and loss sharing accounts
Pakistan Cash Management Fund - 1,004,559 1,004,559 - - local currency 14.2 1,669 411
Habib Islamic Money Market Fund 2,704,051 46,740 2,750,791 - 4,832,346 1,713,226
Faysal Islamic Cash Fund 2,738,554 2,024,366 4,762,920 - 14.1 The current accounts are placed with banks under conventional banking arrangements.
Faysal Financial Sector Opportunity Fund - 333,916 333,916 - 14.2 These carry markup rates of 20.5% per annum (2023: 19.5% per annum).
ABL Cash fund 29,444,907 628,486 30,073,393 -
Alfalah GHP Stock Fund 422,996 6,840 422,996 6,840 15. ISSUED, SUBSCRIBED AND PAID-UP CAPITAL
Total 36,159,192 4,906,040 41,057,477 7,755
2024 2023 2024 2023
Name of the Mutual Fund As at Invested Redeemed As at
(Number of shares) (Rupees in ‘000)
1 July during during 30 June
2023 the year the year 2024 3,139,975 3,139,975 Ordinary shares of Rs. 5 (2023: Rs. 5) each 15,700 15,700
issued for consideration paid in cash
(Rupees in ‘000)
229,975,450 229,975,450 Ordinary shares of Rs. 5 (2023: Rs. 5) each 1,149,876 1,149,876
HBL Cash Fund 18,258 2,699 20,957 - as fully paid bonus shares
MCB Pakistan Sovereign Fund - 50,698 50,698 -
Pakistan Cash Management Fund - 50,698 50,698 - 233,115,425 233,115,425 1,165,576 1,165,576
Habib Islamic Money Market Fund 273,581 4,729 278,310 -
Faysal Islamic Cash Fund 273,857 202,437 476,294 - 15.1 As at 30 June 2024, ATC Holdings (Private) Limited (ultimate parent company) held 79,311,413 (2023:
79,311,413) ordinary shares of the Company.
Faysal Financial Sector Opportunity Fund - 35,174 35,174 -
ABL Cash fund 301,183 6,445 307,628 - 16. NON-CONTROLLING INTEREST (NCI)
Alfalah GHP Stock Fund 37,992 859 38,207 644 Below is summarised financial information of A-1 Bags & Supplies Inc. that has a non-controlling interest
Total 937,047 353,754 1,290,063 738 (40% stake) that is material to the Group. The amounts disclosed are before inter-group eliminations.

17.2 A-1 Bags & Supplies Inc., obtained loan from a commercial bank details of whose are as follows:
Note 2024 2023

Summarised balance sheet Note 2024 2023
(Rupees in ‘000)
(Rupees in ‘000)
Bank loan (i) 17.2.1 10,501 43,657
Non-current assets 7,310,242 4,706,420
Current assets Bank loan (ii) 17.2.2 31,798 51,306
8,141,163 7,635,276
Non-current liabilities (4,927,108) (3,314,359) Bank loan (iii) 17.2.3 - 1,564
Current liabilities (5,297,873) (4,844,109) Bank loan (iv) 17.2.4 98,048 146,288
5,226,424 4,183,228 Bank loan (v) 17.2.5 11,707 16,888
Accumulated NCI 2,222,085 1,780,155 Bank loan (vi) 17.2.6 33,075 45,952
Vehicle loan (vii) 17.2.7 12,009 14,435
Bank loan (viii) 17.2.8 185,145 246,706
Summarised statement of profit or loss and
Bank loan (ix) 17.2.9 438,785 583,522
comprehensive income
821,068 1,150,318
Sales 48,414,009 34,006,991
Profit for the period 2,234,503 1,569,980 17.2.1 The loan, secured by accounts receivable, bears interest at a rate of 4.85% per annum and is repayable in 60
Total comprehensive income 2,055,088 1,569,980 equal monthly payments of Rs. 2.7 million including interest, maturing in October 2024.
Profit allocated to NCI 884,728 619,956 17.2.2 The loan, to finance equipment purchase, secured by accounts receivable, bears interest at a rate of 3.85%
Eligible dividend to NCI 822,035 578,595 per annum and is repayable in 60 equal monthly payments of Rs. 1.3 million including interest, maturing in
October 2026.
Summarised cash flows
17.2.3 The loan, to finance equipment purchase, secured by accounts receivable, bears interest at a rate of 3.55%
Cash flow from operating activities 3,035,351 1,583,014 per annum and is repayable in 24 equal monthly payments of Rs. 1.3 million including interest, maturing in
Cash flow from investing activities (794,625) (816,212) July 2023.
Cash flow from financing activities (2,233,335) (759,641)
Net (decrease) / increase in cash and cash equivalents 7,391 7,161 17.2.4 The loan, to finance equipment purchase, secured by accounts receivable, bears interest at a rate of 4.09%
per annum and is repayable in 60 equal monthly payments of Rs. 3.3 million including interest, maturing in
October 2026.
17. LONG-TERM FINANCE AND DEFERRED INCOME
Note 2024 2023 17.2.5 TD Bank loan, to finance equipment purchase, secured by accounts receivable, bears interest at a rate of
(Rupees in ‘000) 4.67% per annum and is repayable in 60 equal monthly payments of Rs, 0.36 million including interest,
maturing in January 2027.
Long-term finance
- Local currency 17.1 6,189,971 3,183,305
17.2.6 The loan, to finance equipment purchase, secured by accounts receivable, bears interest at a rate of
- Foreign currency 17.2 821,068 1,150,318
5.79% per annum and is repayable in 60 equal monthly payments of Rs. 1 million including interest,
7,011,039 4,333,623
maturing in May 2027.
Less: Current maturity of long-term finance (293,616) (372,404)
17.2.7 Vehicle loan payable, secured by a charge of the vehicle, bears interest at a rate of 3.65% per annum and is
6,717,423 3,961,219
repayable in 96 equal monthly payments of Rs. 0.19 million including interest, maturing in March 2030.
17.1 This represents original long term finance facilities of Rs. 6,600 million obtained from commercial banks.
17.2.8 The loan, to finance equipment purchase, secured by accounts receivable, bears interest at a rate of 6.62%
These finances carry markup ranging from 3 months Kibor + 0.1% to 3 months Kibor + 0.4%. The loans are
per annum and is repayable in 60 equal monthly payments of Rs. 4.5 million including interest, maturing in
secured by way of hypothecation of Company's present and future fixed assets. Loan tenures range from 5
November 2027.
years to 10 years. These loans are fully repayable in quarterly installments of Rs. 15 million, 8.33 million, 187.5
million and 187.5 million until November 2029.

20. DEFERRED LIABILITIES - FOR RETIREMENT BENEFITS
2024 2023
Note (Restated)
17.2.9 The loan, secured by accounts receivable, bears interest at a rate of prime + 0.5% per annum and is
repayable in 60 equal monthly payments of Rs. 9.3 million including interest, maturing in June 2028. (Rupees in ‘000)
Pension Plan - Parent Company 20.4 342,483 267,293

Under the terms of the Bank's credit facility, A-1 Bags & Supplies Inc., is required to comply with certain
financial and non-financial covenants. As at June 30 2024, the A-1 Bags & Supplies Inc., is in compliance of Pensioners' Medical Plan - Parent Company 20.4 (18,131) 15,029
these covenants. Retirement benefits - Subsidiary Company 20.14 46,254 13,547
370,606 295,869
18. LEASE LIABILITIES
2024 2023
20.1 The Parent Company currently operates a funded pension scheme and post retirement medical benefit for
(Rupees in ‘000) the Chief Executive and a Director. In addition, payments are also being made from the pension scheme for
the spouses of the two late Directors. Actuarial valuation of these plans is carried out every year and the
Opening balance 3,026,285 2,114,940
latest actuarial valuation was carried out as at 30 June 2024.
Additions 3,971,299 692,140
Interest expense 304,303 133,384 20.2 Plan assets held in trust are governed by local regulations which mainly include the Trust Act, 1882, the
Rental paid (1,201,014) (560,994) Companies Act, 2017, the Income Tax Rules, 2002 and Rules under the Trust Deed of the Plans.
Effect of movements in exchange rates (263,239) 646,815 Responsibility for governance of the Plans, including investment decisions and contribution schedules, lies
with the Board of Trustees. The Parent Company appoints the Trustees and all Trustees are employees of
5,837,634 3,026,285
the Parent Company.
Current portion (1,239,268) (644,680) 20.3 The latest actuarial valuation of the Fund as at 30 June 2024 was carried out using the Projected Unit Credit
Balance as at 30 June 4,598,366 2,381,605 Method (for earlier years also same method has been used). Details of the Fund as per the actuarial valuation
of the plan assets of the parent company are as follows:
Present value of
20.4 Balance sheet reconciliation of the plan assets of the Parent Company
Future Minimum Minimum lease
lease payments Interest charge payments Pension Plan Pensioners' Medical Plan
(Rupees in ‘000) 2024 2023 2024 2023

Note (Restated) (Restated)
Not later than one year 1,566,374 327,106 1,239,268 (Rupees in ‘000)
Later than one year but not later than five years 4,677,437 280,469 4,396,968
Later than five years and above 581,719 54,658 527,062 Present value of defined benefit obligations 20.8 706,351 552,106 67,039 87,159
6,825,530 662,232 6,163,298 Fair value of plan assets 20.9 (363,868) (284,813) (85,170) (72,130)
342,483 267,293 (18,131) 15,029
19. LONG TERM PROVISIONS

20.5 Movement in the net liability recognised in the balance sheet
This represents liability against Gas Infrastructure Development Cess (GIDC) amounting to Rs. 76.01 million
and are presented at present value of the total liability of Rs. 76.01 million (2023: Rs. 74.91 million) discounted Opening balance 267,293 192,245 15,029 21,727
in accordance with ICAP technical service guidelines 'Accounting for Gas Infrastructure Development Cess Remeasurements recognised in
(GIDC)' dated 19 January 2021.
Other Comprehensive Income 20.6 42,124 33,946 (36,317) (8,556)
Current portion of the liability amounts to Rs. 76.01 million (2023: Rs. 70.29 million). The future value has Charge / (income) for the year 20.7 62,201 41,102 4,468 4,871
been discounted at 7.1 % per annum. Monthly installments due under a court order amounts to Rs. 1.58 million Contribution made 29,135 - - -
and is due by September 2024. However, the Company has obtained stay order from Honourable Sindh High Payments made to members by Parent Company - - (1,311) (3,013)
Court, against the payment of monthly installments. The case is still pending before Honourable Sindh High 400,753 267,293 (18,131) 15,029
Closing balance
Court for adjudication.

20.8 Movement in the present value of defined benefit
20.6 Remeasurements recognised in other comprehensive income Pension Plan Pensioners' Medical Plan
Pension Plan Pensioners' Medical Plan 2024 2023 2024 2023
2024 2023 2024 2023 Note (Restated) (Restated)
(Rupees in ‘000)
(Rupees in ‘000)
Obligation as at 1 July 552,106 446,792 87,159 85,664
Re-measurements: actuarial loss / Current service cost 18,868 15,252 2,203 2,117
(gain) on obligation Interest cost 90,962 61,128 13,908 11,440
- Loss / (gain) due to change in Benefits paid (1,570) (2,355) (1,311) (3,013)
financial assumptions (4,047) 5,762 139 (314) Actuarial loss / (gain) 45,985 31,289 (34,920) (9,049)
- Loss / (gain) due to change in Obligation as at 30 June 706,351 552,106 67,039 87,159
experience adjustments 50,032 25,527 (35,059) (8,735)
Actuarial loss / (gain) on defined
benefit obligation - net 45,985 31,289 (34,920) (9,049) 20.9 Movement in the fair value of plan assets
Re-measurements: Return on Pension Plan Pensioners' Medical Plan

plan assets Note 2024 2023 2024 2023
(Rupees in ‘000)
Actuarial loss / (gain) (3,861) 2,657 (1,397) 493
As at 1 July 284,813 254,547 72,130 63,937
Total defined benefit cost recognised in Income on plan assets 47,629 35,278 11,643 8,686
other comprehensive income 42,124 33,946 (36,317) (8,556) Contribution made 29,135 - - -
Benefits paid (1,570) (2,355) - -
Actuarial gain / (loss) on plan assets 3,861 (2,657) 1,397 (493)
As at 30 June 363,868 284,813 85,170 72,130
20.6.1 Net actuarial loss recognized in other comprehensive income for the above two plans is Rs. 5.807 million
(2023 (restated): Rs. 25.39 million). 20.10 Components of Plan assets
20.7 Expense recognised in statement of profit or loss

Cash at bank - current account 94,548 63,663 22,131 16,123
Pension Plan Pensioners' Medical Plan Investment in mutual fund 20.10.1 269,320 221,151 63,039 56,007
2024 2023 2024 2023 363,868 284,814 85,170 72,130
(Rupees in ‘000) 20.10.1 This represents 6,043,604 units, 254,741 units, 604,939 units, 597,298 units, 625,733 units and 122,847
Component of defined benefit costs units invested in ABL Cash Fund, Al Ameen Islamic Cash Plan, UBL Liquidity Plus Fund, UBL Cash Fund,
recognized in profit and loss account Alfalah GHP Money Market Fund and Alfalah GHP Cash Fund respectively with the fair value of Rs. 61.88
Current service cost 18,868 15,252 2,203 2,117 million, Rs. 25.49 million, Rs. 61.32 million, Rs. 59.82 million, Rs. 61.91 million and Rs. 61.93 million respectively.
Net interest cost
- Interest cost on defined benefit
obligation 90,962 61,128 13,908 11,440
- Interest income on plan assets (47,629) (35,278) (11,643) (8,686)
43,333 25,850 2,265 2,754
62,201 41,102 4,468 4,871

The sensitivity analysis is based on a change in an assumption while parent all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When
20.11 Principal actuarial assumptions calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same
2024 2023 method (present value of the defined benefit obligation calculated with the projected unit credit method at
the end of the reporting period) has been applied when calculating the pension liability recognised within the
Expected rate of increase in salaries 14.75% 16.25%
balance sheet.
Expected rate of increase in pension 7.75% 9.25%
Expected rate of increase in medical benefits 12.75% 14.25%
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared
Discount factor used 14.75% 16.25%
to the previous year.
Mortality rate SLIC (2001-05) SLIC (2001-05)
Rates of employee turnover Light Light
20.14 Retirement benefits - Subsidiary Company
20.12 Cost for the next financial year
2024 2023
As per the actuarial valuation report charge for the next financial year is as follows:
(Rupees in ‘000)
2025
Pension Pensioners' Opening liability 13,547 6,341
Plan Medical Plan Charge for the year 33,654 4,072
(Rupees in ‘000) Exchange difference (947) 3,134
Closing liability 46,254 13,547
Service cost 23,377 1,643
Interest cost / (income) - net 51,463 (2,497) This represent staff terminal benefits obligation relating to National Foods DMCC (subsidiary company)
Pension cost to be recognized in profit and loss for the calculated in accordance with U.A.E. labour laws. Seven employees are covered under the above scheme.
next financial year 74,840 (854)
21. TRADE AND OTHER PAYABLES
20.13 Sensitivity analysis for actuarial assumptions Note 2024 2023
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is: (Rupees in ‘000)
2024 Creditors 5,060,053 4,173,046

Change in Defined benefit obligation - Accrued liabilities 5,990,005 5,839,678
assumption Increase / decrease in liability Workers' Profits Participation Fund 21.1 73,184 145,266
(Rupees in ‘000) Workers' Welfare Fund 21.2 229,064 254,185
Refund liabilities 21.3 21,355 69,694
Discount rate at June 30 1.00% 702,933 855,684 Tax deducted at source 113,361 72,040
Future salary increases 1.00% 717,151 695,638 Long term provision - current portion 76,014 70,286
Future pension increases 1.00% 771,784 649,235 Sales tax payable 286,850 24,431
Medical cost increases 1.00% 74,436 60,709 Custom duties payable 72,546 120,283
Other liabilities 23,220 40,881
2023
Due to a related party - Director 3,617 39,982
Change in Defined benefit obligation -
assumption Increase / decrease in liability 11,949,269 10,849,772
(Rupees in ‘000)
(Restated)
Discount rate at June 30 1.00% 579,687 708,948
Future salary increases 1.00% 562,442 541,919
Future pension increases 1.00% 602,461 508,058
Medical cost increases 1.00% 96,868 78,855

