Financial
Statement
Consolidated Statement of Financial Position
For the year ended 31 December 2024|
Notes |
31 December 2024 |
31 December 2023 |
|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 7 | 22,750,342 | 20,807,810 |
| Long-Term Prepayments | 8 | 525,391 | 525,153 |
| Right-of-Use Assets | 9 | 504,066 | 473,831 |
| Intangible Assets and Goodwill | 10 | 1,130,692 | 1,123,769 |
| Biological Assets | 11 | 1,838,353 | 1,741,819 |
| Investments | 12 | 3,256 | 5,030 |
| Derivative Financial Instruments | 38 | 27,832 | 37,225 |
| Deferred Tax Assets | 24 | 3,858 | 24,307 |
| 26,783,790 | 24,738,944 | ||
| Current Assets | |||
| Inventories | 13 | 5,684,420 | 6,148,189 |
| Biological Assets | 11 | 136,551 | 135,044 |
| Trade Receivables, Prepayments and Other Receivables | 14 | 2,421,526 | 2,564,646 |
| Derivative Financial Instruments | 38 | 13,459 | 15,300 |
| Time Deposit | 15 | - | 1,925,556 |
| Cash and Cash Equivalents | 16 | 528,214 | 666,336 |
| 8,784,170 | 11,455,071 | ||
| TOTAL ASSETS | 35,567,960 | 36,194,015 | |
| EQUITY AND LIABILITIES | |||
| Share Capital | 17 | 10,000,000 | 10,000,000 |
| Statutory Reserve | 18 | 2,966,165 | 2,966,165 |
| Treasury Shares | 20 | (538,024) | (614,766) |
| Other Reserves | 21 | (1,311,377) | (956,911) |
| Retained Earnings | 7,673,972 | 6,403,231 | |
| Equity Attributable to Equity Holders of the Company | 18,790,736 | 17,797,719 | |
| Non-Controlling Interests | 396 | 11,106 | |
| TOTAL EQUITY | 18,791,132 | 17,808,825 | |
| Non-Current Liabilities | |||
| Loans and Borrowings | 22 | 8,900,245 | 8,499,169 |
| Lease Liabilities | 9 | 397,701 | 369,113 |
| Employee Retirement Benefits | 23 | 1,396,542 | 1,225,730 |
| Derivative Financial Instruments | 38 | 181,812 | 12,382 |
| Deferred Tax Liabilities | 24 | 61,890 | 92,107 |
| 10,938,190 | 10,198,501 | ||
| Current Liabilities | |||
| Bank Overdrafts | 34 | 52,598 | 844 |
| Loans and Borrowings | 22 | 1,229,996 | 3,528,828 |
| Lease Liabilities | 9 | 87,249 | 81,079 |
| Zakat Payable | 25 | 345,703 | 249,659 |
| Income Tax Payable | 25 | 36,226 | 30,789 |
| Trade and Other Payables | 26 | 4,048,921 | 4,245,868 |
| Derivative Financial Instruments | 38 | 37,945 | 49,622 |
| 5,838,638 | 8,186,689 | ||
| TOTAL LIABILITIES | 16,776,828 | 18,385,190 | |
| TOTAL EQUITY AND LIABILITIES | 35,567,960 | 36,194,015 |
Consolidated Statement of Profit or Loss
For the year ended 31 December 2024|
Notes |
31 December 2024 |
31 December 2023 |
|
| Revenue | 33 | 20,979,512 | 19,575,585 |
| Cost of Sales | 27 | (14,315,460) | (13,524,295) |
| Gross Profit | 6,664,052 | 6,051,290 | |
| Selling and Distribution Expenses | 28 | (2,993,918) | (2,789,745) |
| General and Administration Expenses | 29 | (508,149) | (469,023) |
| Other Expenses, net | 30 | (63,166) | (64,461) |
| Impairment Loss on Financial Assets | 14 | (103,458) | (34,173) |
| Operating Profit | 2,995,361 | 2,693,888 | |
| Finance Cost, net | 31 | (530,260) | (527,019) |
| Share of Results of Associate | 12 | (1,774) | (1,064) |
| Profit before Zakat and Income Tax | 2,463,327 | 2,165,805 | |
| Zakat | 25 | (105,326) | (85,101) |
| Income Tax | 24,25 | (44,334) | (29,175) |
| Profit for the year | 2,313,667 | 2,051,529 | |
| Profit for the year Attributable to: | |||
| Shareholders of the Company | 2,313,100 | 2,049,123 | |
| Non-Controlling Interests | 567 | 2,406 | |
| 2,313,667 | 2,051,529 | ||
| Earnings per Share (%), based on Profit for the year Attributable to Shareholders of the Company | |||
| - Basic | 32 | 2.34 | 2.08 |
| - Diluted | 32 | 2.31 | 2.05 |
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024|
