Together, we add value - National Foods

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Company Registration Number 2822 of 1969-1970
National Tax Number 13-06-0816613-7
Sales Tax Registration Number 02-01-2000-001-19

Board of Directors
Mr. Zahid Majeed	Chairman
Mr. Abrar Hasan	Global CEO
Mr. Zouhair Abdul Khaliq	Independent Director
Mr. Ali H. Shirazi	Independent Director
Mr. Adam Fahy-Majeed	Executive Director
Mrs. Saadia Naveed	Non-Executive Director
Mrs. Noreen Hasan	Non-Executive Director

Audit Committee
Mr. Zouhair A. Khaliq	Chairman
Mrs. Saadia Naveed	Member
Mrs. Noreen Hasan	Member
Mr. Adam Fahy Majeed	Member
Ms. Quratulain Mamsa	Secretary

Human Resource and Remuneration Committee
Mr. Ali H. Shirazi	Chairman
Mrs. Noreen Hasan	Member
Mrs. Saadia Naveed	Member
Mr. Zouhair A. Khaliq	Member
Ms. Asma Yusuf	Secretary

Global Chief Financial Officer
Mr. Syed Farhan Ali Rizvi

Legal Counsel
Mr. Fazal Ur Rehman Hajano

Head of Internal Audit & Secretary Audit Committee
Ms. Quratulain Mamsa

Internal Auditors
EY Ford Rhodes Chartered Accountants

Auditors
Messrs. KPMG Taseer Hadi & Co. Chartered Accountents, Shaikh Sultan Trust Building No. 2, Beaumont Road, Karachi-75530.

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

Share Registrar
CDC Share Registrar Services Limited CDC House, 99 – B, Block ‘B’, S.M.C.H.S., Main Shahra-e-Faisal Karachi – 74400, Pakistan Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275) Fax: (92-21) 34326053 Email: [email protected] Website: www.cdcsrsl.com

Company Banks
Allied Bank Limited	Askari Bank Limited
Bank Al Habib Limited	Bank Alfalah Limited (Islamic Banking Group)
Bank of Montreal	Faysal Bank Limited
Habib Bank AG Zurich - Dubai	Habib Bank Limited
Habib Bank Limited (UK)	Habib Bank Limited (UAE)
Habib Metropolitan Bank Limited	MCB Bank Limited
MCB Bank Limited - Dubai	Meezan Bank Limited
National Bank of Pakistan	Toronto Dominion Canada Trust Bank
United Bank Limited

National Foods Locations
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	A393 Nooriabad Industrial Estate, Nooriabad, Karachi. Phone: 03000335287
Faisalabad Plant	Plot #346/347, Phase II, M-3, Industrial City, (M-3IC) Sahianwala Interchange, Faisalabad Phone: 0302-5825369

Sales & SAP Offices
Karachi Regional Office	Office#107&309, 1st Floor National Foods, Parsa Tower, Sharah-e-Faisal, Karachi
Lahore Regional Office	National Foods Limited 18-CCA Jamal Plaza DHA-8 Ex.Park View Lahore
Gujranwala Regional Office	Office # 4, Sixteenth Avenue Mall, 16-A, Industrial Estate. Grand Trunk Road, Gujranwala.
Rawalpindi Regional Office	Bilal Complex, 1st Floor Main PWD Double Road Rawalpindi.
Multan Regional Office	Office # 27, National Foods Limited, 3rd Floor,Bominji Square, Multan Cantt, Multan City.
NCOE	20-C, Main Khayaban -e-Nishat, Ittehad Commercial Line 6, D.H.A Phase 6, Karachi, Sindh 75500, Pakistan Phone: 021-35842022
Peshawar Sales Office	Office # 210, National Foods Limited, 2nd Floor ,Block-C City Towers Main University Road Peshawar
Kunri Office	Babu Iqbal Village, near Civil Hospital, Nabisar Road Kunri, Sindh 69160, 0238-557277