23. SHORT-TERM BORROWINGS
21.1 Workers' Profit Participation Fund Note 2024 2023

Note 2024 2023
(Rupees in ‘000)
(Rupees in ‘000)
Conventional - local currency
Payable/ (Receivable) as at July 1 145,266 2,187
Running finance under mark up arrangements 23.1 1,245,302 2,750,486
Allocation for the year 73,184 145,266
Export re-finance 23.3 950,000 800,000
218,450 147,453
Conventional - foreign currency

Amount paid during the year (145,266) (2,187)
Demand operating loan 23.2 264,217 501,509
Payable as at 30 June 73,184 145,266
Running finance 578,613 -
Short term loan 132,686 -
21.2 The Finance Act, 2008 introduced amendments to the Workers' Welfare Fund (WWF) Ordinance, 1971
Islamic - local currency
whereby the definition of industrial establishment was extended. The amendments were challenged at Running finance under Musharakah 23.4 884,695 1,355,274
various levels and conflicting judgments were rendered by the Lahore High Court, Sindh High Court and 4,055,513 5,407,269
Peshawar High Court. The Company is of the view that it is not liable to pay this liability. However, the
management has made provision for WWF for the years from 2015 to 2024 amounting to Rs. 229 million as
a matter of abundant caution. 23.1 The facilities for running finance available from various commercial banks are for the purpose of meeting
working capital requirements. The effective rates of mark-up on these finances range from 22.03% to
The Honourable Supreme Court of Pakistan vide its judgment dated 10 November 2016, has upheld the 22.12% (2023: 21.71% to 21.80%) per annum. The facilities are valid upto 30 September 2024 and are
view of Lahore High Court and decided that WWF is not a tax and hence the amendments introduced generally renewable.
through Finance Act 2008 are ultra-vires to the Constitution. The Federal Board of Revenue has filed Civil
Review Petitions in respect of above judgment with the prayer that the judgment dated 10 November 2016 23.2 A demand operating loan has been authorized by Toronto Dominion ("TD") bank to a maximum of Rs. 4.1 billion
passed in the Civil Appeal may kindly be reviewed in the interest of justice. (2023: Rs. 2.4 billion) and bears interest at TD bank's prime lending rate plus 0.3% (2023: 0.3%) per annum
and is secured by a general security agreement, an assignment of insurance and postponement of related
The management, as a matter of abundant caution, has decided to maintain the provision of WWF till the party loans. The agreement was amended during the year to increase the maximum credit limit. The loan is
decision of Supreme Court in respect of Civil Review Petition. guaranteed of the shareholders of the subsidiary company. As at 30 June 2024, the Company has used Rs.
264 million (2023: Rs. 502 million) of the bank credit facility.
21.3 This relates to amount of consideration expected to be refunded to customers, based on the estimated
23.3 The Company has short term running finance facility under Export Refinance Scheme of the State Bank of
level of returns.
Pakistan from commercial banks. The effective rate of mark-up on this facility is 18% (2023: 17%) per
annum. The facilities offer are valid upto 20 October, 2024 and are generally renewable.
21.4 All investments out of provident fund have been made in accordance with the provisions of Section 218 of
the Companies Act 2017 and the conditions specified thereunder.
23.4 The Company has obtained facilities for short-term finance under Running Musharakah. The effective rate
of profit is 22.07% (2023: 21.75%) per annum. This facility matures within twelve months and is renewable.
22. CONTRACT LIABILITIES The facilities offer are valid upto 31 January, 2025 and are generally renewable.
2024 2023
23.5 The facilities available from various banks amount to Rs. 9.1 billion (2023: Rs. 6.14 billion). The arrangements
(Rupees in ‘000)
are secured by way of pari-passu charge against hypothecation of Company's current and future movable
Advances from customers 308,907 355,136 assets having aggregate charge amounting to Rs. 12.19 billion.
23.6 As at 30 June 2024, the unavailed facilities from the above borrowings amounted to Rs. 6.09 billion (2023:
22.1 Revenue recognised during the year that was included in the contract liability balance at the beginning of the Rs. 1.2 billion).
year is Rs. 355.14 million (2023: Rs. 109.1 million)

25.1 Export sales comprise of sales made in the following regions:
2024 2023
24. CONTINGENCIES AND COMMITMENTS (Rupees in ‘000)
24.1 There are cases against the Group which are outstanding as at 30 June 2024. The management is confident Middle East 1,310,021 1,100,805
that the decision will be in favor of the Group. United States of America / Canada 52,138,717 37,092,512
Kingdom of Saudi Arabia 585,804 351,129
Europe / United Kingdom 763,485 395,490
24.2 The facilities for opening letters of credit amount to Rs. 7.7 billion (2023: Rs. 4.2 billion) and for letters of Others 562,548 404,359
guarantee amount to Rs. 1,095 million (2023: Rs. 1,071 million) as at 30 June 2024 of which the amount 55,360,575 39,344,295
remaining unutilized at period end were Rs 6.8 billion (2023: Rs. 3.5 billion) and 926 million (2023: Rs. 620 million) Above export sales includes sales by the subsidiary companies.
respectively. The guarantees have mainly been given to utility companies, Collector of Customs and an oil
marketing Company, etc.
24.3 Aggregate commitments for capital expenditure as at 30 June 2024 amount to Rs. 369 million (2023: 25.2 DISAGGREGATION OF REVENUE
Rs. 2.4 billion).
Local sales are within Pakistan only. The Group has disaggregated revenue recognised from contracts with
24.4 Aggregate commitments in respect of ujrah payments for ijarah financing of motor vehicles from a Modaraba customers into categories that depict how the nature, amount, timing and uncertainty of revenue and cash
bearing markup rate at three months KIBOR + 0.90% (2023: three months KIBOR + 0.90%) and from a flows are affected by economic factors.
commercial bank bearing markup rate at three months KIBOR + 1.25% (2023: three months KIBOR + 1.25%) per
annum for rentals payable monthly as at 30 June 2024 amount to: 2024 2023
(Rupees in ‘000)
2024 2023 Major Product Lines:

Condiments 25,328,439 21,148,873
(Rupees in ‘000)
Culinary 29,797,553 22,587,577
Not later than one year 417,451 371,529 Retail business (departmental stores) 50,740,632 35,715,022
Later than one year but not later than five years 768,719 791,298 105,866,624 79,451,472
1,186,170 1,162,827
25.3 Sales, net of sales return is Rs. 95.49 billion (2023: Rs. 71.59 billion).
Total sanctioned facilities amount to Rs. 1.9 billion, out of which Rs. 1.2 billion has been utilized by the Company
as of the year end.
25. SALES - NET

Note 2024 2023
(Rupees in ‘000)
- Local sales 50,506,049 40,107,177

- Export sales 25.1 55,360,575 39,344,295
Gross sales 105,866,624 79,451,472
Less: Sales tax (9,377,521) (7,122,934)

96,489,103 72,328,538
Less:
- Discount, rebates and allowances (9,112,424) (7,271,560)
- Sales return (1,001,573) (734,691)
(10,113,997) (8,006,251)
86,375,106 64,322,287

27. SELLING AND DISTRIBUTION COSTS
Note 2024 2023
26. COST OF SALES (Rupees in ‘000)

Note 2024 2023
(Rupees in ‘000) Advertising and sales promotion 2,569,760 2,270,000
Outward freight and handling charges 1,308,511 1,238,781
Raw material consumed 13,318,463 11,737,878
Packing material consumed 5,651,499 4,955,873
Depreciation 6.3 288,628 244,088
Stores and spares consumed 487,169 201,711 Depreciation of right-of-use assets 6.8.1 1,040,156 541,373
Impairment loss / (reversal) against inventory 236,635 (112,052) Amortization 7.2 - 20,605
Salaries, wages and other benefits 2,384,286 1,694,519 Ujrah payments 231,721 186,578
Contribution to the provident fund 31,836 28,994 Fuel and power 217,582 141,617
Depreciation 6.3 692,880 531,443 Forwarding charges 30,629 27,363
Insurance 144,117 83,067
Depreciation of right-of-use assets 6.8.1 12,615 8,390
Legal and professional charges 218,509 92,386
Amortization 7.2 1,220 665 Postage and communications 24,935 23,043
Ujrah payments 55,088 47,477 Printing and stationery 299,206 232,289
Fuel and power 918,691 666,762 Rent, rates and taxes 407,665 286,578
Insurance 33,298 21,515 Travelling 509,175 406,232
Laboratory, research and development 29,909 23,739 Repairs and maintenance 280,915 174,145
Others 27.1 123,910 69,404
Postage and communications 8,909 5,805
13,064,582 9,913,356
Rent, rates and taxes 502,108 453,974 27.1 This includes expenses in relation to the business review meetings amounting to Rs. 13 million.
Travelling 368,912 217,152
Repairs and maintenance 307,571 252,976 28. ADMINISTRATIVE EXPENSES Note 2024 2023
Security & janitorial charges 185,193 166,885 (Restated)
Inventory destruction charges 12,334 12,609 (Rupees in ‘000)
Others 26.1 96,706 68,684
25,351,355 21,000,619 Contribution to the provident fund 29,827 24,174
Depreciation 6.3 130,753 140,565
Opening work in process 2,474,424 1,617,287 Depreciation of right-of-use assets 6.8.1 90,676 65,462
Closing work in process (3,012,839) (2,474,424) Amortization 7.2 74,694 17,649
Cost of goods manufactured 24,812,940 20,143,482 Ujrah payments 118,327 72,106
Insurance 35,495 21,081
Opening stock of finished goods 2,146,990 1,326,045 Legal and professional charges 585,498 348,661
Closing stock of finished goods (1,561,826) (2,146,990) Postage and communications 62,876 31,347
Cost of sales for manufacturing business 25,398,104 19,322,537 Printing and stationery 52,493 43,875
Cost of sales for retail business 37,407,009 26,805,871 Travelling 178,268 117,404
Repairs and maintenance 620,406 411,904
62,805,113 46,128,408
Security & janitorial charges 29,880 20,073
Others 28.1 130,518 58,663
4,257,182 2,766,106
26.1 This includes service charges amounting to Rs. 34 million.
28.1 This includes expenses in relation to inaugration of plant and training of employees amounting to Rs. 40 &
32 million respectively.

30. OTHER INCOME 2024 2023
(Rupees in ‘000)
29. OTHER EXPENSES Income from financial instruments
Note 2024 2023 Exchange gain - net - 591,166
(Rupees in ‘000) Return on profit or loss sharing bank account and
term deposits - conventional 65,711 336
Workers' Profits Participation Fund 73,184 145,266
Realized gain on short term investments at FVTPL 9,035 11,644
Workers' Welfare Fund 3,114 58,106
Income from short term investments at FVTPL - dividend income 23,188 193,283
Auditors' remuneration 29.1 33,296 25,642
97,934 796,429
Exchange loss - net 64,912 -
Income from non-financial instruments
Provision on property, plant and equipment 71,000 -
Gain on disposal of property, plant and equipment 58,222 23,193
Impairment on long term Investments - 14,216
Export rebate 8,910 3,370
Unrealized loss on short term investments at FVTPL 198 4,710
Rental income 3,638 3,610
Donations 29.2 24,031 49,839
Amortisation of government grant - 2,037
269,735 297,779
Scrap sales 96,196 83,481
Others 11,499 -
29.1 Auditors' remuneration 2024 2023
178,465 115,691
(Rupees in ‘000)
KPMG Taseer Other KPMG KPMG Taseer Other KPMG 276,399 912,120
Hadi & Co. firms Hadi & Co. firms
Audit fee 3,475 26,459 2,908 19,803
Limited review, special reports
and other certifications 2,162 - 2,510 - 31. FINANCE COSTS 2024 2023
Out of pocket expenses 1,200 - 421 - (Rupees in ‘000)
6,837 26,459 5,839 19,803
Mark-up on:
- Short-term running finances 291,595 253,389
29.2 Donations to following Organizations and Trusts exceed 10% of the Group's total amount of donation or
Rs. 1 million, whichever is higher: - Export refinance facility 138,118 77,926
- Short-term borrowing - running musharakah 358,364 189,068
2024 2023
- Long-term loans 906,665 150,421
(Rupees in ‘000) - Interest on lease liability 304,303 133,384
The Indus Hospital 2,200 16,033 Bank charges 598,220 354,701
Hisaar Foundation - 9,941 2,597,265 1,158,889
Karachi Relief Trust - 9,934
Allah Walay Trust 4,000 2,000 32. FINAL TAXES
The Citizens Foundation 11,000 2,000 This represents final taxes payable under sections 150 and 154 of Income Tax Ordinance, 2001 (final
Childlife Foundation 1,000 1,500 tax regimes).
Go Read.pk 2,000 1,500
33. MINIMUM TAX
Donations did not include any amount paid to any person or organization or institution in which a Director or
his / her spouse had any interest. This represents portion of minimum tax payable under section 113 of Income Tax Ordinance, 2001.

34.5 Relationship between income tax expense and
accounting profit
2024 2023
34. INCOME TAX (Restated)
2024 2023
(Restated) (Rupees in ‘000)
(Rupees in ‘000)
Current 1,176,450 1,228,171

Deferred (379,332) 200,554 Profit before taxation 3,632,547 4,959,845
Prior year (219,390) (317,000)
577,728 1,111,725 Tax at applicable rate of 39% (2023: 39%) 1,434,188 1,934,340
Prior year tax effect (219,390) (317,000)
34.1 The aggregate of final taxes, minimum tax differential and current tax, amounting to Rs. 1.44 billion (2023: Rs. Tax effect of permanent differences (93,131) 106,983
Tax effect of final tax regime & super tax (56,821) (227,747)
1.28 billion) represents tax liablity of the Company calculated under the relevant provisions of Income Tax
Income subject to lower rate (90,967) (27,060)
Ordinance, 2001.
Effect of tax in foreign jurisdictions (effect of nil / lower tax rates) (98,552) (307,277)
Reconciliation of Current Tax Charge charged as per tax laws 2024 2023 Unused tax losses (45,002) -
for the year, with current tax recognised in the profit and loss
Others 7,313 2,882
account, is as follows: (Rupees in ‘000)
837,637 1,165,121
Current tax liability for the year as per applicable tax laws 1,436,359 1,281,567
Portion of current tax liability as per tax laws, representing \ 35. EARNINGS PER SHARE - basic and diluted
income tax under IAS 12 (1,176,450) (1,228,171)
Portion of current tax computed as per tax laws, representing
levy (259,909) (53,396) 35.1 Basic 2024 2023
Difference (Restated)
- -
(Rupees in ‘000)
34.2 Income tax assessments of the Parent Company for various tax and accounting years 2004, 2005, 2008, Profit after taxation attributable to owners of the parent company 1,910,182 3,174,768
2011, 2012 and 2014 to 2021, taken as deemed assessments under section 120 of the Income Tax
Ordinance, 2001 were subsequently amended under section 122(5A) of the Income Tax Ordinance, 2001 in (Number of shares)
which the Tax authorities has raised several demands. The Parent Company has filed appeals before various
appellate forums and has maintained an adequate provision for any potential future liability. Weighted average number of ordinary shares outstanding
during the year 233,115,425 233,115,425
34.3 The Parent Company has filed its income tax return up to the tax year 2023. Tax returns filed by the
Company are deemed to be assessed under Section 120 of the Income Tax Ordinance, 2001 unless selected
(Rupees)
for an amendment / audit by the taxation authorities. Tax return may be selected for detailed audit within six
years from the end of tax year to which it relates and the Income Tax Commissioner may amend the (Restated)
assessment.
Earnings per share 8.19 13.62
34.4 On 9 December 2022, the UAE (Federal Tax Authority) released the Federal Decree-Law No. (47) of 2022 on
the Taxation of Corporations and Businesses (CT Law). The CT Law was published in the Official Gazette on 35.2 A diluted earnings per share has not been presented as the Group did not have any convertible instruments
10 October 2022 and became effective on 25 October 2022. The said law will be applicable to taxable in issue as at balance sheet date which would have any effect on the earnings per share if the option to
persons for financial years commencing on or after 1 June 2023. convert is exercised.
The Cabinet of Ministers Decision No. 116/2022 effective from January 2023, has confirmed the threshold
of income over which the 9% tax rate would apply, the Law is considered to be substantively enacted. A rate
of 9% will apply to taxable income exceeding AED 375,000. A rate of 0% will apply to taxable income not
exceeding AED 375,000 and a rate of 0% on qualifying income of free zone entities.

