General Tyre 1

Loads Limited
Agritech Limited
Askari Bank 2
Faysal Bank 3
Matco Foods 7
Treet Corporation
Sui North Gas Company 5
Sui South Gas Company
Attock Refinery
National Refinery 4
Byco Petroleum
Gul Ahmed 6
 2017 2016 2015
Sales 9,645 9,479 9,492
Cost of sales (7,589) (7,157) (7,553)
Gross Profit 2,056 2,322 1,938
Administrative expenses (248) (211) (200)
Distribution cost (452) (399) (332)
Other income (115) (150) (117)
Other expenses 62 65 66
Profit from operations 1,303 1,628 1,355
Finance cost (124) (136) (258)
Share of profit from associate 5 3 0
Profit before taxation 1,184 1,495 1,097
Taxation (303) (462) (364)
Profit after taxation 881 1,032 733
EPS 14.75 17.27 12.26

EQUITY AND LIABILITIES

Share Capital and Reserves
Authorized Capital
75,000,000 ordinary shares of Rs. 10 each 750 750 750
Issued, subscribed and paid-up capital 598 598 598
Reserve for capital expenditure 1,000 - -
Unappropriated profit 2,199 2,352 1,760
Total Equity 3,796 2,950 2,358

Non-current Liabilities
Long term finances 1,019 920 383
Staff benefits 308 277 241
Deferred taxation 331 232 211
Long term deposits from dealers 9 9 9
1,667 1,439 844

Current Liabilities
Current maturity of long term finance 439 224 117
Short term finances 158 144 86
Running finance under mark-up arrangements 1,083 621 666
Trade and other payables 1,282 1,293 1,183
Accrued mark-up 57 33 17
Provisions 121 109 76
3,139 2,424 2,146

Total Liabilities 4,807 3,863 2,990

Total equity and liabilities 8,603 6,813 5,348
ASSETS
Non-current assets
Property, plant and equipment 3,669 3,169 1,936
Others 109 86 49
3,778 3,254 1,985
Current Assets
Stores and spares 489 497 492
Stocks 2,075 1,571 1,457
Trade debts 879 1,025 851
Loans and advances 310 101 62
Deposits and prepayments 66 66 125
Other receivables 264 69 31
Taxation - net 641 113 104
Cash and bank balances 100 117 242
4,825 3,558 3,363

Total Assets 8,603 6,813 5,348

2014 2013 2012
8,607 8,167 7,806
(7,012) (6,838) (6,808)
1,595 1,329 998
(188) (138) (116)
(358) (307) (231)
(94) (84) (71)
118 68 49
1,073 868 629
(326) (289) (382)
1 1 (0)
748 580 247
(234) (184) (45)
514 395 203
8.60 6.61 3.39

750 750 750

598 598 598
- - -
1,433 1,201 925
2,031 1,799 1,523

100 167 -
198 193 179
242 284 184
11 9 9
551 653 373

67 33 87
714 904 720
2,180 1,199 1,179
838 1,283 1,445
78 63 74
103 72 72
3,981 3,554 3,577

4,532 4,207 3,950

6,563 6,006 5,473
1,914 1,938 1,747
46 31 15
1,960 1,970 1,762

462 408 386

1,999 1,788 1,881
1,391 1,187 950
36 31 23
246 33 26
34 27 25
215 374 271
220 188 148
4,603 4,036 3,711

6,563 6,006 5,473

 2017 2016
Mark-up/interest earned 36,267 35,408
Mark-up/interest expensed (20,072) (20,497)
Net mark-up/interest income 16,195 14,911

Provisions against NPLs-net 1,190 729

Impairment loss on AFS investments (30) (23)
Provision for dimunition in value of investments-net (108) (48)
Others 154 -
Total Provisions 1,205 659
Net mark-up/interest income after provisions 17,400 15,570
Non mark-up/interest income
Fee, commission and brokerage income 2,707 2,439
Dividend income 303 305
Income from dealing in foreign currencies 843 640
Gain on sale of securities-net 2,055 3,527
Others 347 300
Total non-markup/interest income 6,255 7,210

Total income 23,656 22,781

Non mark-up/interest expense
Administrative expenses (14,949) (14,079)
Other provisions/write-offs (22) (3)
Other charges (193) (222)
Total non mark-up/interest expense (15,164) (14,304)
Profit before Taxation 8,492 8,477
Taxation (3,224) (3,256)
Profit after Taxation 5,268 5,221
4.18 4.14