List of Associated Companies
ATC Holdings (Private) Limited	http://www.atcholdings.com.pk
English Biscuits Manufacturers (Pvt.) Limited	http://www.ebm.com.pk
Shield Corporation Limited	http://www.shield.com.pk
National Foods Limited Provident Fund	NA
National Foods DMCC	NA
EPICURE DMCC	NA

Credit Rating

Due to competitive working capital management, we have been able to achieve yet another milestone of improvement in the long term credit rating from A + to AA- by JCR-VIS Credit Rating Company Limited. The improvement shows that the company is moving in the right direction as this will not only help in reducing financial charges by curtailing overall costs but will also increase the confidence of the financial institutions.

Financial Ratios	Unit	2023	2022	2021	2020	2019	2018
Profitability Ratios
Gross Profit Ratio	%	28.3	28.5	28.2	29.1	28.8	31.0
Operating Profit to Sale	%	9.6	9.0	8.5	9.2	8.3	6.3
Net Profit before Tax to Sales	%	7.8	7.9	7.6	8.0	7.1	5.4
Net Profit after Tax to Sales	%	6.0	6.0	5.7	5.7	5.7	4.8
EBITDA Margin to Sales	%	12.0	11.5	11.0	12.1	10.5	8.3
Operating Leverage Ratio	%	115.8	118.1	48.6	193.1	351.3	18.5
Return on Equity	%	33.8	32.5	29.6	29.8	30.3	27.8
Return on Capital Employed	%	38.6	38.3	33.4	36.3	37.3	32.2
Return on Assets	%	11.6	11.6	11.3	11.6	11.3	10.1

Financial Ratios	Unit	2023	2022	2021	2020	2019	2018
Liquidity Ratios
Current Ratio	Times	1.2	1.1	1.2	1.2	1.1	0.9
Quick / Acid Test Ratio	Times	0.4	0.4	0.6	0.5	0.3	0.3
Cash to Current Liabilities	Times	(0.1)	(0.1)	0.1	0.2	0.03	(0.2)
Cash Flow from Operations to Sales	%	4.6	3.2	7.3	10.4	7.9	6.1
Working Capital Turnover	Times	25.34	32.44	21.10	30.8	(131.0)	(78.5)

Financial Ratios	Unit	2023	2022	2021	2020	2019	2018
Efficiency Ratios
No. of Days in Inventory	Days	96.0	89.3	85.3	90.4	91.1	87.0
No. of Days in Receivables	Days	16.9	14.8	12.4	15.7	17.0	21.4
No. of Days in Payables	Days	24.3	23.4	22.7	24.5	25.6	20.8
Operating Cycle	Days	88.6	80.7	75.0	81.7	82.5	87.6
Asset Turnover	Times	1.9	1.9	2.0	2.0	2.0	2.1
Inverntory Turnover	Times	3.8	4.1	4.3	4.0	4.0	4.2
Receivables Turnover	Times	21.6	24.6	29.4	23.2	21.5	17.1
Payables Turnover	Times	15.0	15.6	16.1	14.9	14.3	17.6
Revenue / Employee	Rs.	85,524	68,526	59,126	54,422	44,269	41,430
Net Income / Employee	Rs.	4,124	3,163	2,506	2,286	1,820	1,480

Financial Ratios	Unit	2023	2022	2021	2020	2019	2018
Investment / Market Ratios
Earnings Per Share	Rs.	13.8	10.4	7.5	6.3	5.6	4.3
Price Earning Ratio	Times	7.1	13.9	30.4	39.6	32.2	72.5
Dividend Yield Ratio	%	2.5	3.5	2.2	2.0	2.2	1.2
Dividend Payout Ratio (recalc)	%	15.2	42.9	59.0	70.6	68.0	85.1
Dividend Cover Ratio (recalc)	Times	6.6	2.3	1.7	1.4	1.5	1.2
Cash Dividend Per Share	Rs.	2.5	5.0	5.0	5.0	4.0	3.8
Cash Dividend	%	50.0	100.0	100.0	100.0	80.0	75.0
Stock Dividend Per Share	Rs.	-	-	1.3	1.3	1.2	1.2
Stock Dividend	%	-	-	25.0	25.0	20.0	20.0
Market Value Per Share at the end of the year	Rs.	98.4	144.8	229.0	250.5	179.0	314.0
Low during the year	Rs.	89.9	141.9	188.6	133.0	147.5	295.0
High during the year	Rs.	164.8	230.6	304.0	267.5	310.0	352.0
Breakup Value Per Share without Surplus on Revaluation of Fixed Assets	Rs.	56.7	40.6	31.2	26.0	21.6	17.2
Market Capitalisation (in millions)	Rs.	22,938.6	33,750.5	53,388.1	58,383.8	41,730.0	73,198.2

Financial Ratios	Unit	2023	2022	2021	2020	2019	2018
Capital Structure Ratios
Financial Leverage Ratio	%	96.6	85.8	77.9	49.9	63.5	69.4
Weighted Average Cost of Debt	%	10.8	6.7	7.2	10.9	9.4	8.2
Debt to Equity Ratio	%	42.4	5.4	12.1	19.9	18.5	5.0
Interest Coverage Ratio	Times	5.3	8.8	9.4	7.7	7.1	7.0
No. of Ordinary Shares (in millions)	EA	233	233	233	233	233	233

National Foods Limited Horizontal Analysis	2023	2022	2021	2020	2019	2018
INCOME STATEMENT	%	%	%	%	%	%
Sales - Net	41.3%	31.6%	20.5%	18.4%	12.3%	28.7%
Cost of Sales	41.7%	31.0%	22.1%	17.8%	16.0%	30.8%
Gross Profit	40.2%	33.1%	16.6%	19.8%	4.2%	23.4%
Distribution costs	33.4%	18.1%	16.8%	16.2%	(5.3%)	20.2%
Impairment loss on trade debts	-78.8%	45.5%	0.2%	(2.8%)	(72.7%)	100.0%
Administrative Expense	54.2	102.4%	16.3%	8.8%	24.9%	75.5%
Other Expense	-2.1%	107.5%	3.1%	5.8%	(43.0%)	110.6%
Other Income	41.2%	387.2%	(47.1%)	0.9%	364.4%	(46.0%)
Financial Charges	149.9%	47.3%	(8.1%)	20.9%	44.8%	86.7%
Profit before taxation	38.4%	37.4%	14.0%	34.0%	46.8%	(11.0%)
Taxation - net	30.7%	36.8%	(0.2%)	86.6%	140.7%	(57.7%)
Profit after taxation	41.0%	37.6%	19.6%	20.4%	33.4%	5.5%

National Foods Limited Horizontal Analysis	2023	2022	2021	2020	2019	2018
BALANCE SHEET	%	%	%	%	%	%
Issued, subscribed and paid up capital	0.0%	25.0%	25.0%	20.0%	20.0%	0.0%
Unappropriated Profit	29.3%	22.1%	17.7%	21.3%	23.5%	20.4%
Non controlling interest	131.9%	20.9%	20.9%	93.5%	38.4%	9.5%
Exchange revaluation reserve	120.0%	20849.4%	(105.4%)	(136.0%)	154.9%	671.3%
Total Equity	39.5%	30.2%	20.0%	20.5%	25.6%	18.1%

National Foods Limited Horizontal Analysis	2023	2022	2021	2020	2019	2018
Long Term Obligations	179.2%	15.3%	(5.2%)	71.1%	209.7%	(39.3%)
Total Long-term Liabilities and shareholder equities	68.0%	26.9%	13.2%	30.9%	43.1%	8.4%

National Foods Limited Horizontal Analysis	2023	2022	2021	2020	2019	2018
Fixed Assets, CWIP Intangibles	45.2%	46.9%	9.1%	15.9%	12.6%	37.0%
Other Non current assets	-22.1%	-13.6%	61.7%	90.1%	(1.4%)	21.0%
Current Assets	44.7%	30.3%	48.7%	12.5%	29.7%	1.9%
Total Assets	44.7%	36.2%	31.1%	14.2%	21.5%	16.1%
Current Liabilites & Provisions	26.4%	44.5%	52.6%	(0.9%)	6.9%	22.0%
Net Assets	68.0%	26.9%	13.2%	30.9%	43.1%	8.4%

National Foods Limited Vertical Analysis	2023	2022	2021	2020	2019	2018
INCOME STATEMENT	%	%	%	%	%	%
Sales - Net	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Cost of Sales	71.7%	71.5%	71.8%	70.9%	71.2%	69.0%
Gross Profit	28.3%	28.5%	28.2%	29.1%	28.8%	31.0%
Distribution cost	15.4%	13.8%	15.4%	15.9%	16.2%	19.2%
Impairment loss on trade debts	0.1%	0.1%	0.1%	0.1%	0.1%	0.5%
Administrative Expense	4.2%	6.4%	4.2%	4.3%	4.7%	4.2%
Other Expense	0.5%	0.7%	0.4%	0.5%	0.5%	1.1%
Other Income	1.4%	1.4%	0.4%	0.9%	1.0%	0.2%
Financial Charges	1.8%	1.0%	0.9%	1.2%	1.2%	0.9%
Profit before taxation	7.8%	7.9%	7.6%	8.0%	7.1%	5.4%
Taxation - net	1.8%	2.0%	1.9%	2.3%	1.5%	0.7%
Profit after taxation	6.0%	6.0%	5.7%	5.7%	5.7%	4.8%

National Foods Limited Vertical Analysis	2023	2022	2021	2020	2019	2018
Long Term Obligations	33.9%	20.4%	22.4%	15.5%	11.4%	9.5%
Total Long-term Liabilities and shareholder equities	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

National Foods Limited Vertical Analysis	2023	2022	2021	2020	2019	2018
Fixed Assets, CWIP Intangibles	79.0%	91.3%	78.9%	81.8%	92.4%	117.4%
Other Non current assets	0.4%	0.9%	1.3%	0.9%	0.6%	0.9%
Current Assets	116.7%	135.5%	131.9%	100.4%	116.9%	128.9%
Total Assets	196.1%	227.7%	212.2%	183.2%	209.9%	247.2%
Current Liabilites & Provisions	96.1%	127.7%	112.2%	83.2%	-109.9%	147.2%
Net Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Value Addition	2024 (Rupees in thousand)	%	2023 (Restated) (Rupees in thousand)	%
Revenue	86,375,106		64,322,287
Other Income	276,399		912,120
	86,651,505		65,234,407
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%
Employees Renumeration	9,802,348	11%	6,944,724	11%
Finance Cost	2,597,265	3%	1,158,889	2%
Income Tax	837,637	1%	1,165,121	2%
Dividend to shareholders	293,874	0%	1,269,907	2%
Profit retained for Investment & Future Growth	2,501,036	3%	2,524,817	4%
	86,651,505	100%	65,234,407	100%

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STATEMENT OF VALUE ADDED
AND ITS DISTRIBUTION

Annexure II - NFL Results of Voting on
Resolutions Execution Report

Annexure III - NFL Scrutinizer Report
(Regulation 11(A))

Profile of Persons given consent to
act as Director

Notice published in English Newspaper
under Section 159(4) of the Companies
Act, 2017

Notice published in Urdu Newspaper
under Section 159(4) of the Companies
Act, 2017

List of Beneficial Ownership of National
Foods Limited

Gender Pay Gap Statement under
Circular No. 10 of 2024

Ballot Paper published in English
Newspaper

Ballot Paper published in Urdu
Newspaper

Undertaking for determination of
Residential Status for the Purpose of Tax Deduction on Dividend