37. CASH AND CASH EQUIVALENTS
Note 2024 2023

36. CASH GENERATED FROM OPERATIONS
2024 2023 (Rupees in ‘000)
Note (Restated)
Cash and bank balances 14 4,832,346 1,713,226
(Rupees in ‘000) Short term borrowings - running finance 23.1 & 23.4 (2,708,610) (4,105,760)
2,123,736 (2,392,534)
Profit before final taxes, minimum tax differential and income tax 3,632,545 4,959,845
38. REMUNERATION TO CHIEF EXECUTIVE OFFICER, DIRECTORS AND EXECUTIVES OF

Adjustments for non-cash charges and other items
PARENT COMPANY
Depreciation 1,112,261 916,096
Amortisation 75,914 38,919 38.1 The aggregate amounts charged in these financial statements in respect of remuneration including all
Depreciation of right-of-use assets 1,143,448 615,225 benefits to chief executive, directors and executives of the Parent Company are as follows:
Profit on disposal of property, plant and equipment (58,222) (23,193) Chief Executive Directors Executives
Amortisation of government grant - (2,037) Officer
Provision for slow moving stock 306,767 (112,052)
Impairment loss on long term investment - 14,216 2024 2023 2024 2023 2024 2023
Impairment loss on trade debts 25,080 10,024 (Rupees in ‘000)
Gain on remeasurement of investment at FVTPL (9,035) (11,644)
Managerial remuneration
Interest expense - lease liability 304,303 133,384
and allowances 71,120 45,745 - - 907,286 625,600
Finance costs 2,292,961 1,025,505
Utilities 5,770 4,574 - - 73,601 56,331
Retirement benefits expense 99,011 47,032
5,292,489 2,651,475 Bonus / variable pay 43,499 53,109 - - 247,397 256,226
Profit before working capital changes 8,925,034 7,611,320 Housing 25,967 20,585 - - 331,206 253,489
Retirement benefits 5,770 4,574 - - 68,545 53,331
Working capital changes Meeting fee - - 5,100 5,160 - -
(Increase) / decrease in current assets Fuel allowance - - - - 174,700 117,760
Stores, spare parts and loose tools (55,229) (92,915) Medical allowance - - - - 74,352 58,249
Stock in trade 376,254 (3,778,616) Travelling - - - - 7,580 13,548
Trade debts 646,681 470,076 Relocation allowance - - - - 34,937 21,811
Advances (22,834) (475,148) Car maintenance allowance - - - - 35,747 26,728
Trade deposits and prepayments 20,983 (54,950) Other expenses* 4,292 3,352 - - 183,445 109,337
Other receivables 73,251 (83,550)
156,418 131,939 5,100 5,160 2,138,796 1,592,410
1,039,105 (4,015,103)
Number of persons 1 1 6 6 248 184
Increase / (decrease) in current liabilities
Trade and other payables 445,149 1,154,795
Contract liability (26,543) 197,926 * In respect of the executives, these represents allowances for several other benefits.
418,606 1,352,721
10,382,744 4,948,938 38.2 The Chief Executive, two non-executive directors and certain executives of the parent company are
also provided with Company maintained cars, residence and mobile telephones.

For the year ended 30 June 2024 2024 2023
(Restated)
(Rupees in ‘000)
39. RELATED PARTY DISCLOSURES Key management personnel compensation:
Related parties comprise of the ultimate Holding Company, Parent Company, subsidiaries (direct and Salaries and other short-term employee benefits 1,443,463 1,005,143
indirect), key management personnel, staff retirement funds, directors, major shareholders and key Reimbursement of expenses 45,451 24,688
management personnel. Director's meeting fee 29,174 16,564
Contribution to the Provident Fund 30,069 27,074
Retainers fee 208,275 22,313
Key management personnel are those persons having authority and responsibility for planning, directing
Retirement benefits 5,855 2,514
and controlling the activities of the Company. The Company considers its Chief Executive Officer, Chief
Financial Officer, Company Secretary, Non-Executive Directors and Departmental Heads to be its key 39.3 The following are the related parties with whom the Group had entered into transaction or have arrangement /
management personnel. Transactions with key management personnel are in accordance with their agreement in place:
terms of employment / entitlement. Contribution charged for retirement benefit plan are in accordance Name of the Related Party Basis of association Aggregate %
with the terms of the service rules / trust deed and actuarial valuation as relevant. Other transactions of Shareparent
are in accordance with the agreed terms.
ATC Holdings (Private) Limited Holding Company* 34.02%
39.1 Balance outstanding with related parties Cherat Packaging Limited Associate due to common directorship (no holding in the company) 0%
2024 2023 Pakistan Cables Limited Associate due to common directorship (no holding in the company) 0%
(Rupees in ‘000) Associated Environment and Energy Associate due to common directorship (no holding in the company) 0%
The Pakistan Business Council Associate due to common directorship (no holding in the company) 0%
Receivable from the parent company 5,160 5,188 Employers' Federation of Pakistan Associate due to common directorship (no holding in the company) 0%
Payable to the parent company 7,607 2,518 Pakistan Society for Training & Development Associate due to common directorship (no holding in the company) 0%
Mungwao Private Limited Associate due to common directorship (no holding in the company) 0%
Payable to associated companies - net 55,250 63,107
Due to Directors 3,617 39,982 *It is the ultimate parent company.
39.2 Transaction with related parties other than those disclosed else where in the notes are disclosed below: 40. PLANT CAPACITY AND PRODUCTION 2024 2023
2024 2023 (Metric tons)
Relationship with the Nature of transaction (Restated)
Group (Rupees in ‘000) Actual production of plants 84,046 101,083
Parent Company Rental income 3,638 3,610
40.1 The capacity and production of the Parent Company plants are indeterminable as these are multi-product
Rental expense 5,014 5,432
Reimbursement of expenses from parent 11,465 13,184 and involve varying processes of manufacture.
Reimbursement of expenses to parent 2,239 -
Dividend paid 317,246 394,934 41. NUMBER OF EMPLOYEES
2024 2023
Associates Purchases 215,865 352,869 (Number)
Annual subscription 2,500 2,546
The details of number of employees are as follows:
Non-Controlling Interest Dividend paid 380,105 219,751
Directors and their family Dividend paid 366,857 454,156 Total employees of the Group at the year end 953 929
members Average employees of the Group during the year 941 939
Staff retirement funds Expense charged for defined contribution plan 111,034 95,301
Payments to defined contribution plan
42. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
111,034 100,264
Charge during the period to the defined The Board of Directors of the Group has overall responsibility for the establishment and oversight of the
benefit plan 66,669 45,973 Group's risk management framework. The Group's activities expose it to variety of financial risks namely
Contribution made during the period to the credit risk, liquidity risk and market risk (including foreign exchange risk and interest rate risk). The Group's
defined benefit plan 73,293 - overall risk management programme focuses on having cost effective funding as well as managing financial
risk to minimise earnings volatility and provide maximum return to shareholders.

Gross Expected Net
amount loss amount
42.1 Credit risk (Rupees in ‘000)
30 June 2023
Credit risk represents the financial loss that would be recognised at the reporting date if counterparties Current (not past due) 1,730,916 12,990 1,717,926
failed to perform as contracted. The financial assets exposed to the credit risk amount to Rs. 8.78 billion 1–30 days past due 1,049,931 10,463 1,039,468
(2023: Rs. 5.93 billion) appropriately. 31–60 days past due 298,095 25,012 273,083
61-180 days past due 265,917 70,829 195,088
The Group's maximum exposure to credit risk as at the reporting date is as follows: 181-360 days past due 60,061 57,210 2,851
More than 360 days past due 10,160 10,160 -
2024 2023
3,415,080 186,664 3,228,416
(Rupees in ‘000)
Financial assets:
Based on the past experience, consideration of financial position, past track records and recoveries, the Group
Deposits 722,233 60,829
Trade debts 3,240,433 3,228,417 believes that the impairment on trade debts have been adequately accounted for in these financial statements.
Short-term investments - at fair value through profit or loss 738 937,047
Bank balances 4,814,980 1,703,794 The cash and bank balances and investment in mutual funds represent low credit risk balances are placed with
8,778,384 5,930,087 banks having credit ratings of A1+ or above as assigned by PACRA or JCR-VIS and other reputed credit agencies.
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was: Other financial assets are neither material to the financial statements nor exposed to any significant credit risk. The
2024 2023 management does not expect any losses from non-performance by these counterparties.
(Rupees in ‘000)
Concentration of credit risk
Local 558,511 709,707
UAE 30,854 102,036 Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the
Canada 2,122,763 1,799,700
same geographical region, or have economic features that would cause their ability to meet contractual obligations
Other region 528,305 616,973
to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative
3,240,433 3,228,416
sensitivity of the Group’s performance to developments affecting a particular industry. In order to avoid excessive
The following table provides information about the exposure to credit risk for trade debts from individual concentrations of risk, management focuses on the maintenance of a diversified portfolio. Identified
customers as at 30 June 2024: concentrations of credit risks are controlled and managed accordingly. Management does not consider that it has
any concentration of credit risk at reporting date. Following are the details:
Gross Expected Net
amount loss amount
2024 2023
(Rupees in ‘000)
30 June 2024 (Rupees in ‘000)
Current (not past due) 1,522,731 10,281 1,512,450
1–30 days past due 1,407,262 12,195 1,395,067 Trade Debts
31–60 days past due 245,539 15,216 230,323 -Local 558,511 709,707
61-180 days past due 106,553 38,202 68,351 -UAE 30,854 102,036
181-360 days past due 74,575 40,333 34,242 -Canada 2,122,763 1,799,700
More than 360 days past due 58,913 58,913 - -Other region 528,305 616,974
3,415,573 175,140 3,240,433 Banks 4,814,980 1,703,794
Mutual funds 738 937,047
Deposits - Utilities 722,233 60,829
8,778,384 5,930,087

42.3 Market risks
Foreign exchange risk

42.2 Liquidity risk
Foreign exchange risk arises mainly where trade receivables and trade payables exist in foreign currency and
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its from bank balances. As at 30 June 2024 net financial assets/ (liabilities) of Rs. 2 billion (2023: Rs. 1.87 million)
financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk reflects the were denominated in foreign currency which were exposed to foreign currency risk.
Group's inability in raising funds to meet commitments. The Group manages liquidity risk by maintaining
sufficient cash and bank balances and the availability of financing through banking arrangements. As at 30 June 2024 if the Pak Rupee had strengthened/weaken by 5% against US Dollar with all other
Management monitors rolling forecasts of the Group’s liquidity reserve which comprises of undrawn variables held constant, profit before tax for the year would have been lower / higher by Rs. 97.67 million
borrowing facility and cash and cash equivalents on the basis of expected cash flows. (2023: Rs. 59.3 million).
2024 The sensitivity of foreign exchange rate looks at the outstanding foreign exchange balances of the Group
Contractual Cashflows only as at the balance sheet date.
Carrying Total Contractual Within More than

amount Cash flows one year one year
Details of balances due / payable as at the year end were as follows:
(Rupees in ‘000) 2024
Rupees in AED in CNY in Euro in GBP in SAR in USD in AUD in CAD in

('000) ('000) ('000) ('000) ('000 ('000) ('000) ('000) ('000)
Non-derivative Financial Liabilities
Long-term borrowings 7,011,039 11,305,014 1,554,744 9,750,270
Trade and other payables 11,076,895 11,076,895 11,076,895 - Trade debts 2,805,319 115.67 - - - - 2,117.43 - 10,867.64
Lease liabilities 5,837,634 6,825,510 1,566,354 5,259,156 Bank balance 1,849,329 3,990.64 - - - - 5,077.67 - 658.04
Trade liabilities (2,653,200) (940.13) - (4.26) (3.78) - (177.38) - (12,462.18)
Short-term borrowings - principal amount 4,055,513 4,055,513 4,055,513 -
2,001,448 3,166.18 - (4.26) (3.78) - 7,017.73 - (936.50)
Mark-up accrued on bank borrowings 937,824 937,824 937,824 -
Unclaimed dividend 22,906 22,906 22,906 -
28,941,811 34,223,662 19,214,236 15,009,426 2023
Rupees in AED in CNY in Euro in GBP in SAR in USD in AUD in CAD in

2023 ('000) ('000) ('000) ('000) ('000) ('000) ('000) ('000) ('000)
Carrying Total Contractual Within More than Trade debts 3,415,081 11,064.20 - - - - - - 8,277.20
amount Cash flows one year one year Bank balance 1,702,111 161.17 - - - - 4,151.52 - 2,310.82
Trade liabilities (3,244,604) (4.00) (90.17) (29.72) (0.35) (0.22) (61.61) (23.61) (14,729.41)
(Rupees in ‘000)
1,872,588 11,221.37 (90.17) (29.72) (0.35) (0.22) 4,089.90 (23.61) (4,141.39)
Non-derivative Financial Liabilities

Long-term borrowings 4,333,623 9,355,205 1,588,082 7,767,123 The following significant exchange rates were applied during the year:
Trade and other payables 10,093,587 10,093,587 10,093,587 -
2024
Lease liabilities 3,026,285 3,513,076 750,000 2,763,076
Short-term borrowings - principal amount 5,407,269 5,407,269 5,407,269 - Average Reporting
Mark-up accrued on bank borrowings 459,706 459,706 459,706 - rate date rate
Unclaimed dividend 20,639 20,639 20,639 -
23,341,109 28,849,482 18,319,283 10,530,199 Rupees / USD 283.25 278.34
Rupees / AED 77.12 75.78
Rupees / CAD 209.10 203.01

42.4 Reconciliation of movements of liabilities to cash flows arising from financing activities
2024
2023 Other short
Long term
Short term borrowings
term
including loan
Average Reporting borrowings borrowings
Lease classified as Retained
used for cash including
rate date rate management related
liabilities current [including earnings Total
purpose related accrued
accrued
markup] (refer
markup
Rupees / USD 248.00 285.99 note 19)
Rupees / CNY 35.65 39.67

Rupees / AED 67.52 77.86 (Rupees in ‘000)
Rupees / CAD 185.03 217.84
Balance as at 1 July 2023 4,607,269 800,000 3,026,285 4,333,623 12,954,812 25,721,989
Interest rate risk
Changes from financing cash flows
At 30 June 2024 the Group had variable interest bearing financial liabilities of Rs. 11.07 billion (2023: Rs. 9.74
billion) and interest being financial assets of Rs. 1.7 million (2023: 0.411 million). Had the interest rates varied Repayment of loan (78,191) 150,000 - - - 71,809
by 100 basis points (2023: 100 basis points) with all the other variables held constant, profit before tax for Proceeds from long term loan - - - 2,796,916 - 2,796,916
the year would have been lower / higher by approximately Rs. 110.67 million (2023: Rs. 97.41 million), mainly Lease Rental Payment - - (1,201,014) - - (1,201,014)
as a result of higher.
Dividend paid - - - - (1,310,299) (1,310,299)
Details of the financial instruments, exposed to interest rate risk, based on the earlier of re-pricing or Total changes from financing activities (78,191) 150,000 (1,201,014) 2,796,916 (1,310,299) 357,412
contractual maturity dates are as follows:
Other changes - interest cost
Exposure to Interest / Mark up rate risk
Interest expense 649,959 138,118 304,303 906,665 - 1,999,045
Upto 1 Upto 3 Total
Interest paid (649,959) (138,118) - (906,665) - (1,694,742)
month Months
Additions in lease labilities - - 3,971,299 - - 3,971,299
(Rupees in ‘000)
Changes in running finance (1,975,763) - - - - (1,975,763)
Exchange difference 552,198 - (263,239) (119,500) (376,460) (207,001)
Financial assets
Total loan related other changes (1,423,565) - 4,012,363 (119,500) (376,460) 2,092,838
Bank balances 1,669 - 1,669