ASSETS
Cash and balances with treasury banks 44,239 42,568
Balances with other banks 3,194 5,846
Lendings to FIs 2,250 6,837
Investments 314,957 295,846
Advances 258,693 235,164
Operating fixed assets 10,729 11,020
Others 22,647 21,859
Total Assets 656,708 619,139

LIABILITIES
Bills payable 10,769 8,580
Borrowings 71,587 89,262
Deposits and other accounts 525,808 472,811
Subordinated loans 4,993 4,995
Other liabilites 11,115 10,915
Total Liabilites 624,273 586,562

Net Assets 32,435 32,577

REPRESENTED BY
Share capital 12,603 12,603
Reserves 11,948 8,671
Unappropriated profit 2,850 4,084
27,401 25,357
Surplus on revaluation of assets 5,035 7,219
32,435 32,577
2015 2014 2013 2012
36,592 34,604 27,961 32,402
(21,690) (22,711) (19,363) (22,974)
14,902 11,893 8,597 9,428

(316) 83 (9,854) (2,342)

(217) (208) (151) (143)
(346) (198) (933) (201)
- - (165) (1)
(879) (322) (11,103) (2,688)
14,023 11,571 (2,506) 6,741

1,732 1,435 1,169 1,153

303 349 509 1,036
835 985 559 885
3,246 1,804 820 682
573 744 540 361
6,690 5,317 3,598 4,117

20,712 16,889 1,092 10,858

(12,014) (10,934) (9,397) (9,039)

(50) (47) (114) (9)
(217) (126) (23) (80)
(12,281) (11,107) (9,533) (9,128)
8,432 5,781 (8,441) 1,730
(3,388) (1,766) 2,961 (474)
5,043 4,015 (5,480) 1,255
4.00 3.19 (5.90) 1.54

29,685 19,130 26,105 24,435

8,296 7,068 9,058 8,864
813 3,428 2,503 6,319
268,021 217,214 165,863 145,378
199,931 170,496 163,557 143,727
9,230 8,299 8,567 8,841
19,891 21,446 19,174 15,491
535,867 447,083 394,827 353,056

6,095 6,855 5,688 3,700

57,323 13,742 24,546 8,373
433,172 387,587 335,241 306,937
 4,997 7,993 3,994 6,987
7,427 7,199 6,630 7,370
509,014 423,375 376,099 333,368

26,853 23,707 18,729 19,688

12,603 12,603 12,603 8,131

6,446 4,824 5,613 8,542
2,763 1,862 (1,583) 1,004
21,812 19,289 16,633 17,677
5,041 4,418 2,096 2,011
26,853 23,707 18,729 19,688
 2017 2016 2015
Mark-up/interest earned 28,791 26,201 32,313
Mark-up/interest expensed (14,831) (14,134) (18,358)
Net mark-up/interest income 13,960 12,066 13,955

Provisions against NPLs-net 691 (626) (1,058)

Provisions for consumer and SE loans (104) (32) 7
Provisions against off balance sheet obligations (5) (4) (20)
Provision for dimunition in value of investments-net (183) 17 (455)
Recoveries against written-off debts - net 98 81 99
Total Provisions 496 (564) (1,427)
Net mark-up/interest income after provisions 14,457 11,502 12,528
Non mark-up/interest income
Fee, commission and brokerage income 3,087 2,715 2,303
Dividend income 160 276 319
Income from dealing in foreign currencies 1,385 1,368 965
Gain on sale of securities-net 846 2,093 1,739
Others 137 502 239
Total non-markup/interest income 5,614 6,954 5,564

Total Income 20,071 18,457 18,092

Non mark-up/interest expense
Administrative expenses (12,608) (11,661) (10,591)
Other provisions/write-offs (5) 28 (354)
Other charges (166) (144) (221)
Total non mark-up/interest expense (12,779) (11,777) (11,166)
Share of profit/(loss) from associate (23) (22) (7)
Profit before taxation 7,269 6,658 6,919
Taxations (2,755) (2,357) (2,698)
Profit after taxation 4,515 4,301 4,221
3.42 3.26 3.20

ASSETS
Cash and balances with treasury banks 37,862 37,239 26,084
Balances with other banks 1,873 1,139 1,068
Lendings to FIs 9,010 5,000 12,088
Investments 179,706 170,210 183,677
Advances 231,532 204,831 178,079
Operating fixed assets 12,940 12,112 11,343
Others 15,104 13,933 17,733
Total Assets 488,027 444,465 430,073