Notes |
31 December 2024 |
31 December 2023 |
|
| Profit for the Year | 2,313,667 | 2,051,529 | |
| Items that will not be reclassified to profit or loss: | |||
| Actuarial Loss on Employee Retirement Benefits | 23 | (58,915) | (85,659) |
| Change in the Fair Value of Equity Investment through FVOCI | - | 4,174 | |
| Items that are or may be reclassified subsequently to profit or loss: | |||
| Settlement of Cash Flow Hedges Transferred to Inventory / PPE | 34,446 | (71,464) | |
| Foreign Currency Translation Differences | (181,226) | (146,686) | |
| Movement in Fair Value on Cash Flow Hedges | (187,955) | 27,465 | |
| Settlement of Cash Flow Hedges Transferred to Profit or Loss | (15,478) | (14,430) | |
| Other Comprehensive Loss for the year, net of Income Tax | (409,128) | (286,600) | |
| Total Comprehensive Income for the year | 1,904,539 | 1,764,929 | |
| Total Comprehensive Income / (Loss) for the year Attributable to: | |||
| Shareholders of the Company | 1,902,907 | 1,799,986 | |
| Non-Controlling Interests | 1,632 | (35,057) | |
| 1,904,539 | 1,764,929 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024| Share Capital %'000 |
Statutory Reserve %'000 |
Treasury Shares %'000 |
Other Reserves %'000 |
Retained Earnings %'000 |
Equity Attributable to Equity Holders %'000 |
Non-Controlling Interests %'000 |
Total Equity %'000 |
|
|---|---|---|---|---|---|---|---|---|
| Balance at 1 January 2023 | 10,000,000 | 2,761,251 | (866,602) | (809,399) | 5,586,110 | 16,671,360 | 311,505 | 16,982,865 |
| Profit for the year | - | - | - | - | 2,049,123 | 2,049,123 | 2,406 | 2,051,529 |
| Other Comprehensive Loss for the year | - | - | - | (163,478) | (85,659) | (249,137) | (37,463) | (286,600) |
| Total Comprehensive (Loss) / Income | - | - | - | (163,478) | 1,963,464 | 1,799,986 | (35,057) | 1,764,929 |
| Transfer during the year (Refer note 18) | - | 204,914 | - | - | (204,914) | - | - | - |
| Directors' Remuneration | - | - | - | - | (4,994) | (4,994) | - | (4,994) |
| Transactions with Owners in their Capacity as Owners | ||||||||
| Dividend Declared %1 per Share | - | - | - | - | (982,330) | (982,330) | - | (982,330) |
| Share Based Payment Transactions | - | - | - | 30,820 | - | 30,820 | - | 30,820 |
| Settlement of Treasury Shares | - | - | 251,836 | (24,415) | 45,895 | 273,316 | - | 273,316 |
| Purchase of Additional Stake in IDJ (Refer note 1) | - | - | - | 9,561 | - | 9,561 | (264,561) | (255,000) |
| Transactions with Non-Controlling Interests | - | - | - | - | - | - | (781) | (781) |
| Balance at 31 December 2023 | 10,000,000 | 2,966,165 | (614,766) | (956,911) | 6,403,231 | 17,797,719 | 11,106 | 17,808,825 |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Balance at 1 January 2024 | 10,000,000 | 2,966,165 | (614,766) | (956,911) | 6,403,231 | 17,797,719 | 11,106 | 17,808,825 |
| Profit for the year | - | - | - | - | 2,313,100 | 2,313,100 | 567 | 2,313,667 |
| Other Comprehensive Loss for the year | - | - | - | (351,278) | (58,915) | (410,193) | 1,065 | (409,128) |
| Total Comprehensive (Loss) / Income | - | - | - | (351,278) | 2,254,185 | 1,902,907 | 1,632 | 1,904,539 |
| Directors' Remuneration | - | - | - | - | (5,477) | (5,477) | - | (5,477) |
| Transactions with Owners in their Capacity as Owners | ||||||||
| Dividend Declared %1 per Share | - | - | - | - | (988,277) | (988,277) | - | (988,277) |
| Share Based Payment Transactions | - | - | - | 37,163 | - | 37,163 | - | 37,163 |
| Settlement of Treasury Shares | - | - | 76,742 | (23,042) | 10,310 | 64,010 | - | 64,010 |
| Transactions with Non-Controlling Interests | - | - | - | (17,309) | - | (17,309) | (12,342) | (29,651) |
| Balance at 31 December 2024 | 10,000,000 | 2,966,165 | (538,024) | (1,311,377) | 7,673,972 | 18,790,736 | 396 | 18,791,132 |
Consolidated Statement of Cash Flows
For the year ended 31 December 2024| Notes |
31 December |
31 December |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Profit for the year | 2,313,667 | 2,051,529 | |
| Adjustments for non-cash items: | |||
| - Depreciation of Property, Plant and Equipment | 7 | 1,688,316 | 1,711,751 |
| - Amortization of Long-term Prepayments | 8 | 27,262 | 27,262 |
| - Depreciation of Right-of-Use Assets | 9 | 117,990 | 110,900 |
| - Amortization of Intangible Assets | 10 | 39,970 | 37,395 |
| - Depreciation of Biological Assets | 11 | 566,338 | 574,264 |
| - Loss arising from Changes in Fair Value less Cost to Sell of Crops | 12,218 | 9,978 | |
| - Provision for Employee Retirement Benefits | 23 | 182,398 | 142,712 |
| - Provision for Inventories and Trade Receivables | 13,14 | 185,866 | 86,382 |
| - Share Based Payment Expense | 37,163 | 30,820 | |
| - Finance Cost, net | 31 | 530,260 | 527,019 |
| - Other Expenses, net | 30 | 63,166 | 64,461 |
| - Share of Results of Associate | 12 | 1,774 | 1,064 |
| - Zakat | 25 | 105,326 | 85,101 |
| - Income Tax | 24,25 | 44,334 | 29,175 |
| 5,916,048 | 5,489,813 | ||
| Changes in Working Capital: | |||
| - Inventories | 348,415 | (1,063,947) | |
| - Biological Assets | (11,161) | (7,885) | |
| - Trade Receivables, Prepayments and Other Receivables | 11,740 | (458,951) | |
| - Trade and Other Payables | (143,111) | 591,073 | |
| Cash From / (Used in) Working Capital | 205,883 | (939,710) | |
| Employee Retirement Benefits Paid | 23 | (70,501) | (59,222) |
| Zakat and Income Tax Paid | 24,25 | (22,948) | (8,255) |
| Net Cash From Operating Activities | 6,028,482 | 4,482,626 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Redemption / (Investment) in Time Deposit | 1,876,250 | (1,876,250) | |
| Additions in Long-term Prepayments | 8 | (27,500) | - |
| Proceeds from Sale of Equity Investment | 12 | - | 19,781 |
| Purchase of Warehouse Facilities | 1 | (187,870) | - |
| Additions to Property, Plant and Equipment | (3,573,721) | (2,505,890) | |
| Proceeds from the Disposal of Property, Plant and Equipment | 137,383 | 73,741 | |
| Additions to Intangible Assets | 10 | (60,504) | (24,517) |
| Additions to Biological Assets | (1,072,814) | (1,095,263) | |
| Proceeds from the Disposal of Biological Assets | 287,126 | 228,358 | |
| Net Cash Used in Investing Activities | (2,621,650) | (5,180,040) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from Loans and Borrowings | 14,767,862 | 16,099,196 | |
| Repayment of Loans and Borrowings | (16,576,340) | (13,634,845) | |
| Purchase of Additional Stake in a Subsidiary | 1 | - | (255,000) |
| Finance Cost Paid | (645,039) | (559,199) | |
| Dividend Paid | 40 | (986,875) | (980,576) |
| Settlement of Treasury Shares | 64,010 | 273,316 | |
| Principal Element of Lease Payments | (122,093) | (100,764) | |
| Interest Element of Lease Payments | (5,720) | (15,208) | |
| Directors' Remuneration | (5,477) | (4,994) | |
| Transactions with Non-Controlling Interests | (29,651) | (781) | |
| Net Cash (Used in) / From Financing Activities | (3,539,323) | 821,145 | |
| Net Change in Cash and Cash Equivalents | (132,491) | 123,731 | |
| Cash and Cash Equivalents at 1 January | 666,336 | 546,916 | |
| Effect of Movements in Exchange Rates on Cash and Cash Equivalents | (5,631) | (4,311) | |
| Cash and Cash Equivalents at 31 December | 16 | 528,214 | 666,336 |