Total equity related other changes - - - - 2,787,968 2,787,968
30 June 2024 1,669 - 1,669
Balance as at 30 June 2024 3,105,513 950,000 5,837,634 7,011,039 14,056,021 30,960,207

30 June 2023 411 - 411
Financial liabilities 42.5 Capital risk management
The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going
Long term finance - 7,011,039 7,011,039
concern in order to provide returns for shareholders and benefit for other stake holders and to maintain an
Short term borrowings 4,055,513 - 4,055,513 optimal capital structure to reduce the cost of capital. During the year, the Group's strategy was to maintain
30 June 2024 4,055,513 7,011,039 11,066,552 leveraged gearing. The gearing ratio as at 30 June 2024 was as follows:
30 June 2023 5,407,269 4,333,623 9,740,892
Details of interest / markup rates are disclosed in the respective notes

- Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the 'measurement date (level 1).
2024 2023
(Restated)
- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
(Rupees in ‘000)
either directly or indirectly (level 2).
Total borrowings 12,004,376 10,200,598
Cash and bank balances (4,832,346) (1,713,226) - Unobservable inputs for the asset or liability (level 3).
Net debt 7,172,030 8,487,372
Total equity 14,056,021 12,954,812 The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
Total capital 21,228,051 21,442,184 including their levels in the fair value hierarchy:
Gearing ratio 34% 40%
2024
The Group finances its operations through equity, borrowings and management of working capital with a
view to maintain an appropriate mix between various sources of finance to minimise risk. The Group is not Financial assets Financial
at amortised Fair Value Liabilities at Level 1 Level 2 Level 3
exposed to externally imposed capital requirement. cost amortised cost
(Rupees in ‘000)
Fair values of financial assets and liabilities
Financial assets not measured
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. Management considers fair value of
financial assets approximate its fair value owing to their short term maturities and credit quality of counter Trade debts 3,240,433 - - - - -
parties. Bank balances 4,814,980 - - - - -
Cash in hand 17,366 - - - - -
42.6 Fair values of financial assets and liabilities Deposits 722,233 - - - - -
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly Financial assets measured
transaction between market participants at the measurement date. at fair value
Underlying the definition of fair value is the presumption that the Group is a going concern without any Short-term investments at FVTPL - 738 - - 738 -
intention or requirement to curtail materially the scale of its operations or to undertake a transaction on
adverse terms.

The fair value of financial assets and liabilities traded in active markets i.e. listed equity shares are based on
the quoted market prices at the close of trading on the period end date. The quoted market prices used for
financial assets held by the Group is current bid price.
Long term borrowings - - 7,011,039 - - -
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly Trade and other payables - - 11,076,895 - - -
available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those Short-term borrowings - - 4,055,513 - - -
prices represent actual and regularly occurring market transactions on an arm’s length basis. Lease liabilities - - 5,837,634 - - -
Mark-up accrued on bank borrowings - - 937,824 - - -
IFRS 13, 'Fair Value Measurements' requires the Group to classify fair value measurements using a fair value Unclaimed dividend - - 22,906 - - -
hierarchy that reflects the significance of the inputs used in making the measurements. The fair value 8,795,012 738 28,941,811 - 738 -
hierarchy has the following levels:

43.1 Segment revenue and results
Core Segment - Food & Retail -
Food related products (cash and carry) Total
2023
(Rupees in ‘000)
Financial assets Financial For the year ended 30 June 2024
at amortised Fair Value Liabilities at Level 1 Level 2 Level 3
cost amortised cost Sales 37,961,097 48,414,009 86,375,106
(Rupees in ‘000) Cost of sales (25,398,104) (37,407,009) (62,805,113)
Financial assets not measured Gross profit 12,562,993 11,007,000 23,569,993

at fair value - note 42.6.1 Distribution expenses (7,149,772) (5,914,810) (13,064,582)
Impairment loss on trade debts (625) (24,456) (25,081)
Trade debts 3,228,417 - - - - - Administrative expenses (3,156,926) (1,100,256) (4,257,182)
Bank balances 1,703,794 - - - - - Other expenses (254,525) (15,210) (269,735)
Cash in hand 9,432 - - - - - Other income 275,821 578 276,399
Deposits 60,829 - - - - - Finance cost (1,642,752) (954,513) (2,597,265)
Profit before taxation 634,214 2,998,333 3,632,547
Financial assets measured Taxation (73,808) (763,829) (837,637)
at fair value Profit after taxation 560,406 2,234,504 2,794,910
Short-term investments at FVTPL - 937,047 - - 937,047 -

at fair value - note 42.6.1 Food related products (cash and carry) Total
Long term borrowings - - 4,333,623 - - - (Rupees in ‘000)

Trade and other payables - - 10,093,587 - - - For the year ended 30 June 2023
Short-term borrowings - - 5,407,269 - - -
Sales 30,315,296 34,006,991 64,322,287
Lease liabilities - - 3,026,285 - - -
Cost of sales (19,322,537) (26,805,871) (46,128,408)
Mark-up accrued on bank borrowings - - 459,706 - - -
Gross profit 10,992,759 7,201,120 18,193,879
Unclaimed dividend - - 20,639 - - -
Selling and distribution expenses (6,147,403) (3,765,953) (9,913,356)
5,002,472 937,047 23,341,109 - 937,047 -
Impairment loss on trade debts (1,506) (8,518) (10,024)
42.6.1 The Group has not disclosed the fair values of the above financial assets and financial liabilities, as these are Administrative expenses (2,084,463) (681,643) (2,766,106)
either short term in nature or repriced, periodically. Therefore, carrying amounts of financial instruments Other operating charges (283,133) (14,646) (297,779)
carried at amortised cost are reasonable approximation of their fair values. Other income 902,224 9,896 912,120
Finance Cost (648,206) (510,683) (1,158,889)
43. OPERATING SEGMENT
Profit before taxation 2,730,272 2,229,573 4,959,845
The Group has the two operating segments namely core business and retail (cash and carry). The core Taxation (505,527) (659,595) (1,165,122)
business providing wide range of food products to consumers. The retail (cash and carry) offer different Profit after taxation 2,224,745 1,569,978 3,794,723
products / supplies to restaurants, retailers and industrial customers based in Canada.
The Group’s chief executive officer reviews the internal management reports of each segment separately.

43.6 Management considers that revenue from its ordinary activities are shariah compliant.
43.7 Non-current assets of the Group are located in Pakistan except non-current assets amounting to Rs. 8.7
43.2 Segment assets and liabilities
billion (2023: Rs. 5.9 billion) are located outside Pakistan.

Total
Food related products (cash and carry) 44. EVENT OCCURRING AFTER BALANCE SHEET DATE
(Rupees in ‘000)
The Board of Directors of the Parent Company in their meeting held on 5 September, 2024 has proposed a
As at 30 June 2024
final dividend of Rs. 5 per share (2023: Rs. 2.5 per share) amounting to Rs. 1,165.58 million (2023: Rs. 582.79 million)
Segment assets 29,804,543 15,441,664 45,246,207
for the year ended 30 June 2024. The approval of the shareholders of the Parent Company for the dividend
Segment liabilities 14,231,947 5,271,844 19,503,791
and bonus issue shall be obtained in the upcoming Annual General Meeting for the year ended 30 June 2024.
As at 30 June 2023 The financial statements for the year ended 30 June 2024, do not include the effect of the proposed final
Segment assets 26,810,936 12,341,697 39,152,633 cash dividend which will be accounted for in the financial statements of the year ending 30 June 2025.
Segment liabilities 14,362,366 4,844,109 19,206,475
45. DATE OF AUTHORISATION
43.3 Segment assets reported above comprise of property, plant and equipment, stock in trade and trade debts. These financial statements were authorised for issue by the Board of Directors of the Parent Company on
5 September 2024.
43.4 Information about major customers
The Group's customer base is diverse with no single customer accounting for more than 10% of net sales.
Sales to domestic customers in Pakistan are 47.71% (2023: 50.48%) and to customers outside Pakistan are
52.29% (2023: 49.52%) of the revenue.
43.5 Geographical Location
The Group's gross revenue from external customers by geographical location is detailed below:
2024 2023 Chief Executive Officer Chief Financial Officer Director
(Rupees in ‘000)
Domestic sales 50,506,049 40,107,177

Export sales 55,360,575 39,344,295
105,866,624 79,451,472
43.5.1 Region wise export sales are as under:
Middle East 1,310,021 1,100,805

Canada 52,138,717 37,092,512
Kingdom of Saudi Arabia 585,804 351,129
Europe/UK 763,485 395,490
Others 562,548 404,359
55,360,575 39,344,295

At the Heart of
Investor Relations
We aim to build strong relationships with investors
with adherence to international standards and the
vision of quality, nutrition, and wellness.
The strategic initiatives, financial performance, and

growth opportunities, reinforce our dedication to
achieve mutual success and long-term trust.
277 | Others Annual Report 2024 | 278

Pattern of
Shareholding
As of June 30, 2024
# Of Shareholders Shareholdings' Slab Total Shares Held # Of Shareholders Shareholdings' Slab Total Shares Held
1,322 1 to 100 49,831 1 285001 to 290000 286,000
902 101 to 500 253,745 2 300001 to 305000 603,925
481 501 to 1000 367,830 1 335001 to 340000 339,000
604 1001 to 5000 1,408,599 1 370001 to 375000 371,250
167 5001 to 10000 1,187,833 1 445001 to 450000 446,400
48 10001 to 15000 599,869 1 470001 to 475000 471,773
43 15001 to 20000 768,777 1 570001 to 575000 571,877
32 20001 to 25000 713,768 1 580001 to 585000 585,000
19 25001 to 30000 529,925 1 590001 to 595000 591,425
12 30001 to 35000 384,729 1 635001 to 640000 640,000
6 35001 to 40000 234,600 1 710001 to 715000 714,646
8 40001 to 45000 349,157 1 760001 to 765000 765,000
4 45001 to 50000 189,602 1 870001 to 875000 875,000
5 50001 to 55000 258,600 1 965001 to 970000 966,965
2 55001 to 60000 115,100 1 995001 to 1000000 1,000,000
2 60001 to 65000 122,300 2 1035001 to 1040000 2,074,253
6 65001 to 70000 404,419 3 1515001 to 1520000 4,545,111
3 70001 to 75000 216,300 1 1550001 to 1555000 1,551,606
2 75001 to 80000 154,375 1 2215001 to 2220000 2,218,632
7 80001 to 85000 575,425 1 2745001 to 2750000 2,748,185
2 85001 to 90000 176,600 1 2860001 to 2865000 2,863,928
2 90001 to 95000 186,681 1 4350001 to 4355000 4,353,301
2 95001 to 100000 200,000 1 4495001 to 4500000 4,500,000
3 100001 to 105000 309,839 1 4665001 to 4670000 4,665,681
1 105001 to 110000 109,720 1 8440001 to 8445000 8,443,412
3 110001 to 115000 340,500 1 14875001 to 14880000 14,875,592
7 115001 to 120000 814,521 1 23000001 to 23005000 23,003,081
1 120001 to 125000 122,500 1 27860001 to 27865000 27,864,177
1 130001 to 135000 134,781 1 28640001 to 28645000 28,641,268
1 135001 to 140000 139,000 1 79310001 to 79315000 79,311,413
1 145001 to 150000 150,000 3,737 233,115,425
1 155001 to 160000 157,812

1 160001 to 165000 165,000
2 165001 to 170000 335,786

Categories of Pattern of
Shareholders Shareholding
As of June 30, 2024 as at June 30, 2024
Categories of Shareholders Shareholders Shares Held Percentage
Directors, Chief Executive Officer, their

spouse(s) and minor children
701,145 9,628,132
ZAHID MAJEED 1 14,875,592 6.38 17,873,573 44,169,316

ABRAR HASAN 1 23,003,081 9.87
1,120,958
ALI H.SHIRAZI 1 1,000 0.00
NOREEN HASAN 2 81,000 0.03
4,360,327
SAADIA NAVEED 1 1,515,037 0.65
EHSAN ALI MALIK 1 1,125 0.00 2,503
81,283
ADAM FAHY MAJEED 1 4,665,681 2.00
MARIAM EHSAN ALI MALIK 1 26,800 0.01 0
Associated Companies, undertakings and related parties 12 155,178,188 66.57
Executives 2 2,503 0.00
NIT & ICP - - -
Banks Development Financial Institutions,

Non Banking Financial Institutions. 2 4,360,327 1.87
Insurance Companies 1 81,283 0.03
Modarabas and Mutual Funds 11 1,120,958 0.48
General Public
155,178,188
a. Local 3,399 17,607,647 7.55
b. Foreign 177 265,926 0.11
Foreign Companies 2 701,145 0.30 Directors, Chief Executive Officer and
their spouse(s) and minor children Insurance Companies
Others 122 9,628,132 4.13
Totals 3,737 233,115,425 100.00 Associated Companies, undertakings
Modarabas and Mutual Funds
and related parties
Executives General Public

Share holders holding 10% or more Shares Held Percentage
KHAWAR M. BUTT 28,641,268 12.29 NIT & ICP Foreign Companies

ATC HOLDINGS (PRIVATE) LIMITED 79,311,413 34.02
Banks Development Financial Institutions,
MILLVILLE OPPORTUNITIES MASTER FUND LP 27,864,177 11.95 Others
Non Banking Financial Institutions.

Stakeholders’ Shareholding Position / IBAN
Information
No. of No. of Percentage
Shareholders Shares Held (%)
Shareholding Position
Shares in Physical Register 478 1,596,176 0.68

On 30th June 2024 there were 3,737 members on the record of the Company’s Ordinary Shares.
Shares Deposited in Central Depository System 3259 231,519,249 99.32
FINANCIAL CALENDAR
Total 3,737 233,115,425 100.00
Results
No. of No. of Percentage
Q2024 1 Approved and Announced on 19TH October 2023 Shareholders Shares Held (%)
Q2024 2 Approved and Announced on 27th February 2024 IBAN
Q2024 3 Approved and Announced on 29th April 2024 IBAN / Account No. Updated (Physical) 147 844,169 3.93
YE 2024 Approved and Announced on 5th September 2024 IBAN / Account No. Updated (CDS) 3,228 231,375,298 86.38
53rd ANNUAL GENERAL MEETING TO BE HELD ON 21st October 2024 Total 3375 232,219,467 90.31
Trading in Shares by Directors and Executives Shareholding Position / IBAN

Trading in shares of the Company during the year by Chairman, Executive, Director’s spouse, Substantial Shareholder
and Associated Company is as follows:
TOTAL NO. OF SHAREHOLDERS AS ON TOTAL NO. OF IBANS UPDATED AS ON
JUNE 30, 2024 JUNE 30, 2024
Mr. Zahid Majeed Buy 571,367
Gift Out 4,714,769
Physical 478 Physical 147
Directors Mr. Adam Fahy Majeed Gift In 259,800 CDC 1,259 CDC 3,228
Mrs. Noreen Hasan Buy 13,000
Substantial Shareholder Millville Opportunities Master Fund, LP Buy 4,562,654
Executive
Sagheer Ahmed Sell 1,000 Free Float of Shares
Buy 900 Free float shares of the Company are 60,045,519 i.e. (25.76%) out of the total 233,115,425 Shares of the Company
as at 30th June 2024.
Members Having 10% or More of Voting Rights

Name of Shareholder(s) No. of Shares Held Percentage FREE FLOAT AS AT JUNE 30, 2024
KHAWAR M. BUTT 28,641,268 12.29

FREE FLOAT 25.76
ATC HOLDINGS (PRIVATE) LIMITED 79,311,413 34.02
NON FREE FLOAT 74.24
MILLVILLE OPPORTUNITIES MASTER FUND LP 27,864,177 11.95

Notice of Annual “RESOVLED THAT the increase in remuneration of the Chairman and the non-executive and independent
directors of the Company for attending Board and Committee Meeting, as appearing the statement of
material facts, approved by the board of directors in their meeting held on September 5, 2024, is hereby
General Meeting
ratified / approved pursuant to Article 62 of the Articles of Association of the Company”.
8. To consider, and if thought fit, to pass the following resolutions as special resolutions, (a) to ratify and
approve the transactions carried out with related parties during the financial year ended June 30, 2024, and
(b) & (c) to authorize the Board of Directors to approve all related party transactions carried out and to be
Notice is hereby given that the 53rd Annual General Meeting of National Foods Limited will be held on
carried out during the year ending June 30, 2025.
Monday, October 21, 2024, at 15:00 p.m. at Beach Luxury Hotel, Karachi to transact the following business.
The shareholders who wish to attend the AGM via video link facility may do so.
a) “RESOLVED THAT the transactions, in which majority of directors are interested, carried out by the
Ordinary Business: company with the following related parties for the financial year ended June 30, 2024, be and are
hereby ratified and approved”.
1. To confirm the Minutes of 52nd Annual General Meeting held on October 19, 2023.
2. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, ATC Holdings (Private) Limited - Parent Company
2024, together with the Directors’ and Auditors’ Reports thereon, together with Audited consolidated financial
statements of the Company and the Auditors’ reports thereon for the year ended June 30, 2024. National Foods DMCC - Subsidiary
Note: Member may access the Annual Audited Financial Statements through the following QR code and
b) “FURTHER RESOLVED THAT the Board of Directors of the Company be and is hereby authorized to
web-link:
approve all related party transactions, in which majority of directors are interested, carried out and to
be carried out with any related party including the above-named related parties, on case-to-case basis,
Web Link: https://qr-codes.io/VVhz5G for the financial year ending June 30, 2025, and till next Annual General Meeting of the Company”.
“FURTHER RESOLVED THAT the approval of transactions by the Board, as aforesaid, shall be deemed
3. To consider, approve and declare the dividend on the ordinary shares of the Company. The Directors have to have been approved by the shareholders and the transactions for the year ending June 30, 2025,
recommended a Final Cash dividend of Rs. 5.00 per ordinary share (100 %) in addition to the 30 % interim cash shall be placed before the shareholders in the next Annual General Meeting for their formal
dividend announced and already paid, making a total dividend of Rs. 6.5 per share (130 %) for the financial year ratification/approval”.
ended 30 June 2024.
9. To consider and approve the sale of Land and Building called "Properties" of the Company located at F-160/C
4. To appoint External Auditors of the Company for the ensuing year, and to fix their remuneration. The Board of and F-133, S.IT.E., Karachi, and pass the following Special Resolution(s), with or without modifications,
Directors, on the recommendation of Audit Committee of the Company, has proposed re-appointment of M/s additions or deletions, in terms of Section 183(3)(a) of the Companies Act, 2017:
KPMG Taseer Hadi & Co. Chartered Accountants as external auditors, for the year ending June 30, 2025.
5. To elect 7 (seven) Directors, as fixed by the Board in accordance with the provision of Section 159 of the “RESOLVED THAT the consent of shareholders be and is hereby accorded to the disposal and sale of
Companies Act, 2017, for a term of 3 (three) years commencing immediately upon the conclusion of the 53rd Company's Land and Building called "Properties" located at F-160/C and F-133, S.IT.E., Karachi”.
AGM of this Company. The names of the retiring directors of the Company, are as follows:
RESOLVED FURTHER THAT the Board of Directors be and are hereby authorized and empowered to
1. Mr. Zahid Majeed 2. Mr. Abrar Hasan
delegate its powers to the Chairman and / or Chief Executive Officer (CEO) or including, with or without
3. Mr. Adam Fahy Majeed 4. Mrs. Noreen Hasan
any Director of the Company or any other person on such terms and conditions they deem fit, to act on
5. Mrs. Saadia Naveed 6. Mr. Ali Shirazi
behalf of the Company in doing and performing all acts, matters, things and deeds to implement and / or
7. Mr. Ehsan Ali. Malik
give effect to the "Properties" and the transaction contemplated by it, which shall include, but not be limited to:
Special Business:
a) conducting negotiations, obtaining quotations etc., with interested parties in such manner and on
6. To consider and, if thought fit, to pass with or without modification(s), the resolution appearing below as such terms and conditions as are in the best interest of the Company and its shareholders and
ordinary resolution to authorize Mr. Adam Fahy Majeed for holding of office of profit in the Company in terms
which secure the best available market price for the "Properties";
of Section 171 (1) (c) (i) of the Companies Act, 2017.
“RESOLVED THAT pursuant to the provisions of Section 171 (1) (c) (i) of the Companies Act, 2017, consent of b) selling the "Properties" to any individual, firm(s) / partnership, bank(s) or private / public limited
Members be and is hereby accorded to authorize Mr. Adam Fahy Majeed for holding office or place of profit under companies or organization(s) or to any other person and, for that purpose, negotiating with
the Company, as Executive Director of the Company at a remuneration, other entitlements and terms and financial institution(s) for vacating lien/charges against assets if any, entering into an agreement
conditions as may be determined by the directors and altered from time to time, as per the Company’s policies”. to sell, sale deed or any other agreement with the buyer(s) or any other person, receiving the sale
consideration, executing, preparing and signing any sale deed, conveyance deed and / or transfer
7. To consider and approve the proposed increase in the Director’s Remuneration. For this purpose, pass the documents in favor of the buyer(s) or another person to effect the "Properties" in favor of the
following Resolution as ordinary resolution with or without any amendments, modifications, or alterations:- buyer(s) or any other person by representing the same before all parties & authorities concerned
and admitting execution thereof;

c) representing before the Sub-Registrar or any other competent authority and getting any sale Notes:
deed or other document(s) registered and collecting consideration amount in respect of the
"Properties", and 1. Election of Directors
d) generally performing and executing in respect of the "Properties" all lawful deeds, agreements,
A. Pursuant to Section 159(1) of the Companies Act, 2017, the Board of Directors have fixed the number of
acts and things as they may think fit and proper in order to implement and complete the Directors at seven (07), to be elected in the Annual General Meeting of the Company for a period of three
"Properties" transaction(s). (03) years. In terms of Regulation 7A of the Listed Companies (Code of Corporate Governance)
Regulations, 2019 the election will be held in the following categories for number of seats specified.
FURTHER RESOLVED THAT Chairman and / or Chief Executive and / or any Director and Company
Secretary, or such other person(s) as may be authorized by any of them (the "Authorized Persons"), be and Category Number of Seats
are hereby, jointly or severally, authorized and empowered to take all necessary steps, make the requisite Female Director One
decisions from time to time, do all such acts, deeds and things, obtain necessary approvals, and to execute
Independent Directors Two
and deliver all such deeds, agreements, declarations, undertakings and guarantees, including any ancillary
document thereto or provide any such documentation for and on behalf and in the name of the Company as Other Directors Four
may be necessary or required or as they or any of them may think fit for or in connection with or incidental
for the purposes of carrying out the proposed Special Resolutions. A. Every candidate for the election must be a member of the company except the person representing a
member who is a non-natural person.
FURTHER RESOLVED THAT the Company be and is hereby authorized to take all actions incidental or B. Any person who seeks to contest the election for the office of Director shall, whether he is a retiring
ancillary thereto with regard to "Properties". director or otherwise, file following documents/information with the Company at its registered office, no
later than fourteen (14) days before the date of meeting:
FURTHER RESOLVED THAT the Board be and is hereby empowered to agree upon modification in these
resolutions that may be directed / required by the SECP/PSX or any other competent authority / regulator i. Notice of his/her intention to offer himself /herself for election of directors in terms of Section
159(3) of the Companies Act, 2017, stating any one category in which he/she intends to be elected
without the need for any other further approval of the shareholders.
as required under Regulation 7A of the Listed Companies (Code of Corporate Governance)
Regulations, 2019 as amended vide SRO 906(I)/2023 dated July 07, 2023.
RESOLVED FURTHER THAT all actions heretofore taken by Chairman and /or CEO and / or any Director or
Authorized Person(s) on behalf of the Company in respect of the above matters are hereby confirmed, ii. Consent to act as director on Appendix to Form-9 under section 167 of the Companies Act, 2017
ratified, and adopted by the Company in full. along with copy of attested copy of CNIC, NTN or Passport.
iii. A detailed profile of the Candidate including his/her office address for placement onto the
FURTHER RESOLVED THAT the Chairman and / or, Chief Executive and / or Company Secretary be and are
Company's website as required under SECP's SRO 1196(I) / 2019 dated October 03, 2019.
hereby severally authorized to comply with the statutory requirements with the SECP, Pakistan Stock
Exchange and or any other relevant regulatory body and do all such acts, deeds and things as may be iv. A declaration confirming that:
necessary under the law in this regard.
- He/she is not ineligible to become a director of a listed company under any provisions of the Act,
ALSO RESOLVED THAT certified copies of resolutions as present form or modified by the Listed Companies (Code of Corporate Governance) Regulations, 2019 and any other applicable
law, rules and regulations.
Chairman/CEO/Company Secretary be communicated to the concerned authorities and shall remain in force
until notice in writing to the contrary be given." - He/she is aware of his/her duties, liabilities and powers under the Companies Act 2017, the
Securities Act 2015, Listed Companies (Code of Corporate Governance) Regulations, 2019, Rule
Book of Pakistan Stock Exchange, Memorandum and Articles of Association and all other
ANY OTHER BUSINESS: applicable laws/rules/regulations/codes etc.
10. To transact any other business with the permission of the Chair. - He / she is not a minor neither of unsound mind nor an un-discharged insolvent.
- He / she is born on the register of National Taxpayers.

Statements under Section 134(3) of the Companies Act, 2017 in respect of special business contained in Agenda
Item Number 6, 7, 8 & 9 is annexed to the notice being sent to the members. - He / she has not been convicted by a court as defaulter in payment of loan to financial institutions,
Development Financial Institution and Non-Banking Financial Institution.
- He / she is not serving as director, including Alternate Director, in more than seven listed
companies simultaneously.
By Order of the Board
- Neither he / she nor his / her spouse is engaged in the business of stock brokerage.
Karachi Fazal ur Rehman Hajano
September 30, 2024 Company Secretary v. Copy of valid CNIC (in case of Pakistani national)/ Passport (in case of foreign national), and NTN and
Folio Number/CDC Investors Account No. /CDC Sub-Account No (applicable for person filing consent for
the first time). Details of Directorships and Offices held in other companies with respective dates

C. Independent Directors shall be elected through the process of Election of Directors required under section 4. Appointment of Proxy and participation in the AGM
159 of the Companies Act, 2017. Independent Director(s) shall meet the criteria laid down in Section 166 of
the Companies Act, 2017 as well as the Companies (Manner and Selection of Independent Directors) A member entitled to attend, speak, and vote at the Annual General Meeting is entitled to appoint another
Regulations, 2018. Accordingly, the following additional documents are to be submitted by the candidates member as his/her proxy to attend, speak and vote on his/her behalf. A proxy must be a member of the
intending to contest election of Directors as an Independent Director: Company. A proxy shall also have the right to demand and join in demanding a poll and vote on a poll.
I. Declaration by Independent Director under Clause 6(3) of the Listed Companies (Code of Corporate
Governance) Regulations, 2019. The instrument appointing Proxy must be deposited at the Registered Office of the Company duly signed,
not later than 48 hours before the time of the AGM. A member cannot appoint more than one proxy. An
II. Undertaking on the appropriate denomination of non-judicial stamp paper that he / she meets the attested copy of the shareholder’s Computerized National Identity Card (CNIC) must be attached with the
requirements of sub-regulation (1) of Regulation 4 of the Companies (Manner and Selection of Proxy form. For any other relevant aspects and further information, please refer to the contents of section
Independent Directors) Regulations, 2018. 137 of the Companies Act, 2017. The instrument appointing Proxy is available on the Company’s website
(https://www.nfoods.com)
Statement of Material Fact in respect of Appointment of Independent Directors Under Section 166 (3) of
the Companies Act, 2017
Owners of the physical shares and of the shares registered in the name of Central Depository Company of
Section 166 of the Companies Act, 2017 requires that a statement of material facts is annexed to the notice Pakistan Ltd. (CDC) and / or their proxies are required to produce their original valid Computerized National
of the general meeting called for the purpose of election of directors which shall indicate the justification for Identity Card (CNIC) or Passport, for identification purposes, at the time of attending the meeting in person.
choosing the appointee for appointment as independent director. In the case of a corporate entity, the Board of Directors' resolution/Power of Attorney, with specimen
signature of the nominee, shall be produced at the time of the meeting (unless it has been provided earlier).
Accordingly, it will be ensured that the independent directors to be elected will meet the criteria set out for
independence under Section 166 of the Companies Act, 2017 and Companies (Manner and Selection of
Independent Directors) Regulations, 2018 and their names are listed on the data bank of independent 5. Submission of CNIC/NTN Number on Electronic Dividend (MANDATORY):
directors maintained by Pakistan Institute of Corporate Governance duly authorized by SECP. Appropriate
competency, diversity, skill set, knowledge and experience of the contestants shall also be assessed during
Members are requested to provide copy of valid CNIC/NTN Certificate to their respective Participant/CDC
the finalization of independent directors.
Investor Account Services in case of Book-Entry Form, or to Company’s Share Registrar in case of Physical
One of the current independent directors, Mr. Ehsan A. Malik, has completed his third term, so he is not Form, duly quoting thereon Company’s name and respective folio numbers.
eligible for election in the category of independent directors.
Shareholders are requested to notify the Company’s Share Registrar if there is any change in their
No directors have direct or indirect interest in the above-said business, except as shareholders, and they
registered postal addresses.
may consent for election of directors accordingly.
2. Notice of Book Closure As per Regulation No. 4 & 6 of the Companies (Distribution of Dividend) Regulations, 2017, the Company shall
be constrained to withhold the payment of dividend to shareholders, in case of non-availability of
The share transfer books of the Company will remain closed from October 14, 2024, to October 21, 2024 identification number (CNIC or National Tax Number) of the Shareholder or authorized person.
(both days inclusive). Transfers received, in order, at the office of our Share Registrar M/s. CDC Share
Registrar Services Limited, CDC House-99B, Block ‘B’, S.M.C.H.S., main Shahrah–e-Faisal, Karachi-74000, by Accordingly, the shareholders, who have not yet submitted a copy of their valid CNIC or NTN certificate, are
the close of business on October 11, 2024, will be considered in time for the determination of the entitlement once again requested to immediately submit the same to the Company’s Share Registrar at CDC Share
of the shareholders to final cash dividend and to attend and vote at the meeting.
Registrar Services Limited, CDC House, 99-B, Block – B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi. Those
3. Participation in the AGM proceedings via Video Link Facility shareholders who hold shares in dematerialized form are requested to submit the dividend bank mandate
form duly filled to their participant/investor account services at the CDC. Corporate entities are requested
In addition to in person meeting, the Company shall also hold its AGM through video link facility in pursuance
to provide their National Tax Number (NTN) and Folio Number along with the authorized representative’s CNIC copy.
to Circulars notified by the Securities and Exchange Commission of Pakistan (SECP). The members/proxies
interested to participate in the AGM through this facility, are requested to get themselves registered with
the Company at [email protected] or WhatsApp Number: 0321-8200864 by providing the following details: – For the Convenience of shareholders e-Dividend Mandate Form is available on the Company’s website i.e.,
https://www.nfoods.com.
Shareholder Company Folio/ CDC CNIC Cell Registered
Name name Number Number Number Email Address
Status of IBAN as on June 30, 2024, of National Foods Limited Shareholders (Physical & CDS) as follows:
National Foods
Video-link and login credentials will be shared with the members/proxies whose email containing all the above Current Total Number of Current Number of Ratio/Percentage
particulars are received at the given email address by the close of business on October 17, 2024. Shareholders as on June 30, 2024 IBAN updated as on June 30, 2024 (%) of IBAN updated
The members can also provide their comments and questions for the agenda items of the AGM on email:
[email protected] Physical CDS Total Physical CDS Total
90.31
The Company shall communicate any relevant updates regarding the meeting, including any changes to the
478 3,259 3,737 147 3,228 3,375
arrangements outlined in the Notice of AGM, will be announced via a Regulatory Information Service (PUCAR) and
will be available on https://www.nfoods.com/
6. Declaration as per Zakat &Usher Ordinance 1980 8. Unclaimed Dividend/Shares
Shareholders, who by any reason, could not claim their dividend/shares, if any, are advised to contact our
To claim exemption from compulsory deduction of Zakat, shareholders are requested to submit a notarized Share Registrar M/s. CDC Share Registrar Services Limited, CDC House-99B, Block ‘B’, S.M.C.H.S., main
copy of Zakat Declaration Form "CZ-50" on NJSP of Rs.50/- to the Share Registrar. In case shares are held Shahrah–e-Faisal, Karachi-74000, to collect / enquire about their unclaimed dividend/shares, if any.
in scripless form such Zakat Declaration Form (CZ -50) must be uploaded in the CDC account of the
9. Postal Ballot/E-Voting
shareholder, through their participant / Investor Account Services. Further, Non-Muslim shareholders are
also required to file Solemn Affirmation (on format available on Company’s website) with the Share The members are hereby notified that pursuant to Companies (Postal Ballot) Regulations, 2018 amended
Registrar of the Company in case of shares are held in physical certificates or with CDC Participant / through Notification vide SRO 2192(1)/2022 dated December 05, 2022 issued by the SECP. The SECP has
Investor Account Services in case shares are in scripless form. No exemption from deduction of zakat will directed all the listed companies to provide the right to vote through electronic voting facility and voting by
post to the members on all businesses classified as special business and in case of election of directors, if
be allowed unless the above documents complete in all respects have been made available as above.
the number of persons who offer themselves to be elected is more than the number of directors fixed under
sub-section (1) of section 159 of the Act. Accordingly, members of National Foods Limited will be allowed to
7. Deduction of Income Tax under Section 150 of the Income Tax Ordinance, 2001 exercise their right to vote through e-voting facility or voting by post for the election of directors in its
forthcoming Annual General Meeting to be held on Monday October 21, 2024 at 03:00 P.M., in accordance
a. This is with reference to the final cash dividend announced by National Foods Limited at the rate of with the requirements and subject to the conditions contained in the aforesaid Regulations further details
Rs. 5.00 per share to the Shareholders for the year ended June 30, 2024. will be shared in due course.
b. Shareholders whose names are not appearing in the Active Tax-payers List (ATL) are advised to 10. Code of Conduct for Shareholders in General Meeting:
immediately make the necessary arrangement to make them active. Otherwise, tax on cash dividend to
non-filers and late filers will be deducted as per law. I. Section 215 of the Companies Act, 2017 (“the Act”) and Regulation 55 of the Companies Regulations,
2024, “Conduct of Shareholders at Meetings” state as follows:
c. Further, according to clarification received from Federal Board of Revenue [FBR], withholding tax will be
i) shall not bring such material that may cause threat to participants or premises where
determined separately on Active/Non-Active Status of Principal Shareholder as well as Joint-Holder(s)
based on their shareholding proportions, in case of joint accounts. meeting is being held;
ii) shall confine themselves to the agenda items covered in the notice of meeting;
d. In this regard, all shareholders who hold shares with joint shareholders are requested to provide iii) shall keep comments and discussion restricted to the affairs of the company; and
shareholding proportions of Principal shareholder and Joint Holder(s) in respect of shares held by them iv) shall not conduct in a manner to disclose any political affiliation or offend religious susceptibility
to our Share Registrar, in writing as follows: of other members
Additionally, in compliance with Section 185 of Companies Act, 2017; the Company is not permitted to
distribute gifts in any form to its members in its meeting.
Principal Shareholder Joint Shareholder
Folio/CDS Total 11. Circulation / Transmission of Annual Report 2024 and Notice of Meeting
Account # Shares Name and Shareholding Proportion Name and Shareholding Proportion
CNIC# (No. of Shares) CNIC# (No. of Shares) In accordance with the provision of Section 223 of the Companies Act, 2017, the audited financial
statements of the Company for the year ended June 30, 2024, are available on the Company’s website
(https://www.nfoods.com).
Annual Report 2024 and notice of AGM is also being circulated through post/courier to the members in
accordance with section 223(6) of the Companies Act, 2017 and electronically to members via email to all
those shareholders whose email addresses are available with the CDC or the Share Registrar.
Notes: Any shareholder requiring a printed copy of the Annual Audited Financial Statements 2024 shall be provided
with a copy free of cost within seven working days of receipt of such request.
I. The required information should be forwarded to the share registrar’s office of the company;
12. Conversion of Physical Shares into Book-Entry Form
otherwise, it will be assumed that the shares are equally held by Principal shareholder and Joint
Holder(s) and tax will be deducted accordingly. Pursuant to Section 72 of the Companies Act and directive issued by SECP vide its letter No.
CSD/D/Misc./2016-639-640 dated 26 March 2021, all listed companies are required to pursue their
II. The Corporate shareholders having CDC accounts are requested to have their National Tax Number shareholders who still hold shares in physical form, requiring them to convert their shares in Book-Entry-Form.
(NTN) updated with their respective participants. Corporate Physical Shareholders should send a copy In view of the aforesaid requirement shareholders of the Company are requested to convert their physical
of their NTN Certificate to the Company's Share Registrar. The Shareholders, while sending NTN or shares into book-entry form as soon as possible. Conversion of shares into book-entry form would facilitate
NTN certificates, as the case may be, must quote Company name and their respective folio numbers. the shareholders i.e., readily available market for instant sale and purchase of shares, elimination of risk of
loss & damage, easy & safe transfer and less formalities as compared to physical shares. Shareholders may
Withholding tax exemption from dividend income shall only be allowed if a copy of a valid tax exemption contact the Share Registrar of the Company for assistance in the conversion of shares. Guidelines for
certificate is made available to the Company’s Share Registrar. Conversion of Physical Shares into Book-entry Form are available on the website of CDC Share Registrar
Services Limited at the given link: https://www.cdcsrsl.com/?jet_download=7429
For any query/problem/information, the investors may contact the company and/or the Share Registrar at
the following email addresses: 13. Mandatory Registration Details of Physical Shareholders
Company: [email protected] According to Section 119 of the Companies Act 2017 and Regulation 47 of the Companies Regulations, 2024, all
Share Registrar: [email protected] physical shareholders are advised to provide their mandatory information such as CNIC number, address, email
address, contact mobile/telephone number, International Bank Account Number (IBAN), etc. to our Share Registrar
at their address, provided in Note 1, immediately, to avoid any non-compliance of law or any inconvenience in future.

14. Intimation of Non-Resident Shareholders Material facts and disclosures, required under Para B(3) and C (2) of the aforesaid SRO 423 of 2018, are
provided herein below:
Non-resident Shareholder shall submit declaration of Undertaking with copy of valid passport under
definition contained in Section 82 of the Income Tax Ordinance, 2001 for determination of residential status
for the purposes of tax deduction on dividend to the Share Registrar (Messrs. CDC Share Registrar Services i) Details of the office of profit proposed to be held Mr. Adam Fahy Majeed as Executive Director of
Limited, CDC House, 99-B, Block – B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi) or email at [email protected] by the director; the Company on account of his appointment as
at the latest by 17 October 2024. A copy of the declaration form can be downloaded from the Company’s “Head of New Ventures & Innovations”
Website https://www.nfoods.com.
ii) Brief job description of the office to be held by a) To implement board’s strategy;
15. Video-Conferencing Facility in Other Cities the director; b) Manage overall operations and resources;
c) Focal point of communication between
If the members holding ten percent of the total paid up capital or such other percentage of the paid-up board of directors and the management;
capital as may be specified by the Commission, are resident in any other city, the company shall provide the
facility of video-conferencing to such members for attending annual general meeting of the company, if so iii) Remuneration of the director, including perks Present remuneration is Rs. 19.39 million per annum
required by such members in writing to the company at least seven days (7) before the date of the meeting. and benefits, pecuniary or otherwise; plus inflationary adjustments (if any) subject to
The Company will intimate members regarding the venue of conference facility at least 5 days before the approval of the board as per company policies.
date of general meeting along with complete information necessary to enable them to access such facility.
iv) Benefits to the company and its members as a Expansion into international markets and to
result of such office of profit to be held by the increase exports;
Consent for Video-Conferencing Facility director; and
a) To implement board’s International Strategy
b) Innovation, New Product Developments,
I/We, of being a member of National Foods Limited holder of Ordinary Share(s) as per Register Folio
Route to Market Restructuring
No. hereby opt for participation in the Annual General Meeting to be held on October 21, 2024 or any c) Enter new geographical markets
d) Oversea Market and Sales Strategy
adjourned meeting through video-conferencing facility at (Please insert name of the City) e) Develop International Hubs
v) Period of holding of such office. Holding such office of profit being director of the
Company
vii) Nature and extent of interest, if any, therein of Mr. Adam Fahy Majeed himself and Mr. Zahid
Signature of member every director, whether directly or indirectly. Majeed being his father are interested in this
matter.
STATEMENTS UNDER SECTION 134(3) OF THE COMPANIES ACT, 2017

Agenda Item No.7
This statement sets out all the material facts concerning Special Business under Agenda Item No 6, 7, 8, and
9 be transacted at the 53rd Annual General Meeting. Oridinary resolution: remuneration paid to the non-executive directors of the company
Agenda Item No. 6 As per the Listed Companies (Code of Corporate Governance) Regulations, 2019 the remuneration of
Directors for attending meetings of the Board and at Committees is required to be fixed in accordance with
Ordinary Resolution – Holding Office Of Profit the formal policy and transparent procedure approved by the Board and the process should comply with the
provision of the Companies Act, 2017 and Company’s Articles of Association.
Mr. Adam Fahy Majeed was appointed as Executive Director of the Company as “Chief Growth Officer” –
International Division – Exports, by the board in terms of Section 208 (1) (f) of the Companies Act, 2017 in the
meeting held on September 8, 2022 for remaining term of the board. Accordingly, in the Annual General NFL's Board approved the Remuneration Policy in accordance with Article 62, it requires that the scale of the
Meeting held on October 20, 2022 members granted approval for holding office of profit in terms of Section remuneration to be paid, from time to time, to the non-executive including Independent Director and the
171 (1) (c) (i) of the Companies Act, 2017. Chairman for attending the board and its Committee(s) meetings shall be determined by the Board and
approved by the shareholders on a pre or post facto basis in the Annual General Meeting.
The Board of Directors of the Company in their meeting held on September 05, 2024 approved extension of
appointment of Mr. Adam Fahy Majeed as Executive Director of the company subject to his re-election in the
AGM. This appointment is subject to approval by members of the Company in terms of Section 171 (1) (c) (i) of The Board, upon the recommendation of the HR&R Committee, resolved to increase the remuneration of its
the Companies Act, 2017. Chairman and non-executive and independent directors as appearing below, subject to approval of the
Shareholders of the Company in light of the following:-
Accordingly, the Board of Directors proposed an ordinary resolution, to accord approval of the members in
general meeting to authorize Mr. Adam Fahy Majeed for holding of office of profit under the Company. a) The Importance of sufficient and appropriate remuneration of independent/non-executive directors and its
link to the performance of the Company.

(b) The need to attract, retain and motivate independent/non-executive of the quality required to run the
Company successfully. Arm's length/under
ATC Holding Reimbursement of
Parent Company 11,465 approved agreement
(Private) Limited expenses from Parent
with related Party
c) The need to ensure that Directors are compensated in accordance with their skill set and experience and for
the time they contribute to the Board. Arm's length/under
ATC Holding Reimbursement of
Parent Company 2,239 approved agreement
(Private) Limited expenses to parent
with related Party
d) To bring the remuneration of the Directors of the Company at par with the remuneration paid to the directors
of other companies operating in the same industry.
Arm's length/under
National Foods
Subsidiary Company Sale of Goods 2,906,954 approved agreement
Fees per Meeting attended Revised fees per meeting – DMCC
with related Party
Designation
(Amount in PKR). FY24
Arm's length/under
Chairman of the Board 200,000 600,000 National Foods
Subsidiary Company Purchase of Goods 1,574,676 approved agreement
DMCC
with related Party
Chairman of the Internal 150,000 400,000
Audit Committee and HR&RC
(b) & (c) Authorization for the Board of Directors to approve the related party transactions during the
All other Members 100,000 300,000 financial year ending June 30, 2025, and till next Annual General Meeting
The Company is and shall be conducting transactions with its related parties during the financial year ending
Disclosure of Interest of Directors: All board members to the extent of their directorship in the company.
June 30, 2024, and subsequently, on arm’s length basis as per the approved policy with respect to
‘transactions with related parties’ in the normal course of business or otherwise.
Agenda Item No. 8
The related parties’ transactions in which the majority of Directors are interested due to their common
Special Resolutions – Transactions with Related Parties
directorship and/or shareholding, therefore necessitate approval of shareholders. Accordingly, approval of
shareholders is being sought to authorize the Board of Directors of the Company to approve all such
(a) Ratification and approval of transactions with related parties carried out during the financial year
transactions, in which majority of directors are interested, carried out and to be carried out with such related
ended June 30, 2024
parties during the financial year ending June 30, 2025, and till next Annual General Meeting, which
transactions shall be deemed to be approved by the Shareholders.
The company carries out transactions with its related parties on an arm’s length basis, as per the approved
policy with respect to ‘transactions with related parties,’ in the normal course of business. All transactions The nature and scope of such related party transactions is explained above in the statement under clause (a)
entered into with related parties require the approval of the Board Audit Committee of the Company, which of the agenda. The related party transactions requiring shareholders’ approval, conducted during the
is chaired by an independent director of the Company. Upon the recommendation of the Board Audit financial year ending June 30, 2025, shall then be placed before the shareholders in the next AGM for their
Committee, such transactions are placed before the Board of Directors for their approval. However, in terms formal approval/ratification.
of Regulation 15 of the Listed Companies (Code of Corporate Governance) Regulations, 2019 (the Code)
approval of shareholders is required for such transactions with related parties in which majority of directors Disclosure of Interest of Directors: Mr. Abrar Hasan, Mrs. Noreen Hasan, Mr. Adam Fahy Majeed and Mr. Zahid
of the company are interested. The Companies Act, 2017 (the Act) also requires approval of such related Majeed are interested in the agenda to the extent of their common directorships and/or their shareholding in
party transactions by shareholders where the majority of directors are interested. respective related parties.
In view of the above, following transactions, in which majority of directors are interested due to their common
Agenda Item No. 9
directorship, carried out in normal course of business on an arms’ length basis with related parties during the
financial year ended June 30, 2024, are being placed before the shareholders for their ratification and approval.
Special Resolution – Disposal and Sale of Company's Land and Building
This statement sets out below the material facts concerning the Special Business to be transacted
Name of Nature of Amount in Pricing at the Annual General Meeting of National Foods Limited (the "Company") to be held at Karachi on
Relationship
related party Transaction Rupees ‘000’ Policy October 21, 2024, at 03:00 p.m.
Arm's length/under The purpose of this Statement is to set forth the material facts concerning Special Business. The Board of
ATC Holding
Parent Company Rental Income 3,638 approved agreement Directors has proposed in its meeting held on February 27, 2024, to dispose its Land and Building "Properties"
(Private) Limited
with related Party situated at F-160/C and F-133, S.IT.E., Karachi. Total area of Land is 76,491 sq. feet and the covered area
(Including Building) is 62,029 Sq. Feet. The sale proceeds would be applied for restructuring the Company's
Arm's length/under financial obligations and improve performance by providing additional liquidity to the Company for utilization
ATC Holding
Parent Company Rental Expense 5,014 approved agreement of funds towards profitable business activities.
(Private) Limited
with related Party

Purpose of the sale
In view of the large market demand for the Company's products, the Company is in the process of f) Approximate current market The Current market price / fair vaIue is expected to be in
restructuring its management, finance and operations. Like many other businesses in the Country, the price/fair vaIue. Iine with the re-vaIued amount as stated. The exact
Company has been hit with high interest rates and control on imports of raw materials and essential amount, however, wiII be ascertained at the time of
items required for production and sales. finaIizing the transactions with the potential buyer(s).
To focus on the core business of the Company, the Board of Directors has recommended selling the g) In case of saIe, if the
above properties as described below. expected saIe price is Iower
N/a
than book vaIue or fair vaIue,
Details as per SRO 423(I)/2018 then the reasons thereof;
The material facts required to be disclosed under S.R.O 423 (I) /2018 dated April 3,2018 when the
Board of Directors proposes to sell, lease or otherwise dispose of an 'undertaking' or a 'sizeable
part" thereof is to be transacted under clause (a) or (b) of sub-section (3) of section 183 of the Act, h) In case of Lease of assets,
are given hereunder: tenure, Lease rentaIs,
increment rate; mode/basis of
N/a
determination of Lease rentaIs;
S. No SRO Description Detail and other important terms and
conditions of the Lease;
i) Detail of assets to be sold, leased or disposed of shall include the following:
ii) Additional information in case of disposal of land:
a) Description/Name of asset. Company proposes to saIe its Land, Building and other
items situated at F-160/C and F-133 S.I.T.E., Karachi.
a) i) Location; i) SITE Karachi
Total area of Land & Building of the respective ii) Nature of Iand (e.g. ii) Commercial
property is as follows: commercial, agricuIture, iii) Measuring total area of Land of F-160/C and F-133
etc); and
F-160/C SITE F-133 SITE is 76,491 Sq. Feet and the covered area (Including
1.05 Acres 0.5 Acres iii) Area proposed to be soId. Building) is 62,029 Sq. Feet.
**Other items included fixtures, ducting, lifts, electrical

panels, and other ancillary items associated with buildings
b) The proposed manner of The Property be disposed through negotiations with
disposaI of the said assets. the buyer(s) through person(s) authorized by the
b) Acquisition date of the asset. Land F-160/C purchased by the Company in the year Board of Directors in a way that is most beneficiaI
1987 and building constructed over the years for the sharehoIders and the Company.
Land F-133 and purchased by the company in 1981
building constructed over the years.
c) In case the company has The Company shaII exercise aII reasonabIe
F-160/C SITE F-133 SITE identified a buyer, who is a diIigence in identifying buyer(s) wiIIing to pay the
c) Cost.
Land Rs. 2.65 miIIion Rs. 0.07 miIIion reIated party the fact shaII be fair market vaIue of the "Properties" and
Building Rs. 183.1 miIIion Rs. 123.3 miIIion discIosed in the statement of compIeting the transaction(s) in the best interest
Others Rs. 142.21 miIIion Rs. 1.9 miIIion materiaI facts. of the Company and its sharehoIders. As a resuIt,
there is no reIated party that requires discIosure in
the statement of materiaI facts.
d) RevaIued amount and date of As per vaIuation report of the Registered VaIuer nameIy:
revaIuation (if appIicabIe). M/s. Oceanic Surveyors (Pvt) Ltd
dated. 30-June-2024 iii) Purpose of the sale, lease along with following details:
F-160/C SITE F-133 SITE

Land Rs. 341.50 miIIion Rs. 220 miIIion a) UtiIization of the proceeds The proceeds wiII be utiIized for repayments of Ioans
Building Rs. 142.98 miIIion Rs. 96.3 miIIion received from the transaction. of the Company. ConsequentIy, the financiaI cost wiII
Others N/A N/A be reduced in the next financiaI year. It wiII improve
running and managing the working capitaI requirements
of the Company and provide additionaI Iiquidity to
e) Book vaIue. F-160/C SITE F-133 SITE the Company for the utiIization towards profitabIe
Land Rs. 2.20 miIIion Rs. 0.05 miIIion business activities.
Building Rs. 109.2 miIIion Rs. 73.5 miIIion
Others Rs. 34.54 miIIion Rs. 0.85 miIIion

b) Effect on operationaI capacity The proposed transactions wiII not have any impact (b
of the company, if any; and on the operationaI capacity of the Company.
c) Quantitative and quaIitative The proceeds wiII enabIe the Company to improve
benefits expected to accrue Iiquidity and quantitative performance, reduction in ‫ارا� � �� وا� �ارى اور‬ (c
to the members. bank Ioans (current IiabiIities), improvement in current
‫�رى �ا� � �� ۔‬
ratio that wiII eventuaIIy Iead to better financiaI
performance by the Company and contribute
towards increase earnings per share of the Company
and the sharehoIders' vaIue.
Nature & Extent of Interest of Directors, directly or indirectly

None of the Directors have any direct or indirect interest in the saIe/disposaI of the said Properties of
the Company.
Availability of Relevant Documents

Copies of the documents pertaining to foregoing SpeciaI Business are avaiIabIe for inspection at the
Registered Office of the Company during normaI office working hours from the date of pubIication of the
Notice tiII the date of the AGM.
Undertaking by the Directors

The Board of Directors have carried-out necessary due diIigence for the proposed transaction.

(f
(g
N/a
‫ﺗﻔﺼﯿﻞ‬ ‫ ﮐﯽ ﺗﻔﺼﯿﻼت‬SRO ‫ﻧﻤﺒﺮ ﺷﻤﺎر‬
(h
(a
N/a
(ii
(a
(b
(b (c
(c
(d
(iii
(a
(e

‫��ر��ى‪� ��/‬‬ ‫� � �� ‬ ‫� �‬ ‫اے � � ��‬
‫‪11,465‬‬ ‫ر�� ا � � �� ‬ ‫��‬
‫��ر�ہ��ے ��‬ ‫)�ا��( �‬
‫��ر��ى‪� ��/‬‬ ‫اے � � ��‬

‫� � �� ‬ ‫� �‬
‫��ر�ہ��ے ��‬ ‫ر�� ا � � �� ‬ ‫��‬
‫)�ا��( �‬
‫‪2,239‬‬
‫اﺟﻼس ﻣﯿﮟ ﺷﺮﮐﺖ ﮐﯽ ﻧﻈﺮﺛﺎﻧﯽ‬ ‫اﺟﻼس ﻣﯿﮟ ﺷﺮﮐﺖ ﮐﯽ ﻓﯿﺲ‬ ‫ﻋﮩﺪہ‬

‫ﺷﺪہ ﻓﯿﺲ ‪FY-24‬‬ ‫)رﻗﻢ روﭘﮯ ﻣﯿﮟ(‬
‫��ر��ى‪� ��/‬‬ ‫� �ڈز‬
‫��ر�ہ��ے ��‬
‫‪2,906,954‬‬ ‫�ز � �و�‬ ‫ذ� �‬ ‫�� رڈ‬
‫ڈى ا� � �‬ ‫‪600,000‬‬ ‫‪200,000‬‬
‫��ر��ى‪� ��/‬‬ ‫� �ڈز‬ ‫‪400,000‬‬ ‫‪150,000‬‬ ‫�� ا�� آڈٹ � اور ‪HR&RC‬‬
‫��ر�ہ��ے ��‬ ‫�ز � ��ارى‬ ‫ذ� �‬
‫‪1,574,676‬‬
‫ڈى ا� � �‬
‫‪300,000‬‬ ‫‪100,000‬‬ ‫�� م �ان‬
‫ﻗﯿﻤﺘﻮں ﮐﮯ ﺗﻌﯿﻦ‬
‫رﻗﻢ روﭘــﮯ ﻣﯿﮟ‬ ‫ﻟﯿﻦ دﯾﻦ ﮐﯽ ﻧﻮﻋﯿﺖ‬ ‫رﯾﻠﯿﺸﻦ ﺷﭗ‬ ‫ﻣﺘﻌﻠﻘﮧ ﭘﺎرﭨﯽ ﮐﺎ ﻧﺎم‬
‫ﮐﯽ ﭘﺎﻟﯿﺴﯽ‬
‫‪’000‬‬
‫��ر��ى‪� ��/‬‬ ‫اے � � ��‬

‫‪3,638‬‬ ‫ر�ا�‬ ‫��‬
‫��ر�ہ��ے ��‬ ‫)�ا��( �‬
‫��ر��ى‪� ��/‬‬ ‫اے � � ��‬

‫�� ‬
‫��ر�ہ��ے ��‬ ‫‪5,014‬‬ ‫ر� ا � � �� ‬ ‫��‬
‫)�ا��( �‬
‫‪303 | Others‬‬ ‫‪Annual Report 2024 | 304‬‬

‫وﯾﮉﯾﻮ ﮐﺎﻧﻔﺮﻧﺴﻨﮓ ﮐﯽ ﺳﮩﻮﻟﺖ ﮐﮯ ﻟﯿﮯ رﺿﺎﻣﻨﺪی‬
‫�‪ �/‬ر� �� ________________ � �� ڈز � � �م � )�ز( � ر� �� ‪ 21‬ا�� ‪� 2024‬‬

‫� �‬
‫� �� وا� �� م ا�س � � �ى �ہ ا�س � و�� ذر� �� ا�ب �� ‬
‫_______________________ )�اہ �م � � �م درج ��(‬
‫� � د�‬

‫ﺟﻮاﺋﻨﭧ ﺷﯿﺌﺮﮨﻮﻟﮉر‬ ‫ﭘﺮﻧﺴﭙﻞ ﺷﯿﺌﺮﮨﻮﻟﮉر‬ ‫ﻓﻮﻟﯿﻮ ‪/‬‬
‫ﻧﺎم اور‬ ‫ﻧﺎم اور‬ ‫ﭨﻮﭨﻞ‬
‫ﺷﯿﺌﺮﮨﻮﻟﮉﻧﮓ ﭘﺮوﭘﺮﯾﺸﻦ‬ ‫ﺷﯿﺌﺮﮨﻮﻟﮉﻧﮓ ﭘﺮوﭘﺮﯾﺸﻦ‬ ‫ﺳﯽ ڈی اﯾﺲ‬
‫ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ‬ ‫ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ‬ ‫ﺷﯿﺌﺮز‬
‫)ﺷﯿﺌﺮز ﮐﯽ ﺗﻌﺪاد(‬ ‫)ﺷﯿﺌﺮز ﮐﯽ ﺗﻌﺪاد(‬ ‫اﮐﺎﺋﻮﻧﭧ‬
‫ﻧﻤﺒﺮ‬ ‫ﻧﻤﺒﺮ‬

‫رﺟﺴﭩﺮڈ‬ ‫ﻓﻮﻟﯿﻮ‪/‬‬
‫ﺳﯿﻞ ﻧﻤﺒﺮ‬ ‫‪ CNIC‬ﻧﻤﺒﺮ‬ ‫ﮐﻤﭙﻨﯽ ﮐﺎ ﻧﺎم‬ ‫ﻧﺎم ﺷﯿﺌﺮﮨﻮﻟﮉر‬
‫ای ﻣﯿﻞ اﯾﮉرﯾﺲ‬ ‫ﺳﯽ ڈی ﺳﯽ ﻧﻤﺒﺮ‬
‫ﺗﻨﺎﺳﺐ‪/‬ﻓﯿﺼﺪ )‪(%‬‬ ‫‪ IBAN‬ﮐﺎ ﻣﻮﺟﻮدہ ﻧﻤﺒﺮ‬ ‫‪ 30‬ﺟﻮن ‪ 2024‬ﺗﮏ‬
‫� �ڈز‬
‫‪IBAN‬اپ ڈﯾﭧ‬ ‫اپ ڈﯾﭧ ‪ 30‬ﺟﻮن ‪2024‬‬ ‫ﺷﯿﺌﺮ ﮨﻮﻟﮉرز ﮐﯽ ﮐﻞ ﺗﻌﺪاد‬
‫�‬ ‫� ڈى ا �‬ ‫��‬ ‫�‬ ‫� ڈى ا �‬ ‫��‬

‫‪90.31‬‬
‫‪3,375‬‬ ‫‪3,228‬‬ ‫‪147‬‬ ‫‪3,737‬‬ ‫‪3,259‬‬ ‫‪478‬‬

‫‪ 53‬وﯾﮟ ﺳﺎﻻﻧﮧ‬
‫ﻋﺎم اﺟﻼس ﮐﺎ ﻧﻮﭨﺲ‬

FORM OF PROXY ‫ﭘﺮاﮐﺴﯽ ﻓﺎرم‬
National Foods Limited ‫ﻧﯿﺸﻨﻞ ﻓﻮڈز ﻟﻤﯿﭩﮉ‬
I/We of Karachi being a member of �� ‫ � �� ڈز‬،________________________________‫� ____________________________________ از‬/�
National Foods Limited holding ordinary shares as per Folio No./CDC Participant ‫ � _________________ �ر� �ا ___________________ از‬A/c ‫ اور‬ID ‫ �� ہ‬CDC / � �� ‫____________ �� ز‬
ID & A/c No. hereby appoint of Karachi, another
‫ __________________ از‬،� �‫ �� اور ان � � ��د‬/‫ �� ں‬/ �� ‫______________�� دو�ے ر� � �ر � �ر‬
� �� ‫ �رى‬/ ‫ �رى �� اور�ى‬/‫____________________ � ا� � ��ى � �رت � �� د �� اور ووٹ د� اور �ى‬
Member of the Company, failing him/her of
� ‫ � � ا�اء � �رت‬3 �‫ دو‬2024 ��‫ ا‬21 �‫ � �ر‬،74000 -�‫ �ا‬،‫ ��ى �ا�� ن روڈ‬،�� ‫� � �� ا�س �م �م‬
as my/our proxy in my/our absence to attend and to vote and act for me/us and on my/our behalf at the Annual
General Meeting of the Company to be held at Beach Luxury Hotel, Moulvi Tamizuddin Khan Road, Karachi-74000
‫ �� ۔‬/‫ �� ں‬/��‫� اور و� � �� وا� ا�س �م � �� ر‬
at 03:00 p.m. on Monday, October 21, 2024 and at any adjournment thereof.
Affix revenue -�� ‫ د�ں‬/�‫ �رى�� اور د‬/‫ ��ى‬2024_________________ � _________________ ‫� � دن‬
� �‫ رو‬5
As witness my/our hand(s) this day of 2024.
stamp of :� � �‫درج ز� � ��د� � د‬
� ��‫ر‬
Rs. 5/-
(Signature of Witness 1) (Signature of Witness 2)

(�‫ � د‬2 ‫)�اہ‬ (�‫ � د‬1 ‫)�اہ‬
Name of Witness: Name of Witness:
‫�اہ � �م‬ ‫�اہ � �م‬
CNIC No.: CNIC No.:
� CNIC � CNIC
Address: Address:
� �
(Name in Block Letters) Signature of the Shareholder

�‫� ��ر � د‬ (� ‫)�م �ے�وف‬
Folio No.
��
Notes: :��
1. The Member is requested: :�� ‫�� در�ا‬ .1
(a) to affix Revenue Stamp of Rs. 05/- at the place indicated above. ‫ رو� � ر�� ں � ��۔‬05� � � �� ‫او‬ (a)
(b) to sign in the same style of signature as is registered with the Company. ‫� � و� د� � �� ر�ڈ �۔‬ (b)
(c) to write down his/her Folio Number. ‫ا� �� درج � ��۔‬ (c)
2. For the appointment of the above Proxy to be valid, this instrument of proxy must be received at the Registered Office of the Company �� ‫ �ا� �ا�س �وع‬،�� ‫ �ل‬،‫ �� روڈ‬،CL-6/12 �‫درج �� رى �� ورى �� ا� ��ر� د�و��ہ �ر�� ر�ڈ آ‬ .2
at 12 / CL-6, Claremont Road, Civil Lines, Karachi, at least 48 hours before the time fixed for the Meeting.
‫ � � ��ل �� ۔‬48 � ‫� � از‬
3. Any alteration made in this instrument of proxy should be initialled by the person who signs it.
‫اس د�و� �ا� �� رت � اس � ز� د� � � د� �� ۔‬ .3
4. In the case of joint holders, the vote of the senior who tenders a vote whether in person or by Proxy will be accepted to the exclusion of � � ‫ اور اس‬،� �� ‫ د� �� رز � �� ل‬،�� ‫ � �� د� � ووٹ �اہ وہ �د دے � اس � ��ے � �� د‬،� ‫�� ر �� رت‬ .4
the votes of the other joint holders, and for this purpose seniority will be determined by the order in which the names stand in the
Register of Members. ‫� �� ار�ن � ر�� ں � �� ۔‬
‫ �ا� اس � � �ر�ر� � ا� � � �ر �ے � � � �۔‬،� � � � � ‫�� ا� � � � ا� وہ �د‬ .5
5. No person shall act as proxy unless he/she himself/herself is a member of the Company, except that a corporation may appoint a
person who is not a member.
:� � ‫ �ر�ر� اداروں‬/ ‫ ا�ؤ� ��رز‬CDC
For CDC Account Holders/Corporate Entities: :� � ‫ درج ز� �از�ت � � �ورى‬،‫درج �� وہ‬
In addition to the above, the following requirements have to be met: ‫ � �رم � درج � �� ۔‬CNIC‫ � اور‬،‫�رم �ا� �� دو ا�اد � �ا� � �� م‬ (i)
(i) The proxy form must be witnessed by two persons whose names, addresses and CNIC numbers shall be mentioned on the form.
‫ �رم �ا� �� ز� � � �� ۔‬،‫ � ��رٹ � �� ہ �ل‬CNIC � ‫� �� وا� ��ن اور ��ے‬ (ii)
(ii) Attested copies of CNIC or the passport of the beneficial owners and of the Proxy must be furnished with the proxy form.
‫ � ا� ��رٹ �ز� � �� ۔‬CNIC �‫ا�س � و� ��ے � ا� ا‬ (iii)
(iii) The Proxy must produce his original CNIC or original passport at the time of the Meeting.
(iv) In case of corporate entities, the Board of Directors’ resolution/power of attorney and specimen signature must be submitted
� ‫ �رم �ا� �� ر�ار � �س �� وا� �ں‬،�‫�ر�� اور �� ر � د� � د‬/‫ �رڈ آف ڈا��ز � �ارداد‬،� ‫�ر�ر� اداروں � �رت‬ (iv)
(unless it has been provided earlier) alongwith proxy forms to the Company. ‫)ا� ا� � � � �وا� � � �(۔‬

E-DIVIDEND ‫ای ڈﯾﻮﯾﮉﻧﮉ‬
MANDATE LETTER ‫ﻣﯿﻨﮉﯾﭧ ﻟﯿﭩﺮ‬
To: Date: �‫�ر‬ ‫�م‬
SUBJECT: BANK ACCOUNT DETAILS FOR PAYMENT OF DIVIDEND THROUGH ELECTRONIC MODE ‫ ا�و� ذرا� � ڈ�� ادا� � � � ا�ؤ� � �ت‬: ‫��ع‬
Dear Sir / Madam, ،‫�م‬/� ‫�م‬
I/We/Messrs., , being a/the shareholder(s) of National Foods Limited � �� ‫� ��رز‬/ ‫� �ڈز � )"�" (� � ��ر‬ ،‫ �ز۔‬/� /�
(the “Company”), hereby, authorize the Company, to directly credit cash dividends declared by it in my bank
‫ ��ذ�� ن� �ر� �۔‬،‫�رے�ا�ؤ��وادے‬/‫د��وہا��ا�ن�دہ��اہ را��ے‬/‫� ��ا�رد ��ں‬
account as specified below:
Member's details: :‫ر� � �ت‬

Name of the Member (�‫�م ر�)ارا‬
Folio No./CDC Participant ID & Sub-Account No. /CDC IAS � ‫ � ڈى � آ� اے ا‬/ � �‫� ڈى � � �� اور ذ� ا�ؤ‬/ � ��
CNIC/NICOP/Passport/NTN No. (please attach copy) (� � � �� ‫�ون � ��)�ا ِہ‬
ِ �‫�� رڈ �ا‬/�‫��ا�ڈ �� رڈ‬
Contact Number(s) (Telephone and Mobile Nos.) (� �� ‫را� � )�ز( )� �ن اور‬
Member’s Postal Address � � ‫ر� � ڈاك‬
Member's Bank account details: :‫ر� � � ا�ؤ� � �ت‬

Title of Bank Account ‫� ا�ؤ� � �ان‬
International Bank Account Number (IBAN) (IBAN) � �‫� ا��ا� � ا�ؤ‬
Bank’s Name ‫� � �م‬
Branch Name ‫�ا� � �م‬
Branch Code No � ‫�ا� �ڈ‬
Branch Address � � �‫�ا‬
It is stated that the above particulars given by me are correct and I shall keep the Company informed in case of
‫�� او� دى ��ت در�� اور �� رہ��ت�� رے � � � آ�ہ �� ر�ں�۔‬
any changes in the said particulars in future.
Yours truly, ،� � ‫آپ‬
___________________
Signature of Member �‫ر� � د‬
(Please affix company stamp in case of corporate entity) (� � � � �� ‫)�رو�رى� �� رت� �ا ِہ‬
Notes: :�‫�در‬
�
1. Those members who hold shares in book-entry form are requested to fill the above-mentioned E-Dividend Mandate Form and send it
� ‫د� � اى ڈ�� رم � � �� اور ا� �ل ڈ�ز�ى � آف ��ن‬ � �‫�� وہ او‬
� � �‫در�ا‬ � ‫ن‬ ُ ‫ا‬ ، � �� ‫�ز‬ � ‫�رت‬� � ‫�ى‬ ‫ا‬ �
� ُ � �‫ارا‬ �‫ا‬ .1
to the relevant Broker/Participants/Investor Account Services of the Central Depository Company of Pakistan Limited where the
member’s CDC account is being dealt. ‫ا�� ا�� و�� ار�ل �� ں ر� � � ڈى � ا�� ت � � �� ۔‬/ ��/ �‫� � �و‬
�
2. Those members who hold shares in physical form are requested to fill the above-mentioned E-Dividend Mandate Form and send it to ،��‫د� � اى ڈ�� رم � � �� ر�ار � � � � � � � ڈى � � ر�ار �و‬ � �‫ وہ ارا� � � �س �ز � ّدى �رت � � اُن � �ارش � � وہ او‬.2
‫ )� ڈى � ا � آر ا � ا �( ۔‬23275-0800 : ‫��ن ۔ � �ن‬،74400‫ �ا� ۔‬،� ‫ � �رع‬،� ‫ �ك‬، � ‫ ۔‬99 ،‫ � ڈى � �ؤس‬،�‫� ر�ار ڈ�ر‬
the Company’s Share Registrar address, i.e., CDC Share Registrar Services Limited, Share Registrar Department, CDC House, 99-B,
Block B, Main Shahrah-e-Faisal, Karachi-74400, Pakistan. Tel: 0800-23275 (CDCSRSL).
�
3. In case of non-receipt of IBAN with bank details as requested above, future cash dividend, if any, could be withheld according to the � �‫ ��ر� ا� ا‬،� �� ‫ ا‬،��‫ او� � � �ارش � �� ت � �� ا�� ا�� )آ� � اے ا� (� �م و�� رت � آ�ہ � ڈ‬.3
directives of the Securities and Exchange Commission of Pakistan.
‫آف ��ن � �ا�ت � �� رو� � � �۔‬
4. National Foods Limited and CDCSRSL shall not be responsible for any loss, damage, liability or claim arising, directly or indirectly, from
any error, or failure in performance of any of its obligations whatsoever, caused due to incorrect payment instructions provided by the � �‫ � � � � ا� ذ� دار�ں � � � � � �ر�د‬، ‫�اب د� � د�ے‬،‫ �ج‬،‫ � �ڈز �اور � ڈى � ا � آر ا � ا � �وا� � � ا�ا� �� وا� � � �ن‬. 4
‫ � � � د�س � �ورا� � وا� � � ذ� دار � �ں � ۔‬،� �� ‫�� ر � �� ادا� � � � �ا� �دہ � �ا�ت‬
shareholder and/or due to any event beyond the control of the bank.

Request Form ‫درﺧﻮاﺳﺖ ﻓﺎرم‬
‫ﺳﺎﻻﻧﮧ رﭘﻮرٹ اور ﺳﺎﻻﻧﮧ اﺟﻼس ﻋﺎﻣﮧ‬
For Transmission of Annual Report &
‫) اے ﺟﯽ اﯾﻢ (ﮐﮯ ﻧﻮﭨﺲ ﮐﯽ ﻓﺮاﮨﻤﯽ‬
Notice of Annual General Meeting (AGM)
For Hard Copy ‫ﮨﺎرڈ ﮐﺎﭘﯽ ﮐﮯ ﻟﺌﮯ ﻣﻌﯿﺎری درﺧﻮاﺳﺖ ﺧﻂ‬
The Share Registrar ‫� ر�ار‬

National Foods Limited � ‫� �ڈز‬
CDC Share Registrar Services Limited � �‫� ڈى � � ر�ار �و‬
CDC House, 99 – B, Block ‘B’,
S.M.C.H.S., Main Shahra-e-Faisal
’�‘ ‫ – � �ك‬99 ‫� ڈى � �ؤس‬
Karachi – 74400, Pakistan � ‫ا� ا� � ا� ا� � �رع‬
‫ ��ن‬74400 – �‫�ا‬
Subject: Request for Hard Copy of Annual Report of National Foods Limited
�‫ � �ڈز � � �� ر�رٹ � �رڈ �� در�ا‬: ‫��ع‬
Dear Sir,
As notified by the Securities and Exchange Commission of Pakistan (SECP) vide its SRO 389(I)/2023 dated March
،‫�م �ب‬
21, 2023, and as approved by the Shareholders at the Annual General Meeting of National Foods Limited (NFL or
the Company) held on October 19, 2023, the Company shall circulate its the annual balance sheet, profit and loss � ‫ � ا� � ��رز‬،�� ‫ � �ر �ہ‬2023 ��‫ ا‬19 ‫ � �( � � ��رز � �� ل � �ہ‬NFL) � ‫ اور � �ڈز‬2023/(I)389
account, auditor's report and directors‘ report, etc. (annual audited financial statements or the annual report) to the �‫ آڈ�ز � ر�رٹ اور ڈا��ز � ر�رٹ و�ہ )�� آڈٹ �ہ �� ت � �� ر�رٹ( �ا‬،�� ‫ �� و �رہ‬،� � �� ‫ �ڈ اور و� � � ذر� ا‬QR
shareholders through QR-enabled code and web-link, subject to the requirements of SECP. Nevertheless, the ‫ � ��رز �رڈ �� ا� � � � دى � �ت � � � � � � � ر�ار اور ��ى � � � �۔‬،�� ‫ � ��ں � �۔‬SECP ،� ‫�ے‬
shareholders may request for supply of hard copy of the annual report at their registered addresses by filling out
the details below and sending it to the Company’s Share Registrar and Company Secretary.
�� ‫ �رى �ت � �� ر�رٹ � �رڈ �� ر� ذ� � � �ا‬/ ‫ ذ� � درج �ى‬،�� (‫ � �ڈز � � � ��ر)ز‬،� / �
I / We, being shareholder(s) of NFL, with my / our particulars as mentioned below, hereby request for supply of ‫ �� ۔‬/ �� ‫� در�ا‬
Annual Report of the Company for the financial year __________, at my / our registered address:
Name of Shareholder : : ،‫� ��ر � ��م‬

� � ��
CDC Participant ID & Sub-Account No. : : � �‫� ڈى � �ر � آ� ڈى اور � ا�ؤ‬
CNIC/NICOP/Passport/NTN No. (please ‫ا� � ا� � )�اہ‬/‫��رٹ‬/‫��پ‬/‫�� رڈ‬
attach copy) : : (�� ‫�م‬
Address of Shareholder : : � � ‫� ��ر‬
Land Line Telephone No. (if any) : : (� �� ‫� �� ن � )ا‬
Cell No. (if any) : : (� �� ‫�� )ا‬
Email Address : : � � ‫اى‬
Yours truly, ،�� ‫�ص‬
Shareholder’s Signature �‫� ��ر � د‬

(Please affix company stamp in case of corporate entity) (�� ‫)�اہ �م �ر�ر� ادارے � �رت‬
Copy to: THE COMPANY SECRETARY

‫ � ��ى‬:�‫�� ا‬
National Foods Limited � ‫� �ڈز‬
12/CL-6, Claremont Road, Civil Lines, Karachi - Pakistan 12/CL-6, ‫ ��ن‬،�‫�� روڈ �ل �� ا‬
Tel: +92 21 38402022 & +92 21 36490029 | Fax: 92-21 35670996 21-92 35670996 :� | 92+ 21 36490029 ‫ اور‬21-92+ 38402022 :‫�ن‬

At The Heart of The Future: Global Consortium

Uploaded by

Copyright:

Available Formats

At The Heart of The Future: Global Consortium

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

At The Heart of The Future: Global Consortium

Uploaded by

Copyright:

Available Formats

At the Heart

National Foods Limited

Annual Report for 2024. Business Profile

01 | About The Company Annual Report 2024 | 02

03 | About The Company Annual Report 2024 | 04

05 | About The Company Annual Report 2024 | 06

• National Foods must focus on customer needs

• We must strive to be leaders in all the brands that

• Our research must continuously produce new and

• We must prove ourselves to be good corporate

• Projects to be identified and initiated that

• Reserves must be built, new factories created,

• We must create an environment in our offices and

• With the help of Almighty Allah, the company can

07 | About The Company Annual Report 2024 | 08

09 | About The Company Annual Report 2024 | 10

Business Practices the stakeholders and/or auditors must be

ii. Disclosure: All transactions must be fully

2. Unfair Behavior The obligation of confidentiality shall survive

Annual Report 2024 | 19

1970-1980 1981-1990 1991-2000 2001-2010 2011-2020 2020-2024

• Launch of Seed to Table

• NFL inaugurates flagship

13 | About The Company Annual Report 2024 | 14

15 | About The Company Annual Report 2024 | 16

17 | About The Company Annual Report 2024 | 18

The Annual Talent Review Meetings act as an

19 | About The Company Annual Report 2024 | 20

celebrating culinary Operations

From interactive cooking demonstrations by renowned

spirit of culinary excellence. G

21 | About The Company Annual Report 2024 | 22

ISO 9001 Certification

23 | About The Company Annual Report 2024 | 24

25 | About The Company Annual Report 2024 | 26

27 | About The Company Annual Report 2024 | 28

29 | About The Company Annual Report 2024 | 30

Moreover, variant extensions including Malai Boti,

31 | About The Company Annual Report 2024 | 32

33 | About The Company Annual

35 | About The Company Annual Report 2024 | 36

& Environment and other areas of Karachi. Tree plantation is a vital

Numerous projects have been identified and

39 | About The Company Annual

• Distribution Hubs: We established a Distribution

41 | About The Company Annual Report 2024 | 42

Enhancing Pickle Portfolio

Winning the KSA Market

43 | About The Company Annual Report 2024 | 44

As a subsidiary of National Foods DMCC in Dubai, this move

45 | Stakeholders Information Annual Report 2024 | 46

47 | Stakeholders Information Annual Report 2024 | 48

Supply Chain International

A-1 Bags &

National Foods Limited

Annual Report 2024 | 50

Human Resources and Remuneration Committee Company Banks

Chief Financial Officer

51 | Stakeholders Information Annual Report 2024 | 52

� ‫�� م ادارے � ا�ار � �ز� � � � � ۔‬ ��‫� � ��ں � �ر � ر� � اور � ا�د � � �رى �� ر‬