Building a Sustainable Tomorrow

Innovation
Investment
Integration
Table of Contents
07. At a Glance
Unconsolidated Financial Statement

11. CEO’s Message
68. Independent Auditor’s Report
13. Vision and Mission
72. Unconsolidated Statement of Financial Position
15. Corporate Standards
73. Unconsolidated Statement of Profit or Loss
17. Code of Ethics
74. Unconsolidated Statement of Comprehensive Income
19. Environment, Health, Safety & Security (EHSS) Policy
75. Unconsolidated Statement of Changes in Equity
20. Board of Directors
76. Unconsolidated Statement of Cash Flows
24. Corporate and Supervisory Secretariat
77. Notes To The Material Accounting Policy Information and
26. Driving Pakistan’s Progress
Other Explanatory Information
28. Driving Excellence with the SPM Advantage
Consolidated Financial Statements
29. Driving Growth across the Nation
114. Independent Auditor’s Report
30. SIFC Visits Cnergyico’s Head Office and Refinery
118. Consolidated Statement of Financial Position
31. Pakistan Army’s School of Artillery Visits Cnergyico’s 119. Consolidated Statement of Profit or Loss
Oil Refining Complex
120. Consolidated Statement of Comprehensive Income
32. Driving Impact: Building Communities
121. Consolidated Statement of Changes in Equity
36. Life at Cnergyico
122. Consolidated Statement of Cash Flows
38. Company Information
123. Notes To The Material Accounting Policy Information and
40. Financial Highlights
Other Explanatory Information
42. Chairperson’s Review
161. Category Details of Shareholding
44. Director’s Report
167. Pattern of Shareholding
64. Statement of Compliance with Listed Companies
176. Notice of 30th Annual General Meeting
(Code of Corporate Governance)
179. Form of Proxy (English)
67. Independent Auditor’s Review Report
181. Form of Proxy (Urdu)
 AT A GLANCE
Cnergyico is Pakistan’s largest vertically integrated oil refining
company that fulfills the nation’s energy requirements and propels
the country’s progress. We are using state-of-the-art equipment,
advanced technology, and an innovative approach to produce
energy products in a sustainable and environmentally friendly way.
We own and operate high-quality energy assets that hold strategic
importance in the country’s energy landscape, including Pakistan’s
largest oil refinery in terms of nameplate capacity (i.e. 156,000
barrels of oil per day), a vast and rapidly growing network of retail
outlets, Pakistan’s first and only Single Point Mooring (SPM) facility,
and the largest crude oil storage tanks in Pakistan.
Through our transformation plan, we are enhancing and
expanding our core oil refining and marketing assets, solidifying
our petrochemical capabilities, and looking for diversification
opportunities. We seek to play a bigger role in meeting Pakistan’s
future energy needs in a sustainable manner.

Cnergyico Pk Limited 6 7 Annual Report 2024

 UNMATCHED SCALE

156,000 EXTENSIVE REACH

BARRELS PER DAY
470+ FUEL STATIONS
NATIONWIDE
STRATEGIC INNOVATION

LARGEST PAKISTAN’S ONLY

SPM FACILITY
CRUDE OIL
STORAGE TANKS IN PAKISTAN

PAKISTAN'S LARGEST ISOMERISATION

1,300+
PLANT CONVERTING

12,500 BPD
OF LIGHT NAPHTA INTO PREMIUM
POWERING
PROGRESS

MOTOR GASOLINE DEDICATED WORKFORCE

SELF-SUSTAINING
REFINERY
100+ VARIANTS
OF INDUSTRIAL AND AUTOMOTIVE LUBRICANTS

Cnergyico Pk Limited 8 9 Annual Report 2024

 CEO’s Message
Dear Valued Stakeholders,
Looking back on the past year, we acknowledge that it has been one of the most challenging
periods in our nation’s economic history. However, by the grace of Allah, through perseverance,
we have navigated these difficulties and ended the fiscal year on a positive note. While the
economic landscape, both globally and domestically, remains highly volatile and uncertain, we
are heartened by the resilience we have demonstrated and the progress we have made.
For our Company, the Country dynamics with unprecedented inflation, record-high fuel prices, and
adverse weather conditions, all had a significant impact on the demand for petroleum products.
The volatility of the exchange rate, coupled with elevated oil prices, placed immense pressure
on our working capital, especially in the early part of the fiscal year. Additionally, the substantial
decline in HSD consumption, exacerbated by the increasing inflow quantum of smuggled products,
further complicated the industry’s challenges. The high interest rates enforced by the central bank
significantly increased our finance costs, impacting our bottom line.
Despite these formidable obstacles, Cnergyico remained steadfast and resilient. We focused on
improving refining throughput and took strategic steps to adapt to the changing environment. In
response to the low domestic consumption of furnace oil, we successfully opened new avenues
by exporting record quantities of this product, earning significant foreign exchange in the process
and demonstrating our ability to innovate and adapt.
Encouragingly, the business environment has begun to show some early signs of improvement,
with stability in the PkR, a dip in inflation, reduction in policy rate, and a more stable political
climate. The approval of the long-awaited Brownfield Oil Refinery Policy is a significant milestone,
and we are grateful to the Government of Pakistan for this support. This policy, when implemented
in letter and spirit, will enhance product quality and become a conduit for one of the largest
investment in any sector, all without any Government guarantee on equity returns.
Looking ahead, we recognize that challenges remain as Pakistan strives toward a sustainable
growth trajectory. However, Cnergyico is committed to playing a crucial role in meeting the nation’s
changing liquid energy requirements and contributing to its development. I am deeply humbled
by the blessings of Almighty Allah, the unwavering backing of our stakeholders, the support of
the Government of Pakistan, and the dedication of our workforce. As we move forward, I remain
hopeful for a brighter future and a prosperous Pakistan.

Sincerely,

CEO & Director

Cnergyico Pk Limited

Cnergyico Pk Limited 10 11 Annual Report 2024

VISION
Our vision is to be the leading energy
company by delivering the core business,
achieving sustainable productivity,
and profitability to deliver a superior
shareholder return.

MISSION
Our mission is to proactively invest in the
development of infrastructure, in order
to become a single source supply chain
for meeting the country’s chemicals,
energy, petroleum, and petrochemical
requirements, thereby providing the best
possible returns to all our stakeholders.

13 Annual Report 2024

 CORPORATE
STANDARDS
ASSIDUOUS
Exhibit a can-do attitude regardless of the
challenges. Make genuine efforts with a resolute
mindset in offering the best possible support.

COMMITTED
Commit to a standard driven approach based on
integrity. Show seriousness in adherence to and
adopting a safety culture. Offer utmost loyalty in
delivering the best results.

COMPETITIVE
Thrive for completion by proposing sustainable
working solutions. Take intelligent steps leading
to growing profit margins.

Cnergyico Pk Limited 14 15 Annual Report 2024

 CODE OF ETHICS
Cnergyico is engaged in the manufacturing of a wide range of petroleum products. We aim to
achieve sustainable productivity and profitability while maintaining the highest standards of
care for the environment, health, and safety. This commitment involves enacting policies that
ensure ongoing human resource development, enhancement of value addition, implementation
of conservation measures, growth upgrades, and the incorporation of newer generation
technologies.

Our company believes in the application of business ethics as embodied in this document.
The credibility, goodwill, and reputation we have earned are maintained through a steadfast
conviction in our corporate values of honesty, integrity, justice, and respect for people. We
promote openness, professionalism, teamwork, and trust in all our business activities.

Safeguarding shareholders’ interests and delivering a worthwhile return on equity are

integral parts of our business ethics. We are dedicated to servicing our customers by providing
products that are not only competitively manufactured and priced but also meet or exceed the
environmental standards set forth by the country.

As an equal opportunity employer, we proactively invest in our human capital by offering

competitive employment terms and providing a safe and congenial working environment for all
our employees. We believe that profit is the true measure of our value addition to the economy
and is essential for business survival, reflecting efficiency and the value that customers place on
the products and services produced by the company.

Given the critical importance of our business and its impact on the national economy,
our company is committed to providing all relevant information concerning its activities
transparently to all stakeholders, while respecting any overriding confidentiality requirements.

Cnergyico Pk Limited 16 17 Annual Report 2024

 ENVIRONMENT, HEALTH,
SAFETY, & SECURITY (EHSS)
POLICY
Cnergyico is committed to delivering sustainable world-class performance
through the prevention of injury and ill-health, preservation of the
environment, and safeguarding the health, safety, and welfare of its
employees and visitors to our sites in a manner that is compliant with
applicable laws, customs and culture. We derive strength from our core values
of fairness, honesty, integrity, respect, teamwork, trust and transparency,
passion for excellence, and tenacity in achieving results. As a corporate entity,
we care about people and the world where we live. We have deployed the
optimal leadership and management structure to deliver this policy and
provide an unbroken chain of responsibility and accountability for EHSS.
Identify and eliminate or otherwise control EHSS risks to our people, our
communities, and the environment in which we operate.
Use EHSS risk framework to develop and deliver measurable EHSS objectives
and targets:
• Ensure employees are equipped and trained to adopt a healthy, safe, and
environmentally conscious lifestyle both at work and at home.
• Continuously seek to reduce the environmental impact of our business
operations by:
• Improving energy efficiency and natural resource consumption.
• Reusing and recycling materials to minimize waste and pollution.
• Endeavour to protect and restore biodiversity.
• Undertaking specific programs to reduce greenhouse gas emissions from
our business.
Generate sustainable EHSS performance through long term, mutually beneficial
relationships with our communities, governments, business partners, and
other stakeholders.

Cnergyico Pk Limited 18 19 Annual Report 2024

BOARD OF DIRECTORS

Ms. Uzma Abbassciy Mr. Usama Qureshi

Chairperson Vice Chairman & Director

Ms. Uzma Abbassciy is a distinguished entrepreneur and philanthropist with Mr. Usama Qureshi has been the Vice Chairman of Cnergyico Pk Limited since
nearly two decades of impactful contributions. She is the driving force behind November 2022 and is also a Director of its subsidiaries, bringing over two
Abbassciyt Benefit, spearheading various social welfare projects, including decades of leadership across various sectors, including oil and gas, power
overseeing the youth skill development programs for communities surrounding distribution, FMCG, fintech, and telecommunications. Mr. Qureshi is also the
Cnergyico’s operations. Under her leadership, Cnergyico remains committed to Chief Executive of Amps and Volts Private Limited (formerly Oasis Energy), a key
uplifting local communities and fostering the next generation of leaders. player in electric switchgear manufacturing and power solutions, and serves as
the Strategic Advisor of Kuickpay, a payment aggregation platform. His strategic
Ms. Abbassciy holds a graduate degree and serves as a Director on the boards vision and deep understanding of complex operations significantly enhance
of several prominent organizations, including Bosicorco International Limited, Cnergyico’s capabilities in navigating the evolving energy landscape.
Asertco Asia Limited, and Cusp Air Pakistan (Pvt) Limited. Additionally, Ms. Abbassciy is also the founder and CEO
of an interior designing firm NERA. With a distinguished career marked by transformative leadership, he has held key roles such as the Managing Director
and CEO of Hamdard Laboratories Pakistan, driving modernization, and as Chief Marketing Officer and Chief of Staff
at K-Electric, he was an integral part of a team that lead the landmark corporate turnaround recognized by Harvard
Business School. He also revitalized Pakistan State Oil’s fuel cards business, using innovative practices to lift the
industry’s service standards.
Mr. Qureshi is committed to promoting Pakistan’s exports and building cross-border corporate relations, serving in
key roles at the FPCCI and various bilateral Business Councils, fostering trade relations between Pakistan and other
countries such as the UK, Maldives, Italy, and Qatar. He holds a Master’s in Business Administration.

Mr. Amir Abbassciy

Chief Executive Officer & Director

Mr. Amir Abbassciy, working on behalf of the Abbassciy Family Businesses, has
been instrumental in transforming Cnergyico from a modest refinery into one of
Pakistan’s largest energy companies, with the nation’s leading refining capacity of
156,000 barrels per day. The company also manages a rapidly expanding network
of more than 470 fuel retail outlets under the Byco brand, alongside significant
energy infrastructure assets including terminals across the Country as well as its
Mr. Aumar Abbassciy
first and only Single Point Mooring (SPM) facility. Director

Mr. Aumar Abbassciy joined Cnergyico PK Limited in August 2020 as a Management

Appointed as the Global Chief Executive Officer of Cnergyico in 2010 and Director of Cnergyico Pk Limited in 2016, Mr. Trainee in the Commercial division with additional rotations in the Finance and
Abbassciy continues to contribute towards bringing efficiencies in Pakistan’s oil and gas sector, contributing decades of Operation divisions. In addition to his day-to-day responsibilities, Aumar played
expertise to both operational and financial strategic initiatives. an integral role in group level transactions by utilising his financial modelling and
Throughout his career, Mr. Abbassciy has worked closely with policymakers on various national and global platforms, risk assessment skills.
including the Oil Companies Advisory Council, the Young Presidents’ Organization, and the World Economic Forum. His
Aumar then joined Premier-Code Limited (PCL) in September’21, as a Product
leadership includes entrepreneurial roles in critical areas such as Finance, Manufacturing, and Marketing.
Manager for their Smartphone Division. Premier-Code manufactures and sells
Under Mr. Abbassciy’s guidance, Cnergyico has demonstrated a strong commitment to environmental stewardship and smartphones under their own brand – Dcode. At PCL, Aumar was responsible
community welfare, cementing its position not only as an industry leader but also as a responsible corporate citizen. for formulating device specifications and software features and marketing the
existing product line in addition to new product offerings at numerous brand and launch events.
Aumar rejoined Cnergyico PK Limited and in his current role is Head of Crude Oil and Products trading at the Group
level.
Aumar holds a Master’s Degree in Management, specialising in Finance, from Imperial College Business School, UK,
where he graduated with First Class Honours (Distinction), and an Undergraduate Degree in Economics and Mathematics
from Pepperdine University, USA.

Cnergyico Pk Limited 20 21 Annual Report 2024

 Mr. Mushtaq Malik Lt. (R) Raja Muhammad Abbas
Independent Director Independent Director

Mr. Mushtaq Malik’s illustrious career, commencing with his induction into the Mr. Raja Muhammad Abbas has made significant contributions in administrative
Civil Service in 1973, spans several decades and is testament to his expertise in reforms and corporate governance, with experience spanning both the public and
governance, administration, and policy-making in the public and private sectors. private sectors. After serving in the Pakistan Navy, he moved to the Government
He has held leadership positions in key government institutions, including roles of Pakistan’s District Management Group. He’s held esteemed roles as Chairman
as Chairman of PEMRA, Director General of the Environmental Protection Agency, of the National Commission for Government Reforms and Federal Secretary
Secretary to the Board of Investment, and key roles within the Ministry of Finance. positions, including with the Ministry of Interior. At provincial levels, he’s been
Internationally, he represented multiple countries at the World Bank/IDA forum the Director General, Lahore Development Authority and Chief Secretary, Sindh.
and was the Economic Minister at the Embassy of Pakistan in Washington D.C. In Mr. Abbas is a graduate from the University of Karachi with specialized training
the corporate arena, he’s served on boards including Hinopak Motors and Askari from prestigious institutions in and outside Pakistan. His corporate footprint includes directorships at Askari Bank
Bank Limited. Mr. Malik’s educational accolades include degrees from Punjab University, Delft University, Boston Limited and board roles at leading Pakistani universities. His contributions to academia include board positions at
University, and training from Harvard University. prominent universities in Pakistan, including Kohsar University, Murree, Women University, Rawalpindi, and Arid
Agriculture University, Rawalpindi.

Mr. Sami ul Haq Khilji

Independent Director

With an illustrious career spanning over four decades, Mr. Sami ul Haq Khilji has
left an impressive mark in both the public and private sectors of governance and
administrative policymaking in Pakistan. His prominent roles include Chairman of
Pakistan Railways, Secretary and Managing Director at the Ministry of Housing &
Works, Director Investigation of National Accountability Bureau, and the Director
General of the Gwadar Port Authority.
Mr. Khilji holds Masters Degrees in Sociology from Punjab University and in Public
Policy from the University of Wisconsin, Madison, USA. Mr. Khilji serves as the
Director on the Boards of Sindh Modaraba, Fauji Cement Company Limited, and Sindh Bank Limited.

Cnergyico Pk Limited 22 23 Annual Report 2024

CORPORATE SECRETARIAT SUPERVISORY SECRETARIAT
Mr. Zafar Shahab Mr. Ghulam Sarwar
Vice President Finance & Chief Financial Officer Vice President Corporate Services

Mr. Zafar Shahab, a seasoned Chartered Accountant, has dedicated over 14 years Mr. Ghulam Sarwar is a legal services veteran with over two decades of
to Cnergyico. With a diverse professional background that spans FMCG, technology, accumulative and diverse experience in legal and strategic services in large
and oil & gas sectors, he boasts profound expertise in International Financial corporate organizations and law firms. Currently, he’s heading the Services
Reporting Standards, as well as income and sales tax regulation. Division alongside managing corporate services, stakeholder relations, and legal
services.

Mr. Masroor Sabir Mr. Noman Yousuf

Vice President Information & Chief of Staff Head of Internal Audit & Compliance

A long-standing pillar of Cnergyico, Mr. Masroor Sabir has accumulated vast With extensive experience in the oil and gas sector across Pakistan and Saudi
experience over the years. Starting his journey in operations and transitioning Arabia, he is responsible for ensuring compliance with internal policies and
seamlessly to information, his expertise has been invaluable to the company’s procedures, industry regulations, legal frameworks, and best practices. He leads
growth and innovation. a highly skilled team responsible for executing comprehensive audits, proactively
identifying and mitigating risks, and implementing robust measures to safeguard
the company’s assets and operational integrity.

Mr. Rashid Badruddin Mr. Ozair Mohammad

Vice President Operations Head of Strategy

With a strong 20-year tenure at Cnergyico, Mr. Rashid Badruddin, a proficient Mr. Ozair Muhammad is a member of The Institute of Chartered Accountant of
mechanical engineer, has also made significant contributions at esteemed Pakistan (ICAP) and The Association of Chartered Certified Accountants (ACCA) U.K.
engineering firms like Zsagrow and Zelin. His vast experience includes pivotal He has brought over 20 years diversified experience mainly in Oil and Gas Sector,
roles at SEFEC Engineering for the PARCO mid-country refinery project and a International Accounting and Advisory firms and & International Automotive
notable stint with JGC Gulf in Khobar, Saudi Arabia. Distribution Company. He excels in business strategies, Governance, Risk and
Compliance (GRC), financial analysis and reporting, financial modelling and Risk
Analysis & Management.

Cnergyico Pk Limited 24 25 Annual Report 2024

 Driving Pakistan’s Progress: From Energy
Solutions To Exports
Economic growth is intrinsically linked to the availability of energy products, particularly gasoline This state-of-the-art complex also houses Pakistan’s largest crude oil storage tanks and is uniquely
and diesel, which are vital to the transportation sector, households, and industries. These fuels are connected to the country’s first and only Single Point Mooring (SPM) facility. The SPM has not only
foundational to economic development, driving mobility, productivity, and progress. As economies bolstered Cnergyico’s supply chain and strengthened the nation’s energy security, but it has also
expand, the per capita consumption of energy products increases, leading to a steady rise in fuel significantly alleviated congestion at other Pakistani ports. As a strategic national asset, the SPM
demand. While economic cycles can temporarily impact this demand, with downturns causing now handles a substantial portion of the country’s oil imports. The Hub refining complex, with its
declines, the long-term trajectory remains positive, especially in developing nations like Pakistan, two refining units, is fully self-sustaining, generating its own electricity and utilizing its own clean
where a burgeoning population and a growing middle class continue to drive the need for energy. water supply. This engineering marvel and model of sustainable operations has been instrumental
Historically, Pakistan has depended heavily on importing petroleum products to meet its energy in meeting Pakistan’s growing energy demands, positioning Cnergyico at the forefront of the
needs due to limited domestic production. This reliance has placed significant pressure on the nation’s progress.
country’s foreign exchange reserves. However, since Cnergyico’s first refinery began operations in
2001, the company has worked tirelessly to reduce Pakistan’s dependency on imported fuels. As the
nation’s economy expanded, its population grew, and fuel demand surged, Cnergyico responded
by significantly increasing its refining capacity. Starting from a modest 5,000 barrels per day (bpd)
in 2005, the company achieved a major milestone in 2012 by bringing online the nation’s largest
oil refinery, with a nameplate capacity of 120,000 bpd. Today, Cnergyico’s oil refining complex in
Hub, Balochistan, boasts the country’s largest refining capacity of 156,000 bpd.

OIL REFINING COMPLEXES 1 & 2

(MAX CAPACITY 156,000 BPD)

TRANSPORTATION

NATION’S LARGEST FUEL STORAGE

CRUDE OIL STORAGE TANKS
TANKS

To address Pakistan’s growing energy needs and support its expanding population, Cnergyico
launched its first retail fuel station in 2007. Since then, the Byco brand has grown significantly,
with over 470 retail outlets serving commuters across the country’s major towns, cities, and
SPM I UNDERSEA
PIPELINE ENERGIZING FU
FUEL TANK
LORRY
L
highways. As the nation has advanced, Byco has become synonymous with reliability, providing
consistent energy solutions and earning its place as a trusted name in households and businesses

PAKISTAN’S nationwide.
Cnergyico has also meaningfully expanded its fuel exports, unlocking new business opportunities
ECONOMY and generating substantial foreign exchange earnings for Pakistan. This contributes to the
country’s economic growth and underscores our commitment to driving economic progress. In
VERY LARGE
GE
the fiscal year, we achieved a milestone by exporting a record $136 million worth of fuel oil.
CRUDE
CARRIERS
RS
As Pakistan moves forward, its energy needs are becoming increasingly diverse. The energy
(VLCC) landscape is shifting, and Cnergyico is evolving to meet these changes. From upgrading our
END CONSUMER:
refineries to exporting energy products, we are committed to driving Pakistan’s progress into
RETAIL STATIONS the future.

Cnergyico Pk Limited 26 27 Annual Report 2024

Driving Excellence with the SPM Driving Growth Across the Nation
Advantage Cnergyico Pk Limited adopts a strategic synergistic approach, where our assets contribute not only
to the company but also fortify the nation’s infrastructure. We enhance Pakistan’s energy security
At first glance, the SPM might seem modest in size, especially when compared to Cnergyico’s and drive economic growth through our operations. Our retail front, Byco, is one of the Pakistan’s
expansive oil refining plants. However, this unassuming asset plays a crucial role, delivering a fastest-growing retail networks, servicing the nation with over 470 strategically located outlets,
significant impact not only for Cnergyico but for the entire nation of Pakistan. ensuring widespread access to our high-quality refined petroleum products.
Deployed in 2012, Cnergyico’s Single Point Mooring (SPM) is a cornerstone of Pakistan’s energy We are committed to innovation to meet evolving consumer needs, elevate customer experiences,
infrastructure. As the nation’s first and only SPM, it has become a critical asset, significantly easing and expand our network.
the burden on Karachi’s primary oil terminals by handling a substantial share of the country’s Byco is driving human progress by playing a crucial role in powering homes, businesses, and
crude oil imports. This facility plays a vital role in ensuring the steady flow of energy, enhancing transportation. We provide reliable and high quality fuel for economic development. We empower
both efficiency and security in Pakistan’s crude oil supply chain. local communities and invest in our retail staff, offering safety training, and providing capacity-
Located 15 kilometers offshore from Cnergyico’s Hub refining complex, the SPM connects to storage building opportunities.
tanks with a capacity of 130,000 metric tons through a dedicated pipeline network. It currently Byco strengthens the economy by promoting entrepreneurship, innovation, meaningful
handles vessels up to 100,000 DWT, with plans for expansion. Its offshore position improves employment, and enterprise development opportunities. With Byco’s holistic support, retail
maneuverability and reduces congestion at traditional ports. partners receive the right guidance to become successful and reliable site owners and operators,
The SPM is also environmentally superior to conventional ports. Its offshore placement reduces enabling them to provide a stable fuel supply even in remote areas across the country.
the need for dredging and minimizes the environmental footprint typically associated with Byco also extends its corporate presence by introducing non-fuel retail initiatives, delivering
shore-based facilities. The reduced time ships spend at the SPM for loading and offloading also strategic services tailored to local needs. We collaborate with leading brands to enhance customer
translates to lower emissions, contributing to a more sustainable energy supply chain. Furthermore, convenience beyond refueling at our stations and aim to deliver superior stakeholder value by
Cnergyico’s commitment to environmental stewardship is exemplified by the natural coral reef that forging such alliances.
has developed around the SPM’s subsea structures, enhancing marine biodiversity and creating a
thriving ecosystem.
Through these innovations and strategic advantages, Cnergyico’s SPM not only strengthens the
company’s supply chain but also reinforces Pakistan’s energy security, ensuring the country’s
progress is driven forward with resilience and sustainability.

Cnergyico Pk Limited 28 29 Annual Report 2024

SIFC Visits Cnergyico’s Head Office Pakistan Army’s School of Artillery
and Refinery Visits Cnergyico’s Oil Refining Complex
Cnergyico had the distinct honor of Cnergyico was honored to welcome a
hosting a Senior Representative from the distinguished delegation from the Pakistan
Energy Section of the Special Investment Army’s School of Artillery to its Oil Refining
Facilitation Council (SIFC) at Cnergyico’s Complex in Hub, Balochistan. The delegation
Head Office and Oil Refining Complex. was received by Cnergyico’s CEO Mr. Amir
The purpose of this visit was to provide a Abbassciy, along with members of the
comprehensive briefing on our strategic company’s leadership team.
upgradation plans under the Brownfield During the visit, Mr. Amir Abbassciy provided
Refinery Policy, as well as to discuss our the delegation with an in-depth briefing
unique deep-sea mooring facility, which is on Cnergyico’s role in Pakistan’s economy.
the first and only Single Point Mooring (SPM) He outlined the company’s significant
system currently operational in Pakistan. contributions as not only the leading oil
Additionally, the company also discussed refinery, with a nameplate capacity of 156,000
its upgradation and expansion plan of its barrels per day, but also as the proprietor of
Oil Refining Complex. This plan includes an Pakistan’s first and only Single Point Mooring
initial investment estimate of over $1 billion (SPM) facility, which plays an instrumental
to enhance production capacities and to role in the country’s oil supply chain.
manufacture Euro-V compliant fuels, which
The Pakistan Army’s School of Artillery
are substantially more environmentally
expressed its appreciation for Cnergyico’s
friendly.
efforts in meeting the growing energy
Cnergyico takes pride in leading such demands of Pakistan and acknowledged the
initiatives that underscore our commitment company’s strategic importance to national
to meeting the energy demands of the development. Cnergyico’s top management
nation and we extend our appreciation expressed gratitude towards the School
to the SIFC for this recognition. We look of Artillery’s delegation for their visit and
forward to continued collaboration with the reaffirmed the company’s commitment
SIFC and other stakeholders as we work to continuing its support for the nation’s
towards advancing the energy sector in economic progress.
Pakistan.

Cnergyico Pk Limited 30 31 Annual Report 2024

Driving Impact: Building Communities • Healthcare: Operation of a medical dispensary and provision of ambulance services for
emergency transport to hospitals in Karachi and Hub
• Vocational Training: Supporting vocational training programs that enhance job opportunities
Our commitment to the future of energy transcends beyond just meeting the nation’s energy
for local residents, including employment within Cnergyico
demand. We ensure our business operations remain sustainable and aim to power human progress by
benefiting the communities near our Oil Refining Complex. We strive to protect the environment, and • Emergency Services: Maintenance of a fire tender facility to respond to fire incidents
are building impactful partnerships to advance youth and women empowerment. Aligned with the • Partnering for Impact: Cnergyico collaborates with government and private sector partners to
United Nations Sustainable Development Goals (SDGs), Cnergyico implements a range of Corporate create job opportunities, participate in flood relief efforts, support vaccination campaigns, and
Social Responsibility (CSR) initiatives that underscore its dedication to these global objectives. Through assist in infrastructure development
these continuous efforts, Cnergyico has garnered numerous awards and recognitions over the years.
Empowering Future Leaders
A key focus of our CSR efforts was
participating in Pakistan’s first ‘Fueling
Futures Career Expo 2024,’ a national
petroleum sector career fair at the Pak-China
Friendship Centre in Islamabad. Organized by
the Ministry of Energy (Petroleum Division),
the event connected over 5,000 students,
faculty, and staff from 30 universities with
Cnergyico’s leadership.
Our team shared insights on global energy
transformations, emphasizing sustainability
and affordability with audiences present.
Cnergyico takes pride in its role in bridging
the gap between academia and industry,
significantly contributing to the cultivation
of young talent. Through participation in such events, we remain committed to attracting and
developing future leaders poised to drive Pakistan’s progress on the global stage.
Shaping a Sustainable Energy Future: Cnergyico’s Collaboration with UNDP
Cnergyico is committed to long-term sustainability
and societal well-being through strategic
partnerships, notably with the United Nations
Development Programme (UNDP). In collaboration
with the UNDP Sustainable Development Goals
Support Unit in Sindh and the Government of
Sindh, Cnergyico aligns with the UN 2030 Agenda
Our community engagement also extends to sports, where we support local youth with stipends
to promote sustainability.
and equipment, and organize events. We are particularly proud to promote Muhammad Shahid, a
Under this agreement, Cnergyico pledges to promising cricketer from Lasbela, Balochistan, who has been appointed as our Sports Ambassador.
leverage its expertise and resources to advance His achievements highlight our commitment to nurturing local talent and promoting healthy
human resource development, education, and lifestyles.
Environmental, Health, Safety, and Security (EHSS)
initiatives, which are crucial to our corporate ethos. Stewarding Environmental Protection
Community at Heart: Social Investment Cnergyico is committed to advancing environmental sustainability through the adoption of
sustainable practices and conservation measures. Our initiatives include the planting of thousands
Cnergyico strives to better the lives of people particularly in Balochistan and surrounding areas,
of trees around our Hub refining complex and participation in urban afforestation projects such as
through numerous initiatives and programs. These include:
the Urban Forest in Clifton, Karachi. These efforts are designed to transform urban areas into greener
• Water Supply: Installation of reverse osmosis (RO) plants providing fresh water to five local environments and mitigate global warming. Notably, Cnergyico has been one of the pioneers in
villages using Miyawaki Method of Afforestation in Pakistan for rapid, dense tree planting, underscoring

Cnergyico Pk Limited 32 33 Annual Report 2024

our dedication to innovative Furthermore, Cnergyico established Heat Wave Relief Camps at key Byco forecourts in Karachi.
environmental solutions. These camps were set up to provide much-needed respite to the citizens offering shade, seating,
In addition, Cnergyico enhances chilled mineral water bottles and informative leaflets with crucial heatwave prevention tips were
marine biodiversity through also distributed to help commuters combat the heat effectively.
our Single Point Mooring (SPM) CSR Award & Collaborative Measures
facility off the Balochistan coast.
The facility, including a 12 km Cnergyico received the CSR Award at the 16th Annual Corporate Social Responsibility Summit and
subsea pipeline, has facilitated Awards 2024, hosted by the National Forum for Environment and Health (NFEH). This recognition
the natural development of a highlights our ongoing commitment to excellence in CSR practices within the oil and gas sector,
coral reef, significantly benefiting particularly for our contributions to environmental sustainability. Our collaborations with partner
marine life by providing critical organizations further underscores Cnergyico’s dedication to aligning corporate growth with
feeding grounds and fostering a societal benefits, upholding ethical standards, and fostering a sustainable future through active
vibrant ecosystem. stakeholder engagement.

Promoting Workplace Reflecting on a year of notable social responsibility achievements, Cnergyico reaffirms its
Integrity: Standing Against Harassment commitment to advancing and expanding our initiatives. We remain dedicated to environmental
Cnergyico is committed to fostering a respectful and dignified workplace. In collaboration with the stewardship, social responsibility, and sustainable practices within the oil and gas sector. Looking
Federal Ombudsman Secretariat for Protection Against Harassment (FOSPAH), we have reinforced forward, Cnergyico will focus on enhancing our impact on the communities we serve, ensuring
our dedication to upholding fundamental dignity rights within our workplace culture. Our Anti- that our growth aligns with broader societal progress and fosters a more sustainable world for our
Harassment Committee actively combats harassment and advocates for basic human rights. We future generations.
organized an awareness seminar at our Head Office, which was broadcast live across all Cnergyico
offices nationwide, ensuring broad dissemination of these essential values.

Advocating Public Safety

Safety is paramount in all aspects of Cnergyico’s operations—from our head office to refining
operations and especially at our petrol pumps. In 2024, the company emphasized public safety,
with a focus on preventing safety hazards at petrol pump locations. To enhance awareness and
encourage adherence to safety best practices, Cnergyico launched an extensive safety campaign
across print and social media. This initiative, conducted in collaboration with the Oil and Gas
Regulatory Authority (OGRA), leveraged our significant social media presence to reinforce the
importance of following established safety guidelines at petrol pumps.

Cnergyico Pk Limited 34 35 Annual Report 2024

Life at Cnergyico
While energy is at the core of Cnergyico’s operations,
our true strength lies in our workforce of more than
1300 dedicated professionals. Our employees are
our most valuable asset, integral to achieving the
milestones that define our success. Their commitment
and expertise drive our operations, and we strive to
foster an environment where they can flourish.
Our unwavering dedication to excellence shapes a
workplace culture that prioritizes productivity and
motivation. We implement initiatives to celebrate
our employees’ hard work, offering comprehensive
training programs and resources that empower them
to refine their skills and advance their careers.
Moreover, we prioritize employee engagement
through team-building events and celebrations,
strengthening bonds among colleagues, reinforcing
our shared mission and values. By investing in our
employees’ growth and well-being, we nurture a
dynamic workplace where everyone feels valued
and inspired. This commitment enhances our overall
capabilities, propelling Cnergyico toward sustained
success.

Cnergyico Pk Limited 36 37 Annual Report 2024

Company Information
Board of Directors Habib Metropolitan Bank Limited
Uzma Abbassciy Chairperson Bankers JS Bank Limited
Amir Abbassciy Director & Chief Executive Officer Allied Bank Limited MCB Bank Limited
Usama Qureshi Vice Chairman Al Baraka Bank (Pakistan) Limited Meezan Bank Limited
Mushtaq Malik Independent Director Askari Bank Limited National Bank of Pakistan
Bank Alfalah Limited Pak Oman Investment Company Limited
Lt. (R) Raja Muhammad Abbas Independent Director
Bank Islami Pakistan Limited Soneri Bank Limited
Sami ul Haq Khilji Independent Director
Bank Makramah Limited Silkbank Limited
Aumar Abbassciy Director The Bank of Khyber
Bank of China Limited - Pakistan Operations
Faysal Bank Limited The Bank of Punjab
Audit Committee First Women Bank Limited United Bank Limited
Mushtaq Malik Chairman Habib Bank Limited
Usama Qureshi Member
Lt. (R) Raja Muhammad Abbas Member
Aumar Abbassciy Member Shares Registrar Registered Office
FAMCO Share Registration Services (Private) Limited The Harbour Front, 9th Floor, Dolmen City, HC-3, Block-4,
Human Resource and Remuneration Committee 8-F, Next to Hotel Faran Nursery, Block - 6, P.E.C.H.S Marine Drive, Clifton, Karachi75600, Pakistan
Lt. (R) Raja Muhammad Abbas Chairman Shahrah-e-Faisal, Karachi Tel: (92 21) 111 222 081
Sami ul Haq Khilji Member Fax: (92 21) 111 888 081
Usama Qureshi Member Tel: (92 21) 3438 0101-5, 3438 4621-3
Mushtaq Malik Member Fax: (92 21) 3438 0106 Website
Aumar Abbassciy Member www.cnergyico.com

Risk Management Committee

For the purpose of clause 5.6.1 and 5.6.4 of the Rule Book of (ii) Assistant Manager & above in Finance Division;
Amir Abbassciy Chairman
Pakistan Stock Exchange Limited for declaring an employee (iii) Assistant Manager & above in Audit Division;
Usama Qureshi Member of the Company an “executive”, the Directors at their annual (iv) Assistant Manager & above in Legal Department; and
Sami ul Haq Khilji Member meeting, held on 16th September 2024, reviewed and set (v) Assistant Manager & above in Secretarial Services
Aumar Abbassciy Member following threshold: Department.

Chief Financial Officer (i) All employees in the cadre of General Manager & above;
Zafar Shahab

Company Secretary
Majid Muqtadir

Auditors
Yousuf Adil
Chartered Accountants

Cnergyico Pk Limited 38 39 Annual Report 2024

Financial Highlights
2024 2023 2022 2021 2020 2019 2024 2023 2022 2021 2020 2019
(Rupees in million)
BALANCE SHEET Profitability Ratios
Share capital 54,934 54,934 53,299 53,299 53,299 53,299 Gross profit / (loss) % 5.17% -5.03% 6.45% 5.70% 1.67% 0.99%
Share holders’ equity 205,120 178,343 34,649 29,846 26,201 28,218 Profit / (loss) before tax % 0.62% -6.30% 3.48% 2.72% -1.40% -1.13%
Property, plant and equipment 289,663 291,938 72,382 71,512 70,790 69,138 Net profit / (loss) % 0.42% -6.53% 2.82% 2.53% -1.40% -0.85%
Investment in subsidiaries - at cost 17,414 17,414 16,932 16,932 16,932 16,932 EBITDA Margin to sales % 7.38% -0.66% 7.51% 7.22% 3.06% 2.14%
Long-term loans and advances - - 482 568 723 861 Return on equity % 0.49% -7.10% 13.82% 12.05% -9.28% -5.97%
Stock-in-trade 45,817 25,691 48,246 33,585 22,879 29,260
Trade debts 5,609 3,206 7,078 4,556 4,357 5,337 Liquidity Ratios
Total current assets 60,673 36,574 67,225 47,747 36,313 41,895 Current ratio Times 0.72 0.47 0.71 0.61 0.51 0.56
Total current liabilities 84,677 78,178 94,792 78,631 71,521 75,454 Quick / Acid Test ratio Times 0.18 0.14 0.20 0.18 0.19 0.17
Short-term borrowings - secured 8,286 18,954 19,627 15,070 23,908 15,849
Current portion of non-current liabilities 1,034 1,726 3,734 5,961 2,685 7,897 Activity / Turnover Ratios
Non-current liabilities 78,288 89,747 27,992 29,521 28,294 26,470 Inventory turnover Days 57.19 66.25 93.90 76.88 55.64 54.65
Debtors turnover Days 6.69 9.68 12.49 11.44 10.17 9.96
PROFIT AND LOSS ACCOUNT Creditors turnover Days 92.43 101.03 120.89 105.21 79.99 98.98
Revenue from contract with Inventory turnover Times 6.38 5.51 3.89 4.75 6.56 6.68
customers - net 240,626 193,912 170,015 142,150 173,899 197,831 Debtors turnover Times 54.60 37.71 29.23 31.90 35.88 36.63
Cost of sales 228,196 203,661 159,043 134,042 171,002 195,871 Creditors turnover Times 3.95 3.61 3.02 3.47 4.56 3.69
Gross profit / (loss) 12,430 (9,749) 10,972 8,108 2,896 1,960 Total assets turnover ratio Times 0.65 0.56 1.08 1.03 1.38 1.52
Operating profit / (loss) 10,872 (5,635) 8,884 6,286 1,530 832 Fixed assets turnover ratio Times 0.83 0.66 2.35 1.99 2.46 2.86
Finance costs - net 9,387 6,579 2,963 2,416 3,960 3,070
Profit / (loss) before taxation 1,485 (12,214) 5,921 3,870 (2,431) (2,238) Financial Leverage Ratios
Profit / (loss) after taxation 1,008 (12,663) 4,788 3,596 (2,431) (1,684) Interest coverage ratio Times 1.16 (0.86) 3.00 2.60 0.39 0.27
Debt to equity ratio Times 0.43 0.62 1.48 1.69 2.09 1.78

Investment / Market Ratios

Earning / (loss) per share Rs. 0.18 (2.34) 0.90 0.67 (0.46) (0.32)

Cnergyico Pk Limited 40 41 Annual Report 2024

CHAIRPERSON’S REVIEW
FOR THE YEAR ENDED JUNE 30, 2024

On behalf of the Board of Directors, I am pleased to present the Annual Report of the Company for
the year ended 30th June, 2024.
The year under review was characterized by some reliefs and challenges. Notable among these
reliefs were a stable economy and a steady PkR to USD exchange rate, which contributed to overall
stability in the oil sector and, consequently, relatively decent refining margins. Additionally, the
long-awaited increase in marketing margins offered some relief, especially in addressing the
rising costs of doing business. Oil smuggling, inflation, and high interest rates were significant
challenges that resulted in reduced throughput, higher expenses, and increased finance costs.
The Directors’ report for the current year discusses in details the factors behind current year’s
performance and the plan for the future.
The overall performance of the Board of Directors remained satisfactory. The Board, comprised of
experienced and seasoned individuals with diversified experience, have played an important role
in making effective decisions at all levels. The Committees of the Board operated efficiently and
assisted the Board in all key matters.
On behalf of the Board, I would like to thank all the stakeholders for their trust and support. I am
confident that the Company has all the ingredients necessary to achieve the expectations of all
its stakeholders.

UZMA ABBASSCIY
Chairperson
Karachi
September 16th, 2024

Cnergyico Pk Limited 42 43 Annual Report 2024

DIRECTORS’ REPORT UNCHECKED
PRODUCTS
SMUGGLING OF PETROLEUM possible throughput. This situation unabated
to-date, we request the Government to take
immediate steps to control the situation.
The above numbers of HSD and MS do not
In the name of Allah, the Most Merciful, and International Crude Oil Prices - $ I bbl include the volume of product which is being CRUDE OIL PROCUREMENT
the Most Benevolent. consumed throughout the country due to
unchecked smuggling. The free availability of The Company tapped new crude oil suppliers
The Board of Directors of your Company
smuggled products all over the country has to secure crude oil on more favorable terms
are pleased to present the Annual Report
adversely affected the sales of local refineries and also negotiated better terms with the
of the Company together with the audited,
and has caused the refineries to operate at a existing suppliers. This strategy resulted in
stand-alone and consolidated, financial
lower throughput and has even caused the better cargo pricing, reduced price exposure,
statements and auditor’s report for the year
refineries to shut down some of their units lesser demurrages cost etc. As part of the
ended 30th June, 2024.     

due to ullage constraints. In this regard, Oil strategy to improve the crude oil recipe, the
The Company has been able to overcome the GLOBAL OIL PRICES Companies Advisory Council (OCAC) has written Company processed new crude oil grades
challenges faced in prior years by improving numerous letters to the Ministry of Energy including lighter as well as heavier. All the
The most important factors for any refinery’s
its refining throughput and operational (MOE) as well as the Oil and Gas Regulatory new crude oil grades were processed by the
profitability are the crack spreads and the
performance. The Company earned gross Authority (OGRA) as the the influx of daily refining units without any setback or yield loss
volatility in oil prices. In year 2022, the oil
revenue of Rs. 295 billion in current year approximated 7,000 Tons of smuggled product and the refining hardware operated optimally.
prices had risen to over $ 100 I barrel due to
compared to Rs. 224 billion last year. The Russia – Ukraine conflict which had adversely is bleeding the nation approximately $70 The management continues to explore new
increase in revenue is solely attributable to an affected Pakistan’s balance of payment and the million every month. We want the Government avenues to secure more crude oil to further
improved refining throughput. The gross profit $ I PkR parity which had caused a devastating to make all out efforts to curtail the smuggling boost the refining throughput and is engaged
of Rs. 12 billion in current year compared to a impact on the entire oil industry including the of petroleum products so that local industry in ongoing discussions with various crude
gross loss of Rs. 10 billion last year demonstrates Company. can survive. oil suppliers, as excessive imports as well as
the positive impacts brought by the changes in
EXCESSIVE PRODUCT IMPORTS smuggling is brought under restraint. We are
Company’s oil procurement strategy. In current year, the international crude oil
optimistic that these efforts will enhance both
prices remained relatively stable and hovered Another factor affecting the production level
With better crude oil planning and procurement, throughput and profitability.
between $ 70 I barrel to $ 90 I barrel. The crack of local refineries is the uncontrolled product
significantly better inventory management spreads narrowed in current year with subdued import by the Oil Marketing Companies (OMCs). RELATIVELY STABLE RUPEE I HIGHER POLICY
and stringent controls over operating costs, the margins in Motor Spirit towards end of the year It is the decision of the Economic Coordination RATE
Company earned operating profit of Rs. 10.8 thereby skewing the refinery margins.
billion and net profit of Rs. 1 billion in current Committee that the import of any product During the current financial year, PkR slightly
year as compared to an operating loss of Rs. COUNTRY OIL CONSUMPTION will be allowed only after the local refineries’ recovered its lost value and gained ~3% i.e.
5.6 billion and net loss of Rs. 12.6 billion during production has been completely uplifted. from PKR 286.59 I USD in June 2023 to PKR
the same period last year. The basic I diluted The country’s oil consumption reduced by However, it is very disturbing to see that 278.58 I USD in June 2024 and remained
earning per share is Rs. 0.18 as compared to about 10% in current year due to virtually zero some OMCs were allowed to import products relatively stable for most of the current
basic I diluted loss per share of Rs. 2.34. On Fuel Oil (FO) consumption. The consumption of when refineries were carrying massive financial year.
a consolidated basis, the Group’s basic and Motor Spirit (MS) and High Speed Diesel (HSD) inventories of HSD and the entire country
diluted earning I (loss) per share amounted to remained stagnant due to an overall economic was witnessing product glut. We request that PAK RUPEE I US $ PARITY
Rs. 0.03 (2023: (Rs. 2.51)). slow down, higher product prices and a shift the Government take note of the situation 290.00
287.98
to alternate energy sources like solar in so that a better inventory management and
This report discusses in detail the key factors agricultural sector. product procurement mechanism is devised at 286.59
affecting the businesses, industry and the country level so that refineries are operated at 285.00

Company and the efforts put in place by the COUNTRY OIL CONSUMPTION
optimum level and the country saves precious
(Million Metric Tonnes)
Company to overcome the challenges. foreign exchange on excessive and expensive 280.00
282.14
278.58
product imports.
278.16
Unnecessary product import and unchecked 275.00
30-Jun-23 30-Sep-23 31-Dec-23 31-Mar-24 30-Jun-24
smuggling of petroleum products has and
continues to cause product gluts subsequent to The policy rate remained at 22% till June
MS HSD FO Total the year end under review and some refineries 2024 and accordingly the KIBOR remained
FY24 7.29 6.34 0.96 15.31
were forced to shut down or operate at lowest slightly above 22%. The elevated KIBOR rates
FY23 7.57 6.42 2.25 16.93

Cnergyico Pk Limited 44 45 Annual Report 2024

compelled the Company to incur significant product pricing. The Company has taken up the its lenders after which the Sindh High Court is our refineries, to spearheading one of the
finance costs, which nearly consumed all of its matter with OGRA and the Government for the expected to allow the petition. most successful afforestation campaigns in
operating profits. waiver of the Cess as no other refinery or OMC Pakistan’s corporate sector aimed at planting
is making Cess payment. DEBT REPROFILING thousands of trees, our efforts reflect our
KIBOR % unwavering dedication to creating positive
REFINERY UPGRADE During the year, the Company successfully
completed debt reprofiling of PKR 15 billion by change. These initiatives are also a testament
24
The Pakistan Oil Refining Policy For Upgradation conversion of short-term loans into long-term to our commitment to fulfilling the United
22.54 22.30 22.34
Of Existing I Brownfield Refineries, 2023 (Policy which provided support for cash flow management Nations Sustainable Development Goals (SDGs)
22 was approved in year 2023 and was amended and also improved the financial ratios. and embody the core values embedded in our
22.10
corporate DNA.
in February 2024 to incorporate the revision
20.85 OIL MARKETING
20 in the incentive rate and its period. The Policy In recent past, our CSR activities have been
Jun-23 Sep-23 Dec-23 Mar-24 Jun-24
required refineries to execute an Upgrade The profitability of the marketing business primarily focused on delivering progress
Agreement, open an Escrow Account and settle increased significantly primarily due to toward several key Sustainable Development
EXEMPTION OF SALES TAX ON PETROLEUM outstanding Government dues, if any. The increased sales volume and stepwise increase Goals (SDGs).
PRODUCTS timeline mentioned in the Policy for execution in the marketing margin from Rs. 3.68 per
of Upgrade Agreement was 6 months; this has litre to Rs. 7.87 per litre on High Speed Diesel SDG 3: GOOD HEALTH AND WELL-BEING has
In Finance Act, 2024, Government has changed (HSD) and Motor Spirit (MS) effective from 1st been a cornerstone of our CSR initiatives.
already lapsed and except for one refinery, all
the status of petroleum products from taxable November 2023. We have implemented projects such as the
other refineries are awaiting OGRA’s go ahead.
supplies to exempt supplies for levy of sales installation and maintenance of RO plants, the
The Company has already finalized the draft of
tax which will result in the disallowance of SINGLE POINT MOORING operation and provision of emergency medical
the Upgrade Agreement and all other pending
input tax effective July 2024 onwards. This services, and the promotion of health and
has a very adverse impact on the existing matters including settlement of Government The Single Point Mooring (SPM) facility
safety awareness.
refining operations as well as the projects I dues. continued to provide support of timely supply
investments expected under the Brownfield of crude oil to the refineries and has the In support of SDG 4: QUALITY EDUCATION,
SPONSORS’ LOAN SUBORDINATION potential to handle a significant portion of
Oil Refining Policy for Upgradation of Existing we have engaged in various educational
I Brownfield Refineries and make the existing Considering the challenges being faced by country’s crude oil imports. The SPM is the initiatives, including participation in career
operations I project unsustainable I unviable. the Company, the Sponsors of the Company only facility in the Country with Tier – I oil spill expos, supporting vocational training
The Company, along with other refineries, is provided substantial relief to the Company response capability available on-site. programs, as well as literacy and human
actively engaged in discussions at various by allowing the subordination of Sponsors’ resource development. These programs are
For a more comprehensive look at the financials
government levels and has proposed several loan. As a result, the Sponsors’ loans have aimed at equipping individuals with the skills
of your Company over the last six years, refer
options to address this issue promptly. We been transferred from long term liabilities to and knowledge needed to succeed in today’s
to page 40.
have asked that the Government will take shareholders’ equity which has significantly economy.
cognizance of the adverse impact of existing improved the borrowing profile of the CORPORATE SOCIAL RESPONSIBILITY (CSR)
SDG 8: DECENT WORK AND ECONOMIC GROWTH
operations as well as refining upgrade projects Company. We would like to appreciate the
Cnergyico’s mission has always been to drive is another area where our efforts have had
and will take corrective measures accordingly. support provided by the Sponsors at all times.
positive economic and social change across a significant impact. We have undertaken
BALOCHISTAN INFRASTRUCTURE DEVELOPMENT REORGANIZATION Pakistan. Every drop of crude oil processed at projects aimed at enhancing employment
CESS our refining complex, every cargo managed at opportunities and driving economic growth,
During the year, the Company filed a petition our SPM facility, and every litre of fuel marketed particularly within the local communities
Vide Provincial Finance Act, the Government with the High Court of Sindh at Karachi for by Byco is infused with our dedication to surrounding our Oil Refining Complex.
of Balochistan has levied Infrastructure debundling of various business units into contributing to the prosperity and well-being
Development Cess on import, local production different wholly owned subsidiaries such that Our commitment to SDG 13: CLIMATE ACTION
of our homeland.
and transportation (pipeline or by road) on each wholly owned subsidiary operates its is reflected in our environmental initiatives.
every industry. As a result, the Company is own business like Oil Refining Business 1, Oil Since its inception, Cnergyico has been deeply These include tree planting, urban afforestation,
now required to pay Cess on its crude oil Refining Business 2, Oil Marketing Business, Oil committed to CSR, launching numerous marine habitat preservation and sustainability
imports to the Government of Balochistan. Shipping Business etc. ground-breaking initiatives that have set awareness campaigns, all of which contribute
This is a serious anomaly as the prices of new benchmarks in the industry. From to mitigating the effects of climate change and
The shareholders of the Company have already developing reverse osmosis (RO) plants that promoting a greener environment.
petroleum products are regulated by the Oil
approved the demerger petition. Now, the provide clean drinking water to thousands of
& Gas Regulatory Authority (OGRA) and the SDG 17: PARTNERSHIPS FOR THE GOALS has
Company is arranging necessary consent from people in remote towns of Balochistan near
Company is not allowed to recover the cost via also been a focal point, exemplified by our

Cnergyico Pk Limited 46 47 Annual Report 2024

strategic collaborations, such as our partnership (ERP) to the corporate offices, aligning our ERP local needs, and ensure our operations protect our employees from workplace
with the UNDP. These partnerships are crucial with the Building Emergency Response Plan as contribute positively to community hazards, illnesses, and injuries. The
for fostering long-term sustainability and mandated by Harbour Front building officials. development, aligning with regional holistic well-being of our workforce is a
achieving shared goals. expectations and aspirations while priority, and we adhere to international
Our dedication to safety has been advancing our operational objectives. standards of excellence to uphold
While these SDGs have been our primary focus, acknowledged by various platforms. the highest levels of safety. Through
our commitment to CSR is broad and inclusive, CPL competed in two prominent award 3. HUMAN RIGHTS PRACTICES IN REMOTE stringent enforcement and a nurtured
impacting numerous other goals as well. The programs centered on health, safety, and the AREAS OF BALOCHISTAN safety culture, we promote a conducive
company continues to support the communities environment. We are honored to have secured and protective workspace, aligning with
in which we operate, prioritizing their interests 1st Place at the 9th International Environment, Cnergyico is committed to upholding
human rights, especially in the remote our core principle of prioritising employee
through financial and material contributions. Health & Safety Awards and 2nd Place at welfare.
the 17th EFP Occupational Safety, Health & regions of Balochistan where we
Through our comprehensive CSR efforts, Environment Awards within the Oil and Gas operate. We adhere to a stringent 6. ANTI-DISCRIMINATION AND ANTI-
Cnergyico is dedicated to fostering a sustainable sector. Our emergency preparedness has policy ensuring respect, dignity, and HARASSMENT POLICIES
future for Pakistan, promoting economic significantly advanced with the development equitable treatment for all individuals.
growth, social prosperity, and environmental of pre-fire plans for all plausible scenarios and Through proactive engagement and Cnergyico maintains a zero-tolerance
stewardship. the initiation of scenario-based drills. educational initiatives, we aim to foster policy towards any form of discrimination
awareness and adherence to human or harassment. We strictly prohibit unjust
ENVIRONMENT, HEALTH, SAFETY AND SECURITY ENVIRONMENTAL, SOCIAL & GOVERNANCE rights principles among our employees, treatment based on race, gender, marital
(EHSS) (ESG) local partners, and communities. Our status, color, creed, religion, or any other
Cnergyico has shown relentless dedication to operations in Balochistan reflect a deep- characteristic protected by applicable
Cnergyico stringently follows an effective ESG seated commitment to improving local laws. This policy extends to all workplace
establishing a robust and independent process policy within the ambit of its overall strategy
safety management system. This commitment livelihoods while respecting the social and work-related settings involving
to maximize the impact of Environmental, and cultural fabric of the region. employees, clients, customers, vendors,
is matched by a strong emphasis on cultivating Social, and Governance practices. Some of the
a culture of safety, where every team member and other third parties. We are committed
major efforts the Company has undertaken are 4. THRIVING WORKPLACE to raising awareness and preventing
is deeply invested in their own well-being, as follows:
their colleagues’ safety, and the protection of Our workforce embodies the diverse occurrences through comprehensive
the environment. The organization continually 1. ENVIRONMENTAL IMPACT ASSESSMENTS cultures and talents from all quarters education, training, and enforcement of
refines its process safety protocols to identify (EIA) AND SUSTAINABLE PRACTICES of the Talent Market, be locally or our policies, ensuring a respectful and
and mitigate potential hazards, minimize internationally, making Cnergyico a equitable work environment for all.
operational disruptions, and protect valuable Cnergyico prioritizes sustainability true reflection of the nation we belong.
across all business operations. 7. SUPPLIER CODE OF CONDUCT
assets. As a testament to this rigorous Dedicated to fostering a welcoming and
approach, with the grace of Allah, Cnergyico Through comprehensive application of inclusive environment, we thrive in a We uphold the highest standards of
has surpassed 30 million safe man-hours. Environmental Impact Assessments (EIA), workplace where every employee has ethical and responsible business practices
Additionally, the company has achieved an we proactively identify and mitigate an equal opportunity to rise and shine. and expect the same commitment from
impressive Total Recordable Injury Rate (TRIR) potential adverse environmental By promoting continuous learning and our suppliers, vendors, and service
of 0.183, surpassing the stringent US labor effects. Our commitment to the “reduce, development, we nurture a dynamic and providers. All partners are required
statistics benchmark of TRIR < 0.3. reuse, and recycle” philosophy guides supportive organizational culture that to comply fully with applicable laws,
responsible material usage and fosters values and empowers our people. We are including those related to anti-money
Novelty and advancement are at the core of environmental consciousness throughout committed to gender equality and have laundering, anti-corruption, child labor,
Cnergyico’s approach to Environment, Health, the organization and among our clients, zero tolerance for discrimination. We and minimum wage standards. We also
and Safety. To ensure the integrity of design partners, and competitors. acknowledge a mean gender pay gap of emphasize sustainable practices and
changes, we have expanded our management 38.5% and median of 16.4%. social responsibility within our supply
of change protocols to include our corporate 2. LOCAL COMMUNITY ENGAGEMENT AND
RELATIONSHIPS chain, encouraging partners to minimize
offices. This extension guarantees that any 5. OCCUPATIONAL HEALTH AND SAFETY environmental impacts and uphold
structural alterations will not jeopardize We actively cultivate strong, collaborative MEASURES FOR EMPLOYEES fundamental human rights.
the health and safety of our corporate relationships with local communities
staff. Recognizing the critical importance Ensuring a safe and healthy work 8. TRANSPARENCY IN FINANCIAL
surrounding our operational sites. environment is of paramount importance
of emergency preparedness, we have also Engaging in open and continuous dialogue DISCLOSURES
extended our Emergency Response Planning at Cnergyico. We implement rigorous
allows us to build trust, understand safety protocols and health measures to Cnergyico is committed to maintaining

Cnergyico Pk Limited 48 49 Annual Report 2024

 complete transparency in all financial and regulatory requirements, fortifying geopolitical events, regulatory changes, and Environmental and regulatory risks are
disclosures by providing clear, accurate, our ethical and compliant operational climate-related developments. mitigated by investing in clean technologies,
and timely financial information to framework. ensuring full regulatory compliance, and
our stakeholders. We believe high- GOVERNANCE AND ACCOUNTABILITY implementing strong contingency plans for
quality financial statement disclosures SUSTAINIBILITY REPORTING managing environmental incidents.
The Board, through its Risk Management
are vital for investors to understand The Board of Directors recognizes that effective Committee, oversees and approve the
the economics underlying our financial The Company pursues a proactive approach
risk management is essential to the long-term Company’s risk management strategies to managing the transition to a low-carbon
performance, aiding sound investment sustainability and profitability of the Company. and policies. This includes ensuring that risk
decision-making. We adhere to stringent economy, in line with evolving regulatory and
The Board is committed to maintaining a risk- management practices are embedded in the societal expectations.
accounting standards and regulatory aware culture and ensuring that all levels corporate culture and across all functions.
requirements, facilitating informed of the organization are actively involved in CRISIS MANAGEMENT AND BUSINESS
decision-making and fostering trust the risk management process. By effectively The Board holds executive management CONTINUITY
through ethical financial management managing financial and operational risks, the accountable for implementing risk
and reporting integrity. Company will safeguard shareholder interests, management procedures and for maintaining The Company has a comprehensive Crisis
meet regulatory obligations, and contribute internal control mechanisms that continuously Management and Business Continuity Plan
9. BOARD DIVERSITY AND INDEPENDENCE monitor and report on risk exposure. to ensure resilience in the face of natural
positively to the communities in which it
We value and promote diversity and operates. disasters, geopolitical disruptions, operational
The Board ensures that the Risk Management accidents, or other unforeseen events that
independence within our Board to Framework is regularly reviewed and updated
enhance governance and decision- RISK IDENTIFICATION AND ASSESSMENT could impact the business.
to reflect changes in market conditions, industry
making processes. Our Board reflects The Company maintains a systematic process practices, and regulatory requirements. The Company has taken appropriate insurance
diversity in age, race, gender, to identify and assess risks, focusing on coverage to protect against catastrophic losses.
education, professional qualifications, financial risks such as price volatility, supply FINANCIAL RISK MANAGEMENT
and life experiences, fostering a broad chain disruptions, credit exposures, operational REPUTATION AND COMMUNICATION
spectrum of demographic attributes The Company manages price volatility risks
failures, environmental liabilities, and through inventory optimization to protect The Company actively manages reputation
in the boardroom. This diversity and geopolitical uncertainties. The Board regularly
independence promotes objectivity and against sharp changes in crude oil and refined risk through transparent communication with
reviews the key risk exposures and ensure product prices. stakeholders, responsible corporate social
aligns decisions with the Company and that they align with the Company’s overall risk
stakeholders’ best interests, thereby responsibility (CSR) initiatives, and adherence
appetite and strategic objectives. Credit risk is managed through rigorous to ethical business practices.
contributing to the Company’s long-term credit assessments, customer diversification,
success. RISK MITIGATION AND CONTROL ensuring that counterparties meet financial The Board ensures that communication
10. ETHICAL BUSINESS CONDUCT AND The Company employs best-practices and obligations. protocols are in place for responding to crises
ADHERENCE TO REGULATIONS operational strategies to mitigate risks, and managing potential reputational damage
Liquidity risk is addressed through disciplined effectively.
including: working capital management, maintaining
Cnergyico adheres to ethical business
conduct and regulatory compliance across Diversification of supply sources and customers sufficient credit lines, and ensuring that cash CONTINUOUS IMPROVEMENT AND REPORTING
all operations. Every transaction aligns to reduce concentration risk. flow forecasts are aligned with operational
needs and debt obligations. The Company fosters a culture of continuous
with applicable laws, showcasing our improvement in its risk management
commitment to integrity. In every region Operational controls, including regular
maintenance and Health, Safety, and Interest rate risks is managed by maintaining a processes, regularly reviewing and updating
we operate, we abide by relevant trade balanced debt structure. the risk management framework to reflect
and sanctions regulations, embodying our Environmental (HSE) procedures, to prevent
technical disruptions. emerging risks and lessons learned from past
dedication to safeguarding individuals OPERATIONAL AND ENVIRONMENTAL RISK experiences.
and assets. We promote an open culture Regulatory compliance programs to ensure MANAGEMENT
where employees and contractors adherence to all environmental, health, and COMMITMENT TO DIVERSITY, EQUITY AND
The Company maintains stringent operational INCLUSION (DE&I)
can voice concerns and report policy safety standards. risk controls, including preventive maintenance
violations. The Audit Committee diligently
The Company maintains a dynamic and agile programs, advanced monitoring systems, and The Board believes in fostering a diverse,
oversees accounting and internal control
approach to managing evolving risks, such as automation, to ensure production efficiency equitable, and inclusive workplace is key to
matters, ensuring compliance with legal
and safety. driving innovation, creativity, and business
success. Our commitment to DEI extends to all

Cnergyico Pk Limited 50 51 Annual Report 2024

levels of the organization, from entry-level roles Lt. (R) Raja Muhammad Independent
to executive leadership, and we continually Abbas Director PATTERN OF SHAREHOLDING
strive to create a work environment where
Independent
every individual feels valued and supported. Mr. Sami ul Haq Khilji
Director • The pattern of shareholding and additional
information as of 30th June 2024 appears
As part of our ongoing efforts, we have Non - Executive
Mr. Aumar Abbassciy on page 167 of the Annual Report.
implemented several initiatives aimed at Director
increasing representation, promoting equity,
and fostering an inclusive culture. These The Board of Directors is pleased to confirm
• Bosicorco International Limited, based in
Mauritius, holds 70.73% shares, financial
initiatives include diversity in race and culture, that system of internal control is sound in institutions, and banks and others hold
equal opportunity employment for both design and has been effectively implemented 0.28% shares, and 28.99% shares are
male and female, representation of women and monitored. held by individuals and others.
and disable persons in the management,
mentorship programs, and continuous training The details of the remuneration package of EXTERNAL AUDITORS
for all employees and leadership. each of the directors and chief executive are
available on page 154 of the Annual Report. The auditors Messrs. Yousuf Adil Chartered
COMPLIANCE WITH THE CODE OF CORPORATE Accountants retired and offered themselves
GOVERNANCE The Board has formed Sub-Committees that for reappointment. The Audit Committee has
have significantly contributed to achieving recommended the reappointment of Messrs.
The composition of the Board is in compliance desired objectives. These Committees include: Yousuf Adil Chartered Accountants as auditors
with the requirements of the Listed Companies for the year ending June 30, 2025.
(Code of Corporate Governance) Regulations, AUDIT COMMITTEE
2019, applicable to listed entities, which is Mr. Mushtaq Malik, Chairman ACKNOWLEDGEMENT
given below: Mr. Usama Qureshi, Member The Board wishes to express appreciation and
NUMBER OF DIRECTORS Lt. (R) Raja Muhammad Abbas, Member place on record its gratitude for the cooperation
extended to your Company by the Government
Male: 06 Mr. Aumar Abbassciy, Member
of Pakistan and strategic partners including
Female: 01 HUMAN RESOURCE AND REMUNERATION financial institutions, vendors, suppliers,
Total: 07 COMMITTEE customers and shareholders of your Company.

COMPOSITION OF THE BOARD OF DIRECTORS Lt. (R) Raja Muhammad Abbas, Chairman We thank our dedicated employees for their
Mr. Sami ul Haq Khilji, Member commitment to sustainable operations.
Independent directors: 03
Non-executive directors: 01 Mr. Usama Qureshi, Member For and on behalf of the Board of Directors
Executive directors: 02 Mr. Mushtaq Malik, Member
Female director: 01 Mr. Aumar Abbassciy, Member
Chief Executive Officer Director
During the financial year, following were the RISK MANAGEMENT COMMITTEE Karachi
directors of the Company: Mr. Amir Abbassciy, Chairman September 16th, 2024

NAME OF DIRECTOR Mr. Usama Qureshi, Member

Female Non – Mr. Sami ul Haq Khilji, Member
Mrs. Uzma Abbassciy
Executive Director Mr. Aumar Abbassciy, Member
Mr. Amir Abbassciy Executive Director
Mr. Usama Qureshi Executive Director
Independent
Mr. Mushtaq Malik
Director

Cnergyico Pk Limited 52 53 Annual Report 2024

Cnergyico Pk Limited 54 55 Annual Report 2024
Cnergyico Pk Limited 56 57 Annual Report 2024
Cnergyico Pk Limited 58 59 Annual Report 2024
Cnergyico Pk Limited 60 61 Annual Report 2024
Cnergyico Pk Limited 62 63 Annual Report 2024
STATEMENT OF COMPLIANCE WITH THE 10. During the year, no change was occurred in the positions of Chief Financial Officer, Company Secretary and Head of
Internal Audit. Their remuneration and terms and conditions of employment complied with relevant requirements
of the Regulations;
LISTED COMPANIES (CODE OF CORPORATE 11. Chief Financial Officer and Chief Executive Officer duly endorsed the financial statements before approval of the

GOVERNANCE) REGULATIONS, 2019 (THE Board;

“REGULATIONS”) 12. The Board has formed committees comprising of members given below.-

(A) AUDIT COMMITTEE

Name of Company: Cnergyico Pk Limited (the “Company”) Mushtaq Malik, Chairman
Year ending: 30th June 2024 Usama Qureshi, Member
Lt. (R) Raja Muhammad Abbas, Member
The Company has complied with the requirements of the Regulations in the following manner:- Aumar Abbassciy, Member

1. The total number of directors are 07 as per the following,- (B) HUMAN RESOURCE AND REMUNERATION COMMITTEE
a. Male: 06 Lt. (R) Raja Muhammad Abbas, Chairman
b. Female: 01 Sami ul Haq Khilji, Member
Usama Qureshi, Member
2. The composition of the Board is as follows: Mushtaq Malik, Member
Category Names Aumar Abbassciy, Member
i. Independent directors 03 Mr. Mushtaq Malik
(C) RISK MANAGEMENT COMMITTEE
Lt. (R) Raja Muhammad Abbas
Amir Abbassciy, Chairman
Mr. Sami ul Haq Khilji
Usama Qureshi, Member
ii. Non-executive directors 01 Mr. Aumar Abbassciy
Sami ul Haq Khilji, Member
iii. Executive directors 02 Mr. Amir Abbassciy
Aumar Abbassciy, Member
Mr. Usama Qureshi
iv. Female directors 01 Mrs. Uzma Abbassciy
13. The terms of reference of the aforesaid committees have been formed, documented and advised to the committee
for compliance;
3. The directors have confirmed that none of them is serving as a director on more than seven listed companies,
including this Company;
14. The frequency of meetings (quarterly/half yearly/yearly) of the committee were as per following;
4. The Company has prepared a code of conduct and has ensured that appropriate steps have been taken to disseminate
a) Audit Committee – Every Quarter (04)
it throughout the Company along with its supporting policies and procedures;
b) Human Resource and Remuneration Committee – (06)
c) Risk Management Committee - NIL
5. The Board has developed a vision/mission statement, overall corporate strategy and significant policies of the
Company. The Board has ensured that complete record of particulars of the significant policies along with their date
15. The Board has set up an effective internal audit function who are considered suitably qualified and experienced for
of approval or updating is maintained by the Company;
the purpose and are conversant with the policies and procedures of the Company;
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by the
16. The statutory auditors of the Company have confirmed that they have been given a satisfactory rating under the
Board / shareholders as empowered by the relevant provisions of the Companies Act, 2017 (the “Act”) and these
Quality Control Review program of the Institute of Chartered Accountants of Pakistan and registered with Audit
Regulations;
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
7. The meetings of the Board were presided over by the Chairman / Chairperson and in their absence by the director
and that they and the partners of the firm involved in the audit are not a close relative (spouse, parent, dependent
elected by the board for the time being. The Board has complied with the requirements of Act and the Regulations
and non-dependent children) of the chief executive officer, chief financial officer, head of internal audit, company
with respect to frequency, recording and circulating minutes of meeting of the Board;
secretary or director of the Company;
8. The Board have a formal policy and transparent procedures for remuneration of directors in accordance with the Act
17. The statutory auditors or the persons associated with them have not been appointed to provide other services
and these Regulations;
except in accordance with the Act, these Regulations or any other regulatory requirement and the auditors have
confirmed that they have observed IFAC guidelines in this regard; and
9. The Board remained compliant with the provision of the Regulations pertaining to the director’s training program.
Out of seven directors, two (02) directors have requisite experience to be exempted from training program as
18. We confirm that all requirements of regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been complied
mentioned in regulation No. 19, sub-regulation 2 of the Regulations. Three (03) directors on the Board have already
with.
attended the Director’s Training program in prior years. Remaining two (02) directors will pursue the training during
the financial year 2024-25 as they could not attend directors training program planned during the year due to
19. Explanation for non-compliance with non- mandatory requirements, other than regulations 3, 7, 8, 27, 32, 33 and
business travelling;
36 are below:

Cnergyico Pk Limited 64 65 Annual Report 2024

Reg. No. Requirement Explanation
Yousuf Adil
19(1) It is encouraged that by June 30, 2022 all the The Company wishes to pursue the said program Chartered Accountants
directors on their Boards have acquired the for its remaining directors in upcoming years 2024-
Cavish Court, A-35, Block 7 & 8
prescribed certification under any director training 2025 KCHSU, Shahrah-e-Faisal
program offered by institutions, local or foreign, Karachi-75350
that meet the criteria specified by the Commission Pakistan

and approved by it. Tel: +92 (0) 21 3454 6494-7

Fax: +92 (0) 21 3454 1314
29(1) The Board may constitute a separate committee, The responsibilities as prescribed for the nomination www.yousufadil.com
designed as the nomination committee, of such committee are being taken care of at board level as

INDEPENDENT AUDITOR’S REPORT

number and class of directors, as it may deem and when needed so a separate committee is not
appropriate in its circumstances. considered to be necessary.

35(1) The Company may post on its website key elements

of its significant policies including but not limited to
As the regulation provides concession with respect
to disclosure of key elements of significant policies TO THE MEMBERS OF CNERGYICO PK LIMITED
the following: on the website, only those policies which were
Review Report on the Statement of Compliance contained in Listed Companies (Code of Corporate Governance)
i. Communication and disclosure policy; considered necessary, have been posted.
Regulations, 2019
ii. Code of conduct for members of board of
directors, senior management and other
We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of
employees;
Corporate Governance) Regulations, 2019 (the Regulations) prepared by the Board of Directors (the Board) of
iii. Risk management policy;
Cnergyico Pk Limited (the Company) for the year ended June 30, 2024 in accordance with the requirements of
iv. Internal control policy;
Regulation 36 of the Regulations.
v. Whistle blowing policy;
vi. Corporate social responsibility / sustainability
The responsibility for compliance with the Regulations is that of the Board of Directors of the Company. Our responsibility
/ environmental, social and governance
is to review whether the Statement of Compliance reflects the status of the Company’s compliance with the provisions
related policy.
of the Regulations and report if it does not and to highlight any non-compliance with the requirements of the
vii. Policies for promoting DE&I (Diversity, Equity,
Regulations. A review is limited primarily to inquiries of the Company’s personnel and review of various documents
and Inclusion).
prepared by the Company to comply with the Regulations.
10A(5) In order to effectively discharge its sustainability Board has already placed risk management
related duties, the board may establish a dedicated committee where all the risk including sustainability As a part of our audit of the financial statements we are required to obtain an understanding of the accounting and
sustainability committee having at least one female related duties are addressed. internal control systems sufficient to plan the audit and develop an effective audit approach. We are not required to
director, or assign additional responsibilities to an consider whether the board’s statement on internal control covers all risks and controls or to form an opinion on the
existing board committee. effectiveness of such internal controls, the Company’s corporate governance procedures and risks.

The committee shall monitor and review The Regulations require the Company to place before the Audit Committee, and upon recommendation of the
sustainability related risks and opportunities of Audit Committee, place before the Board of Directors for their review and approval, its related party transactions. We
the company, ensure DE&I practices are in effect at are only required and have ensured compliance of this requirement to the extent of the approval of the related party
various board committees, oversee compliance of transactions by the Board of Directors upon recommendation of the Audit Committee.
relevant laws pertaining to relevant sustainability
related considerations and its appropriate Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance
disclosures. The committee shall submit to the does not appropriately reflect the Company’s compliance, in all material respects, with the requirements contained in
board a report, at least once a year, on embedding the Regulations as applicable to the Company for the year ended June 30, 2024.
sustainability principles into the organization’s
strategy and operations to increase corporate value.

11(2) All written notices and relevant material, including Company has sent the notices of 3 meetings less Chartered Accountants
the agenda of the meeting shall be circulated at than 7 days due to emergency as allowed under
least seven days prior to the meeting, except in regulations. Place: Karachi
the case of emergency meeting, where the notice Date: September 18, 2024
period may be reduced or waived. UDIN: CR202410057sax5m6FKn

_____________
Uzma Abbassciy
Chairperson Date : 16th September, 2024

Cnergyico Pk Limited 66 67 Annual Report 2024

 Following are the key audit matters:
Yousuf Adil
Chartered Accountants

Cavish Court, A-35, Block 7 & 8

Key audit matters How the matter was addressed in our audit
KCHSU, Shahrah-e-Faisal
Karachi-75350 1. Valuation and existence stock-in-trade
Pakistan

Tel: +92 (0) 21 3454 6494-7 As disclosed in note 8 and 3.5 to the unconsolidated Our key audit procedures in relation to the verification
Fax: +92 (0) 21 3454 1314 financial statements the stock-in-trade balance of stock-in-trade amongst other procedures included
www.yousufadil.com amounts to Rs. 45,816.644 million. Stock-in-trade followings:
comprises of crude oil, high speed diesel, motor • Obtained an understanding of controls over purchases

INDEPENDENT AUDITOR’S REPORT gasoline and other related petroleum products with
differing characteristics.
and valuation of stock-in-trade and evaluated
control design and implementation and operating

TO THE MEMBERS OF CNERGYICO PK LIMITED The stock-in-trade volume determination process starts
by obtaining dips and measuring the temperature and
effectiveness;

• Observed test counts of quantity of stock-in-trade

Report on the Audit of the Unconsolidated Financial Statements density at the same time. That measured data is then held as at year end, on sampling basis, and compared
used to determine the volume by using the parameters the quantities counted by us with the results of the
Opinion and applying the dynamics of respective tanks, which counts of the management;
We have audited the annexed unconsolidated financial statements of Cnergyico Pk Limited (the Company), which were determined at the time of commissioning of
comprise the unconsolidated statement of financial position as at June 30, 2024, and the unconsolidated statement tanks. • Involved an external expert, to assist us in taking the
of profit or loss, the unconsolidated statement of comprehensive income, the unconsolidated statement of changes in dips, determining volume based on the calibration
equity, the unconsolidated statement of cash flows for the year then ended, and notes to the unconsolidated financial Due to complexities in determination of volume and charts and determining nature / characteristics of the
statements, including a summary of material accounting policies and other explanatory information, and we state valuation of oil held in tanks, with third parties and in stock-in-trade by performing quality test on sample
that we have obtained all the information and explanations which, to the best of our knowledge and belief, were transit, we have considered this area as a key audit basis;
necessary for the purposes of the audit. matter.
• On sample basis, we rechecked components of stock-
In our opinion and to the best of our information and according to the explanations given to us, the unconsolidated in-trade by tracing them back to underlying documents
statement of financial position, the unconsolidated statement of profit or loss, the unconsolidated statement of and compared unit cost with management’s;
comprehensive income, the unconsolidated statement of changes in equity and the unconsolidated statement of cash
flows together with the notes forming part thereof conform with the accounting and reporting standards as applicable • Assessed net realizable value by comparing
in Pakistan and give the information required by the Companies Act, 2017 (XIX of 2017), in the manner so required management’s estimation of future selling prices for
and respectively give a true and fair view of the state of the Company’s affairs as at June 30, 2024 and of the profit the products with the prices notified by Oil and Gas
and other comprehensive income, the changes in equity and its cash flows for the year then ended. Regulatory Authority in its notification for regulated
products and approved selling prices for deregulated
Basis for Opinion products achieved subsequent to the reporting period;
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 the • Obtained third party certificates in respect of stock-in-
unconsolidated Financial Statements section of our report. We are independent of the Company in accordance with trade held at third party locations; and
the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants as adopted by
the Institute of Chartered Accountants of Pakistan (the Code) and we have fulfilled our other ethical responsibilities • Assessed the adequacy of the disclosure made in
in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to respect of the accounting policies and details of stock-
provide a basis for our opinion. in-trade held by the Company at the year end.
Key Audit Matters
Information Other than the Unconsolidated Financial Statements and Auditor’s Report Thereon
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
Management is responsible for the other information. The other information comprises the information included in
of the unconsolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
annual report of the Company for the year ended June 30, 2024, but does not include the financial statements and our
separate opinion on these matters.
auditor’s report thereon, and review report issued on statement of compliance with Code of Corporate Governance.

Our opinion on the unconsolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.

In connection with our audit of the unconsolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the unconsolidated
financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. 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 the fact. We have nothing to report in this regard.

Cnergyico Pk Limited 68 69 Annual Report 2024

Responsibilities of Management and Board of Directors for the Unconsolidated Financial Statements We also provide the Board of Directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
Management is responsible for the preparation and fair presentation of the unconsolidated financial statements thought to bear on our independence, and where applicable, related safeguards.
in accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of the
Companies Act, 2017 (XIX of 2017) and for such internal control as management determines is necessary to enable From the matters communicated with the Board of Directors, we determine those matters that were of most
the preparation of unconsolidated financial statements that are free from material misstatement, whether due to significance in the audit of the unconsolidated financial statements of the current period and are therefore the key
fraud or error. audit 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 preparing the unconsolidated financial statements, management is responsible for assessing the Company’s ability in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern interest benefits of such communication.
basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so. Report on Other Legal and Regulatory Requirements

Board of Directors are responsible for overseeing the Company’s financial reporting process. Based on our audit, we further report that in our opinion:

Auditor’s Responsibilities for the Audit of the unconsolidated financial statements a) proper books of account have been kept by the Company as required by the Companies Act, 2017 (XIX of 2017);

Our objectives are to obtain reasonable assurance about whether the unconsolidated financial statements as a whole b) the unconsolidated statement of financial position, unconsolidated statement of profit or loss, the unconsolidated
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our statement of comprehensive income, the unconsolidated statement of changes in equity and the unconsolidated
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance statement of cash flows together with the notes thereon have been drawn up in conformity with the Companies
with ISAs as applicable in Pakistan will always detect a material misstatement when it exists. Misstatements can arise Act, 2017 (XIX of 2017) and are in agreement with the books of account and returns;
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 unconsolidated financial statements. c) investments made, expenditure incurred and guarantees extended during the year were for the purpose of the
Company’s business; and
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: d) no zakat was deducted at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).

• Identify and assess the risks of material misstatement of the unconsolidated financial statements, whether due The engagement partner on the audit resulting in this independent auditor’s report is Hena Sadiq.
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
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.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and Chartered Accountants
related disclosures made by management.
Place: Karachi
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based Date: September 16, 2024
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may UDIN: AR202410057Z2PtTkhcf
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
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 conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the unconsolidated financial statements, including
the disclosures, and whether the unconsolidated financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.

Cnergyico Pk Limited 70 71 Annual Report 2024

UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS
As at June 30, 2024 2024 2023
For the Year Ended June 30, 2024 2024 2023
Note Note
(Rupees in ‘000) (Rupees in ‘000)
ASSETS Revenue from contract with customers - net 29 240,626,169 193,912,162
NON-CURRENT ASSETS Cost of sales 30 (228,196,024) (203,661,418)
Property, plant and equipment 4 289,662,580 291,938,370 Gross profit / (loss) 12,430,145 (9,749,256)
Intangible asset 5 5,917 12,372

Investment in subsidiaries - at cost 6 17,414,238 17,414,138
Long-term deposits 7 329,793 328,652 Administrative expenses 31 (1,544,608) (1,245,752)
307,412,528 309,693,532 Selling and distribution expenses 32 (635,222) (481,169)
Current assets Other expenses 33 (514,573) (2,142,172)
Stores and spares 2,449,863 2,308,618 Other income 34 1,136,387 7,983,060
Stock-in-trade 8 45,816,644 25,691,081
(1,558,016) 4,113,967
Trade debts 9 5,608,672 3,205,613
Loans and advances 10 1,799,223 1,636,594
Trade deposits and short-term prepayments 11 25,574 28,591 Operating profit / (loss) 10,872,129 (5,635,289)
Other receivables 12 2,573,538 1,935,437 Finance costs - net 35 (9,387,101) (6,578,648)
Taxation - net - 573,273
Cash and bank balances 13 2,399,632 1,194,718 Profit / (loss) before tax 1,485,028 (12,213,937)
60,673,146 36,573,925
Total assets 368,085,674 346,267,457 Final tax and minimum taxes 36 (690,738) (601,879)
Income tax 37 214,084 152,537
EQUITY AND LIABILITIES
Profit / (loss) for the year 1,008,374 (12,663,279)
Share capital and reserves
Share capital 14 54,934,476 54,934,476 (Rupees)

Reserves (31,474,248) (34,741,156)
23,460,228 20,193,320 Earnings / (loss) per share - basic and diluted 38 0.18 (2.34)

Surplus on revaluation of operating fixed assets - net of tax 15 155,903,719 158,149,183 The annexed notes from 1 to 51 form an integral part of these unconsolidated financial statements.
179,363,947 178,342,503
Contribution from shareholders 16 25,756,331 -
205,120,278 178,342,503
Non-current liabilities
Long-term financing 17 14,440,000 16,319,206
Accrued and deferred mark-up 18 - 8,598,704
Long-term lease liabilities 19 2,267,600 2,014,883
Long-term deposits 20 230,352 246,115
Deferred liability 21 549,049 855,011
Deferred tax liability 22 60,801,375 61,713,199
78,288,376 89,747,118
Current liabilities
Trade and other payables 23 70,288,310 54,227,820
Contract liabilities 24 1,127,778 1,345,505
Accrued mark-up 25 3,758,105 1,923,136
Short-term borrowings - secured 26 8,286,144 18,954,023
Current portion of non-current liabilities 27 1,034,418 1,726,325
Unclaimed dividend 1,027 1,027
Taxation - net 181,238 -
84,677,020 78,177,836

Total equity and liabilities 368,085,674 346,267,457

Contingencies and commitments 28

The annexed notes from 1 to 51 form an integral part of these unconsolidated financial statements.

Chief Executive Officer Director Chief Financial Officer Chief Executive Officer Director Chief Financial Officer

Cnergyico Pk Limited 72 73 Annual Report 2024



Deferred tax thereon

Deferred tax thereon

Chief Executive Officer

Cnergyico Pk Limited
74
Total comprehensive income for the year
Surplus on revaluation of operating fixed assets

Re-measurements on defined benefit obligation

For the Year Ended June 30, 2024
COMPREHENSIVE INCOME

Director
UNCONSOLIDATED STATEMENT OF

statement of profit or loss

Items that will not be reclassified subsequently to unconsolidated

15
15
Note

21.1.7

2024

-
1,008,374

18,409
-
-

1,021,444
13,070
13,070

The annexed notes from 1 to 51 form an integral part of these unconsolidated financial statements.
(5,339)
(Rupees in ‘000)

Chief Financial Officer

2023

218,210,594

156,456,636

40,759

143,693,569
156,356,848
(12,663,279)

(61,753,958)

(140,547)

(99,788)
Other comprehensive income for the year
Profit / (loss) for the year

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Year Ended June 30, 2024
Revenue
Capital Reserves Reserve
Issued, Surplus on Contribution Contribution
subscribed Other capital revaluation against from
Merger Accumulated Sub-total Total
and paid up reserve of operating future issue shareholders
capital reserves losses of shares (Note 16)
(note 17.3) fixed assets
(note 15)
(Rupees in ‘000)

Balance as at June 30, 2022 53,298,847 (21,303,418) 3,214,209 2,590,087 (4,130,209) 33,669,516 979,418 - 34,648,934

Shares issued during the year 1,635,629 (656,211) - - - 979,418 (979,418) - -

Loss after taxation - - - - (12,663,279) (12,663,279) - - (12,663,279)

Other comprehensive income for the year - net of tax - - - 156,456,636 (99,788) 156,356,848 - - 156,356,848
Total comprehensive income for the year - - - 156,456,636 (12,763,067) 143,693,569 - - 143,693,569

Incremental depreciation relating to revaluation

surplus on operating fixed assets - net of tax (note 15) - - - (897,540) 897,540 - - - -

Balance as at June 30, 2023 54,934,476 (21,959,629) 3,214,209 158,149,183 (15,995,736) 178,342,503 - - 178,342,503

Profit after taxation - - - - 1,008,374 1,008,374 - - 1,008,374

Other comprehensive income for the year - net of tax - - - - 13,070 13,070 - - 13,070
Total comprehensive income for the year - - - - 1,021,444 1,021,444 - - 1,021,444

Contribution from shareholders - - - - - - - 25,756,331 25,756,331

75

Incremental depreciation relating to revaluation

surplus on operating fixed assets - net of tax (note 15) - - - (2,245,464) 2,245,464 - - - -

Balance as at June 30, 2024 54,934,476 (21,959,629) 3,214,209 155,903,719 (12,728,828) 179,363,947 - 25,756,331 205,120,278

The annexed notes from 1 to 51 form an integral part of these unconsolidated financial statements.
Annual Report 2024

Chief Executive Officer Director Chief Financial Officer

UNCONSOLIDATED STATEMENT OF CASH FLOWS NOTES TO THE MATERIAL ACCOUNTING POLICY
For the Year Ended June 30, 2024 INFORMATION AND OTHER EXPLANATORY
CASH FLOWS FROM OPERATING ACTIVITIES
Note 2024 2023
(Rupees in ‘000)
INFORMATION

Profit / (loss) before tax 1,485,028 (12,213,937) For the Year Ended June 30, 2024
Adjustments for:
1. LEGAL STATUS AND NATURE OF BUSINESS
Depreciation on operating fixed assets 4.1 6,581,164 4,031,957
Depreciation on right-of-use assets 4.3 309,497 308,175
1.1 Cnergyico Pk Limited (the Company) was incorporated in Pakistan as a public limited company on January 09, 1995 under
Amortisation of intangible asset 5 6,455 6,455
the Companies Act, 2017 and was granted a certificate of commencement of business on March 13, 1995. The shares
Finance costs 35 9,387,101 6,578,648
of the Company are listed on Pakistan Stock Exchange. The Company is a subsidiary of Bosicorco International Limited,
Allowance for expected credited losses 9.2 514,573 2,142,172
Mauritius (the Holding Company). The Holding Company in turn is a subsidiary of Busientco Incorporated, Cayman Islands
Gain on disposal of operating fixed assets 34 (4,063) (247)
(the Ultimate Parent Company).
Interest income 34 (1,029,220) (1,827,628)
Liabilities written back - (6,081,235)
The Company currently operates two business segments namely 1) Oil refinery business with two refineries with an
Provision for defined benefit obligation 21.1.5 166,136 112,908
aggregate rated capacity of 156,000 bpd and 2) Petroleum marketing business which was formally launched in 2007 is
Net cash flows before working capital changes 17,416,671 (6,942,732)
operated through 470 (June 30, 2023: 468) retail outlets across the country.
Movement in working capital
Decrease / (increase) in current assets : 1.2 Geographical location and address of business units
Stores and spares (141,245) 331,457
Stock-in-trade (20,125,563) 22,554,743 Head office
Trade debts (2,917,632) 3,357,862 The Harbour Front, 9th Floor, Dolmen City, HC-3, Block 4, Marine Drive, Clifton, Karachi - 75600, Pakistan.
Loans and advances (162,629) 68,860
Trade deposits and short-term prepayments 3,017 24,109 Refining units
Other receivables (555,447) 1,815,011 Mauza Kund, Sub Tehsil Gadani, District Lasbella, Baluchistan.
(23,899,499) 28,152,042
(Decrease) / increase in current liabilities: 1.3 These unconsolidated financial statements are the separate financial statements of the Company in which investment in
Trade and other payables 15,374,553 (13,684,043) subsidiaries are stated at cost less impairment, if any.
Contract liabilities (217,727) (1,547,796)
15,156,826 (15,231,839) 1.4 Potential restructuring of the Company
Cash generated from operations 8,673,998 5,977,471
Finance costs paid (6,665,537) (5,481,647) The Company made an announcement on Pakistan Stock Exchange (“PSX”) dated December 21, 2023 regarding potential
Final taxes paid (381,373) - scheme for restructuring of the Company (the Scheme). The draft scheme proposed potential corporate re-organisation
Income taxes and minimum taxes paid (257,933) (66,557) / restructuring of the Company and its wholly owned subsidiaries, subject to completion and finalisation of the Scheme,
Gratuity paid 21.1.5 - (20,000) obtaining all necessary members’, creditors’ and regulatory approvals, and the sanction of the Scheme by the High Court
Interest received 946,563 116,380 of Sindh at Karachi, along with fulfilment of related legal formalities in accordance with applicable laws. Through the
Net cash generated from operations 2,315,718 525,647 said announcement the Board of Directors of the Company in their meeting approved a draft scheme under section 279
to 283 and 285 of the Companies Act, 2017, to be entered into between the Company and its following wholly owned
CASH FLOWS FROM INVESTING ACTIVITIES subsidiaries namely:

Acquisition of property, plant and equipment (1,209,809) (2,148,372) i) Bosicorco ORB 1 (Private) Limited (ORB 1) ii) Bosicorco ORB 2 (Private) Limited (ORB 2) iii) Bosicorco OMB 1 (Private)
Proceeds from disposal of operating fixed assets 4,063 673 Limited (OMB) iv) Bosicorco OSB 2 (Private) Limited (OSB) v) Bosicorco CPB 1 (Private) Limited (CPB) and vi) Cnergyico
Investment in subsidiaries (100) (500) lsomerate PK (Private) Limited (ISOM) laid before the Board of Directors of the Company pertaining to the proposed
Long-term deposits - net (16,903) 60,822 scheme.
Net cash used in investing activities (1,222,749) (2,087,377)

In terms of the Scheme, it is intended, inter alia, that certain business units / undertakings of the Company shall be
CASH FLOWS FROM FINANCING ACTIVITIES segregated and demerged / carved out from the Company, which undertakings (including the respective assets, liabilities

Long-term financing - net 17 (1,250,409) 902,538 and obligations comprising thereof) shall be merged with and into, and stand vested in, ORB 1, ORB 2, OMB, OSB and CPB
Short-term borrowings - net 1,832,122 (673,446) respectively. Furthermore, ISOM, being a wholly owned subsidiary of the Company shall be merged with and into ORB 2.
Payment of lease liabilities (469,768) (352,389)
Net cash generated from / (used in) financing activities 111,945 (123,297) The Board has authorised the Company inter alia to finalise and execute the Scheme and file a petition before the High
Court of Sindh, Karachi.
Net increase / (decrease) in cash and cash equivalents 1,204,914 (1,685,027)
The High Court of Sindh issued an order on February 6, 2024, mandating the conduct of meetings for the members
Cash and cash equivalents - at the beginning of the year (405,282) 1,279,745 and secured creditors of the Company. Accordingly Extraordinary General Meeting (EOGM) with the members was held
Cash and cash equivalents - at the end of the year 39 799,632 (405,282) on March 26, 2024, during which said scheme of arrangement was placed before the members for consideration and
approval, which was approved and adopted, along with modifications / amendments required or conditions imposed by
The annexed notes from 1 to 51 form an integral part of these unconsolidated financial statements. the High Court of Sindh at Karachi.

Chief Executive Officer Director Chief Financial Officer

Cnergyico Pk Limited 76 77 Annual Report 2024

2. BASIS OF PREPARATION Effective from accounting
period beginning on or after:
2.1 Statement of compliance Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’
- Clarification on how entity accounts when there is long term lack of Exchangeability January 01, 2025
These unconsolidated financial statements have been prepared in accordance with the accounting and reporting standards
as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:
IFRS 17 – Insurance Contracts
- International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB) as (including the June 2020 and December 2021 Amendments to IFRS 17) January 01, 2026
notified under the Companies Act, 2017 (the Act); and

- Provisions of and directives issued under the Act. Amendments IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial instruments
disclosures’ - Classification and measurement of financial instruments January 01, 2026
Where provisions of and directives issued under the Act differ from IFRS, the provisions of and directives issued under the
Act have been followed. Other than the aforesaid standards, interpretations and amendments, the International Accounting Standards Board
(IASB) has also issued the following standards which have not been adopted locally by the Securities and Exchange
2.2 Basis of measurement Commission of Pakistan:

These unconsolidated financial statements have been prepared under the historical cost convention except for: - IFRS 1 – First Time Adoption of International Financial Reporting Standards
- IFRS 18 - Presentation and Disclosures in Financial Statements
- Operating fixed assets which are carried at revalued amount in accordance with IAS 16 “Property, Plant and - IFRS 19 - Subsidiaries without Public Accountability: Disclosures
Equipment” as disclosed in note 3.1 and 4.1; and
2.4 Critical accounting judgments, estimates and assumptions
- Employees’ retirement benefits which is carried at present value of defined benefit obligation net of fair value of
plan assets in accordance with the requirements of IAS 19 Employee Benefits, as disclosed in note 3.12 and 21.1. The preparation of these unconsolidated financial statements in conformity with approved accounting standards, as
applicable in Pakistan, requires management to make judgements, estimates and assumptions that affect the
- Lease liability are measured at the present value of lease payments. The lease payments are discounted using the application of policies and the reported amount of assets, liabilities, income and expenses. The estimates and associated
interest rate implicit in the lease, however where the rate cannot be determined then the company uses its internal assumptions are based on historical experience and various other factors that are believed to be reasonable under the
borrowing rate. circumstances, the results of which form the basis of making the judgments about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates
2.3 Changes in accounting standards and interpretations underlying the assumptions are reviewed on an ongoing basis.

2.3.1 Amendments to accounting and reporting standards and the framework for financial reporting Revisions to accounting 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
The following, amendments and interpretations are effective for the year ended June 30, 2024. These standards, periods. Judgements, estimates and assumptions made by the management that may have a significant risk of material
amendments and interpretations are either not relevant to the Company’s operations or are not expected to have adjustments to the unconsolidated financial statements in the subsequent years are as follows:
significant impact on the Company’s unconsolidated financial statements other than certain additional disclosures.
Note
- Amendments to IAS 1 ‘Presentation of Financial Statements’ and IFRS practice statement 2 - Disclosure of accounting i) Useful lives of items of operating fixed assets 3.1 & 4.1
policies ii) Surplus on revaluation of operating fixed assets 3.1
iii) Impairment against investment in subsidiaries 3.4
- Amendments to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ - Definition of accounting iv) Provision for slow moving and obsolete stores and spares 3.6
estimates v) Allowance for expected credit losses and other receivables 3.9
vi) Impairment against non-financial assets 3.3
- Amendments to ‘IAS 12 Income Taxes’ - deferred tax related to assets and liabilities arising from a single transaction vii) Estimates of receivables and payables in respect of staff retirement benefit schemes 3.12
viii) Provision for taxation 3.13
- Amendments to IAS 12 ‘ Income taxes’ - International Tax Reform — Pillar Two Model Rules ix) Contingencies 3.16
x) Determining the lease term of contracts with renewal and termination options 3.11
2.3.2 New accounting standards / amendments to the accounting and reporting standard that are not yet effective:
2.5 ADOPTION OF ACCOUNTING POLICY
The following standard, amendments and interpretations are only effective for accounting periods, beginning on or after
the date mentioned against each of them. These standard, interpretations and the amendments are either not relevant Accounting for minimum taxes and final taxes
to the Company’s operations or are not expected to have significant impact on the Company’s unconsolidated financial
statements other than certain additional disclosures. As an application resource, a guide was issued by Institute of Chartered Accountants of Pakistan (ICAP) in May 2024 ‘IAS
12 Application Guidance on Accounting for Minimum taxes and Final taxes’ (the guide) applicable for reporting period
Effective from accounting June 30, 2024 and onwards.
period beginning on or after:
Amendments to IFRS 16 ‘ Leases’ -Clarification on how seller-lessee In the given guide it has been stated that minimum taxes and final taxes which are charged as per the provisions of the
subsequently measures sale and leaseback transactions January 01, 2024 Income Tax Ordinance, 2001 (ITO) previously accounted for and presented as income taxes within the scope of IAS 12
‘Income taxes’ will now be treated as ‘Levies’ as defined in para BC4 of IFRIC 21 as taxes whose calculation is based on
Amendments to IAS 1 ‘Presentation of Financial Statements’ - Classification of gross amounts such as revenue.
liabilities as current or non-current along with Non-current liabilities with Covenants January 01, 2024
As per IAS 12, income taxes includes all domestic and foreign taxes which are based on taxable profits which is the profit
Amendments to IAS 7 ‘Statement of Cash Flows’ and ‘IFRS 7 ‘Financial instruments (loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income
disclosures’ - Supplier Finance Arrangements January 01, 2024 taxes are payable (recoverable).

Cnergyico Pk Limited 78 79 Annual Report 2024

 In view of the above guide from ICAP, it has been established that minimum tax and final taxes do not meet the criteria Depreciation is charged to unconsolidated statement of profit or loss, applying the straight line method whereby costs
of income tax expense as per IAS 12 hence it should be accounted for under IFRIC 21 ‘Levies’ and IAS 37 ‘Provisions, of assets, less their residual values, is written off over their estimated useful lives at rates as disclosed in note 4.1 to the
Contingent Liabilities and Contingent Assets’. unconsolidated financial statements. Depreciation on additions is charged from the month in which the asset is available
for use up to the month preceding the disposal.
The guide issued by ICAP provides two (2) approaches to account for minimum and final regime taxes, which is a choice
of accounting policy of which the Company has chosen the following: The carrying values of the Company’s operating fixed assets are reviewed at each financial year end for impairment
when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication
Designate the amount calculated on taxable income using the notified tax rate as an income tax within the scope of IAS exists, and where the carrying values exceed the estimated recoverable amount, the assets are written down to their
12 ‘Income Taxes’ and recognise it as current income tax expense. Any excess over the amount designated as income recoverable amount.
tax, is then recognised as a levy falling under the scope of IFRIC 21/IAS 37. Under approach (b) i.e. when the excess is
treated as a ‘levy’, the effective rate of income tax is equal to the enacted rate of income tax. Repairs and maintenance cost is charged to the unconsolidated statement of profit or loss in the year in which it is
incurred. Major renewals and improvements are capitalised when it is probable that respective future economic benefits
Similarly, any amount deducted as final taxes will be classified as a levy in the unconsolidated statement of profit or loss will flow to the Company.
and there would be no deferred tax liability / (asset) recognised in case of final taxes.
An item of operating fixed assets is derecognised upon disposal or when no future economic benefits are expected from
Super tax charged to entities as per provisions of ITO, 2001, will be classified as either ‘Income Tax’ or ‘levy’ in accordance its use or disposal. Gain or loss on disposal of operating fixed assets is recognised in the month of disposal.
with guide stated in preceding paragraphs of this guide [i.e. if super tax calculation is based on taxable profits as defined
in IAS 12, then, such super tax shall be recognised as ‘income tax’ otherwise such super tax shall qualify for recognition Increase in the carrying amounts arising on revaluation of operating fixed assets are recognised in unconsolidated
as ‘levy’ as per IFRIC 21 / IAS 37]. statement of comprehensive income and accumulated in reserves in shareholders’ equity to except to the extent
that it reverses a revaluation decrease previously recognised in unconsolidated statement of profit or loss, in which
Advance taxes paid under any section of the ITO, 2001, except minimum taxes paid under section 113, which are termed case the increase is credited to unconsolidated statement of profit or loss to the extent of the decrease previously
as levy as per the above guide will be classified as ‘prepaid assets’. charged. Decrease that reverse previous increase of the same asset are first recognised in unconsolidated statement of
comprehensive income to the extent of the remaining surplus attributable to the asset; all other decrease are charged to
The above changes have been accounted for in these unconsolidated financial statements as per the requirements of unconsolidated statement of profit or loss.
IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. The adoption of this policy did not result in re-
statement of unconsolidated financial statements since deferred tax liability recognised in prior periods as per TR 27 and Capital work-in-progress
the application of this guide did not result any material differences except for reclassifications which are presented as
below: Capital work-in-progress, is stated at cost less accumulated impairment losses, if any. Cost consists of:

Effect on statement of financial position: - expenditures incurred for the acquisition of the specific asset, dismantling, refurbishment, construction and
installation of the asset so acquired.
As at June 30, 2023, there is no effect of this guide on the statement of finanical position.
- borrowing cost and exchange differences arising on foreign currency financings to the extent these are regarded as
Current Previous adjustment to interest costs for qualifying assets if its recognition criteria is met as mentioned in note 3.15 to the
Effect on statement of profit or loss: Classification Classification unconsolidated financial statements.
For the year ended June 30, 2023
- interest expenses and other expenses as mentioned in note 4.2.1 to the unconsolidated financial statements.
Taxation:
- Current year - 601,879 - trial run cost of testing the asset. If the income from the testing activity is higher than the cost of testing the asset,
- prior year (152,537) (152,537) then the net effect will be a recognised in unconsolidated statement of profit or loss.
Deferred tax - -
Right-of-use assets
Revenue taxes:
- minimum taxes 601,879 - The Company recognises a right-of-use assets at the commencement date of the lease (i.e., the date the underlying
449,342 449,342 asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of
3. MATERIAL ACCOUNTING POLICY INFORMATION lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date
less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term.
“During the year, the Company adopted the Disclosure of Accounting Policies (Amendments to IAS 1) effective from periods
begining on or after January 01, 2023. The amendments require the disclosure of ‘material’, rather than ‘significant’, 3.2 Intangible asset
accounting polices. Although the amendments did not result in any changes to the accounting policies themselves.
An intangible asset is recognised if it is probable that future economic benefits attributable to the asset will flow to the
The Company has consistently applied following accounting policies to all periods presented in these financial statements Company and that the cost of such asset can be measured reliably. These are stated at cost less accumulated amortisation
except if mentioned otherwise. and impairment, if any.

3.1 Property, plant and equipment Costs that are directly associated with identifiable software and have probable economic benefits exceeding the cost
beyond one year, are recognised as intangible assets. Direct costs include the purchase cost of software, implementation
Operating fixed assets - Owned cost and related overhead cost.

These are initially recognised at cost and subsequently carried at cost less accumulated depreciation and impairment Intangible assets are amortised using the straight-line method over a period of three years or license period, whichever
losses, if any, except for freehold land, leasehold land, building on freehold land, roads and civil works, building on is shorter.
leasehold land, plant and machinery, generators and safety and lab equipments which are measured at revalued
amounts, which is the fair value at the date of revaluation less accumulated depreciation and accumulated impairment The carrying value of intangible assets are reviewed for impairment when events or changes in circumstances indicate
losses, if any, recognised subsequent to the date of revaluation. The surplus arising on revaluation is disclosed as surplus that the carrying value may not be recoverable. If any such indication exists and where the carrying value exceeds the
on revaluation of operating fixed assets. estimated recoverable amount, the assets are written down to their recoverable amount.

Cnergyico Pk Limited 80 81 Annual Report 2024

3.3 Impairment of non-financial assets 3.9 Financial instruments

The carrying amounts of non-financial assets are assessed at each reporting date to ascertain whether there is any A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated to determine the instrument of another entity.
extent of impairment loss, if any. An impairment loss is recognised, as an expense in unconsolidated statement of profit
or loss. The recoverable amount is the higher of an asset’s fair value less cost to disposal and value-in-use. Value-in-use 3.9.1 Financial assets
is ascertained through discounting of the estimated future cash flows using a discount rate that reflects current market
assessments of the time value of money and the risk specific to the assets for which the estimate of future cash flow Initial recognition and measurement
have not been adjusted. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there
are separately identifiable cash flows (cash-generating units). Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other
comprehensive income or fair value through profit or loss
An impairment loss is reversed if there is a change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised previously. characteristics and the Company’s business model for managing them. With the exception of trade receivables, the
Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through
Reversal of an impairment loss is recognised immediately in unconsolidated statement of profit or loss. profit or loss, transaction costs. Trade receivables are measured at the transaction price as determined under IFRS 15.

3.4 Investment in subsidiaries In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give
rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This
Investment in subsidiary is initially recognised at cost. At each reporting date, the Company reviews the carrying amount assessment is referred to as the SPPI test and is performed at an instrument level. The Company’s business model for
of the investment to assess whether there is any indication that such investments have suffered an impairment loss. If managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business
any such indication exists, the recoverable amount is estimated in order to determine the extent of the impairment loss, model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or
if any. Such impairment losses or reversal of impairment losses are recognised in the unconsolidated statement of profit both.
or loss. These are classified as ‘long-term investment’ in the unconsolidated financial statements.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or
3.5 Stock-in-trade convention in the market place (regular way trades) are recognised on the trade date, i.e. the date that the Company
commits to purchase or sell the asset.
All stock-in-trade is valued at the lower of cost and net realisable value (NRV). Stock-in-transit, if any, are valued at cost
comprising invoice values plus other charges incurred as of reporting date. Subsequent measurement

Raw materials For purposes of subsequent measurement, the Company classifies its financial assets into following categories:

Cost in relation to crude oil is determined on the basis of First-In-First-Out (FIFO) basis. - Financial assets at amortised cost (debt instruments);

Finished products - Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments) (FVTOCI); and
Cost of finished products comprises of the cost of crude oil and appropriate production overheads. Production overheads
are arrived at on the basis of average cost for the month per barrel of throughput. - Financial assets at fair value through profit or loss (FVTPL).

Net realisable value in relation to finished products and raw material is the estimated selling price in the ordinary course Financial assets at amortised cost (debt instruments)
of business, less the estimated cost of completion and estimated cost necessary to make the sale.
The Company measures financial assets at amortised cost if both of the following conditions are met:
3.6 Stores and Spares
- The financial asset is held within a business model with the objective to hold financial assets in order to collect
These are stated at moving average cost less impairment loss, if any. For items which are slow moving and / or identified contractual cash flows; and
as surplus to the Company’s requirements, adequate provision is made for any excess book value over estimated realisable
value. Provision is made for obsolete and slow moving items where necessary and is recognised in the unconsolidated - The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
statement of profit or loss. principal and interest on the principal amount outstanding.

3.7 Advances and short-term prepayments Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to
impairment. Gains and losses are recognised in unconsolidated statement of profit or loss when the asset is derecognised,
These are initially recognised at cost, which is the fair value of the consideration given. Subsequent to initial recognition modified or impaired.
assessment is made at each unconsolidated statement of financial position date to determine whether there is an
indication that assets may be impaired. If such indication exists, the estimated recoverable amount of that asset is The Company’s financial assets at amortised cost includes loans, deposits, trade debts, other receivables and cash at
determined and any impairment loss is recognised for the difference between the recoverable amount and the carrying bank.
value.
Financial assets designated at FVTOCI (equity instruments)
3.8 Contract liabilities
Upon initial recognition, the Company can elect to classify irrevocably its equity investments as equity instruments
Advances from customers is the obligation of the Company to transfer goods or services to a customer for which the designated at FVTOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are
Company has received consideration (or an amount of consideration is due) from the customer. If a customer pays not held for trading. The classification is determined on an instrument-by-instrument basis.
consideration before the Company transfers goods or services to the customer, an advance is recognised when the
payment is made or the payment is due (whichever is earlier). Advances are recognised as revenue when the Company
fulfills its performance obligations under the contract.

Cnergyico Pk Limited 82 83 Annual Report 2024

 Gains and losses on these financial assets are never recycled to unconsolidated statement of profit or loss. Dividends For financial assets other than trade debts, the Company applies general approach in calculating ECL. It is based on
are recognised as other income in unconsolidated statement of profit or loss when the right of payment has been difference between the contractual cashflows due in accordance with the contract and all the cashflows that the Company
established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial expects to receive discounted at the approximation of the original effective interest rate. The expected cashflows will
asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not include cash flows from sale of collateral held or other credit enhancements that are integral to the contractual terms.
subject to impairment assessment.
For trade debts, the Company applies a simplified approach where applicable in calculating ECL. Therefore, the Company
The Company has not designated any financial asset at FVTOCI. does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECL at each reporting date.
The Company has established a provision matrix for large portfolio of customer having similar characteristics and default
Financial assets at FVTPL rates based on the credit rating of customers from which receivables are due that is based on the Company’s historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at
FVTPL, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for The Company considers a financial asset to be at a risk of default when contractual payments are 90 days past due,
trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows unless there are factors that might indicate otherwise. However, in certain cases, the Company may also consider a
that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, financial asset to be in default when internal or external information indicates that the Company is unlikely to receive
irrespective of the business model. the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A
financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Notwithstanding the criteria for debt instruments to be classified at amortised cost or at FVTOCI, as described above,
debt instruments may be designated at FVTPL on initial recognition if doing so eliminates, or significantly reduces, an 3.9.2 Financial liabilities
accounting mismatch.
Initial recognition and measurement
Financial assets at FVTPL are carried in the unconsolidated statement of financial position at fair value with net changes
in fair value recognised in unconsolidated statement of profit or loss. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, and
financial liabilities at amortised cost, as appropriate.
This category also includes derivative instruments and listed equity investments which the Company had not irrevocably
elected to classify at FVTOCI. Dividends on listed equity investments are also recognised as other income in unconsolidated All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
statement of profit or loss when the right of payment has been established. directly attributable transaction costs.

The Company has not designated any financial asset at FVTPL. Subsequent measurement

Derecognition Financial liabilities at FVTPL

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
derecognised (i.e. removed from the Company’s unconsolidated statement of financial position) when: designated upon initial recognition as at fair value through profit or loss. Gains or losses on liabilities held for trading are
recognised in unconsolidated statement of profit or loss. Financial liabilities designated upon initial recognition at fair
- The rights to receive cash flows from the asset have expired, or value through profit or loss are designated at the initial date of recognition, only if the criteria in IFRS 9 are satisfied. The
Company has not designated any financial liability at FVTPL.
- The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either Financial liabilities at amortised cost
(a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. After initial recognition, borrowings and payables are subsequently measured at amortised cost using the Effective
Interest Rate (EIR) method. Gains and losses are recognised in unconsolidated statement of profit or loss when the
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through liabilities are derecognised as well as through the EIR amortisation process.
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control integral part of the EIR. The EIR amortisation is included as finance costs in unconsolidated statement of profit or loss.
of the asset, the Company continues to recognise the transferred asset to the extent of its continuing involvement. In that
case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured Borrowings are classified as current liabilities unless the Company has an unconditional right to defer the settlement of
on a basis that reflects the rights and obligations that the Company has retained. the liability for at least twelve months after the reporting date. Exchange gains and losses arising in respect of borrowings
in foreign currency are added to the carrying amount of the borrowing.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at lower of the original
carrying amount of the asset and the maximum amount of consideration that the Company could be required to repay. Derecognition

Impairment of financial assets A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
The Company recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the
through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in
contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original unconsolidated statement of profit or loss.
effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms. 3.9.3 Offsetting of financial instruments

ECL is recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk Financial assets and financial liabilities are set off and the net amount is reported in the unconsolidated statement of
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the financial position only when the Company has a legally enforceable right to set off and the Company intends to either
next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk settle on a net basis, or to realise the assets and to settle the liabilities simultaneously. Income and expense items of such
since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, assets and liabilities are also offset and the net amount is reported in the unconsolidated statement of financial position.
irrespective of the timing of the default (a lifetime ECL).

Cnergyico Pk Limited 84 85 Annual Report 2024

3.10 Cash and cash equivalents Company as a lessor

Cash and cash equivalents are stated at cost. For the purposes of unconsolidated statement of cash flows, cash and cash Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset
equivalents comprise cash and bank balances and running finance facility. are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and
is included in other income in the unconsolidated statement of profit or loss due to its operating nature.
3.11 Leases
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as
right to control the use of an identified asset for a period of time in exchange for consideration. revenue in the period in which they are earned.

Company as a lessee 3.12 Staff retirement benefits

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and Defined benefit plan
leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets
representing the right to use the underlying assets. The Company operates a funded gratuity scheme covering all its permanent employees who have completed minimum
qualifying period of service. The Company’s obligation under the scheme is determined through actuarial valuations
i) Lease liabilities carried out under the “Projected Unit Credit Method”. The latest actuarial valuation was carried out at June 30, 2024 and
based on the actuarial valuation, the Company had recognised the liability for retirement benefits and the corresponding
At the commencement date of the lease, the Company recognises lease liabilities measured at the present value expenses. Actuarial gains and losses that arise are recognised in the unconsolidated statement of comprehensive income
of lease payments to be made over the lease term. The lease payments include fixed payments (including in- in the year in which they arise. Past service costs are recognised immediately in the unconsolidated statement of profit
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or loss irrespective of the fact that the benefits are vested or non-vested. Current service costs and any past service costs
or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the together with the effect of the unwinding of the discount on plan liabilities are charged to the unconsolidated statement
exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for of profit or loss.
terminating the lease, if the termination option is reasonably certain to be exercised. Variable lease payments that
do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in The amount recognised in the unconsolidated statement of financial position represents the present value of defined
the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease benefit obligation as reduced by the fair value of plan assets.
payments at the lease commencement date, the Company uses the interest rate implicit in the lease. In case where
the interest rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate. Defined contribution plan
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is The Company operates a funded provident fund scheme for all its eligible employees. Equal contributions are made by
a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an the Company and the employees at 8.33% of the basic salary of the eligible employees.
option to purchase the underlying asset.
3.13 Taxation
ii) Determination of the lease term for lease contracts with extension and termination options
i. Current tax
The Company determines the lease term as the non-cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an Provision for current taxation is based on taxable income at the enacted / corporate tax rate after taking into account
option to terminate the lease, if it is reasonably certain not to be exercised. tax credits and rebates available, if any, as per the Income Tax Ordinance, 2001.

The Company has several lease contracts that include extension and termination options. The Company applies ii. Minimum taxes
judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or
terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise Minimum tax include levies as per IFRIC 21 which comprises of minimum tax as per section 113 and minimum taxes
either the renewal or termination. After the commencement date, the Company reassesses the lease term if there under various sections of Income Tax Ordinance, 2001.
is a significant event or change in circumstances that is within its control that affects its ability to exercise or not to
exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant A levy is an outflow of resources embodying economic benefits that is imposed by governments on entities in
customisation of the leased asset). accordance with legislation (i.e. laws and/or regulations), other than:

iii) Estimating the incremental borrowing rate (a) those outflows of resources that are within the scope of other standards.

Where the Company cannot readily determine the interest rate implicit in the lease, it uses its incremental borrowing (b) fines or other penalties that are imposed for breaches of the legislation.
rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow
over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right- In these financial statements, levy includes minimum taxes differential, if any, final taxes and super taxes which
of-use asset in a similar economic environment. are calculated on a basis other than taxable profits. The corresponding advance tax paid, except for minimum taxes
under section 113, which are treated as levy are recognised as prepaid assets.
iv) Short-term leases
iii. Final tax
The Company applies the short-term lease recognition exemption to its short-term leases of office premises (i.e.,
those leases that have a lease term of 12 months or less from the commencement date and do not contain a Final tax includes tax charged / withheld / paid on certain income streams under various provisions of Income Tax
purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the Ordinance, 2001 (Ordinance). Final tax is charged / computed under the Ordinance, without reference to income
lease term. chargeable to tax at the general rate of tax and final tax computed / withheld or paid for a tax year is construed as
final tax liability for the related stream of Income under the Ordinance.

Final tax paid is considered to be full and final discharge of the tax liability for the Company for a tax year related to
that income stream.

Cnergyico Pk Limited 86 87 Annual Report 2024

 iv. Deferred tax 3.19 Other income

Deferred tax is provided using the liability method for all temporary differences at the reporting date between tax Other income is recognised to the extent it is probable that the economic benefits will flow to the Company and amount
bases of assets and liabilities and their carrying amounts for financial reporting purposes after considering, the can be measured reliably. Other income is measured at the fair value of the consideration received or receivable and is
average effective rate of tax as determined in approach (b) to the guide issued by ICAP. recognised on the following basis:

Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax asset is recognised for all - Mark-up on delayed payment charges are recognised on the time proportionate basis.
deductible temporary differences and carried forward unused tax losses, if any, to the extent that it is probable that
taxable profit will be available against which such temporary differences and tax losses can be utilised. - Interest income on short-term deposits and interest bearing loan and advances are recognised on the time
proportionate basis;
Deferred tax assets and liabilities are measured at enacted tax rate that are expected to apply to the period when
the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at - Scrap sales, dealership income and rental income are recognised on an accrual basis; and
the reporting date.
- Gain on disposal is recognised at the time of disposal of operating fixed assets.
3.14 Provisions
3.20 Earnings per share
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event,
if it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated
a reliable estimate can be made of the amount of obligation. Provisions are reviewed at each unconsolidated statement by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number
of financial position date and adjusted to reflect the current best estimate. of ordinary shares outstanding during the year. 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
3.15 Borrowings and related costs potential ordinary shares.

Borrowing costs directly attributable to the acquisition, construction or installation of qualifying assets, that necessarily 3.21 Foreign currency translation
take substantial period of time to get ready for their intended use, are capitalised as a part of cost of those assets,
until such time as the assets are substantially ready for intended use. All other borrowing costs are recognised as an Transactions in foreign currencies are accounted for in Pakistan Rupees at the rates prevailing on the date of transaction.
expense in the year in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs Monetary assets and liabilities in foreign currencies are translated into Rupees at the rates of exchange which approximate
in connection with borrowing of funds and exchange difference arising on foreign currency fundings to the extent those those prevailing at the unconsolidated statement of financial position date. Exchange differences are recognised in the
are regarded as adjustment to the interest cost, net of related interest income, if any. unconsolidated statement of profit or loss.

3.16 Contingencies 3.22 Operating segments

Contingent liability is disclosed when: Operating segments are reported in a manner consistent with the internal reporting provided to the Chief operating
decision-maker. The Chief operating decision-maker, who is responsible for allocating resources and assessing
- there is a possible obligation that arises from past events and whose existence will be confirmed only by the performance of the operating segments, has been identified as Chief Executive of the Company.
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company;
or 3.23 Dividends and appropriations

- there is a present obligation that arises from past events but it is not probable that an outflow of resources embodying Dividends and reserve appropriations are recognised in the year in which these are declared / approved.
economic benefits will be required to settle the obligation or the amount of the obligation cannot be measure with
sufficient reliability. 3.24 Unclaimed dividend

3.17 Share capital Dividend declared and remained unpaid for the period of more than three years from the date it is due and
payable.
Ordinary shares are classified as equity and recognised at their face value. Incremental costs directly attributable to
the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Merger reserves 3.25 Functional and presentation currency
represents difference in value of the net assets of Byco Oil Petroleum Limited and Byco Terminal Pakistan Limited. Other
capital reseves represents difference between the carrying value of the liability under the old agreement and the revised These unconsolidated financial statements are presented in Pakistani Rupee in thousand, which is the Company’s
obligation under revised agreement with Parent Company related to frozen exhange rate. functional and presentation currency.

3.18 Revenue recognition 4. PROPERTY, PLANT AND EQUIPMENT 2024 2023

Note
(Rupees in ‘000)
Revenue is recognised at amounts that reflect the consideration that the Company expects to be entitled to in exchange
for transferring goods to a customer. The credit limits in contract with customers ranges from nil to 30 days. Revenue is Operating fixed assets 4.1 248,640,953 255,157,042
measured at the fair value of the consideration received or receivable, and is recognised on the following basis: Capital work-in-progress 4.2 39,698,167 35,410,950
Right-of-use assets 4.3 1,323,460 1,370,378
- Revenue from sale of goods is recognised when control of goods have passed to the customer which coincide with 289,662,580 291,938,370
the dispatch of goods to the customers;

- Export sales are recognised on the basis of product shipped to the customers; and

- Handling and storage income, rental income on equipment and other services income is recognised on accrual
basis.

Cnergyico Pk Limited 88 89 Annual Report 2024

 down value Depreciation

down value Depreciation

4.1.1 This includes lease hold land amounting to Rs. 110.081 million (June 30, 2023 : Rs. 110.081 million) which had been fully

2.5-2.86
2.5-2.86
2.5-2.86
2.5-2.86

5-12.5
5-12.5

33.33
33.33
depreciated based on its lease term.

rate

rate

20
10
(%)

(%)
20
10

-
-
-
-

4
4
4
4
4.1.2 The Company’s assets located at filling stations are not in possession of the Company. In view of large number of dealers,
the management considers it impracticable to disclose particulars of assets not in possession of the Company as required

255,157,042
197,991
22,854
306,801
18,197
51,208
244,587,637
44,688
2,490,211
2,380,000
248,640,953

5,057,455
191,411
4,593
317,886
13,316
43,533
238,170,249
40,957
2,421,553
2,380,000
5,057,455
As at June as at June

As at June as at June
30, 2024

30, 2024
Written

Written
under para 12 of part II of the Fourth Schedule to the Companies Act, 2017.

4.1.3 On April 30, 2023, Company revalued its freehold land, leasehold land, building on freehold land, roads and civil works,
building on leasehold land, plant and machinery and safety and lab equipments, as per the 3 years revaluation cycle,

36,218,449
1,373,255
457,323
760,537
95,023
192,865
32,541,787
37,218
650,360
110,081
42,794,555

-
1,379,835
476,202
808,851
99,904
200,540
38,959,175
40,949
719,018
110,081
-
30, 2024

30, 2023
that resulted in revaluation surplus of Rs. 218,210.594 million. The valuation was carried out by an independent valuer,
on the basis of present market values for similar assets and replacement values of similar type of assets adjusted for
depreciation or economic obselence factor (level 3).
ACCUMULATED DEPRECIATION

ACCUMULATED DEPRECIATION

(1,161)
(1,161)
(5,058)
(5,058)

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Disposals

Disposals
The different levels have been defined in IFRS 13 as follows:

- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

4,031,957
12,867
39,409
58,355
5,070
7,777
3,827,535
3,499
77,445
-
6,581,164

-
6,580
18,879
53,372
4,881
7,675
6,417,388
3,731
68,658
-
-

- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e.,
Charge for

Charge for
the year

the year
as prices) or indirectly (i.e., derived from prices) (level 2); and

- Inputs for the asset or liabilities that are not based on observable market data (i.e. unobservable inputs e.g. estimated
future cash flows) (level 3).

32,187,653
1,360,388
419,075
702,182
89,953
185,088
28,714,252
33,719
572,915
110,081
36,218,449

-
1,373,255
457,323
760,537
95,023
192,865
32,541,787
37,218
650,360
110,081
-
As at July

As at July
01, 2023

01, 2022
(Rupees in ‘000)

(Rupees in ‘000)
4.1.4 Had there been no revaluation, the net book value of specific classes of operating fixed assets would have been amounted
to: 2024 2023

(1,587) 291,375,491
1,571,246
480,177
1,067,338
113,220
244,073
277,129,424
81,906
3,140,571
2,490,081
(5,058) 291,435,508

5,057,455
1,571,246
480,795
1,126,737
113,220
244,073
277,129,424
81,906
3,140,571
2,490,081
5,057,455
As at June

As at June
(Rupees in ‘000)
30, 2024

30, 2023
Free hold land 56,154 56,154
Lease hold land 213,200 213,200
Buildings on free hold land, roads and civil works 1,089,419 1,164,647

(1,587)
(5,058)

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Disposals

Disposals

Building on lease hold land 33,850 37,126

Plant and machinery 31,614,541 32,494,889
Safety and lab equipments 20,242 20,514
COST / REVALUATION

COST / REVALUATION

33,027,406 33,986,530
Additions / Revaluation

Additions / Revaluation

Building on free hold

196,760 218,210,594
182,895
-
-
-
-
45,309 211,501,922
-
1,259,865
1,175,125
-

4,090,787
-
-
-
-
-
-
-
-
-
-
surplus

surplus

4.1.5 Depreciation charge for the year on operating fixed assets has been allocated as follows:
Note 2024 2023
(Rupees in ‘000)

13,852
8,450
25,675
20,000
1,085
-
82,389
-
65,075

-
-
618
64,457
-
-
-
-
-
-
-
transfers

transfers

Cost of sales 30.1 6,489,462 3,933,108

Administrative expenses 31 37,270 39,090
Selling and distribution expenses 32 54,432 59,759
6,581,164 4,031,957
72,969,724
1,374,499
473,314
1,041,663
93,220
242,988
65,582,193
81,906
1,798,317
1,314,956
291,375,491

966,668
1,571,246
480,177
1,067,338
113,220
244,073
277,129,424
81,906
3,140,571
2,490,081
5,057,455
As at July

As at July
01, 2023

01, 2022

4.1.6 Forced sale values by classs of assets:

Free hold land 3,540,218 3,540,218

Lease hold land 1,666,000 1,666,000
Buildings on free hold land, roads and civil works 1,507,854 1,570,681
Building on lease hold land 54,635 56,911
Plant and machinery 166,854,555 171,449,399
Safety and lab equipments 110,512 113,555
173,733,774 178,396,764
Computer and allied equipments
Computer and allied equipments
Building on free hold land, roads
Operating fixed assets

land, roads and civil works

Building on lease hold land
Building on lease hold land

Safety and lab equipments

Safety and lab equipments

4.1.7 Particulars of immovable assets of the Company are as follows:

Lease hold land (4.1.1)
Lease hold land (4.1.1)

Filling stations (4.1.2)

Filling stations (4.1.2)

Furniture and fixtures

Furniture and fixtures

Plant and machinery

Plant and machinery

Location Unit of Measurement Total area

and civil works

Free hold land

Free hold land

Mauza Kund, Sub Tehsil Gadani, District Lasbella, Baluchistan Acre 620.45
Deh Redho, Tapo Noor Mohammad Shujrah, Taluka Khanpur, District Shikarpur Acre 12.68
Vehicles
Vehicles

Mauza Gujrat, Mehmoodkot, Tehsil kot, Addu District, Muzaffargarh Acre 12

Plot of Barani Land, Mauza Kund, Tehsil Gadani, District Lasbella, Baluchistan Acre 11

Mahal Jhamke (Machike), Tehsil & District Sheikhupura Acre 9

Zero point (SPM), Mauza Kund, Tehsil Gadani, District Lasbella, Baluchistan Acre 5
4.1

Plot no. 22/5, CL 9, Hoshang Road, Civil Lines Quarter, Karachi Sq. yard 2,975

Cnergyico Pk Limited 90 91 Annual Report 2024

4.2 Capital work-in-progress 5. INTANGIBLE ASSET 2024 2023
(Rupees in ‘000)
The movement of capital work-in-progress during the year is as follows: Computer Software
Opening net book value 12,372 18,827
Note July 01, June 30, June 30, Amortisation charge for the year (6,455) (6,455)
Additions Transfers
2023 2024 2023 Closing net book value 5,917 12,372
Building on free hold land, (Rupees in ‘000)
roads and civil works 82,950 5,675 - 88,625 82,950 Cost 19,365 19,365
Plant and machinery 4.2.1 & 4.2.2 35,247,157 4,315,278 - 39,562,435 35,247,157 Accumulated amortisation (13,448) (6,993)
Safety and lab equipment 12,243 - - 12,243 12,243 Net book value 5,917 12,372
Filling stations 68,600 2,054 (36,339) 34,315 68,600
Computer & Allied - 549 - 549 - (%)
35,410,950 4,323,556 (36,339) 39,698,167 35,410,950 Rate of amortisation 33.33 33.33

4.2.1 Capitalisation of borrowing costs amounting to Rs. 3,054.221 million (June 30, 2023: Rs. 2,783.922 million) have been 6. INVESTMENT IN SUBSIDIARIES - AT COST Note 2024 2023
determined at the rate of 16% (June 30, 2023: 16%) per annum. (Rupees in ‘000)

4.2.2 This includes units for refinery upgradation that are currently under construction / progress and will become operational Cnergyico Isomerate Pk (Private) Limited 6.1 16,931,504 16,931,504
as per the projected plans of the Company. Bosicorco OSB 1 (Private) Limited 6.2 482,134 482,134
Other wholly owned subsidiaries 6.3 600 500
4.3 Right-of-use assets 17,414,238 17,414,138
Note 2024 2023
Year ended June 30 (Rupees in ‘000) 6.1 This represents investment in Cnergyico Isomerate Pk (Private) Limited (CIPL), a wholly owned subsidiary, of 1,693,150,430
Opening net book value 1,370,378 711,237 shares (June 30, 2023: 1,693,150,430 shares) of Rs. 10 each. CIPL is principally engaged in blending, refining and
Additions 350,841 967,316 processing of petroleum naphtha to produce petroleum products such as premium motor gasoline.

Disposals - cost (94,240) - 6.2 This represents investment in Bosicorco OSB 1 (Private) Limited (BOSB 1), a subsidiary, of 46,391,621 shares (June 30,
Disposals - Accumulated depreciation 5,977 - 2023: 46,391,621 shares) of Rs. 10 each. BOSB 1 is principally engaged in serving as a mooring point for offloading liquid
(88,263) - products through the Single Buoy Mooring (SBM).

Depreciation charge for the year - ROUA 4.3.2 (309,497) (308,175) 6.3 Other wholly owned subsidiaries
Closing net book value 1,323,460 1,370,378
During the year, subsidiary namely Bosicorco Essential Service (Private) Limited has been incorporated with paid-up
As at June 30 capital of 10,000 shares each having face value of Rs. 10; the company holds 100% paid up capital of this subsidiary.
Cost 3,186,798 2,930,197
Accumulated depreciation (1,863,338) (1,559,819) Other subsidiaries include Bosicorco ORB 1 (Private) Limited, Bosicorco ORB 2 (Private) Limited, Bosicorco OSB 2 (Private)
Net book value 1,323,460 1,370,378 Limited, Bosicorco CPB 1 and Bosicorco OMB 1 (Private) Limited with paid-up capital of 10,000 shares each having face
value of Rs. 10. The company holds 100% paid up capital of these subsidiaries.
4.3.1 Breakup of net book value of right-of-use assets by class of underlying asset is as follows:
Note 2024 2023
7. LONG-TERM DEPOSITS - LTA
2024 2023 (Rupees in ‘000)
(Rupees in ‘000) Offices 15,134 14,959
Lease hold land 686,715 631,765 Retail sites and others 314,659 313,693
Building on lease hold land 636,746 738,613 329,793 328,652
1,323,461 1,370,378 8. STOCK-IN-TRADE

4.3.2 Depreciation charge for the year on right-of-use assets has been allocated as follows: Raw material 8.1 & 8.2 32,644,145 18,389,344
2024 2023 Finished products 8.3 & 8.4 13,172,499 7,301,737
Note 45,816,644 25,691,081
(Rupees in ‘000)
Cost of sales 30.1 93,804 140,529 8.1 This includes raw material in transit amounting to Rs. 12,905.562 million (June 30, 2023: Rs. 14,366.305 million).
Administrative expenses 31 89,437 79,439
Selling and distribution expenses 32 126,256 88,207 8.2 Raw material written down by Rs. Nil (June 30, 2023: Rs. 318.784 million) to net realisable value.
309,497 308,175
8.3 This includes finished product held by third parties amounting to Rs. 5,627.318 million (June 30, 2023: Rs. 1,867.896
4.3.2.1 Breakup of depreciation of right-of-use assets by class of underlying asset is as follows: million) as at the date of unconsolidated statement of financial position.
2024 2023
8.4 Finished products has been written down by Rs. 443.321 million (June 30, 2023: Rs. 8.139 million) to net realisable value.
(Rupees in ‘000)
Lease hold land 108,105 121,864
Building on lease hold land 201,392 186,311
309,497 308,175

4.3.3 Lease obligations of the Company comprise of lease arrangements giving it the right-of-use over lands, warehouses,
terminals and office premises.

Cnergyico Pk Limited 92 93 Annual Report 2024

9. TRADE DEBTS 12.3 This represents sales tax paid by the company on various materials and services received.
Note 2024 2023
(Rupees in ‘000) 13. CASH AND BANK BALANCES
Considered good 5,608,672 3,205,613 Note 2024 2023
Considered doubtful 9.1 11,684,804 11,170,231 (Rupees in ‘000)
17,293,476 14,375,844 Cash in hand 302 304

Allowance for expected credit losses 9.2 (11,684,804) (11,170,231) Cash at banks
5,608,672 3,205,614 - Current accounts 1,140,186 1,122,932
- Savings / deposit accounts 13.1 & 13.2 1,259,144 71,482
9.1 The company has a receivable claim from one of the customers amounting to Rs. 16,396 million as at the reporting 2,399,330 1,194,414
date. 2,399,632 1,194,718
2024 2023
9.2 Allowance for expected credit losses
Note
13.1 These carry interest at the rates ranging from 7.45% to 20.50% (June 30, 2023: 3.75% to 19.50%) per annum.
(Rupees in ‘000)
Opening balance 11,170,231 9,028,059 13.2 This includes Rs. 876.658 million (June 30, 2023: Rs. 107.460 million) kept in shariah compliant savings account.
For the year 33 514,573 2,142,172
Closing balance 11,684,804 11,170,231 14. SHARE CAPITAL

10. LOANS AND ADVANCES 2024 2023 2024 2023

Number of shares
Authorised share capital (Rupees in ‘000)
Considered good - Secured Ordinary shares of
Advance to suppliers and contractors - 69,131 6,000,000,000 6,000,000,000 Rs.10/- each 14.1 60,000,000 60,000,000
Issued, subscribed
Considered good - Unsecured and paid-up capital
Advance to employees, suppliers and contractors 280,443 48,683
Current portion of loan to Bosicorco OSB 1 (Private) Limited 10.1 1,518,780 1,518,780 187,348,638 187,348,638 Issued for cash 1,873,486 1,873,486
1,799,223 1,636,594 Issued for consideration
10.1 Long-term loans and advances 5,306,098,933 5,306,098,933 other than cash - assets 53,060,990 53,060,990
5,493,447,571 5,493,447,571 54,934,476 54,934,476
Considered good:
Loan to Bosicorco OSB 1 (Private) Limited 1,518,780 1,518,780 14.1 Voting rights, board selection, right of first refusal and block voting are in proportion to their shareholding.
Current portion of loan (1,518,780) (1,518,780)
- - 14.2 As at June 30, 2024 Bosicorco International Limited (the Holding Company) hold 3,885,423,763 (June 30, 2023:
11. TRADE DEPOSITS AND SHORT-TERM PREPAYMENTS 3,885,423,763) ordinary shares of Rs. 10 each.

Deposits 15,372 15,372 15. SURPLUS ON REVALUATION OF OPERATING FIXED ASSETS - NET OF TAX
Note 2024 2023
Prepayments Gross Surplus
- Insurance 8,871 9,354 (Rupees in ‘000)

- Others 1,331 3,865 Opening balance 220,594,462 3,648,009
25,574 28,591 Revaluation surplus recognised during the year - 218,210,594
12. OTHER RECEIVABLES Incremental depreciation transferred to accumulated losses (3,162,627) (1,264,141)
Closing balance 217,431,835 220,594,462
Considered good
Related deferred tax charge
Due from Cnergyico Isomerate Pk (Private) Limited (CIPL) 12.1 795,242 683,848
Due from Bosicorco OSB 1 (Private) Limited (BOSB1L) 12.2 1,297,738 717,383 Opening balance (62,445,279) (1,057,922)
Accrued interest 7,303 511,631 Revaluation surplus recognised during the year - (61,753,958)
Sales tax refundable 12.3 450,429 - Incremental depreciation transferred to accumulated losses 917,162 366,601
Others 22,826 22,575 Closing balance (61,528,117) (62,445,279)
2,573,538 1,935,437 155,903,718 158,149,183

12.1 This represents receivable from CIPL - wholly owned subsidiary against expenses incurred on behalf of CIPL. The maximun 16. CONTRIBUTION FROM SHAREHOLDERS
aggregate outstanding amount with respect to month close end is Rs. 795.242 million (June 30, 2023: Rs. 683.848
million) Castockco PK (Private) Limted (formerly Integrate Pk (Private) Limited) 16.2 20,479,939 -
Bosicorco International Limited 16.3 5,276,392 -
12.2 BOSB1L is a subsidiary of the Company and this balance represents expenses incurred by the Company on behalf of 25,756,331 -
BOSB1L. The outstanding balance is being adjusted against the cost payable to BOSB1L on account of usage of buoy.
The maximum aggregate outstanding amount with respect to month close end is Rs. 2,932 million (June 30, 2023: Rs. 16.1 During the year, effective from June 28, 2024, the Company transmuted the original agreement through addendum where
2,770.781 million). During the year accrued markup receivable from BOSB1L has been adjusted against buoy charges Bosicorco International Limited (the Parent Company) and Castockco PK (Private) Limted (CPPL) (formerly Integrate Pk
payable to BOSB1L. (Private) Limited) amended the terms of the agreement. As per the revised terms, the repayment of the principal amount
shall be at the sole and absolute discretion of the Company and moving forward entire loan would be interest free with

Cnergyico Pk Limited 94 95 Annual Report 2024

 effect from June 28, 2024. Furthermore, accrued and deferred markup charged as at June 28, 2024 will form part of 17.3 During the year ended June 30, 2018, the Company revised its agreement with the Parent Company due to which the
principal loan. Keeping in view these amendment to the original agreement, the Company has no contractual obligation exchange rate on principal and mark-up has been frozen on the last date of disbursement. Accordingly, the Company has
to deliver cash or another financial asset to the Parent Company and CPPL hence persuant to the requirements of IAS recognised the difference between the carrying value of the liability under the old agreement and the revised obligation
32- ‘Financial Instruments: Presentation’ such loan is classified as equity in these unconsolidated financial statements as in the capital reserves.
follows.
18. ACCRUED AND DEFERRED MARK-UP
Note 2024 2023
16.2 CASTOCKCO PK (PRIVATE) LIMTED (FORMERLY INTEGRATE PK (PRIVATE) LIMITED)
2024 2023 Mark-up on long-term financing / loans from related parties (Rupees in ‘000)
Note
Principal loan: (Rupees in ‘000) - secured 27 - 317,602
Opening balance - - - unsecured: - -
Transfer from long term financing - net 9,433,557 - - Castockco PK (Private) Limted (formerly Integrate Pk (Private) Limited) 16.2 - 7,587,695
Unwinding of deferred liability 21 453,689 - - Bosicorco International Limited 16.3 - 1,011,009
Spread between gross and fair value 102,852 - - 8,598,704
9,990,098 - - 8,916,306
Accrued and deferred markup: Current portion of accrued and deferred mark-up - (317,602)
Opening balance 18 7,587,695 - - 8,598,704
Accrued during the year 2,178,295 - 19. LONG-TERM LEASE LIABILITIES
9,765,990 -
Spread between gross and fair value 723,851 - Opening balance 2,319,863 1,470,497
10,489,841 - Additions during the year 350,841 967,316
20,479,939 - Disposals during the year (88,259) -
16.3 BOSICORCO INTERNATIONAL LIMITED Accretion of interest 35 326,009 234,439
Lease rentals paid (469,769) (352,389)
Principal loan: Closing balance 2,438,685 2,319,863
Opening balance - -
Transfer during the year: Current portion of lease liabilities 27 (171,085) (304,980)
- Principal loan 17 3,935,650 -
- Accrued markup 18 1,011,009 - Long-term lease liabilities 2,267,600 2,014,883
4,946,659 -
Accrued during the year 329,733 - 19.1 The rent expense related to short-term leases, included in cost of goods sold, administrative and selling and distribution
5,276,392 - expenses amounts to Rs. 12.065 million (June 30, 2023: Rs. 68.655 million).

17. LONG-TERM FINANCING 20. LONG-TERM DEPOSITS Note 2024 2023

Installments (Rupees in ‘000)
2024 2023
Facilities Note Mark-up rate Payment Commence
term Number -ment Deposits -liability 20.1 230,352 246,115
(Rupees in ‘000)
Secured
Bilateral Loan I 17.1 Three months Kibor + 1.5% Quarterly 12 September 2020 - 83,334 20.1 This includes interest-free deposits received from logistics vendors as security against goods to be transported which is
Bilateral Loan II 17.1 & 17.2 Three months Kibor + 1.5% Quarterly 12 August 2021 &
September 2024 7,683,333 916,666
utlised for the purpose of the business in accordance with the related agreements.
Bilateral Loan III 17.1 & 17.2 Three months Kibor + 2.5% Quarterly 08 March 2024 1,900,000 63,742
Bilateral Loan IV 17.1 & 17.2 Three months Kibor + 4.5% Quarterly 12 March 2024 220,000 240,000 21. DEFERRED LIABILITY 2024 2023
Bilateral Loan V 17.1 & 17.2 Three months Kibor + 0.5% Quarterly 20 September 2025 2,500,000 2,500,000 Note
Bilateral Loan VI 17.2 Three months Kibor + 0.5% Quarterly 20 March 2026 3,000,000 - (Rupees in ‘000)
15,303,333 3,803,742
Related parties Employees retirement benefits 21.1 549,049 401,322
- unsecured Others 16.1 & 21.2 - 453,689
Castockco PK (Private)
549,049 855,011
Limted (formerly
Integrate Pk (Private) 21.1 Employees retirements benefits - staff gratuity
Limited)
- Supplier’s credit 16.2 One year Libor + 1% Semi-annually 20 June 2025 - 958,890
21.1.1 General description
Castockco PK (Private)
Limted (formerly The Company operates employee retirement benefits for permanent employees who have completed the minimum
Integrate Pk (Private)
Limited) - Others 16.2 & 34.1 Nil to six months Kibor + 4% Semi-annually 05 June 2025 - 8,724,667
service period. In accordance with the requirements of IAS-19 “Employee Benefits”, actuarial valuation was carried out
- 9,683,557 as at June 30, 2024, using the “Projected Unit Credit Method”. Provision has been made in the unconsolidated financial
Bosicorco International statements to cover obligation in accordance with the actuarial recommendations. Details of significant assumptions
Limited, the parent used for the valuation and disclosures in respect of above-mentioned scheme is as follows:
company 16.1 & 16.3 Six month to one year Libor + 1%Semi-annually 04 June 2025 - 3,935,650
- 13,619,207
15,303,333 17,422,949 21.1.2 Reconciliation of amount payable to defined benefit plan
Current maturity (note 27) (863,333) (1,103,743)
14,440,000 16,319,206 Note 2024 2023
(Rupees in ‘000)
17.1 This represent facilities availed from various banks and are secured against the Company’s operating fixed assets and
current assets. Present value of defined benefit obligation 21.1.3 957,266 798,443
Fair value of plan assets 21.1.4 (408,217) (397,121)
17.2 During the year, the Company restructured its outstanding short-term facilities of Rs. 12.5 billion from various banks, into 21.1.5 549,049 401,322
a term finance facility.

Cnergyico Pk Limited 96 97 Annual Report 2024

21.1.3 Movement in the present value of defined benefit obligation: 21.1.13 Comparisons for past years:
Note 2024 2023
2024 2023 2022 2021 2020
(Rupees in ‘000)
(Rupees in ‘000)
Opening balance 798,443 691,514
Current service cost 21.1.6 103,346 94,394 Present value of defined
Interest cost 119,610 82,824 benefit obligation 957,266 798,443 691,514 652,473 451,077
Benefits paid during the year (94,924) (96,581) Fair value of plan assets (408,217) (397,121) (523,647) (459,603) (352,155)
Actuarial loss 21.1.7 30,791 26,292 Deficit 549,049 401,322 167,867 192,870 98,922
Closing balance 957,266 798,443
Experience adjustment
21.1.4 Movement in the fair value of plan assets: on plan liabilities (30,791) (26,292) 67,653 (123,231) (37,575)
Experience adjustment
Opening balance 397,121 523,647 on plan assets 49,200 (114,255) (46,473) 20,535 324
Expected return on plan assets 56,820 64,310 18,409 (140,547) 21,180 (102,696) (37,251)
Contributions during the year - 20,000
Benefits paid during the year (94,924) (96,581) 21.1.14 Sensitivity analysis (+ 100 bps) on present value of defined benefit obligation:
Actuarial remeasurement 21.1.7 49,200 (114,255) 2024
Closing balance 408,217 397,121 Discount rate Salary increase
+ 100 bps - 100 bps + 100 bps - 100 bps
21.1.5 Movement in net liability
(Rupees in ‘000)
Opening balance 401,322 167,867 Present value of defined benefit obligation 899,438 1,021,989 1,026,036 894,859
Charge for the year 21.1.6 166,136 112,908
Contributions during the year - (20,000) 2023
Actuarial remeasurement 21.1.7 (18,409) 140,547 Discount rate Salary increase
Closing balance 549,049 401,322 + 100 bps - 100 bps + 100 bps - 100 bps
21.1.6 Charge for the year (Rupees in ‘000)
Present value of defined benefit obligation 751,745 850,621 854,180 747,833
Current service cost 103,346 94,394
Interest cost - net 62,790 18,514 21.1.15 The sensitivity analysis is prepared using same computation model and assumptions as used to determine defined
166,136 112,908 benefit obligation based on Projected Credit Unit Method. There is no change from prior year in respect of methods
21.1.7 Actuarial remeasurements and assumptions used to prepare sensitivity analysis. The impact of change in following variables on defined benefit
obligation is as follows:
Actuarial loss on defined benefit obligations 30,791 26,292 2024
Actuarial (gain) / loss on fair value of plan assets (49,200) 114,255
Increase in Decrease in
(18,409) 140,547 assumption assumption

21.1.8 Actuarial assumptions: (Rupees in ‘000)
2024 2023 Mortality 1 year (forward / back) 957,244 957,286
Valuation discount rate per annum 14.75% 16.25% Withdrawal rates (10%) 956,843 957,692
Salary increase rate per annum 14.75% 15.25% 2023
Expected return on plan assets per annum 14.75% 16.25%
Increase in Decrease in
Normal retirement age of employees 60 years 60 years
assumption assumption
Mortality rates SLIC 2001-05 SLIC 2001-05
(Rupees in ‘000)
21.1.9 As of June 30, 2024: 640 employees (June 30, 2023: 625 employees) were covered under the above scheme. Mortality 1 year (forward / back) 798,568 798,316
Withdrawal rates (10%) 800,128 796,623

21.1.10 Charge for the next financial year as per the actuarial valuation report amounts to Rs. 182.058 million (June 30, 2023: Rs. 21.1.16 Composition of plan assets 2024 2023
145.058 million). (Rupees in ‘000)
Mutual fund and shares 400,142 386,384
Cash and cash equivalents 8,075 10,737
21.1.11 Contribution for the next financial year as per the actuarial valuation report amounts to Rs. 106.521 million (June 30, 408,217 397,121
2023: 95.627 million). 21.1.17 Maturity profile

Year 1 113,412 111,321
21.1.12 The weighted average duration of the obligation is 6.43 years (June 30, 2023: 6.45 years). Year 2 109,830 76,458
Year 3 112,125 102,729
Year 4 102,509 105,703
Year 5 135,673 96,588
Year 6 - 10 751,197 682,117
Year 11 and above 2,584,273 2,650,040

Cnergyico Pk Limited 98 99 Annual Report 2024

21.1.18 Significant risks
22. DEFERRED TAXATION 2024 2023
Final salary risk
(Rupees in ‘000)

The risk that the final salary at the time of cessation of service is greater than what the Company has assumed. Since the Deductible temporary differences arising in respect of:
benefit is calculated on the final salary, the benefit amount would also increase proportionately. - employee retirement benefit 48,179 32,743
- allowance for expected credit losses 3,388,593 3,239,367
Asset volatility - recoupable unabsorbed tax losses and depreciation 2,070,029 2,866,393
- lease liability 707,219 508,783
A significant portion of the assets are invested in mutual funds which is subject to the risk that as the market fluctuates, 6,214,020 6,647,286
the mutual funds may decline in value, and the Employees’ Gratuity Fund (the fund) may lose some or all of its principal. Taxable temporary differences arising in respect of:
- accelerated tax depreciation (5,103,470) (6,209,118)
The remaining investments are in savings accounts. The cash at bank exposure is almost 1.98% i.e. Rs. 8.075 million - right of use assets (383,803) (397,409)
(2023: 2.7% i.e. Rs. 10.737 million). - revaluation surplus on operating fixed assets (61,528,119) (61,753,958)
(67,015,393) (68,360,485)
Discount rate fluctuation (60,801,373) (61,713,199)

The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. A decrease in corporate 22.1 Deferred tax assets of Rs. 1,169.751 million (June 30, 2023: Rs. 1,285.437 million) on unused tax losses amounting to
bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the current Rs. 4,033.623 million (June 30, 2023: Rs. 4,432.542 million) has not been recorded in the consolidated financial statements
plans’ assets based on their uncertainity over their realisation.
Note 2024 2023
Life expectancy / withdrawal rate
23. (Rupees in ‘000)
TRADE AND OTHER PAYABLES
The gratuity is paid off at the maximum of age 60. The life expectancy is in almost minimal range and is quite predictable
in the ages when the employee is in the accredited employment of the Company for the purpose of the gratuity. Thus, Creditors for supplies and services 64,197,196 51,355,623
the risk of life expectancy is almost negligible. However, had a post retirement benefit been given by the Company like Accrued liabilities 714,621 524,223
monthly pension, post retirement medical etc., this would have been a significant risk which would have been quite Due to related parties 3,867,152 256,934
difficult to value even by using advance mortality improvement models. Taxes Payable 1,013,277 1,847,175
Payable to staff provident fund 496,064 243,865
The withdrawal risk is dependent upon the: benefit structure; age and retention profile of the staff; the valuation 70,288,310 54,227,820
methodology; and long-term valuation assumptions. In this case, it is not a significant risk.
24. CONTRACT LIABILITIES 24.1 1,127,778 1,345,505
Inflation risk
24.1 These represent advances received from customers against supply of petroleum products which are recognised as
The salary inflation is the major risk that the gratuity fund liability carries. In a general economic sense and in a longer revenue when the performance obligation is satisfied. During the year, the performance obligations underlying the
view, there is a case that if bond yields increase, the change in salary inflation generally offsets the gains from the opening contract liability were satisfied in full. Accordingly, the said liability was recorded as revenue during the year.
decrease in discounted gratuity liability. But viewed with the fact that asset values will also decrease, the salary inflation
Note 2024 2023
does, as an overall affect, increases the net liability of the Company. 25. ACCRUED MARK-UP - SECURED
- Secured (Rupees in ‘000)
Model risk
Long-term financing 763,789 142,589
The defined benefit gratuity liability is usually actuarially valued each year. Further, the assets in the gratuity fund are Short-term borrowings 2,994,316 1,780,547
also marked to market. This two-tier valuation gives rise to the model risk. 3,758,105 1,923,136
26. SHORT-TERM BORROWINGS - SECURED
Investment risk - Secured

The risk of the investment underperforming and not being sufficient to meet the liabilities. This risk is mitigated by Finance against trust receipts 26.1 6,686,144 17,354,023
closely monitoring the performance of investment. Running finance 26.2 1,600,000 1,600,000
8,286,144 18,954,023
Risk of insufficiency of assets
26.1 The facilities have been extended by commercial banks for import and procurement of crude oil and petroleum products
This is managed by making regular contribution to the fund as advised by the actuary. aggregating to Rs. 19,886 million (June 30, 2023: Rs. 32,681 million) out of which Rs. 13,458 million (June 30, 2023: Rs.
15,589 million) remains unutilised as at the reporting date. The facility carries mark-up ranging from 1 month’s KIBOR
21.2 Represents differential mark-up recognised on the interest free loan obtained from Castockco PK (Private) Limted plus 1% to 2% (June 30, 2023: 1 month’s KIBOR plus 1.5% to 2%). These facilities are secured under joint pari passu (JPP)
(formerly Integrate Pk (Private) Limited), a related party, which has been recognised at present value discounted at arrangement having charge on the Company’s current and fixed assets.
effective interest rate (as disclosed in note 17).
26.2 The Company has obtained running finance facility amounting to Rs. 1,600 million (June 30, 2023: Rs. 1,600 million)
obtained from a commercial bank. The facility carries mark-up at the rate of three months KIBOR + 2% (June 30, 2023:
three months KIBOR + 2%) per annum. The facility is secured by way of first pari passu hypothecation charge of overall
present and future current and operating fixed assets of the Company.

Cnergyico Pk Limited 100 101 Annual Report 2024

 30.1.1 Raw material consumed
27. CURRENT PORTION OF NON-CURRENT LIABILITIES Note 2024 2023 Note 2024 2023
(Rupees in ‘000) (Rupees in ‘000)
Opening stock 18,389,344 35,168,694
Long-term financing 17 863,333 1,103,743 Purchases during the year 216,040,807 155,820,429
Accrued and deferred mark-up 18 - 317,602 234,430,151 190,989,123
Lease liabilities 19 171,085 304,980 Closing stock 8 (32,644,145) (18,389,344)
1,034,418 1,726,325 201,786,006 172,599,779
28. CONTINGENCIES AND COMMITMENTS
30.1.2 This includes a sum of Rs. 172.135 million (June 30, 2023: Rs. 131.411 million) in respect of staff retirement benefits.
28.1 Contingencies

31. ADMINISTRATIVE EXPENSES 2024 2023
28.1.1 Claim against the Company not acknowledged as debt amounting to Rs. 3,353.182 million (June 30, 2023: Rs. 3,353.182 Note
million) comprise of late payment charges on account of delayed payments against crude oil supplies. (Rupees in ‘000)

Staff remuneration 31.1 874,287 707,496
Furthermore, Mari Gas Limited and Pakistan Petroleum Limited have filed legal cases in Sindh High Court on May 22,
Depreciation on right-of-use assets 4.3.2 89,437 79,439
2012 and February 14, 2013 claiming Rs. 233.550 million (June 30, 2023: Rs. 233.550 million) and Rs. 404.357 million
Maintenance and repairs 144,912 79,683
(June 30, 2023: Rs. 404.357 million) respectively for late payment charges on account of delayed payments against
SAP and other software maintenance 106,409 66,278
crude oil supplies, and based on the opinion of legal advisor, the Company is of the view that there are no specific
Depreciation on operating fixed assets 4.1.5 37,270 39,090
contractual arrangements with the above suppliers and hence no provision in respect of the same has been made in
Travelling and conveyance 66,715 37,191
these unconsolidated financial statements.
2024 2023 Legal and professional 55,010 54,224
28.2
Commitments Utilities 56,569 53,583
(Rupees in ‘000)
Fee and subscriptions 34,649 29,563
28.2.1 Commitments for capital expenditure 3,617,141 3,949,879 Vehicle running 25,028 13,309
Rent and others 15,413 54,728
28.2.2 Commitments in respect of purchase of Bosicorco OSB 1 (Private) Limited shares 877,383 877,383 Printing and stationary 8,853 7,150

Auditors’ remuneration 31.2 9,050 8,500
29. REVENUE FROM CONTRACT WITH CUSTOMERS - NET
Security expense 11,599 5,440

Insurance 2,952 3,623
Gross sales:
Amortisation 5 6,455 6,455
- Local 256,916,527 223,953,961
1,544,608 1,245,752
- Exports 38,137,343 -

31.1 This includes a sum of Rs. 55.589 million (June 30, 2023: Rs. 48.218 million) in respect of staff retirement benefits.
Sales tax and other duties (53,189,002) (29,593,679)
Trade discounts (1,238,699) (448,120)
31.2 Auditors’ remuneration 2024 2023
(54,427,701) (30,041,799)
Note
240,626,169 193,912,162 (Rupees in ‘000)
Audit fee

- standalone financial statements 4,200 4,200
29.1 Disaggregation of revenue has been disclosed in note 46 to these unconsolidated financial statements.
- consolidation of financial statements 700 700
Note 2024 2023 Special audit fee 1,950 1,950
30. COST OF SALES
(Rupees in ‘000) Half year review 650 650

Code of corporate governance and other certifications 500 500
Opening stock 7,301,737 13,077,130
Out of pocket expenses and others 1,050 500
Cost of goods manufactured, storage and handling 30.1 215,166,544 186,833,849
9,050 8,500
Finished products purchased during the year 18,900,242 11,052,176
32. SELLING AND DISTRIBUTION EXPENSES
241,368,523 210,963,155


Staff remuneration 32.1 385,754 310,059
Closing stock 8 (13,172,499) (7,301,737)
Depreciation on right-of-use assets 4.3.2 126,256 88,207
228,196,024 203,661,418
Advertisement 20,191 12,759
30.1 Cost of goods manufactured, storage and handling
Depreciation on operating fixed assets 4.1.5 54,432 59,759
Raw material consumed 30.1.1 201,786,006 172,599,779
Rent and others 48,589 10,385
Depreciation on operating fixed assets 4.1.5 6,489,462 3,933,108
635,222 481,169
Exchange (gain) / loss (566,992) 4,177,942

Staff remuneration 30.1.2 2,275,082 1,812,736
32.1 This includes a sum of Rs. 31.303 million (June 30, 2023: Rs. 21.213 million) in respect of staff retirement benefits.
Electricity, power and fuel 1,938,928 1,749,228
Stores and spares consumed 1,035,131 1,201,285
33. OTHER EXPENSES
Insurance 542,737 270,464 Note 2024 2023

Maintenance and repairs 346,498 256,674 (Rupees in ‘000)

Staff transportation and catering 353,811 275,466
Allowance for expected credit losses 9.2 514,573 2,142,172
Hospitalities 702,960 275,863

Security expenses 134,800 98,696
Depreciation on right-of-use assets 4.3.2 93,804 140,529
Vehicle running 26,245 20,349
Rent and others 8,072 21,730
215,166,544 186,833,849

Cnergyico Pk Limited 102 103 Annual Report 2024

34. OTHER INCOME 37.1 The returns of income tax have been filed up to and including tax year 2023. These, except for those mentioned in 37.2
Note 2024 2023 are deemed to be assessed under section 120 of the Income Tax Ordinance, 2001.
Income from financial assets (Rupees in ‘000)
37.2 The Company was selected for an audit under Section 177 and 214C of the Income Tax Ordinance, 2001 for the tax year
Interest income on: 2013. Audit proceedings for tax year was completed and a demand of Rs. 87.105 million has been raised in an amended
- balances due from customer - 1,627,599 order passed under Section 122(1)(5) of the Income Tax Ordinance, 2001. Being aggrieved by the amended order, the
- loan to Bosicorco OSB 1 (Private) Limited 12.3 82,654 82,654 Company filed an appeal on March 31, 2016 before Commissioner Inland Revenue, Appeals, Karachi which is pending for
- savings account 946,566 117,375 adjudication. However, as a matter of prudence, the said amount has already been provided for in these unconsolidated
1,029,220 1,827,628 financial statements.
Income from non-financial assets
37.3 Under section 5A of the Income Tax Ordinance, 2001 (the Ordinance), the Company is obligated to pay tax at the rate of
Dealership income 1,300 9,200 5 percent on its accounting profit before tax if it derives profit for a tax year but does not distribute at least 20 percent
Scrap sales 63,919 60,840 of its after tax profits within six months of the end of the tax year, through cash or bonus shares. The Company filed a
Land lease rent 375 366 Constitutional Petition (CP) before the Court on November 24, 2017 challenging the tax, the Court accepted the CP and
Gain on disposal of operating fixed assets 4,063 247 granted a stay against the above section.
Modification of financial liability 34.1 - 6,081,235
Others 37,510 3,544 In case the Court’s decision is not in favor of the Company, the Company will either be required to declare the dividend
1,136,387 7,983,060 to the extent of 20% of after tax profits or it will be liable to pay additional tax at the rate of 5% of the accounting profit
before tax of the Company for the financial year ended June 30, 2018. As at the unconsolidated statement of financial
34.1 During the year June 30, 2023, Castockco PK (Private) Limted (formerly Integrate Pk (Private) Limited) waived off portion position date, no liability has been recorded by the Company in this respect.
of its loan amounting to Rs. 4,591.531 million through waiver agreement dated December 12, 2022. Due to the said
waiver the old liability was extinguished and a new liability was recognised at revised fair value in these unconsolidated 37.4 Relationship between accounting profit and income tax expense for the year
financial statements. Consequently, the carrying values of the deferred mark-up have been re-measured to incorporate
the impact new loan liability. The resulting gain on modification due to changes in term of the loan is charged to Provision for current tax is based on minimum tax on turnover. Accordingly, tax reconciliation has not been presented in
statement of profit or loss. these unconsolidated financial statements.
Note 2024 2023 Note 2024 2023
35. FINANCE COSTS - NET 38. EARNINGS / (LOSS) PER SHARE - BASIC AND DILUTED
(Rupees in ‘000)
Mark-up on: Profit / (loss) after taxation (Rupees in ‘000) 1,008,374 (12,663,279)
- Long-term financing 1,732,215 475,998
- Short-term borrowings 7,284,099 5,664,564 Weighted average ordinary shares (Numbers) 39.1 5,493,447,571 5,420,173,184
9,016,314 6,140,562
Interest on lease liabilities 19 326,009 234,439 Earnings / (loss) per share - basic and diluted - (Rupees) 0.18 (2.34)
Exchange (gain) / loss - net (68,319) 93,424
Bank and other charges 113,097 110,223 39. CASH AND CASH EQUIVALENTS
9,387,101 6,578,648
36. FINAL TAX AND MINIMUM TAXES Cash and bank balances 13 2,399,632 1,194,718
Running finance facility 26.2 (1,600,000) (1,600,000)
Final tax 36.1 381,373 - 799,632 (405,282)
Minimum Taxes 36.2 309,365 601,879
690,738 601,879 39.1 Changes in liabilities from financing activities
July 01, Cash Non - cash June 30,
36.1 Final tax on - export sales 36.1.1 381,373 - 2023 flows - net flows 2024
(Rupees in ‘000)
36.1.1 These represent final taxes on export sales as per section 154 of the Income Tax Ordinance, 2001 respectively, and are
recognised as levy in line with the requirements of IFRIC 21 / IAS 37 and guide on IAS 12 issued by ICAP. Long-term financing 17,422,949 (1,250,409) (869,207) 15,303,333
2024 2023 Lease liabilities 2,319,863 (469,769) 588,591 2,438,685
Note
Unclaimed dividends 1,027 - - 1,027
(Rupees in ‘000)
19,743,839 (1,720,178) (280,616) 17,743,045
36.2 Minimum tax - differential 36.2.1 309,365 601,879

36.2.1 These represents minimum tax provision under section 113 of the Income Tax Ordinance, 2001. The provision for minimum July 01, Cash Non - cash June 30,
tax has been recognised as levies in these unconsolidated financial statements as per the requirements of IFRIC 21 / IAS 2022 flows - net flows 2023
37 and guide on IAS 12 issued by ICAP. (Rupees in ‘000)
Long-term financing 21,946,144 618,765 (5,141,960) 17,422,949
37. INCOME TAX 2024 2023 Lease liabilities 1,470,497 (352,389) 1,201,755 2,319,863
Unclaimed dividends 1,027 - - 1,027
(Rupees in ‘000)
Current 23,417,669 266,376 (3,940,205) 19,743,839
- for the year 703,079 -
- prior year - (152,537) 40. TRANSACTIONS AND BALANCES WITH RELATED PARTIES
703,079 (152,537)
Related parties comprise of ultimate parent company, parent company, subsidiary, associated companies, directors, key
Deferred tax income - net (917,163) - management personnel, staff provident fund and staff gratuity fund. Transactions with related parties during the year,
(214,084) (152,537) other than those which have been disclosed elsewhere in these unconsolidated financial statements, are as follows:

Cnergyico Pk Limited 104 105 Annual Report 2024

40.1 Following are the related parties with whom the Company had entered into transactions or have agreement in place: 40.3.1 Operating lease commitments — Company as a lessor

Aggregate shareholding The Company entered into an operating lease agreement with its subsidiary, for the land on which subsidiary operates
Basis of association its isomerisation plant.
Name of related party 2024 2023
(%)
Future minimum rentals receivable under non-cancellable operating leases are, as follows:
Bosicorco International Limited Parent Company 70.73 70.73 2024 2023
Cnergyico Isomerate Pk (Private) Limited (CIPL) Subsidiary 100 100 Note
Bosicorco OSB 1 (Private) Limited Subsidiary 91.05 91.05 (Rupees in ‘000)
Bosicorco OSB 2 (Private) Limited Subsidiary 100 100 Within one year 403 403
Bosicorco ORB 1 (Private) Limited Subsidiary 100 100 After one year but not more than five years 1,701 1,691
Bosicorco ORB 2 (Private) Limited Subsidiary 100 100 More than five years 3,133 3,512
Bosicorco CPB 1 (Private) Limited Subsidiary 100 100 5,238 5,606
Bosicorco OMB 1 (Private) Limited Subsidiary 100 100 40.4 Balances with related parties
Bosicorco Essential Service (Private) Limited Subsidiary 100 -
Premier Systems (Private) Limited Associated companies*** - - Parent company
Cnergyico IR DMCC Associated companies* - - Accrued mark-up - 1,011,009
Cnergyico Acisal Incorporated Associated companies** - - Loan payable 16 5,276,392 3,935,650
Asertco Asia Limited Associated companies* - -
Pakistan State Oil Company Limited Associated companies* - - Subsidiary companies
Castockco PK (Private) Limted Receivable against expenses incurred 12 2,093,230 1,401,230
(formerly Integrate Pk (Private) Limited) Associated companies* 2.71 2.71 Loans and advances 10 1,518,780 1,518,780
Askari Bank Limited Associated companies* 0.02 0.01 Accrued Interest - Receivable - 504,329
Employees’ gratuity fund Retirement benefit fund 0.93 0.93
Employees’ provident fund Retirement benefit fund - - Associated companies
Advance against shared services - 12,452
* Based on common directorship Accrued mark-up
** Subsidiary of ultimate parent company - secured 30,874 44,017
*** Based on shareholding of a director - unsecured - gross - 8,311,546
Loan payable
40.2 Associated companies, subsidiaries, joint ventures or holding companies incorporated outside Pakistan: - secured 17 1,900,000 63,742
- unsecured - gross 16 20,479,939 10,240,098
Name Country of Incorporation Short-term borrowings 228,142 3,947,018
Trade debts - net 9.2 517,243 -
Bosicorco International Limited Mauritius Payable against purchases and services 23 3,844,474 175,974
Cnergyico IR DMCC United Arab Emirates
Cnergyico Acisal Incorporated British Virgin Islands Others
2024 2023 Payable to key management person 22,678 68,508
40.3 Transactions with related parties during the year Note Payable to post employment benefit funds 1,045,113 499,833
(Rupees in ‘000)
Parent company Outstanding balances at the year-end will settle in cash or on a net basis.
Mark-up charged 344,854 234,430
40.5 There are no transactions with key management personnel other than under the terms of employment as disclosed in
Subsidiary companies note 41 to these unconsolidated financial statements.
Product processing charges - 60,943
Buoy charges - net of right of way 264,222 79,020 41. REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
Rent 375 366
Markup charged 34 82,654 82,654 The aggregate amount included in these unconsolidated financial statements for remuneration, including the
benefits and perquisites, to the chief executive, directors and executives of the Company are as follows:
Associated companies
2024 2023
Sales - net 4,855,325 -
Chief Directors Executives Chief Directors Executives
Mark-up charged Executive Executive
- secured 951,191 76,819 (Rupees in ‘000)
- unsecured 2,844,291 1,961,949
Purchases of operating fixed assets and services 95,208 182,406 Fee - 18,000 - - 2,760 -
Waiver of loan - 4,591,531 Managerial remuneration 99,218 37,643 822,165 60,102 17,736 820,443
Staff retirement benefits - - 133,602 - - 131,059
Others Housing and utilities - - 145,884 - - 246,478
Retirement benefit funds 21.1.6 24,216 73,722 Leave fare assistance - - 68,486 - - 66,355
Key management personnel 406,805 371,947 99,218 55,643 1,170,137 60,102 20,496 1,264,335

All transactions with related parties are entered into at mutually agreed terms by both companies.
Persons 1 4 300 1 5 284

Cnergyico Pk Limited 106 107 Annual Report 2024

41.1 The number of persons does not include those who left during the year but remuneration paid to them is included in the As at the reporting date, the interest rate profile of the Company’s interest-bearing financial instruments:
above amounts.
Variable rate instruments
Note 2024 2023
41.2 Few executives have been provided with company maintained cars.
Financial assets (Rupees in ‘000)
41.3 The board consists of 7 directors of which 5 are non-executive directors. Except for three independent directors and two Long-term loan to Bosicorco OSB 1 (Private) Limited 688,780 688,780
executive director, no remuneration and other benefits have been paid to any other director. Trade debts - 1,029,146
Bank balances on saving accounts 1,259,144 71,482
42. FINANCIAL INSTRUMENTS BY CATEGORY 1,947,924 1,789,408
Financial liabilities
42.1 Financial assets and financial liabilities Long-term financing 17 15,303,333 17,422,949
Note 2024 2023
Accrued & deferred mark-up 25 3,758,105 10,839,442
Financial assets measured at amortised cost (Rupees in ‘000) Short-term borrowings 26 8,286,144 18,954,023
Long-term deposits 7 329,793 328,652 27,347,582 47,216,413
Trade debts 9 5,608,672 3,205,613
Loans 10 1,518,780 1,518,780 A change of 1% in interest rates at the year-end would have increased or decrease the loss before tax by Rs. 266,588
Trade deposits 11 15,372 15,372 million (June 30, 2023: Rs. 454.985 million). This analysis assumes that all other variables remain constant. The analysis
Other receivables 12 2,123,109 1,935,437 is performed on the same basis as for June 2023.
Cash and bank balances 13 2,399,632 1,194,718
11,995,358 8,198,572 43.1.2 Currency risk
Financial liabilities measured at amortised cost
Long-term financing 17 14,440,000 16,319,206 Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in
Accrued and deferred mark-up 18 - 8,598,704 foreign exchange rates and arises where transactions are done in foreign currency.
Long-term deposits 20 230,352 246,115
Trade and other payables 23 69,275,033 52,380,645 The Company is exposed to foreign currency risk on transactions that are entered in a currency other than Pak Rupees.
Accrued mark-up 25 3,758,105 1,923,136 As the Company imports plant and equipment and crude oil, it is exposed to currency risk by virtue of borrowings (in
Short-term borrowings - secured 26 8,286,144 18,954,023 foreign currency). Further foreign currency risk also arises on payment to the supplier of tug boats for operations of SPM.
Current portion of non-current liabilities 27 1,034,418 1,726,325 The currency in which these transactions are undertaken is US Dollar. Relevant details are as follows:
Lease liabilities 19 2,267,600 2,014,883 2024 2023
Unclaimed dividend 1,027 1,027 Note
(Rupees in ‘000) (USD ‘000) (Rupees in ‘000) (USD ‘000)
99,292,679 102,164,064
Trade and other payables 23 15,541,137 55,835 20,658,661 72,235
43. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES
The average rates applied during the year is Rs. 283.235/USD (June 30, 2023: Rs. 245.594/USD) and the spot rate as at
The Company finances its operations through equity, borrowings and management of working capital with a view to June 30, 2024 is Rs. 278.341/USD (June 30, 2023: Rs. 285.991/USD).
maintain an appropriate mix between various sources of finances to minimise the risk. The Company’s principal financial
instruments comprise short-term borrowings and financing from financial institutions, cash at bank, trade debts and A change of 1% in exchange rates at the year-end would have increased or decreased the loss by Rs. 155.411 million
trade and other payables. Main purpose of these financial instruments is to raise funds for the import of crude oil for (June 30, 2023: Rs. 206.587 million). This analysis assumes that all other variables remain constant. The analysis is
refining business and for its operations. performed on the same basis as for June 2023.

The Company’s overall risk management policy focuses on minimising potential adverse effects on the Company’s 43.1.3 Other price risk
financial performance. The overall risk management of the Company is carried out by the Company’s senior management
team under policies approved by the board. Other price risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of
changes in market prices. The Company is not exposed to other price risk as at reporting date.
No changes were made in the objectives, policies or processes and assumptions during the year ended June 30, 2024.
43.2 Credit risk
The policies for managing each of these risk are summarised below:
Credit risk is the risk of financial loss to the Company if a customer or a counter party to a financial instrument fails to
43.1 Market risk meet its contractual obligation, and arises principally from the Company’s receivables from customers, advances and
long-term deposits to suppliers and balances held with banks.
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprise three types of risk: interest rate risk, currency risk and other price risks such as The risk management function is regularly conducting detailed analysis on sectors / industries to identify the degree
equity risk. by which the Company’s customers and their businesses could be affected due to economic and other changes in
their environment. Keeping in view short-term and long-term outlook of each sector, management has taken into
43.1.1 Interest rate risk consideration the factors while calculating expected credit losses against trade debts.

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of Management of credit risk
changes in market interest rates. The Company’s interest rate risk arises from long-term financing, obligations under
finance lease and short-term borrowing facilities for financing its refining and storage business operations, setting up of The Company’s policy is to enter into financial contracts in accordance with the guidelines set by the board of directors
aromatic plant and meeting working capital requirements at variable rates, on loan to Bosicorco OSB 1 (Private) Limited. and other internal guidelines.
The Company manages these mismatches through risk management policies where significant changes in gap position
can be adjusted.

Cnergyico Pk Limited 108 109 Annual Report 2024

 Credit risk is managed and controlled by the management of the Company in the following manner: Less than 3 to 12 More than
On demand 3 months months one year Total
- Credit rating and / or credit worthiness of the counterparty is taken into account along with the financial background (Rupees in ‘000)
so as to minimise the risk of default; June 30, 2024
Long-term financing - - - 14,440,000 14,440,000
- The risk of counterparty exposure due to failed agreements causing a loss to the Company is mitigated by a periodic Accrued and deferred mark-up - - - - -
review of their credit ratings, financial statements, credit worthiness and market information on a regular basis; and Long-term deposits - - - 230,352 230,353
Trade and other payables - 68,778,969 - - 68,778,969
- Cash is held with reputable banks only. Current portion of non-current liabilities - - 1,034,418 - 1,034,418
Unclaimed dividend 1,027 - - - 1,027
As of the unconsolidated statement of financial position date, the Company is exposed to credit risk on the following Short-term borrowings - 8,286,144 - - 8,286,144
assets: Accrued mark-up - 3,758,105 - - 3,758,105
Note 2024 2023 1,027 80,823,218 1,034,418 14,670,352 96,529,016
(Rupees in ‘000)
Long-term deposits 7 329,793 328,652 Less than 3 to 12 More than
On demand 3 months months one year Total
Trade debts 9 5,608,672 3,205,613
Loans and advances 10 1,518,780 1,518,780 (Rupees in ‘000)
Trade deposits 11 15,372 15,372 June 30, 2023
Accrued interest 12 7,303 511,631 Long-term financing - - - 16,319,206 16,319,206
Other receivables 12 2,123,109 1,423,806 Accrued and deferred mark-up - - - 8,598,704 8,598,704
Bank balances 13 2,399,330 1,194,414 Long-term deposits - - - 246,115 246,115
12,002,359 8,198,268 Trade and other payables - 52,136,780 - - 52,136,780
Current portion of non-current liabilities - 317,602 1,408,723 - 1,726,325
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit Unclaimed dividend 1,027 - - - 1,027
ratings agencies or the historical information about counter party default rates as shown below: Short-term borrowings - 18,954,023 - - 18,954,023
Accrued mark-up - 1,923,136 - - 1,923,136
Trade debts 1,027 73,331,541 1,408,723 25,164,025 99,905,316

The aging of debtors at the unconsolidated statement of financial position date is as follows: 44. FAIR VALUE MEASUREMENT
2024 2023 Fair value is the price that would be received to sell an asset or paid or transfer a liability in an orderly transaction
(Rupees in ‘000) between market participants and measurement date. Consequently, differences can arise between carrying values and
Neither past due nor impaired 5,073,665 2,160,110 the fair value estimates.
Past due 1-30 days 11,810 9,126
Past due 31-365 days 8,624 7,231 Fair value hierarchy
Above 365 days 514,573 1,029,146
5,608,672 3,205,613 The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at
Bank balances fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.

A1+ 2,030,208 1,151,052 Level 1: Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets
A1 368,414 432 or liabilities.
A2 84 7,236
A3 - - Level 2: Fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are
A-1 - 130 observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
F1+ - 60
Suspended 624 35,504 Level 3: Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability
2,399,330 1,194,414 that are not based on observable market data (unobservable inputs).

Financial assets other than trade debts and bank balances are not exposed to any material credit risk as major portion of As at June 30, 2024, the Company has no financial instruments that are measured at fair value in the unconsolidated
financial assets pertains to related parties. statement of financial position.

43.3 Liquidity risk 45. CAPITAL RISK MANAGEMENT

Liquidity risk reflects the Company’s inability in raising fund to meet commitments. Management closely monitors the The primary objective of the Company’s capital management is to ensure that it maintains healthy capital ratios in order
Company’s liquidity and cash flow position. This includes maintenance of unconsolidated statement of financial position to support its business, sustain the development of the business and maximise the shareholders’ value. The Company
liquidity ratios, debtors and creditors concentration both in terms of the overall funding mix and avoidance of undue closely monitors gearing ratios. The Company manages its capital structure and makes adjustment to it in light of changes
reliance on any individual customer. in economic conditions and finances its activities through equity, borrowings and management of working capital with a
view to maintain and approximate mix between various sources of finance to minimise the risk. No changes were made
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted in the objectives, policies or processes during the year ended June 30, 2024.
payments.

Cnergyico Pk Limited 110 111 Annual Report 2024

 The Company is not exposed to externally imposed capital requirement. 46.1 The Company sells its manufactured products to Oil Marketing Companies (OMCs) and other organisations. Out of these,
one of the Company’s customer contributed towards 12.55% (2023: 30%) of the net revenues during the year amounting
The gearing ratios as at June 30, 2024 and 2023 are as follows: to Rs. 30.2 billion (2023: Rs. 58.24 billion). and customer individually exceeds 10% of the net revenues.
Note 2024 2023
(Rupees in ‘000) 46.2 All non-current assets of the Company are located in Pakistan. For this purpose non-current assets consist of property,
Long-term financing 17 14,440,000 16,319,206 plant and equipment.
Accrued and deferred mark-up 18 - 8,598,704
Long-term lease liabilities 19 2,267,600 2,014,883 47. PROVIDENT FUND DISCLOSURE
Accrued mark-up 25 3,758,105 1,923,136
Short-term borrowings 26 8,286,144 18,954,023 The Company operates approved funded contributory provident fund for both its management and non- management
Current portion of non-current liabilities 27 1,034,418 1,726,325 employees. Details of net assets and investments based on the financial statements of the fund are as follows:
Total debt 29,786,267 49,536,277 2024 2023
Note
Share capital 14 54,934,476 54,934,476 (Rupees in ‘000)
Reserves (31,474,248) (34,741,156) Size of the fund - Total assets 708,757 673,971
Contribution from shareholders 16 25,756,331 - Cost of the investment made 47.1 117,240 317,753
Total capital 49,216,559 20,193,320 Fair value of the investment 125,161 314,555
Percentage of the investment 16.54% 47.14%
Capital and net debt 79,002,826 69,729,597
47.1 Break-up of cost of investments out of fund:
(%)
2024 2023
Gearing 37.70 71.04 (Rupees in ‘000) (%) (Rupees in ‘000) (%)

Debt securities 20,849 18 80,108 25

46. OPERATING SEGMENTS Listed equity 12,214 10 46,420 15
Bank deposits 34,110 29 53,040 17
For management purposes, the Company has determined following reportable operating segments on the basis of Government securities 50,067 43 138,185 43
business activities i.e. oil refining and petroleum marketing. Oil refining business is engaged in crude oil refining and 117,240 100 317,753 100
selling of refined petroleum products to oil marketing companies. Petroleum marketing business is engaged in trading
of petroleum products, procuring products from oil refining business as well as from other sources. 47.2 The management, based on the financial statements of the fund, is of the view that the investments out of provident
fund have been made in accordance with the provisions of Section 218 of the Act and the rules formulated for this
Transfer prices between operating segments are at agreed terms duly approved by the board of directors of the Company. purpose.

The quantitative data for segments is given below: 48. PLANT CAPACITY AND PRODUCTION
Petroleum Marketing
Oil Refining Business Business Total Against the designed annual capacity (based on 365 days) of 56.940 million barrels (June 30, 2023: 56.940 million
2024 2023 2024 2023 2024 2023 barrels), the actual throughput during the year was 9.039 million barrels (June 30, 2023: 6.821 million barrels). The
Company operated the plants considering the level which gives optimal yield of products as per market dynamics.
(Rupees in ‘000)
Revenue
Sales to external customers - net 136,747,816 121,205,186 103,878,353 72,706,976 240,626,169 193,912,162 49. NUMBER OF EMPLOYEES 2024 2023
Inter-segment sales 100,476,685 71,848,428 - - 100,476,685 71,848,428 (Number)
Eliminations (100,476,685) (71,848,428) - - (100,476,685) (71,848,428)
Total revenue 136,747,816 121,205,186 103,878,353 72,706,976 240,626,169 193,912,162 At year end 744 725
Average during the year 735 810
Result
Segment profit / (loss) 7,327,983 (6,517,366) 3,029,499 1,196,621 10,357,482 (5,320,745) 50. GENERAL
Unallocated expenses:
Finance costs - net (9,387,101) (6,578,648) Corresponding figures have been rearranged or reclassified, where necessary, for the purpose of better presentation. No
Interest income 1,029,220 1,827,628 significant rearrangement or reclassification was made in these unconsolidated financial statements during the current
Other expenses (514,573) (2,142,172) year.
Income tax (476,654) (449,342)
Profit / (loss) for the year 1,008,374 (12,663,279) 51. DATE OF AUTHORISATION FOR ISSUE
Segmental assets 366,920,190 345,469,509 1,165,484 797,948 368,085,674 346,267,457
These unconsolidated financial statements were authorised for issue on September 16th, 2024 by the board of the
Unallocated assets - - - - - -
Company.
366,920,190 345,469,509 1,165,484 797,948 368,085,674 346,267,457

Segmental liabilities 162,112,286 167,428,697 853,110 496,257 162,965,396 167,924,954

Unallocated liabilities - - - - - -
162,112,286 167,428,697 853,110 496,257 162,965,396 167,924,954

Capital expenditure 1,145,352 2,122,697 64,457 25,675 1,209,809 2,148,372

Other Information
Depreciation 6,709,973 4,192,166 180,688 147,966 6,890,661 4,340,132 Chief Executive Officer Director Chief Financial Officer

Cnergyico Pk Limited 112 113 Annual Report 2024

 Yousuf Adil Following are the key audit matters:
Chartered Accountants

Cavish Court, A-35, Block 7 & 8 Key audit matters How the matter was addressed in our audit
KCHSU, Shahrah-e-Faisal
Karachi-75350
Pakistan
1. Valuation and existence stock-in-trade

Tel: +92 (0) 21 3454 6494-7 As disclosed in note 4.4 and 8 to the consolidated Our key audit procedures in relation to the verification
Fax: +92 (0) 21 3454 1314 financial statements the stock-in-trade balance of stock-in-trade amongst other procedures included
www.yousufadil.com
amounts to Rs. 45,816.644 million. Stock-in-trade followings:
comprises of crude oil, high speed diesel, motor

INDEPENDENT AUDITOR’S REPORT

• Obtained an understanding of controls over purchases
gasoline and other related petroleum products with and valuation of stock-in-trade and evaluated control
differing characteristics. design and implementation;
TO THE MEMBERS OF CNERGYICO PK LIMITED The stock-in-trade volume determination process starts • Observed test counts of quantity of stock-in-trade
by obtaining dips and measuring the temperature and held as at year end, on sampling basis, and compared
Report on the Audit of the Consolidated financial statements density at the same time. That measured data is then the quantities counted by us with the results of the
used to determine the volume by using the parameters counts of the management;
Opinion and applying the dynamics of respective tanks, which
We have audited the annexed consolidated financial statements of Cnergyico Pk Limited and its subsidiary (the were determined at the time of commissioning of
Group), which comprise the consolidated statement of financial position as at June 30, 2024, and the consolidated • Involved an external expert, to assist us in taking the
tanks. dips, determining volume based on the calibration
statement of profit or loss, the consolidated statement of comprehensive income, the consolidated statement of
changes in equity, the consolidated statement of cash flows for the year then ended, and notes to the consolidated charts and determining nature / characteristics of the
Due to complexities in determination of volume and stock-in-trade by performing quality test on sample
financial statements, including a summary of material accounting policies and other explanatory information, and we valuation of oil held in tanks, with third parties and in
state that we have obtained all the information and explanations which, to the best of our knowledge and belief, basis;
transit, we have considered this area as a key audit
were necessary for the purposes of the audit. matter. • On sample basis, we rechecked components of stock-
In our opinion, consolidated financial statements give a true and fair view of the consolidated financial position of the in-trade by tracing them back to underlying documents
Group as at June 30, 2024, and of its consolidated financial performance and its consolidated cash flows for the year and compared unit cost with management’s;
then ended in accordance with the accounting and reporting standards as applicable in Pakistan.
• Assessed net realisable value by comparing
Basis for Opinion management’s estimation of future selling prices for
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. the products with the prices notified by Oil and Gas
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of Regulatory Authority in its notification for regulated
the consolidated Financial Statements section of our report. We are independent of the Group in accordance with products and approved selling prices for deregulated
the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants as adopted by products achieved subsequent to the reporting period;
the Institute of Chartered Accountants of Pakistan (the Code) and we have fulfilled our other ethical responsibilities
in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to • Obtained third party certificates in respect of stock-in-
provide a basis for our opinion. trade held at third party locations; and

Key Audit Matters • Assessed the adequacy of the disclosure made in

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the respect of the accounting policies and details of stock-
consolidated financial statements of the current year. These matters were addressed in the context of our audit of the in-trade held by the Group at the year-end.
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. Information Other than the Consolidated financial statements and Auditor’s Report Thereon

Management is responsible for the other information. The other information comprises the information included in
annual report, but does not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

When we read the annual report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take necessary actions as required under law.

We have not been provided with other information and therefore, do not report on it.

Cnergyico Pk Limited 114 115 Annual Report 2024

Responsibilities of Management and Board of Directors for the Consolidated Financial Statements We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during
Management is responsible for the preparation and fair presentation of the consolidated financial statements in our audit.
accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of the
Companies Act, 2017 (XIX of 2017) and for such internal control as management determines is necessary to enable We also provide the Board of Directors with a statement that we have complied with relevant ethical requirements
the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud regarding independence, and to communicate with them all relationships and other matters that may reasonably be
or error. thought to bear on our independence, and where applicable, related safeguards.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to From the matters communicated with the Board of Directors, we determine those matters that were of most
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern significance in the audit of the consolidated financial statements of the current year and are therefore the key audit
basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about
alternative but to do so. 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
Board of Directors are responsible for overseeing the Group’s financial reporting process. benefits of such communication.

Auditor’s Responsibilities for the Audit of the consolidated financial statements The engagement partner on the audit resulting in this independent auditor’s report is Hena Sadiq.

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a 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 conducted in accordance
with ISAs as applicable in Pakistan will always detect a material misstatement when it exists. Misstatements can arise Chartered Accountants
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 financial statements. Place: Karachi
Date: September 16, 2024
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and maintain UDIN: AR202410057VJc2qjZlm
professional skepticism throughout the audit. We also:

• 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
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.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
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
exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
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.

• 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.

• 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
the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

Cnergyico Pk Limited 116 117 Annual Report 2024

CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF PROFIT OR LOSS
As at June 30, 2024 2024 2023
For the Year Ended June 30, 2024
Note Note 2024 2023
(Rupees in ‘000) (Rupees in ‘000)
ASSETS Revenue from contract with customers - net 30 240,626,169 193,912,162
NON-CURRENT ASSETS Cost of sales 31 (229,119,506) (204,550,626)
Property, plant and equipment 5 328,458,861 331,806,662 Gross profit / (loss) 11,506,663 (10,638,464)
Intangible asset 6 5,917 12,372

Long-term deposits 7 329,868 328,727
328,794,646 332,147,761 Administrative expenses 32 (1,547,057) (1,257,457)
Current assets Selling and distribution expenses 33 (635,222) (481,169)
Stores and spares 2,449,863 2,308,618 Other expenses 34 (514,573) (2,142,172)
Stock-in-trade 8 45,816,644 25,691,081 Other income 35 1,053,366 7,940,373
Trade debts 9 5,608,672 3,205,613
(1,643,486) 4,059,575
Loans and advances 10 280,443 117,814
Trade deposits and short-term prepayments 11 25,574 28,591
Other receivables 12 473,098 30,459 Operating profit / (loss) 9,863,177 (6,578,889)
Taxation - net - 518,289 Finance costs - net 36 (9,387,106) (6,578,648)
Cash and bank balances 13 2,401,326 1,196,310
57,055,620 33,096,775 Profit / (loss) before tax 476,071 (13,157,537)
Total Assets 385,850,266 365,244,536
Final tax and minimum tax 37 (723,766) (627,132)
EQUITY AND LIABILITIES Income tax - net 38 402,991 153,599

Share capital and reserves

Share capital 15 54,934,476 54,934,476 Profit / (loss) for the year 155,296 (13,631,070)
Reserves (46,679,830) (50,072,929)
8,254,646 4,861,547 Attributable to:

Surplus on revaluation of operating fixed assets-net of tax 16 177,523,994 180,718,586 - Shareholders of the Holding Company 185,437 (13,617,885)
185,778,640 185,580,133 - Non controlling interest (30,141) (13,185)
Contribution from shareholders 17 25,756,331 - 155,296 (13,631,070)
Equity attributable to the shareholders of the parent company 211,534,971 185,580,133

Non controlling interest 1,003,114 1,033,255 (Rupees)
Total equity 212,538,085 186,613,388 Earnings / (loss) per share - basic and diluted 39 0.03 (2.51)

Non-current liabilities
Long-term financing 18 14,440,000 16,319,206
Accrued and deferred mark-up 19 - 8,598,704 The annexed notes from 1 to 52 form an integral part of these consolidated financial statements.
Long-term lease liabilities 20 2,267,600 2,014,883
Long-term deposits 21 230,353 246,115
Deferred liabilities 22 549,048 855,011
Deferred taxation - net 23 71,104,773 72,200,890
88,591,774 100,234,809
Current liabilities
Trade and other payables 24 70,291,349 54,446,323
Contract liabilities 25 1,127,778 1,345,505
Accrued mark-up 26 3,758,104 1,923,136
Short-term borrowings - secured 27 8,286,144 18,954,023
Current portion of non-current liabilities 28 1,034,418 1,726,325
Unclaimed dividend 1,027 1,027
Taxation - net 221,587 -
84,720,407 78,396,339
Total equity and liabilities 385,850,266 365,244,536

Contingencies and commitments 29

The annexed notes from 1 to 52 form an integral part of these consolidated financial statements.

Chief Executive Officer Director Chief Financial Officer

Chief Executive Officer Director Chief Financial Officer

Cnergyico Pk Limited 118 119 Annual Report 2024



Chief Executive Officer

Profit / (loss) for the year

Cnergyico Pk Limited 120

Total comprehensive income for the year
Re-measurements on defined benefit obligation
For the Year Ended June 30, 2024
COMPREHENSIVE INCOME

Director
CONSOLIDATED STATEMENT OF

Deferred tax thereon

Surplus on revaluation of operating fixed assets
statement of profit or loss
Items that will not be reclassified subsequently to consolidated

Deferred tax thereon

- Non controlling interest

- Shareholders of the Holding Company
Note

22.1.7

2024

-
155,296

18,409
-
-

13,070

198,507
168,366
13,070

168,366

The annexed notes from 1 to 52 form an integral part of these consolidated financial statements.
(5,339)

(30,141)
(Rupees in ‘000)

Chief Financial Officer

2023

244,203,181

173,478,556

40,759

159,747,698
173,378,768

159,747,698
985,161
158,762,537
(13,631,070)

(70,724,625)

(140,547)

(99,788)
Other comprehensive income for the year

Attributable to:

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Year Ended June 30, 2024
Revenue
Capital Reserves Reserve
Issued, Surplus on Contribution Contribution Non
subscribed Merger revaluation against from controlling
and paid up Reserves Other capital of operating Accumulated Sub-total future issue shareholders interest Total
capital reserve fixed assets losses of shares (Note 17)
(note 18.3) (note 16)

(Rupees in ‘000)

Balance as at June 30, 2022 53,298,847 (21,303,418) 3,214,209 8,733,023 (19,102,829) 24,839,832 979,418 - - 25,819,250

Shares issued during the year 1,635,629 (656,211) - - - 979,418 (979,418) - - -

Business acquisition during the year (note 14) - - - - - - - - 48,093 48,093

Loss after taxation - - - - (13,617,885) (13,617,885) - - (13,185) (13,631,070)

Other comprehensive income for the year - net of tax - - - 173,478,556 (99,788) 173,378,768 - - 998,347 174,377,115
Total comprehensive income for the year - - - 173,478,556 (13,717,673) 159,760,883 - - 985,161 160,746,045

- - - - - - - - - -
Incremental depreciation relating to revaluation
surplus on operating fixed assets - net of tax (note 16) - - - (1,492,993) 1,492,993 - - - - -

Balance as at June 30, 2023 54,934,476 (21,959,629) 3,214,209 180,718,586 (31,327,509) 185,580,133 - - 1,033,255 186,613,388

Profit / (loss)after taxation - - - - 185,437 185,437 - - (30,141) 155,296

Other comprehensive income for the year - net of tax - - - - 13,070 13,070 - - - 13,070
Total comprehensive income for the year - - - - 198,507 198,507 - - (30,141) 168,366
Contribution from shareholders - - - - - - - 25,756,331 - 25,756,331
Incremental depreciation relating to revaluation
surplus on operating fixed assets - net of tax (note 16) - - - (3,194,592) 3,194,592 - - - - -
Balance as at June 30, 2024 54,934,476 (21,959,629) 3,214,209 177,523,994 (27,934,410) 185,778,640 - 25,756,331 1,003,114 212,538,085

The annexed notes from 1 to 52 form an integral part of these consolidated financial statements.
121 Annual Report 2024

Chief Executive Officer Director Chief Financial Officer

CONSOLIDATED STATEMENT OF CASH FLOWS NOTES TO THE MATERIAL ACCOUNTING POLICY
For the Year Ended June 30, 2024 INFORMATION AND OTHER EXPLANATORY INFORMATION
Note 2024 2023
FOR THE YEAR ENDED JUNE 30, 2024
(Rupees in ‘000)
CASH FLOWS FROM OPERATING ACTIVITIES
1. LEGAL STATUS AND NATURE OF BUSINESS
Profit / (loss) before tax 476,071 (13,157,537)
Adjustments for: As at June 30, 2024, ‘the Group’ comprises of the Holding Company and following subsidiaries that have been consolidated
Depreciation on operating fixed assets 5.1 7,653,175 5,011,245 in these financial statements.
Depreciation on right-of-use assets 5.3 309,497 308,175
Amortisation of intangible asset 6 6,455 6,455 1.1 Holding Company
Finance costs 36 9,387,106 6,578,648
Allowance for expected credited losses 9.2 514,573 2,142,172 Cnergyico Pk Limited (the Holding Company)
Gain on property, plant and equipment 35 (4,063) (248)
Interest income 35 (946,573) (1,785,305) The Holding Company was incorporated in Pakistan as a public limited company on January 09, 1995 under the Companies
Modification of financial liability - (6,081,235) Act, 2017 and was granted a certificate of commencement of business on March 13, 1995. The shares of the Company are
Provision for defined benefit plan 22.1.5 166,136 112,908 listed on Pakistan Stock Exchange. The Holding Company is a subsidiary of Bosicorco International Limited, Mauritius (the
Net cash flows before working capital changes 17,562,377 (6,864,722) Parent Company). The Parent Company in turn is a subsidiary of Busientco Incorporated, Cayman Islands (the Ultimate
Parent Company).
Movement in working capital
Decrease / (increase) in current assets The Holding Company currently operates two business segments namely 1) Oil refinery business with two refineries with
Stores and spares (141,245) 331,457 an aggregate rated capacity of 156,000 bpd and 2) Petroleum marketing business which was formally launched in 2007
Stock-in-trade (20,125,563) 22,554,743 is operated through 470 (June 30, 2023: 468) retail outlets across the country.
Trade debts (2,917,632) 3,357,862
Loans and advances (162,629) 68,860 Geographical location and addresses of major business units of the Holding Company are as under:
Trade deposits and short-term prepayments 3,017 24,109
Other receivables (442,639) 1,686,003 Head office
(23,786,691) 28,023,033 The Harbour Front, 9th Floor, Dolmen City, HC-3, block 4, Marine drive, Clifton, Karachi - 75600, Pakistan.
(Decrease) / increase in current liabilities
Trade and other payables 15,159,091 (13,625,134) Refining units
Contract liabilities (217,727) (1,547,795) Mauza Kund, Sub Tehsil Gadani, District Lasbella, Baluchistan.
14,941,364 (15,172,929)

1.2 Subsidiary Companies
Cash generated from operations 8,717,050 5,985,382
Finance costs paid (6,665,545) (5,481,647)
1.2.1 Cnergyico Isomerate Pk (Private) Limited (CIPL)
Final taxes paid (381,373)
Income taxes and minimum taxes paid (300,982) (80,611)
CIPL was incorporated in Pakistan as a private limited company under the Companies Act, 2017 on May 14, 2014. CIPL is
Employees retirement benefits paid 22.1.5 - (20,000)
principally engaged in blending, refining and processing of petroleum naphtha to produce petroleum products such as
Interest received 946,573 115,383
premium motor gasoline.
Net cash generated from operations 2,315,723 518,507

Geographical location and addresses of major business units of the subsidiary are as under:
CASH FLOWS FROM INVESTING ACTIVITIES

Head office
Acquisition of property, plant and equipment (1,209,810) (2,141,138)
The Harbour Front, 10th Floor, Dolmen City,HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan.
Acquisition of intangible asset - -
Proceeds from disposal of property, plant and equipment 4,063 672
Refining unit
Long-term deposits, net (16,903) 60,822
Survery / Khasra No. 310, Mouza Kund, Sub Tehsil, Gadani, District, Lasbella Baluchistan.
Net cash used in investing activities (1,222,651) (2,079,644)

1.2.2 Bosicorco OSB 1 (Private) Limited
CASH FLOWS FROM FINANCING ACTIVITIES

Long-term financing - net (1,250,409) 902,537 Bosicorco OSB 1 (Private) Limited (the Company) was incorporated as a public unlisted company in Pakistan on August 19,
Short-term borrowings - net 1,832,121 (673,446) 2005 and was subsequently converted into a private limited company on April 27, 2011, under the Companies Act, 2017.
Payment of lease liabilities 20 (469,769) (352,389) The principal activity of the Company is serving as a mooring point for offloading liquid products through the Single Buoy
Net cash generated / (used in) from financing activities 111,944 (123,298) Mooring (SBM).
Net increase / (decrease) in cash and cash equivalents 1,205,016 (1,684,435)
Cash and cash equivalents - at the beginning of the year (403,690) 1,280,745 During financial year 2023, the Holding Company acquired 91.05% shareholding in Bosicorco OSB 1 (Private) Limited
Cash and cash equivalents - at the end of the year 40 801,326 (403,690) against the advance against shares.

The annexed notes from 1 to 52 form an integral part of these consolidated financial statements. Geographical location and addresses of major business units of the subsidiary are as under:

Head office
The Harbour Front, 10th Floor, Dolmen City, HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan.
Chief Executive Officer Director Chief Financial Officer

Cnergyico Pk Limited 122 123 Annual Report 2024

 SBM facility completion and finalisation of the Scheme, obtaining all necessary members’, creditors’ and regulatory approvals, and
Mouza Kund, Sub Tehsil, Gadani, District , Lasbella Balochistan. the sanction of the Scheme by the High Court of Sindh at Karachi, along with fulfilment of related legal formalities in
accordance with applicable laws. Through the said announcement the Board of Directors of the Parent Company in their
1.2.3 Bosicorco CPB 1 (Private) Limited meeting approved a draft scheme under Section 279 to 283 and 285 of the Companies Act, 2017, to be entered into
between the Parent Company and its following wholly owned subsidiaries namely:
Bosicorco CPB 1 (Private) Limited was incorporated in Pakistan as a private limited company under the Companies
Act, 2017 on October 27, 2022. The company is principally engaged in refining, buying and selling basic drugs, phyto i) Bosicorco ORB 1 (Private) Limited (ORB 1) ii) Bosicorco ORB 2 (Private) Limited (ORB 2) iii) Bosicorco OMB 1 (Private)
chemicals, laboratory and other chemicals used in different industries. Limited (OMB) iv) Bosicorco OSB 2 (Private) Limited (OSB) v) Bosicorco CPB 1 (Private) Limited (CPB) and vi) Cnergyico
lsomerate Pk (Private) Limited (ISOM) laid before the Board of Directors of the Parent Company pertaining to the
Head Office: proposed scheme.
The Harbour Front, 10th Floor, Dolmen City,HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan.
In terms of the Scheme, it is intended, inter alia, that certain business units / undertakings of the Parent Company shall
1.2.4 Bosicorco OMB 1 (Private) Limited be segregated and demerged / carved out from the Parent Company, which undertakings (including the respective
assets, liabilities and obligations comprising thereof) shall be merged with and into, and stand vested in, ORB 1, ORB 2,
Bosicorco OMB 1 (Private) Limited was incorporated in Pakistan as a private limited company under the Companies Act, OMB, OSB and CPB respectively. Furthermore, ISOM, being a wholly owned subsidiary of the Parent Company shall be
2017 on October 27, 2022. The company is principally engaged in acquisition, distribution, marketing and selling, import merged with and into ORB 2.
ad export all kinds of petroleum and petroleum products.
The Board has authorised the Parent Company inter alia to finalise and execute the Scheme and file a petition before the
Head Office: High Court of Sindh, Karachi.
The Harbour Front, 10th Floor, Dolmen City,HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan.
The High Court of Sindh issued an order on February 6, 2024, mandating the conduct of meetings for the members
1.2.5 Bosicorco ORB 1 (Private) Limited and secured creditors of the Company. Accordingly Extraordinary General Meeting (EOGM) with the members was held
on March 26, 2024, during which said scheme of arrangement was placed before the members for consideration and
Bosicorco ORB 1 (Private) Limited was incorporated in Pakistan as a private limited company under the Companies Act, approval, which was approved and adopted, along with modifications / amendments required or conditions imposed by
2017 on October 25, 2022. The company is principally engaged in refining of crude oil to produce petroleum products like the High Court of Sindh at Karachi.
PMG, HSD, kerosene oil, furnace oil and other petroleum products.
2. BASIS OF PREPARATION
Head Office:
The Harbour Front, 10th Floor, Dolmen City,HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan. 2.1 Statement of compliance

1.2.6 Bosicorco ORB 2 (Private) Limited These consolidated financial statements have been prepared in accordance with the accounting and reporting standards
as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:
Bosicorco ORB 2 (Private) Limited was incorporated in Pakistan as a private limited company under the Companies Act,
2017 on October 27, 2022. The company is principally engaged in refining of crude oil to produce petroleum products like - International Financial Reporting Standards (IFRS) issued by the International Accounting Standard Board (IASB) as
PMG, HSD, kerosene oil, furnace oil and other petroleum products. notified under the Companies Act 2017 (the Act); and

Head Office: - Provisions of and directives issued under the Act.

The Harbour Front, 10th Floor, Dolmen City,HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan.
Where provisions of and directives issued under the Act differ from IFRS, the provisions of and directives issued under the
1.2.7 Bosicorco OSB 2 (Private) Limited Act have been followed.

Bosicorco OSB 2 (Private) Limited was incorporated in Pakistan as a private limited company under the Companies Act, 2.2 Basis of measurement
2017 on October 27, 2022. The company is principally engaged in refining of crude oil to produce petroleum products like
PMG, HSD, kerosene oil, furnace oil and other petroleum products. These consolidated financial statements have been prepared under the historical cost convention except for:

Head Office: - Operating fixed assets which are carried at revalued amount in accordance with IAS 16 “Property, Plant and
The Harbour Front, 10th Floor, Dolmen City,HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan. Equipment” as disclosed in note 4.1 and 5.1; and

1.2.8 Bosicorco Essential Service (Private) Limited - Employees’ retirement benefits which is carried at present value of defined benefit obligation net of fair value of
plan assets in accordance with the requirements of IAS 19 Employee Benefits, as disclosed in note 4.11 and 21.1
The Company was incorporated in Pakistan as a private limited company under the Companies Act, 2017 on July 06,
2023.The company’s principal activity is to engage in business of material management, event management, disaster Lease liability are measured at the present value of lease payments. The lease payments are discounted using the
response services, canteen and cafeteria services, janitorial services, fumigation, import, export, and to setup, establish, interest rate implicit in the lease, however where the rate cannot be determined then the company uses its internal
run and manage family entertainment centers that are as par with international amusement standards worldwide. borrowing rate.

Head Office: 2.3 Changes in accounting standards and interpretations

The Harbour Front, 10th Floor, Dolmen City, HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, Pakistan.
2.3.1 Amendments to accounting and reporting standards and the framework for financial reporting
1.3 Potential restructuring of the Group
The following standards, amendments and interpretations are effective for the year ended June 30, 2024. These standards,
The Parent Company made an announcement on Pakistan Stock Exchange (“PSX”) dated December 21, 2023 regarding amendments and interpretations are either not relevant to the Groups’ operations or are not expected to have significant
potential scheme for restructuring of the Parent Company (the Scheme). The proposed draft scheme constitute of impact on the Groups’ consolidated financial statements other than certain additional disclosures.
potential corporate re-organisation / restructuring of the Parent Company and its wholly owned subsidiaries, subject to

Cnergyico Pk Limited 124 125 Annual Report 2024

 - Amendments to IAS 1 ‘Presentation of Financial Statements’ and IFRS Practice Statement 2 - Disclosure of accounting adjustments to the consolidated financial statements in the subsequent years are as follows:
policies
Note
- Amendments to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’ - Definition of accounting i) Useful lives of items of operating fixed assets 4.1 & 5.1
estimates ii) Surplus on revaluation of operating fixed assets 4.1
iii) Provision for slow moving and obsolete stores and spares 4.5
- Amendments to ‘IAS 12 Income Taxes’ - deferred tax related to assets and liabilities arising from a single transaction. iv) Allowance for expected credit losses and other receivables 4.8
Amendments to IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ - Onerous Contracts — cost of v) Impairment against non-financial assets 4.3
fulfilling a contract vi) Estimates of receivables and payables in respect of staff retirement benefit schemes 4.11
vii) Determining the lease term of contracts with renewal and termination options 4.10
- Amendments to IAS 12 ‘ Income taxes’ - International Tax Reform — Pillar Two Model Rules viii) Provision for taxation 4.12
ix) Contingencies
2.3.2 New accounting standards / amendments to the accounting and reporting standard that are not yet effective:
2.5 ADOPTION OF ACCOUNTING POLICY
The following standards, amendments and interpretations are only effective for accounting periods, beginning on or after
the date mentioned against each of them. These standards, interpretations and the amendments are either not relevant Accounting for minimum taxes and final taxes
to the Group’s operations or are not expected to have significant impact on the Group’s consolidated financial statements
other than certain additional disclosures. As an application resource, a guide was issued by Institute of Chartered Accountants of Pakistan (ICAP) in May 2024 ‘IAS
12 Application Guidance on Accounting for Minimum taxes and Final taxes’ (the guide) applicable for reporting period
Effective from accounting period beginning on or after: June 30, 2024 and onwards.

- Amendments to IFRS 16 ‘ Leases’ - Clarification on how seller-lessee In the given guide it has been stated that minimum taxes and final taxes which are charged as per the provisions of the
subsequently measures sale and leaseback transactions January 01, 2024 Income Tax Ordinance, 2001 (ITO) previously accounted for and presented as income taxes within the scope of IAS 12
‘Income taxes’ will now be treated as ‘Levies’ as defined in para BC4 of IFRIC 21 as taxes whose calculation is based on
gross amounts such as revenue.
- Amendments to IAS 1 ‘Presentation of Financial Statements’ - Classification
of liabilities as current or non-current along with Non-current liabilities with Covenants January 01, 2024 As per IAS 12, income taxes includes all domestic and foreign taxes which are based on taxable profits which is the profit
(loss) for a period, determined in accordance with the rules established by the taxation authorities, upon which income
taxes are payable (recoverable).
- Amendments to IAS 7 ‘Statement of Cash Flows’ and ‘IFRS 7 ‘Financial instruments
disclosures’ - Supplier Finance Arrangements January 01, 2024 In view of the above clarifications from ICAP, it has been established that minimum tax and final taxes do not meet
the criteria of income tax expense as per IAS 12 hence it should be accounted for under IFRIC 21 ‘Levies’ and IAS 37
‘Provisions, Contingent Liabilities and Contingent Assets’.
- Amendments to IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’
- Clarification on how entity accounts when there is long term lack of Exchangeability January 01, 2025 The guide issued by ICAP provides two (2) approaches to account for minimum and final regime taxes, which is a choice
of accounting policy of which the Group has chosen the following:
- IFRS 17 – Insurance Contracts (including the June 2020 and December 2021
Amendments to IFRS 17) January 01, 2026 Designate the amount calculated on taxable income using the notified tax rate as an income tax within the scope of IAS
12 ‘Income Taxes’ and recognise it as current income tax expense. Any excess over the amount designated as income
- Amendments IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial instruments tax, is then recognised as a levy falling under the scope of IFRIC 21/IAS 37. Under approach (b) i.e. when the excess is
disclosures’ - Classification and measurement of financial instruments January 01, 2026 treated as a ‘levy’, the effective rate of income tax is equal to the enacted rate of income tax.

Other than the aforesaid standards, interpretations and amendments, the International Accounting Standards Board Similarly, any amount deducted as final taxes will be classified as a levy in the statement of profit or loss and there would
(IASB) has also issued the following standards which have not been adopted locally by the Securities and Exchange be no deferred tax liability / (asset) recognised in case of final taxes.
Commission of Pakistan:
Super tax charged to entities as per provisions of ITO, will be classified as either ‘Income Tax’ or ‘levy’ in accordance with
- IFRS 1 – First Time Adoption of International Financial Reporting Standards guide stated in preceding paragraphs of this guide [i.e. if super tax calculation is based on taxable profits as defined in
- IFRS 18 - Presentation and Disclosures in Financial Statements IAS 12, then, such super tax shall be recognised as ‘income tax’ otherwise such super tax shall qualify for recognition as
- IFRS 19 - Subsidiaries without Public Accountability: Disclosures ‘levy’ as per IFRIC 21 / IAS 37].

2.4 Critical accounting judgments, estimates and assumptions Advance taxes paid under any section of the ITO, except minimum taxes paid under section 113, which are termed as
levy as per the above guide will be classified as ‘prepaid assets’.
The preparation of these consolidated financial statements in conformity with approved accounting standards, as
applicable in Pakistan, requires management to make judgements, estimates and assumptions that affect the The above changes have been accounted for in these consolidated financial statements as per the requirements of
application of policies and the reported amount of assets, liabilities, income and expenses. The estimates and associated IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’. The adoption of this policy did not result in re-
assumptions are based on historical experience and various other factors that are believed to be reasonable under the statement of consolidated financial statements since deferred tax liability recognised in prior periods as per TR 27 and the
circumstances, the results of which form the basis of making the judgments about the carrying values of assets and application of this guide did not result any material differences except for reclassifications which are presented as below:
liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates
underlying the assumptions are reviewed on an ongoing basis.

Revisions to accounting 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
periods. Judgements, estimates and assumptions made by the management that may have a significant risk of material

Cnergyico Pk Limited 126 127 Annual Report 2024

 Depreciation is charged to consolidated statement of profit or loss, applying the straight line method whereby costs of
Effect on Consolidated statement of financial position: assets, less their residual values, is written off over their estimated useful lives at rates as disclosed in note 5.1 to the
consolidated financial statements. Depreciation on additions is charged from the month in which the asset is available
As at June 30, 2023, there is no effect of this guide on the statement of finanical position. for use up to the month preceding the disposal.
Current Previous
Classification Classification The carrying values of the Group’s operating fixed assets are reviewed at each financial year end for impairment when
Effect on Consolidated statement of profit or loss: events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication
Final taxes - - exists, and where the carrying values exceed the estimated recoverable amount, the assets are written down to their
Advance income tax - - recoverable amount.
- -
For the year ended June 30, 2023 Repairs and maintenance cost is charged to the consolidated statement of profit or loss in the year in which it is incurred.
Taxation: Major renewals and improvements are capitalised when it is probable that respective future economic benefits will flow
- Current year - 627,132 to the Group.
- prior year (153,599) (153,599)
Deferred tax - - An item of operating fixed assets is derecognised upon disposal or when no future economic benefits are expected from
its use or disposal. Gain or loss on disposal of operating fixed assets is recognised in the month of disposal.
Revenue taxes:
- minimum taxes 627,132 - Increase in the carrying amounts arising on revaluation of operating fixed assets are recognised in consolidated statement
473,533 473,533 of other comprehensive income and accumulated in reserves in shareholders’ equity to except to the extent that it
reverses a revaluation decrease previously recognised in consolidated statement of profit or loss, in which case the
3. BASIS OF CONSOLIDATION increase is credited to consolidated statement of profit or loss to the extent of the decrease previously charged. Decrease
that reverses previous increase of the same asset are first recognised in consolidated statement of comprehensive
These consolidated financial statements include the financial statements of the Holding Company and its subsidiary income to the extent of the remaining surplus attributable to the asset; all other decreases are charged to consolidated
companies, here-in-after referred to as “the Group” as disclosed in note 1. statement of profit or loss.

A company is a subsidiary, if an entity (the Holding Company) directly or indirectly controls, beneficially owns or holds Capital work-in-progress
more than fifty percent of its voting securities or otherwise has power to appoint or remove majority of its directors. Capital work-in-progress, is stated at cost less accumulated impairment losses, if any. Cost consists of:
Subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the
date when such control ceases. - expenditures incurred for the acquisition of the specific asset, dismantling, refurbishment, construction and
installation of the asset so acquired.
The unconsolidated financial statements of the subsidiaries are prepared for the same reporting year as of the Holding
Company, using consistent material accounting policies. - borrowing cost and exchange differences arising on foreign currency financings to the extent these are regarded as
adjustment to interest costs for qualifying assets if its recognition criteria is met as mentioned in note 4.14 to the
Subsidiaries are consolidated fully from the date on which the control is transferred to the Holding Company and is consolidated financial statements.
derecognised from the date control ceases. The assets, liabilities, income and expenses of subsidiary Companies are
consolidated on a line by line basis and carrying value of investments held by the Holding Company is eliminated - interest expenses and other expenses as mentioned in note 5.2.1 to the consolidated financial statements.
against the subsidiary companies’ shareholders’ equity in the consolidated financial statements. All intra-group balances,
transactions and unrealised gains and losses resulting from intra-group transactions and dividends are eliminated in full. - trial run cost of testing the asset. If the income from the testing activity is higher than the cost of testing the asset,
then the net effect will be a recognised in consolidated statement of profit or loss.
Non-controlling interest is the equity in a subsidiary not attributable, directly or indirectly, to the Holding Company and
is measured at proportionate share of net assets of the acquire as of the acquisition date and subsequently allocated its Right-of-use assets
share of consolidated statement of comprehensive income for the period, even if that results in a deficit balance. The Group recognises a right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses,
4. MATERIAL ACCOUNTING POLICY INFORMATION and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less
During the year, the group adopted the Disclosure of Accounting Policies (Amendments to IAS 1) from January 01, any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the lease term.
2023. The amendments require the disclosure of ‘material’, rather than ‘significant’, accounting polices. Although the
amendments did not result in any changes to the accounting policies themselves. 4.2 Intangible asset

The Group has consistently applied following accounting policies to all periods presented in these financial statements An intangible asset is recognised if it is probable that future economic benefits attributable to the asset will flow to the
except if mentioned otherwise. Group and that the cost of such asset can be measured reliably. These are stated at cost less accumulated amortisation
and impairment, if any.
4.1 Property, plant and equipment
Costs that are directly associated with identifiable software and have probable economic benefits exceeding the cost
Operating fixed assets - owned beyond one year, are recognised as intangible asset. Direct costs include the purchase cost of software, implementation
cost and related overhead cost.
These are initially recognised at cost and subsequently carried at cost less accumulated depreciation and impairment
losses, if any, except for freehold land, leasehold land, building on freehold land, roads and civil works, building on Intangible assets are amortised using the straight-line method over a period of three years or license period, whichever
leasehold land, plant and machinery, generators and safety and lab equipments which are measured at revalued is shorter.
amounts, which is the fair value at the date of revaluation less accumulated depreciation and accumulated impairment
losses, if any, recognised subsequent to the date of revaluation. The surplus arising on revaluation is disclosed as surplus The carrying value of intangible assets are reviewed for impairment when events or changes in circumstances indicate
on revaluation of operating fixed assets.. that the carrying value may not be recoverable. If any such indicate on exists and where the carrying value exceeds the
estimated recoverable amount, the assets are written down to their recoverable amount.

Cnergyico Pk Limited 128 129 Annual Report 2024

4.3 Impairment of non-financial assets 4.8.1 Financial assets

The carrying amounts of non-financial assets are assessed at each reporting date to ascertain whether there is any Initial recognition and measurement
indication of impairment. If such an indication exists, the asset’s recoverable amount is estimated to determine the
extent of impairment loss, if any. An impairment loss is recognised, as an expense in consolidated statement of profit Financial assets are classified at initial recognition and subsequently measured at amortised cost, fair value through other
or loss. The recoverable amount is the higher of an asset’s fair value less cost to disposal and value-in-use. Value-in-use comprehensive income or fair value through profit or loss.
is ascertained through discounting of the estimated future cash flows using a discount rate that reflects current market
assessments of the time value of money and the risk specific to the assets for which the estimate of future cash flow The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
have not been adjusted. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there characteristics and the Group’s business model for managing them. With the exception of trade debts, the Group initially
are separately identifiable cash flows (cash-generating units). measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss,
transaction costs. Trade debts are measured at the transaction price as determined under IFRS 15.
An impairment loss is reversed if there is a change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that In order for a financial asset to be classified and measured at amortised cost or fair value through other comprehensive
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised previously. income, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal
Reversal of an impairment loss is recognised immediately in consolidated statement of profit or loss. amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group’s
business model for managing financial assets refers to how it manages its financial assets in order to generate cash
4.4 Stock-in-trade flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the
financial assets, or both.
All stock-in-trade is valued at the lower of cost and net realisable value (NRV). Stock-in-transit, if any, are valued at cost
comprising invoice values plus other charges incurred as of reporting date. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or
convention in the market place (regular way trades) are recognised on the trade date, i.e. the date that the Group
Raw materials commits to purchase or sell the asset.

Cost in relation to crude oil is determined on the basis of First-In-First-Out (FIFO) basis. Subsequent measurement

Finished products For purposes of subsequent measurement, the Group classifies its financial assets into following categories:

Cost of finished products comprises of the cost of crude oil and appropriate production overheads. Production overheads - Financial assets at amortised cost (debt instruments);
are arrived at on the basis of average cost for the month per barrel of throughput.
- Financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains
Net realisable value in relation to finished products is the estimated selling price in the ordinary course of business, less and losses upon derecognition (equity instruments) (FVTOCI); and
the estimated cost of completion and estimated cost necessary to make the sale.
- Financial assets at fair value through profit or loss (FVTPL).
4.5 Stores and spares
Financial assets at amortised cost (debt instruments)
These are stated at moving average cost less impairment loss, if any. For items which are slow moving and / or identified
as surplus to the Group’s requirements, adequate provision is made for any excess book value over estimated realisable The Group measures financial assets at amortised cost if both of the following conditions are met:
value. Provision is made for obsolete and slow moving items where necessary and is recognised in the consolidated
statement of profit or loss. - The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
4.6 Advances and short-term prepayments
- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
These are initially recognised at cost, which is the fair value of the consideration given. Subsequent to initial recognition principal and interest on the principal amount outstanding.
assessment is made at each reporting date to determine whether there is an indication that assets may be impaired.
If such indication exists, the estimated recoverable amount of that asset is determined and any impairment loss is Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to
recognised for the difference between the recoverable amount and the carrying value. impairment. Gains and losses are recognised in consolidated statement of profit or loss when the asset is derecognised,
modified or impaired.
4.7 Contract liabilities
The Group’s financial assets at amortised cost includes loans, deposits, trade debts, other receivables and cash at
Advances from customers is the obligation of the Group to transfer goods or services to a customer for which the Group bank.
has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration
before the Group transfers goods or services to the customer, an advance is recognised when the payment is made or Financial assets designated at FVTOCI (equity instruments)
the payment is due (whichever is earlier). Advances are recognised as revenue when the Group fulfills its performance
obligations under the contract. Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated
at FVOCI when they meet the definition of equity under IAS 32 Financial Instruments: Presentation and are not held for
4.8 Financial instruments trading. The classification is determined on an instrument-by-instrument basis.

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity Gains and losses on these financial assets are never recycled to consolidated statement of profit or loss. Dividends are
instrument of another entity. recognised as other income in consolidated statement of profit or loss when the right of payment has been established,
except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which
case, such gains are recorded in other comprehensive income. Equity instruments designated at fair value through other
comprehensive income are not subject to impairment assessment.

Cnergyico Pk Limited 130 131 Annual Report 2024

 The Group has not designated any financial asset at FVTOCI. For trade debts, the Group applies a simplified approach where applicable in calculating ECL. Therefore, the Group does
not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECL at each reporting date. The
Financial assets at FVTPL Group has established a provision matrix for large portfolio of customer having similar characteristics and default rates
based on the credit rating of customers from which receivables are due that is based on the Group’s historical credit loss
Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
FVTPL, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for
trading if they are acquired for the purpose of selling or repurchasing in the near term. Financial assets with cash flows The Group considers a financial asset to be at a risk of default when contractual payments are 90 days past due, unless
that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, there are factors that might indicate otherwise. However, in certain cases, the Group may also consider a financial asset
irrespective of the business model. to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding
contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is
Notwithstanding the criteria for debt instruments to be classified at amortised cost or at FVTOCI, as described above, written off when there is no reasonable expectation of recovering the contractual cash flows.
debt instruments may be designated at FVTPL on initial recognition if doing so eliminates, or significantly reduces, an
accounting mismatch. 4.8.2 Financial liabilities

Financial assets at FVTPL are carried in the consolidated statement of financial position at fair value with net changes in Initial recognition and measurement
fair value recognised in consolidated statement of profit or loss.
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, and
This category also includes derivative instruments and listed equity investments which the Group had not irrevocably financial liabilities at amortised cost, as appropriate.
elected to classify at FVTOCI. Dividends on listed equity investments are also recognised as other income in consolidated
statement of profit or loss when the right of payment has been established. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.
The Group has not designated any financial asset at FVTPL.
Subsequent measurement
Derecognition
Financial liabilities at FVTPL
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Group’s consolidated statement of financial position) when: Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss. Gains or losses on liabilities held for trading are
- The rights to receive cash flows from the asset have expired, or recognised in consolidated statement of profit or loss. Financial liabilities designated upon initial recognition at fair value
through profit or loss are designated at the initial date of recognition, only if the criteria in IFRS 9 are satisfied. The Group
- The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the has not designated any financial liability at FVTPL.
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a)
the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred Financial liabilities at amortised cost
nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
After initial recognition, borrowings and payables are subsequently measured at amortised cost using the Effective
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through Interest Rate (EIR) method. Gains and losses are recognised in consolidated statement of profit or loss when the liabilities
arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. are derecognised as well as through the EIR amortisation process.

“When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that integral part of the EIR. The EIR amortisation is included as finance costs in consolidated statement of profit or loss.
case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on
a basis that reflects the rights and obligations that the Group has retained. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer the settlement of the
liability for at least twelve months after the reporting date. Exchange gains and losses arising in respect of borrowings in
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at lower of the original foreign currency are added to the carrying amount of the borrowing.
carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
Derecognition
Impairment of financial assets
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
The Group recognises an allowance for expected credit losses (ECL) for all debt instruments not held at fair value through existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that consolidated statement of profit or loss.
are integral to the contractual terms.
4.8.3 Offsetting of financial instruments
ECL is recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the Financial assets and financial liabilities are set off and the net amount is reported in the consolidated statement of
next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk financial position only when the Group has a legally enforceable right to set off and the Group intends to either settle on
since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, a net basis, or to realise the assets and to settle the liabilities simultaneously. Income and expense items of such assets
irrespective of the timing of the default (a lifetime ECL). and liabilities are also offset and the net amount is reported in the consolidated statement of financial position.

For financial assets other than trade debts, the Group applies general approach in calculating ECL. It is based on difference 4.9 Cash and cash equivalents
between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to
receive discounted at the approximation of the original effective interest rate. The expected cash flows will include cash Cash and cash equivalents are stated at cost. For the purposes of consolidated statement of cash flows, cash and cash
flows from sale of collateral held or other credit enhancements that are integral to the contractual terms. equivalents comprise of cash in hand, balances with banks and running finance facility.

Cnergyico Pk Limited 132 133 Annual Report 2024

4.10 Leases 4.11 Staff retirement benefits

The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the Defined benefit plan
right to control the use of an identified asset for a period of time in exchange for consideration.
The Group operates a funded gratuity scheme covering all its permanent employees who have completed minimum
Group as a lessee qualifying period of service. The Group’s obligation under the scheme is determined through actuarial valuations
carried out under the “Projected Unit Credit Method”. The latest actuarial valuation was carried out at June 30, 2023 and
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases based on the actuarial valuation, the Group had recognised the liability for retirement benefits and the corresponding
of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing expenses. Actuarial gains and losses that arise are recognised in the consolidated statement of comprehensive income
the right to use the underlying assets. in the year in which they arise. Past service costs are recognised immediately in the consolidated statement of profit or
loss irrespective of the fact that the benefits are vested or non-vested. Current service costs and any past service costs
i) Lease liabilities together with the effect of the unwinding of the discount on plan liabilities are charged to the consolidated statement of
profit or loss.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments (including in- The amount recognised in the consolidated statement of financial position represents the present value of defined
substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index benefit obligation as reduced by the fair value of plan assets.
or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the
exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for Defined contribution plan
terminating the lease, if the termination option is reasonably certain to be exercised. Variable lease payments that
do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) The Group operates a funded provident fund scheme for all its eligible employees. Equal contributions are made by the
in the period in which the event or condition that triggers the payment occurs. In calculating the present value of Group and the employees at 8.33% of the basic salary of the eligible employees.
lease payments at the lease commencement date, the Group uses the interest rate implicit in the lease. In case
where the interest rate implicit in the lease is not readily determinable, the Group uses its incremental borrowing Government Grant
rate. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest
and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached
is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an conditions will be complied with. As the grant relates to an expense item, it is recognised as income on a systematic basis
option to purchase the underlying asset. over the periods that the related costs, for which it is intended to compensate, are expensed.

ii) Determination of the lease term for lease contracts with extension and termination options 4.12 Taxation

The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered i. Current tax
by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be exercised. Provision for current taxation is based on taxable income at the enacted / corporate tax rate after taking into account
tax credits and rebates available, if any, as per the Income Tax Ordinance, 2001.
The Group has several lease contracts that include extension and termination options. The Group applies judgement
in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. ii. Minimum tax
That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or
termination. After the commencement date, the Group reassesses the lease term if there is a significant event or Minimum tax include levies as per IFRIC 21 which comprises of minimum tax as per section 113 and minimum taxes
change in circumstances that is within its control that affects its ability to exercise or not to exercise the option to under various sections of Income Tax Ordinance, 2001.
renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation of the
leased asset). A levy is an outflow of resources embodying economic benefits that is imposed by governments on entities in
accordance with legislation (i.e. laws and/or regulations), other than:
iii) Estimating the incremental borrowing rate
(a) those outflows of resources that are within the scope of other standards.
Where the Group cannot readily determine the interest rate implicit in the lease, it uses its incremental borrowing
rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over (b) fines or other penalties that are imposed for breaches of the legislation.
a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-
use asset in a similar economic environment. In these consolidated financial statements, levy includes minimum taxes differential, if any, final taxes and super
taxes which are calculated on a basis other than taxable profits. The corresponding advance tax paid, except for
iv) Short-term leases minimum taxes under section 113, which are treated as levy are recognised as prepaid assets.

The Group applies the short-term lease recognition exemption to its short-term leases of office premises (i.e., those iii. Final tax
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase
option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. Final tax includes tax charged / withheld / paid on certain income streams under various provisions of Income Tax
Ordinance, 2001 (Ordinance). Final tax is charged / computed under the Ordinance, without reference to income
Group as a lessor chargeable to tax at the general rate of tax and final tax computed / withheld or paid for a tax year is construed as
final tax liability for the related stream of Income under the Ordinance.
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are
classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is Final tax paid is considered to be full and final discharge of the tax liability for the Group for a tax year related to
included in other income in the consolidated statement of profit or loss due to its operating nature. that income stream.

Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the
leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as
revenue in the period in which they are earned.

Cnergyico Pk Limited 134 135 Annual Report 2024

 iv. Deferred tax 4.18 Other income

Deferred tax is provided using the liability method for all temporary differences at the reporting date between tax Other income is recognised to the extent it is probable that the economic benefits will flow to the Group and amount
bases of assets and liabilities and their carrying amounts for financial reporting purposes after considering, the can be measured reliably. Other income is measured at the fair value of the consideration received or receivable and is
average effective rate of tax as determined in approach (b) to the guide issued by ICAP. recognised on the following basis:

Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax asset is recognised for all - Mark-up on delayed payment charges are recognised on the time proportionate basis.
deductible temporary differences and carried forward unused tax losses, if any, to the extent that it is probable that
taxable profit will be available against which such temporary differences and tax losses can be utilised. - Interest income on short-term deposits and interest bearing loan and advances are recognised on the time
proportionate basis;
Deferred tax assets and liabilities are measured at enacted tax rate that are expected to apply to the period when
the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at - Scrap sales, dealership income and rental income are recognised on an accrual basis; and
the reporting date.
- Gain on disposal is recognised at the time of disposal of operating fixed assets.
4.13 Provisions
4.19 Earnings per share
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, if
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by
reliable estimate can be made of the amount of obligation. Provisions are reviewed at each consolidated statement of dividing the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary
financial position date and adjusted to reflect the current best estimate. shares outstanding during the year. 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
4.14 Borrowings and related costs ordinary shares.

Borrowing costs directly attributable to the acquisition, construction or installation of qualifying assets, that necessarily 4.20 Foreign currency translation
take substantial period of time to get ready for their intended use, are capitalised as a part of cost of those assets,
until such time as the assets are substantially ready for intended use. All other borrowing costs are recognised as an Transactions in foreign currencies are accounted for in Pakistan Rupees at the rates prevailing on the date of transaction.
expense in the year in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs Monetary assets and liabilities in foreign currencies are translated into Rupees at the rates of exchange which approximate
in connection with borrowing of funds and exchange difference arising on foreign currency funding’s to the extent those those prevailing at the consolidated statement of financial position date. Exchange differences are recognised in the
are regarded as adjustment to the interest cost, net of related interest income, if any. consolidated statement of profit or loss.

4.15 Contingencies 4.21 Operating segments

Contingent liability is disclosed when: Operating segments are reported in a manner consistent with the internal reporting provided to the Chief operating
decision-maker. The Chief operating decision-maker, who is responsible for allocating resources and assessing
- there is a possible obligation that arises from past events and whose existence will be confirmed only by the performance of the operating segments, has been identified as Chief Executive of the Group.
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or
4.22 Dividends and appropriations
- there is a present obligation that arises from past events but it is not probable that an outflow of resources embodying
economic benefits will be required to settle the obligation or the amount of the obligation cannot be measure with Dividends and reserve appropriations are recognised in the year in which these are declared / approved.
sufficient reliability.
4.23 Unclaimed dividend
4.16 Share capital
Dividend declared and remained unpaid for the period of more than three years from the date it is due and
Ordinary shares are classified as equity and recognised at their face value. Incremental costs directly attributable to payable.
the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Merger reserves
represents difference in value of the net assets of Byco Oil Petroleum Limited and Byco Terminal Pakistan Limited. Other 4.24 Functional and presentation currency
capital reserves represents difference between the carrying value of the liability under the old agreement and the
revised obligation under revised agreement with Parent Company related to frozen exhange rate. These consolidated financial statements are presented in Pakistani Rupee in thousand, which is the Group’s functional
and presentation currency.
4.17 Revenue recognition
5. PROPERTY, PLANT AND EQUIPMENT
Revenue is recognised at amounts that reflect the consideration that the Group expects to be entitled to in exchange Note 2024 2023
for transferring goods to a customer. The credit limits in contract with customers ranges from nil to 30 days. Revenue is (Rupees in ‘000)
measured at the fair value of the consideration received or receivable, and is recognised on the following basis:
Operating fixed assets 5.1 287,437,234 295,025,334
- Revenue from sale of goods is recognised when control of goods have passed to the customer which coincide with Capital work-in-progress 5.2 39,698,167 35,410,950
the dispatch of goods to the customers; Right-of-use assets 5.3 1,323,460 1,370,378
328,458,861 331,806,662
- Export sales are recognised on the basis of product shipped to the customers; and

- Handling and storage income, rental income on equipment and other services income is recognised on accrual basis.

Cnergyico Pk Limited 136 137 Annual Report 2024

 5.1.1 This includes lease hold land amounting to Rs. 110.081 million (June 30, 2023 : Rs. 110.081 million) which had been fully

down value Depreciation

down value Depreciation

2.5-2.86
2.5-2.86
2.5-2.86
2.5-2.86
depreciated based on its lease term.

5-12.5
5-12.5

33.33
33.33
rate

rate

20
10
(%)

(%)
20
10

-
-
-
-

4
4
4
4
5.1.2 The Group’s assets located at filling stations are not in possession of the Group. In view of large number of dealers, the
management considers it impracticable to disclose particulars of assets not in possession of the Group as required under

197,991
22,853
306,801
18,197
51,208
284,455,931
44,688
2,490,210
2,380,000
287,437,234

5,057,455
191,411
4,592
317,886
13,316
43,533
276,966,532
40,957
2,421,552
2,380,000
5,057,455
As at June as at June

As at June as at June
para 12 of part II of the Fourth Schedule to the Companies Act, 2017.
30, 2024

30, 2024
Written

Written
5.1.3 On April 30, 2023, Group revalued its freehold land, leasehold land, building on freehold land, roads and civil works,
building on leasehold land, plant and machinery and safety and lab equipment’s, as per the 3 years revaluation cycle,
that resulted in revaluation surplus of Rs. 242,185.128 million. The valuation was carried out by an independent valuer,

295,025,334
1,373,255
457,324
760,537
95,023
192,865
39,957,243
37,218
650,361
110,081
51,282,024

-
1,379,835
476,203
808,851
99,904
200,540
47,446,642
40,949
719,019
110,081
-
30, 2024

30, 2023
on the basis of present market values for similar assets and replacement values of similar type of assets adjusted for
depreciation or economic obsolescence factor (level 3).
ACCUMULATED DEPRECIATION

ACCUMULATED DEPRECIATION
The different levels have been defined in IFRS 13 as follows:

(1,161)
(5,058)
(5,058)

43,633,907
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Disposals

Disposals
- Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

- Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e.,

(1,161)
12,867
39,410
58,355
5,070
7,777
4,806,822
3,499
77,445
-
7,653,175

-
6,580
18,879
53,372
4,881
7,675
7,489,399
3,731
68,658
-
-
Charge for

Charge for
the year

the year
as prices) or indirectly (i.e., derived from prices) (level 2); and

- Inputs for the asset or liabilities that are not based on observable market data (i.e. unobservable inputs e.g. estimated
future cash flows) (level 3).

5,011,245
1,360,388
419,075
702,182
89,953
185,088
35,150,421
33,719
572,916
110,081
43,633,907

3,272,630
1,373,255
457,324
760,537
95,023
192,865
39,957,243
37,218
650,361
110,081
-
As at July

As at July
01, 2023

01, 2022
5.1.4 Had there been no revaluation, the net book value of specific classes of operating fixed assets would have been amounted
(Rupees in ‘000)

(Rupees in ‘000)
to:
2024 2023

38,623,823
1,571,246
480,177
1,067,338
113,220
244,073
324,413,174
81,906
3,140,571
2,490,081
(5,058) 338,719,258

5,057,455
1,571,246
480,795
1,126,737
113,220
244,073
324,413,174
81,906
3,140,571
2,490,081
5,057,455
As at June

As at June
30, 2024

30, 2023
(Rupees in ‘000)
Free hold land 56,154 56,154
Lease hold land 213,200 213,200
Buildings on free hold land, roads and civil works 1,089,419 1,164,647

(1,587)
(5,058)

338,659,241
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Disposals

Disposals

Building on lease hold land 33,850 37,126

Plant and machinery 42,967,866 44,145,272
Safety and lab equipment’s 20,242 20,514
COST / REVALUATION

COST / REVALUATION

44,380,731 45,636,913
Additions / Revaluation

Additions / Revaluation

(1,587)
182,895
-
-
-
-
3,606,326 237,494,509
-
1,259,865
1,175,125
-

4,090,787
-
-
-
-
-
-
-
-
-
-
surplus

surplus

5.1.5 Depreciation charge for the year on operating fixed assets has been allocated as follows:
Note 2024 2023
(Rupees in ‘000)

244,203,181
13,852
8,450
25,675
20,000
1,085
-
82,389
-
65,075

-
-
618
64,457
-
-
-
-
-
-
-
transfers

transfers

Cost of sales 31.1 7,561,473 4,912,395

Administrative expenses 32 37,270 39,090
Selling and distribution expenses 33 54,432 59,759
3,757,777 5.1 7,653,175 5,011,244
1,374,499
473,314
1,041,663
93,220
242,988
83,312,339
81,906
1,798,317
1,314,956
338,659,241

966,668
1,571,246
480,177
1,067,338
113,220
244,073
324,413,174
81,906
3,140,571
2,490,081
5,057,455
As at July

As at July
01, 2023

01, 2022

5.1.6 Forced sale values by class of asset

Free hold land 3,540,218 3,540,218

Lease hold land 1,666,000 1,666,000
Buildings on free hold land, roads and civil works 1,507,854 1,570,681
Building on lease hold land 54,635 56,911
Plant and machinery 193,031,092 197,585,281
Safety and lab equipments 110,512 113,555
199,910,311 204,532,646
Computer and allied equipments
Computer and allied equipments
Operating fixed assets

land, roads and civil works

land, roads and civil works

5.1.7 Particulars of immovable assets of the Group are as follows:

Building on lease hold land
Building on lease hold land

Safety and lab equipments

Safety and lab equipments

Lease hold land (5.1.1)

Lease hold land (5.1.1)

Filling stations (5.1.2)

Filling stations (5.1.2)

Furniture and fixtures

Furniture and fixtures

Building on free hold

Building on free hold

Plant and machinery

Plant and machinery

Location Unit of Measurement Total area

Mauza Kund, Sub Tehsil Gadani, District Lasbella, Baluchistan Acre 620.45
Free hold land
Free hold land

Deh Redho, Tapo Noor Mohammad Shujrah, Taluka Khanpur, District Shikarpur Acre 12.68
90,699,870

Mauza Gujrat, Mehmoodkot, Tehsil kot, Addu District, Muzaffargarh Acre 12

Vehicles
Vehicles

Plot of Barani Land, Mauza Kund, Tehsil Gadani, District Lasbella, Baluchistan Acre 11
Mahal Jhamke (Machike), Tehsil & District Sheikhupura Acre 9

Zero point (SPM), Mauza Kund, Tehsil Gadani, District Lasbella, Baluchistan Acre 5
Plot no. 22/5, CL 9, Hoshang Road, Civil Lines Quarter, Karachi Sq. yard 2,975
5.1

Cnergyico Pk Limited 138 139 Annual Report 2024

5.2 Capital work-in-progress 5.3.3 Lease obligations of the Group comprise of lease arrangements giving it the right-of-use over lands, warehouses,
terminals and office premises.
The movement of capital work-in-progress during the year is as follows:
6. INTANGIBLE ASSET 2024 2023
Closing balance Note
July 01, (Rupees in ‘000)
Additions Transfers June 30, June 30, Computer software
Note 2023
2024 2023
(Rupees in ‘000) Opening net book value 12,372 18,827
Building on free hold land, Amortisation charge for the year 32 (6,455) (6,455)
Roads and civil works 82,950 5,675 - 88,625 82,950 Closing net book value 5,917 12,372
Plant and machinery 5.2.1 - 5.2.2 35,247,157 4,315,278 - 39,562,435 35,247,157
Safety and lab equipment 12,243 - - 12,243 12,243 As at June 30, 2024
Filling stations 68,600 2,054 (36,339) 34,315 68,600 Cost 19,365 19,365
Computer & Allied - 549 - 549 - Accumulated amortisation (13,448) (6,993)
35,410,950 4,323,556 (36,339) 39,698,167 35,410,950 Net book value 5,917 12,372

5.2.1 Capitalisation of borrowing costs amounting to Rs. 3,054.221 million (June 30, 2023: Rs. 2,783.922 million) have been (%)
determined at the rate of 16% (June 30, 2023: 16%) per annum. Rate of amortisation 33.33 33.33

5.2.2 This includes units for refinery upgradation that are currently under construction / progress and will become operational 7. LONG-TERM DEPOSITS
as per the projected plans of the Group.
Offices 15,134 14,959
5.3 Right-of-use assets Note 2024 2023 Retail sites and others 314,734 313,768
329,868 328,727
(Rupees in ‘000)
Year ended June 30 8. STOCK-IN-TRADE
Opening net book value 1,370,378 711,237
Additions 350,841 967,316 Raw material 8.1 & 8.2 32,644,145 18,389,344
Disposals: Finished products 8.3 & 8.4 13,172,499 7,301,737
- Cost (94,240) - 45,816,644 25,691,081
- Accumulated depreciation 5,978 -
(88,262) - 8.1 This includes raw material in transit amounting to Rs. 12,905.562 million (June 30, 2023: Rs. 14,366.305 million).
Depreciation charge for the year 5.3.2 (309,497) (308,175)
Closing net book value 1,323,460 1,370,378 8.2 Raw material written down by Rs. Nil (June 30, 2023: Rs. 318.784 million) to net realisable value.

As at June 30 8.3 This includes finished product held by third parties amounting to Rs. 5,627.318 million (June 30, 2023: Rs. 1,867.896
Cost 3,186,798 2,930,197 million) as at the date of consolidated statement of financial position.
Accumulated depreciation (1,863,338) (1,559,819)
Net book value 1,323,460 1,370,378 8.4 Finished products has been written down by Rs. 443.321 million (June 30, 2023: Rs. 8.139 million) to net realisable value.
Note 2024 2023
5.3.1 Breakup of net book value of right-of-use assets by class of underlying asset is as follows: 9. TRADE DEBTS
(Rupees in ‘000)
2024 2023
Considered good 5,608,672 3,205,613
(Rupees in ‘000)
Considered doubtful 9.1 11,684,804 11,170,231
Lease hold land 686,715 631,765 17,293,476 14,375,844
Building on lease hold land 636,745 738,613 Allowance for expected credit losses 9.2 (11,684,804) (11,170,231)
1,323,460 1,370,378 5,608,672 3,205,613

5.3.2 Depreciation charge for the year on right-of-use assets has been allocated as follows: 9.1 The company has a receivable claim from one of the customers amounting to Rs. 16,396 million as at the reporting date.
Note 2024 2023 Note 2024 2023
9.2 Allowance for expected credit losses
(Rupees in ‘000) (Rupees in ‘000)
Cost of sales 31.1 93,804 140,529 Opening balance 11,170,231 9,028,059
Administrative expenses 32 89,437 79,439 For the year 34 514,573 2,142,172
Selling and distribution expenses 33 126,256 88,207 Closing balance 11,684,804 11,170,231
5.3.2.1 309,497 308,175
10. LOANS AND ADVANCES
5.3.2.1 Breakup of depreciation of right-of-use assets by class of underlying asset is as follows:
Considered good - Secured
Note 2024 2023
Advance to suppliers and contractors - 69,131
(Rupees in ‘000)
Lease hold land 108,105 121,864 Considered good - Unsecured
Building on lease hold land 201,392 186,311 Advance to employees, suppliers and contractors 280,443 48,683
309,497 308,175 280,443 117,814

Cnergyico Pk Limited 140 141 Annual Report 2024

11. TRADE DEPOSITS AND SHORT-TERM PREPAYMENTS 14.2 Non-controlling interest represents 8.95% of the total net assets acquired.
Note 2024 2023
(Rupees in ‘000)
15. SHARE CAPITAL
Deposits 15,372 15,372
2024 2023 2024 2023
Prepayments Number of shares
Authorised share capital (Rupees in ‘000)
- Insurance 8,871 9,354 Ordinary shares of
- Others 1,331 3,865 6,000,000,000 6,000,000,000 Rs.10/- each 14.1 60,000,000 60,000,000
25,574 28,591 Issued, subscribed
12. OTHER RECEIVABLES and paid-up capital

Considered good 187,348,638 187,348,638 Issued for cash 1,873,486 1,873,486
Sales tax refundable 12.1 442,389 - Issued for consideration
Others 30,709 30,459 5,306,098,933 5,306,098,933 other than cash - assets 53,060,990 53,060,990
473,098 30,459 5,493,447,571 5,493,447,571 54,934,476 54,934,476

12.1 This represents sales tax paid by the Group on various materials and services received. 15.1 Voting rights, board selection, right of first refusal and block voting are in proportion to their shareholding.
Note 2024 2023
13. CASH AND BANK BALANCES 15.2 As at June 30, 2024 Bosicorco International Limited (the Holding Company) hold 3,885,423,763 (June 30, 2023:
(Rupees in ‘000) 3,885,423,763) ordinary shares of Rs. 10 each.
Cash in hand 602 804
16. SURPLUS ON REVALUATION OF OPERATING FIXED ASSETS-NET OF TAX 2024 2023
Note
Cash at banks (Rupees in ‘000)
- Current accounts 1,141,498 1,123,948 Gross surplus
- Savings / deposit accounts 13.1 & 13.2 1,259,227 71,558 Opening balance 252,316,728 4,547,468
2,400,724 1,195,506 Revaluation surplus recognised during the year - 244,203,181
2,401,326 1,196,310 Incremental depreciation transferred to accumulated losses (4,336,634) 3,566,080
Closing balance 247,980,094 252,316,728
13.1 These carry interest at the rates ranging from 7.45% to 20.50% (June 30, 2023: 3.75% to 19.50%) per annum.
Related deferred tax charge
13.2 This includes Rs. 876.677 million (June 30, 2023: Rs. 107.460 million) kept in shariah compliant saving account. Opening balance (71,598,142) (1,318,766)
Revaluation surplus recognised during the year - (70,724,625)
14 BUSINESS COMBINATION Incremental depreciation transferred to accumulated losses 1,142,042 445,249
Closing balance (70,456,100) (71,598,142)
14.1 Summary of acquisition 177,523,994 180,718,586
17. CONTRIBUTION FROM SHAREHOLDERS
In the year ended June 30, 2023, the Holding Company acquired 91.05% shareholding in Bosicorco OSB 1 (Private) Castockco PK (Private) Limted (formerly Integrate Pk (Private) Limited) 17.2 20,479,939 -
Limited against the advance against shares Bosicorco International Limited 17.3 5,276,392 -
25,756,331 -
Details of the purchase consideration, the net assets acquired and goodwill are as follows:
17.1 During the year, effective from June 28, 2024, the Holding Company transmuted the original agreement through addendum
Purchase consideration: where Bosicorco International Limited (the Parent Company of Holding Company) and Castockco PK (Private) Limted (CPPL)
(Rupees in ‘000) (formerly Integrate Pk (Private) Limited) amended the terms of the agreement. As per the revised terms, the repayment
Consideration - advance against shares issued 482,134 of the principal amount shall be at the sole and absolute discretion of the Holding Company and moving forward entire loan
would be interest free with effect from June 28, 2024. Furthermore, accrued and deferred markup charged as at June 28,
The assets and liabilities recognised as a result of the acquisition are as follows: 2024 will form part of principal loan. Keeping in view these amendment to the original agreement, the Holding Company
has no contractual obligation to deliver cash or another financial asset to the Parent Company and CPPL hence persuant
Equipment 3,561,017 to the requirements of IAS 32- ‘Financial Instruments: Presentation’ such loan is classified as equity in these consolidated
Long term deposit 75 financial statements as follows.
Other receivable 584 17.2 CASTOCKCO PK (PRIVATE) LIMTED
Bank balance 91 Note 2024 2023
(FORMERLY INTEGRATE PK (PRIVATE) LIMITED)
Total assets 3,561,767 (Rupees in ‘000)
Principal loan:
Trade and other payables 159,711 Opening balance - -
Advance from customers 855,624 Transfer from long term financing - net 9,433,557 -
Accrued mark-up 463,002 Unwinding of deferred liability 22 453,689 -
Current portion of non-current liabilities 1,518,780 Spread between gross and fair value 102,852 -
Provision for taxation 35,133 9,990,098 -
Total Liabilities 3,032,250 Accrued and deferred markup:
Opening balance 19 7,587,695 -
Net identifiable assets acquired 529,516 Accrued during the year 2,178,295 -
Less:Non-controlling interest (Note 14.2) (47,382) 9,765,990 -
Net assets acquired 482,134 Spread between gross and fair value 723,851 -
10,489,841 -
20,479,939 -

Cnergyico Pk Limited 142 143 Annual Report 2024

 20. LONG-TERM LEASE LIABILITIES
17.3 BOSICORCO INTERNATIONAL LIMITED Note 2024 2023
Note 2024 2023
(Rupees in ‘000)
(Rupees in ‘000)
Principal loan: Opening balance 2,319,863 1,470,497
Additions during the year 350,841 967,316
Opening balance - - Disposals during the year (88,259) -
Transfer during the year: Accretion of interest 36 326,009 234,439
- Principal loan 18 3,935,650 - Lease rentals paid (469,769) (352,389)
- Accrued markup 19 1,011,009 - Balance at end of the year 2,438,685 2,319,863
4,946,659 - Current portion of lease liabilities 28 (171,085) (304,980)
Accrued during the year 329,733 - Closing balance 2,267,600 2,014,883
5,276,392 -
18. LONG-TERM FINANCING
Installments
20.1 The rent expense related to short-term leases, included in cost of goods sold, administrative and selling and distribution
2024 2023 expenses amounts to Rs. 12.065 million (June 30, 2023: Rs. 68.655 million).
Facilities Note Mark-up rate Payment Commence
term Number -ment (Rupees in ‘000)
Note 2024 2023
Secured 21. LONG-TERM DEPOSITS
Bilateral Loan I 18.1 Three months Kibor + 1.5% Quarterly 12 September 2020 - 83,334 (Rupees in ‘000)
Bilateral Loan II 18.1 & 18.2 Three months Kibor + 1.5% Quarterly 12 August 2021 &
September 2024 7,683,333 916,666 Deposits -liability 21.1 230,353 246,115
Bilateral Loan III 18.1 & 18.2 Three months Kibor + 2.5% Quarterly 08 March 2024 1,900,000 63,742
Bilateral Loan IV 18.1 & 18.2 Three months Kibor + 4.5% Quarterly 12 March 2024 220,000 240,000
Bilateral Loan V 18.1 & 18.2 Three months Kibor + 0.5% Quarterly 20 September 2025 2,500,000 2,500,000
Bilateral Loan VI 18.2 Three months Kibor + 0.5% Quarterly 20 March 2026 3,000,000 - 21.1 This includes interest-free deposits received from logistics vendors as security against goods to be transported which is
15,303,333 3,803,742 utlised for the purpose of the business in accordance with the related agreements.
Related parties Note 2024 2023
22. DEFERRED LIABILITIES
- unsecured (Rupees in ‘000)
Castockco PK (Private)
Limted (formerly Employees retirement benefits 22.1 549,048 401,322
Integrate Pk (Private) Others 17.1 & 22.2 - 453,689
Limited)
- Supplier’s credit 17.1 & 17.2 One year Libor + 1% Semi-annually 20 June 2025 - 958,890 549,048 855,011

Castockco PK (Private) 22.1 Employees retirements benefits - staff gratuity

Limted (formerly
Integrate Pk (Private)
Limited) - Others 17.2 & 35.1 Nil to 4.5% to six 22.1.1 General description
months Kibor + 4% Semi-annually 05 June 2025 - 8,724,667
- 9,683,557 The Group operates employee retirement benefits for permanent employees who have completed the minimum service
Bosicorco International
Limited, the period. In accordance with the requirements of IAS-19 “Employee Benefits”, actuarial valuation was carried out as at June
Parent Company 17.1 & 17.3 Six month to 30, 2024, using the “Projected Unit Credit Method”. Provision has been made in the consolidated financial statements
one year Libor + 1% Semi-annually 04 June 2025 - 3,935,650 to cover obligation in accordance with the actuarial recommendations. Details of significant assumptions used for the
- 13,619,207
valuation and disclosures in respect of above-mentioned scheme is as follows:
15,303,333 17,422,949
Current maturity (note 28) (863,333) (1,103,743)
Note 2024 2023
14,440,000 16,319,206 22.1.2 Reconciliation of amount payable to defined benefit plan
(Rupees in ‘000)
18.1 This represent facilities availed from various banks and are secured against the Holding Company’s operating fixed assets Present value of defined benefit obligation 22.1.3 957,266 798,443
and current assets. Fair value of plan assets 22.1.4 (408,217) (397,121)
22.1.5 549,049 401,322
18.2 During the year, the Holding Company restructured its outstanding short-term facilities of Rs. 12.5 billion from various
banks, into a term finance facility. 22.1.3 Movement in the present value of defined benefit obligation:

18.3 During the year ended June 30, 2018, the Holding Company revised its agreement with the Parent Company due to which Opening balance 798,443 691,514
the exchange rate on principal and mark-up has been frozen on the last date of disbursement. Accordingly, the Holding Current service cost 22.1.6 103,346 94,394
Company has recognised the difference between the carrying value of the liability under the old agreement and the Interest cost 119,610 82,824
revised obligation in the capital reserves. Benefits paid during the year (94,924) (96,581)
Actuarial loss 22.1.7 30,791 26,292
19. ACCRUED AND DEFERRED MARK-UP 2024 2023 Closing balance 957,266 798,443
Note
(Rupees in ‘000)
Mark-up on long-term financing / loans from related parties 22.1.4 Movement in the fair value of plan assets:
- secured 28 - 317,602
- unsecured: - - Opening balance 397,121 523,647
- Castockco PK (Private) Limted (formerly Integrate Pk (Private) Limited) 17.2 - 7,587,695 Expected return on plan assets 56,820 64,310
- Bosicorco International Limited 17.3 - 1,011,009 Contributions during the year - 20,000
- 8,598,704 Benefits paid during the year (94,924) (96,581)
- 8,916,306 Actuarial remeasurement 22.1.7 49,200 (114,255)
Current portion of accrued and deferred mark-up - (317,602) Closing balance 408,217 397,121
- 8,598,704

Cnergyico Pk Limited 144 145 Annual Report 2024

22.1.5 Movement in net liability
2024 2023 2024
Note
Discount rate Salary increase
(Rupees in ‘000)
+ 100 bps - 100 bps + 100 bps - 100 bps
Opening balance 401,322 167,867
(Rupees in ‘000)
Charge for the year 22.1.6 166,136 112,908
Contributions - (20,000) Present value of defined benefit obligation 751,745 850,621 854,180 747,833
Actuarial remeasurement 22.1.7 (18,409) 140,547
Closing balance 549,049 401,322 22.1.15 The sensitivity analysis is prepared using same computation model and assumptions as used to determine defined
benefit obligation based on Projected Credit Unit Method. There is no change from prior year in respect of methods
22.1.6 Charge for the year and assumptions used to prepare sensitivity analysis. The impact of change in following variables on defined benefit
obligation is as follows:
2024
Current service cost 103,346 94,394 Increase in Decrease in
Interest cost - net 62,790 18,514 assumption assumption
166,136 112,908
(Rupees in ‘000)
22.1.7 Actuarial remeasurements
Mortality 1 year (forward / back) 957,244 798,568
Actuarial gain / (loss) on defined benefit obligations 30,791 26,292 Withdrawal rates (10%) 956,843 800,128
Actuarial (loss) / gain on fair value of plan assets (49,200) 114,255 2024 2023
(18,409) 140,547 22.1.16 Composition of plan assets
(Rupees in ‘000)
22.1.8 Actuarial assumptions: Mutual fund and shares 400,142 386,384
2024 2023 Cash and cash equivalents 8,075 10,737
Valuation discount rate per annum 14.75% 16.25% 408,217 397,121
Salary increase rate per annum 14.75% 15.25% 22.1.17 Maturity profile
Expected return on plan assets per annum 14.75% 12.28%
Normal retirement age of employees 60 years 60 years Year 1 113,412 111,321
Mortality rates SLIC 2001-05 SLIC 2001-05 Year 2 109,830 76,458
Year 3 112,125 102,729
22.1.9 As of June 30, 2024 640 employees (June 30, 2023: 625 employees) were covered under the above scheme. Year 4 102,509 105,703
Year 5 135,673 96,588
22.1.10 Charge for the next financial year as per the actuarial valuation report amounts to Rs. 182.058 million (June 30, 2023: Rs. Year 6 - 10 751,197 682,117
145.058 million). Year 11 and above 2,584,273 2,650,040

22.1.18 Significant risks

22.1.11 Contribution for the next financial year as per the actuarial valuation report amounts to Rs.106.521 million (June 30,
2023: 95.627 million). Final salary risk

The risk that the final salary at the time of cessation of service is greater than what the Group has assumed. Since the
22.1.12 The weighted average duration of the obligation is 6.43 years (June 30, 2023: 6.45 years). benefit is calculated on the final salary, the benefit amount would also increase proportionately.

22.1.13 Comparisons for past years: Asset volatility

2024 2023 2022 2021 2020 A significant portion of the assets are invested in mutual funds which is subject to the risk that as the market fluctuates, the
(Rupees in ‘000) mutual funds may decline in value, and the Employees’ Gratuity Fund (the fund) may lose some or all of its principal.
Present value of defined
benefit obligation 957,266 798,443 691,514 652,473 451,077 The remaining investments are in savings accounts. The cash at bank exposure is almost 1.98% i.e. Rs. 8.075 million
Fair value of plan assets (408,217) (397,121) (523,647) (459,603) (352,155) (2023: 2.7% i.e. Rs. 10.737 million).
Deficit 549,049 401,322 167,867 192,870 98,922
Discount rate fluctuation
Experience adjustment
on plan liabilities (30,791) (26,292) 67,653 (123,231) (37,575) The plan liabilities are calculated using a discount rate set with reference to corporate bond yields. A decrease in corporate
Experience adjustment bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the current
on plan assets 49,200 (114,255) (46,473) 20,535 324 plans’ assets.
18,409 (140,547) 21,180 (102,696) (37,251)
Life expectancy / withdrawal rate
22.1.14 Sensitivity analysis (+ 100 bps) on present value of defined benefit obligation:
The Gratuity is paid off at the maximum of age 60. The life expectancy is in almost minimal range and is quite predictable
in the ages when the employee is in the accredited employment of the Group for the purpose of the gratuity. