Thal : Financial Results for the Quarter Ended September 30, 2022 and Material Information

TL/2022/4358

October 28, 2022

The General Manager,

Pakistan Stock Exchange Limited,

Stock Exchange Building,

Stock Exchange Road,

Karachi - 74000

FINANCIAL RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2022

Dear Sir,

We are pleased to inform you that the Board of Directors of our company in their meeting held on October 28, 2022 at 02:30 PM have approved the unaudited financial statements for the quarter ended September 30, 2022 for submission to the Shareholders and the Stock Exchange as required under section 237 of the Companies Act, 2017.

The unaudited standalone and consolidated results of the company for the quarter ended September 30, 2022 are attached as Annexure "A" & "B", respectively. The quarterly report of the Company for the period ended September 30, 2022 will be transmitted through PUCARS separately, within the specified time.

Material information:

1.	Cash Dividend:	-Nil-
2.	Bonus Shares:	-Nil-
3.	Right Shares:	-Nil-

4. Any other price sensitive information:

The Board of Directors of Thal Limited has recommended an additional equity investment of Rs. 550 million be made in its subsidiary company, Thal Boshoku Pakistan (Private) Limited ("TBPK") through subscription of right shares which shall be in proportion to Thal Limited's shareholding in TBPK. This investment is subject to approval by shareholders through a special resolution in an extra-ordinary general meeting of Thal Limited to be held in December 2022. The formalities in relation to the extra- ordinary general meeting will be undertaken and notice for the extra-ordinary general meeting issued in due course.

Enclosed herewith is the disclosure form in accordance with the section 96 of the securities Act, 2015 and code of Corporate Governance for your information.

Yours faithfully, For Thal Limited

Salman Khalid

Company Secretary

CC to:
Chief Executive Officer	Executive Director / HOD
Central Depository Company of Pakistan	Offsite-II Department, Supervision Division
CDC House # 99-B,Block-B	Securities and Exchange Commission of Pakistan
S.M.C.H.S. Shahrah-e-Faisal	63, NIC Building, Jinnah Avenue
Karachi	Blue Area, Islamabad
Fax: [phone] / Tel: [phone]

Annexure A

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

FOR THE PERIOD ENDED SEPTEMBER 30, 2022

(UN-AUDITED)

	Quarter ended
	September 30,		September 30,
	2022	2021
	(Rupees in thousands)
Revenue - net	6,918,876	7,673,843
Cost of sales	(6,031,970)	(6,336,442)
Gross profit	886,906	1,337,401
Distribution costs	(222,398)		(173,370)
Administrative expenses	(258,337)		(231,395)
Other charges	(251,419)		(128,233)
	(732,154)	(532,998)
Other income	147,970	440,712
Operating profit	302,722	1,245,115
Finance cost	(53,810)	(12,515)
Profit before taxation	248,912	1,232,600
Taxation	(77,850)	(285,567)
Profit after taxation	171,062	947,033
	Rupees		Rupees
Basic and diluted earnings per share	2.11	11.69

Annexure B

CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS

FOR THE PERIOD ENDED SEPTEMBER 30, 2022

(UN-AUDITED)

	Quarter ended
	Septemer 30,		Septemer 30,
	2022	2021
	(Rupees in thousands)
Revenue - net	7,268,069	8,282,097
Cost of sales	(6,476,647)		(6,934,186)
Gross Profit	791,422	1,347,911
Distribution costs	(225,642)		(176,712)
Administrative expenses	(391,388)		(356,940)
Other charges	(286,300)		(146,469)
	(903,330)	(680,121)
Other income	898,777	729,177
Operating Profit	786,869	1,396,967
Finance costs	(100,376)	(48,255)
	686,493	1,348,711
Share of net profit of associates - after tax	575,742	320,101
Profit before taxation	1,262,235	1,668,812
Taxation	(336,457)	(424,868)
Profit after taxation	925,778	1,243,945
Attributable to:
- Equity holders of the Holding Company	786,813	1,124,581
- Non-controlling interest	138,965	119,364
	925,778	1,243,945
	Rupees		Rupees
Basic and diluted earnings per share attributable to
the equity holders of the Holding Company	9.71		13.88

DISCLOSURE FORM IN TERMS OF SECTION 96 OF THE SECURITIES ACT 2015

THAL LIMITED
Name of Company:	THAL LIMITED
Date of Report:	October 28, 2022
Company's registered office:	4th Floor, House of Habib, 3-Jinnah Cooperative
	Housing Society, Block 7/8, Shahrah-e-Faisal, Karachi.
Contact Information:	Salman Khalid
	Company Secretary
	Thal Limited
	Tel: [phone]

Disclosure of inside information by listed company:

Additional Investment in Subsidiary Company - Thal Boshoku Pakistan (Private) Limited

The Board of Directors of Thal Limited has recommended an additional equity investment of Rs. 550 million be made in its subsidiary company, Thal Boshoku Pakistan (Private) Limited ("TBPK") through subscription of right shares which shall be in proportion to Thal Limited's shareholding in TBPK. This investment is subject to approval by shareholders through a special resolution in an extra-ordinary general meeting of Thal Limited to be held in December 2022. The formalities in relation to the extra-ordinary general meeting will be undertaken and notice for the extra-ordinary general meeting issued in due course.

_______________

Salman Khalid

Company Secretary

In case of company, pursuant to the requirements of the Securities Act 2015, the company has duly caused this form / statement to be signed / on its behalf by the undersigned hereunto duly authorized.