LIABILITIES
Bills payable 7,304 5,982 6,009
Borrowings 54,789 52,806 90,565
Deposits and other accounts 373,081 340,306 292,130
Subordinated loans - 1,497 2,994
Other liabilites 13,621 8,865 8,022
Total Liabilites 448,795 409,456 399,720

Net Assets 39,232 35,008 30,352

REPRESENTED BY
Share capital 13,197 11,998 11,998
Reserves 7,936 7,158 6,423
Unappropriated profit 12,528 9,986 7,638
33,662 29,142 26,059
Surplus on revaluation of assets 5,571 5,867 4,294
39,232 35,008 30,352
2014 2013 2012
32,313 27,790 28,802
(18,480) (16,945) (19,839)
13,832 10,845 8,963

(2,094) (1,906) (964)

(33) (123) (25)
(7) (11) (40)
(397) (111) (415)
134 34 42
(2,398) (2,116) (1,401)
11,435 8,729 7,563

2,076 2,237 1,858

182 479 432
1,073 949 769
460 306 1,215
582 554 1,010
4,374 4,526 5,283

15,809 13,255 12,846

(12,162) (11,079) (10,810)

127 95 (91)
(222) (117) (103)
(12,257) (11,101) (11,004)
(1) 7 (5)
3,551 2,161 1,837
(1,075) (311) (416)
2,477 1,850 1,421
1.88 1.40 1.08

20,286 28,422 24,509

1,423 1,012 1,209
- 300 -
155,211 113,319 88,019
181,225 184,190 172,299
11,543 10,251 10,860
18,439 17,785 16,227
388,126 355,280 313,123

5,348 4,969 4,244

 60,927 45,447 35,568
283,346 271,134 240,708
2,995 3,495 4,195
9,208 8,069 7,371
361,823 333,114 292,086

26,303 22,166 21,037

10,433 10,433 9,274

5,703 6,554 6,309
5,696 3,601 3,205
21,832 20,588 18,788
4,470 1,578 2,249
26,303 22,166 21,037
 2017 2016 2015 2014
Net Sales 107,447 93,788 148,457 207,403
Cost of Sales (97,648) (82,745) (141,611) (204,344)
Gross Profit 9,800 11,043 6,846 3,060
Distribution and marketing expenses (735) (686) (879) (1,092)
Administrative expenses (841) (753) (649) (525)
Other income 725 1,514 1,525 1,436
Other operating expenses (451) (755) (430) (147)
Operating profit 8,498 10,365 6,413 2,732
Finance cost (183) (276) (853) (852)
Profit before taxation 8,315 10,089 5,560 1,880
Taxation (269) (2,401) (1,851) (918)
Profit after taxation 8,046 7,688 3,709 962
EPS 100.61 96.14 46.38 12.03

ASSETS
NON-CURRENT ASSETS
Fixed Assets 38,547 23,628 8,066 5,061
Long term investments - - - -
Long term loans 51 41 43 41
Long term deposits 30 30 30 30
Others 5 5 22 178
38,634 23,704 8,161 5,311
CURRENT ASSETS
Stores, spares and chemicals 909 907 1,003 1,149
Stock-in-trade 10,931 11,253 13,586 23,857
Trade debts 6,033 5,297 7,253 10,207
Other receivables 674 504 547 302
Other current assets 1,435 124 239 3,145
Cash and bank balances 2,769 11,871 17,273 8,805
22,752 29,957 39,901 47,465

Total Assets 61,386 53,661 48,063 52,776

EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share Capital 800 800 800 800
Reserves 42,540 36,023 29,334 25,794
43,340 36,822 30,134 26,594
LIABILITIES
Non-Current Liabilities
Long term borrowing 689 - - -
Retirement benefit obligations 265 462 594 381
Deferred taxation 409 135 172 -
1,363 598 766 381
Current Liabilities
Trade and other payables 16,484 15,031 16,433 24,931
Others 199 112 112 246
Taxation - net - 1,098 618 624
16,683 16,241 17,163 25,802

Total Liabilities 18,046 16,838 17,929 26,183

TOTAL EQUITY AND LIABILITIES 61,386 53,661 48,063 52,776
2013 2012
179,184 174,797
(174,119) (170,075)
5,066 4,722
(1,038) (1,264)
(508) (464)
2,180 3,137
(355) (336)
5,345 5,795
(871) (1,343)
4,475 4,452
(1,630) (1,833)
2,844 2,618
35.57 32.74

4,363 3,696
- -
52 65
30 30
- -
4,445 3,791

788 987
22,564 25,360
10,977 13,262
275 248
623 3,388
16,005 10,079
51,232 53,323

55,677 57,114

800 800
26,072 24,427
26,871 25,226

- -
285 223
80 173
366 396
26,546 29,749
411 399
1,482 1,344
28,440 31,492

28,806 31,888
55,677 57,114
 2017 2016 2015 2014
Net sales 346,308 250,647 212,521 220,761
Less: Cost of sales (326,610) (246,424) (210,374) (220,127)
Gross Profit 19,699 4,222 2,146 634
Other Income 10,993 11,897 10,525 9,752
30,692 16,119 12,672 10,386
Less:
Admin expenses (6,426) (4,760) (4,190) (3,801)
Selling cost (5,646) (6,876) (7,441) (6,973)
Other operating expenses (730) (221) (421) (95)
(12,802) (11,856) (12,052) (10,869)
Operating profit 17,890 4,263 620 (483)

Less: Finance Cost (5,351) (4,403) (3,983) (5,005)

Profit before taxation 12,539 (140) (3,363) (5,489)
Taxation (3,925) 264 869 1,524
Profit after taxation 8,615 124 (2,495) (3,965)
EPS 14.00 0.20 (3.93) (6.25)

EQUITY AND LIABILITIES

Authorized Capital
1,500,000,000 ordinary shares of Rs. 10 each 15,000 15,000 15,000 15,000

Issued, subscribed and paid-up capital 6,342 6,342 6,342 6,342

Revenue Reserves 4,254 -2,645 -2,769 -274
10,596 3,697 3,573 6,068
Non-Current Liabilities
Long-term financing: 49,864 34,995 14,219 6,432
Security deposits 38,567 34,344 32,452 29,783
Deferred Credit 47,168 37,405 32,143 31,169
Deferred taxation 0 0 0 108
Employee benefits 14,682 12,332 9,749 6,469
150,280 119,077 88,563 73,961
Current Liabilities
Trade and other payables 131,735 103,966 97,535 71,571
Interest/mark-up accrued on loans 25,213 22,143 19,043 16,570
Short term secured borrowings 999 996 142 977
Current portion of long term loans 5,364 1,834 2,921 2,844
163,311 128,940 119,641 91,962

Total Equity and Liabilities 324,187 251,714 211,777 171,991

ASSETS
Non-Current Assets
Property, plant and equipment 164,102 136,000 114,477 104,544
Intangible assets 89 119 47 58
Deferred taxation 1,310 2,232 1,859 0
Others 1,579 1,137 372 2,231
167,081 139,488 116,755 106,832
Current Assets
Stores and spare parts 3,831 3,547 2,762 2,875
Stock-in-trade 10,271 967 1,030 948
Trade debts 57,817 57,880 64,622 56,572
Loans and advances 1,497 1,799 911 1,011
Other receivables 65,908 38,031 22,253 43
Other current assets 14,134 8,221 2,888 3,230
Cash and bank balances 3,648 1,781 555 480
157,105 112,226 95,022 65,159

Total Assets 324,187 251,714 211,777 171,991

 2013 2012
205,662 216,652
(221,013) (209,423)
(15,351) 7,230
15,541 9,104
191 16,334

(3,386) (3,085)
(5,938) (4,159)
(501) (937)
(9,825) (8,181)
(9,635) 8,153

(6,100) (3,412)
(15,735) 4,741
5,986 (1,697)
(9,749) 3,044
(15.37) 5.28

15,000 15,000

6,342 5,766
3,691 15,458
10,033 21,224

6,104 8,586
22,369 20,228
33,118 33,316
2,677 9,067
1,077 1,010
65,345 72,206

70,436 66,359
14,178 9,683
1,000 1,000
2,836 2,854
88,450 79,896

163,828 173,326

98,397 92,769
 12 134
0 0
2,139 1,469
100,549 94,372

2,208 1,839
1,075 849
54,462 73,331
384 154
324 82
3,858 1,574
967 1,125
63,279 78,954

163,828 173,326
 2017 2016 2015 2014
Sales 39,904 32,275 33,355 33,013
Cost of sales (32,858) (24,968) (27,260) (27,037)
Gross Profit 7,046 7,306 6,094 5,976
Distribution cost (3,484) (3,242) (2,603) (2,123)
Administrative expenses (2,305) (1,834) (1,532) (1,314)
Other operating expenses (58) (138) (185) (116)
Other income 487 153 343 236
Operating profit 1,686 2,245 2,118 2,659
Finance cost (877) (910) (1,334) (1,163)
Profit before taxation 809 1,335 783 1,496
Taxation (10) (193) (178) (261)
Profit after taxation 799 1,141 605 1,235
2.50 3.92 2.30 5.40

EQUITY AND LIABILITIES

Share Capital and Reserves
Issued, subscribed and paid-up capital 3,565 2,971 2,285 1,828
Reserve for capital expenditure 7,349 5,747 4,230 3,580
Unappropriated profit - - 654 1,252
Total Equity 10,914 8,718 7,169 6,660
Long term liabilities
Long term financing 7,146 4,631 2,408 2,239
Deferred liabilities 298 309 350 333
Deferred taxation 24 36 44 40
7,469 4,976 2,802 2,612
Current Liabilities
Trade and other payables 5,583 5,007 5,213 6,304
Accrued mark-up 139 114 206 177
Short term borrowings 11,935 12,866 8,838 7,830
Current maturity of long term loans 679 487 714 695
18,336 18,475 14,972 15,006

Total Equity and Liabilities 36,719 32,169 24,943 24,277

ASSETS
Non-current Assets
Property, plant and equipment 15,969 12,050 9,039 8,210
Intangible assets 78 13 11 20
Long term investments 58 58 58 58
Long term loans and advances 40 22 13 12
Long term deposits 193 156 94 81
16,338 12,300 9,215 8,381
Current Assets
Stores, spares and tools 988 903 699 856
Stock-in-trade 12,470 13,854 11,284 11,914
Trade debts 3,345 2,364 1,914 1,367
Loans and advances 689 716 354 396
Short term prepayments 153 219 97 73
Taxation-net 674 117 182 180
Other receivables 1,143 476 331 342
Tax refunds due from government 649 912 750 653
Cash and bank balances 270 308 117 115
20,381 19,870 15,728 15,896

Total Assets 36,719 32,169 24,943 24,277

2013 2012
30,202 24,918
(25,502) (21,433)
4,699 3,486
(1,510) (1,323)
(1,087) (955)
(72) (1)
39 167
2,069 1,374
(1,228) (1,375)
841 (1)
(139) (239)
702 (240)
4.84 (1.73)

1,523 1,270
3,180 3,430
725 (227)
5,429 4,473

2,155 2,096
316 274
34 24
2,505 2,394

4,212 2,717
192 172
8,290 7,289
562 665
13,256 10,852

21,189 17,719

7,132 6,829
23 27
58 58
2 3
51 48
7,267 6,965
 723 740
9,555 7,415
2,573 2,074
346 170
28 27
190 -
174 183
229 25
102 120
13,922 10,754

21,189 17,719
 2013 2014 2015
Revenue 6,289 8,160 6,089
Cost of Goods Sold (5,441) (7,279) (5,194)
Gross Profit 849 881 895
EBITDA 539 524 614
Depreciation and Amortization 93 114 159
Other Income/(Expense) 2 9 2
Financial Charges (245) (333) (294)
Exchange gain - net (2) 174 1
Provision for worker's welfare fund (5) (7) (5)
Provision for worker's profit participation fund - - -
Profit/(Loss) before Taxation 196 254 160
Taxation (65) (77) (62)
Profit/(Loss) after Taxation 131 177 98

ASSETS
Non-Current Assets 1,359 2,000 1,928
Current Assets 4,485 5,408 5,520
Total Assets 5,844 7,408 7,448

EQUITY AND LIABILITIES

Shareholder's equity 1,969 2,099 2,236
Surplus on revaluation of fixed assets 269 831 782
Total Equity 2,237 2,930 3,018

Non-Current Liabilities 197 228 239

Current Liabilities 3,410 4,250 4,191
Total Liabilities 3,607 4,478 4,430

Total equity and liabilities 5,844 7,408 7,448

2016 2017
5,578 6,134
(4,939) (5,169)
639 965
345 641
150 142
18 37
(204) (212)
33 35
(5) (3)
- (13)
38 342
(34) (73)
4 269

1,830 2,176
5,077 6,059
6,907 8,235

2,286 2,571
599 572
2,885 3,143

315 499
3,707 4,593
4,022 5,092

6,907 8,235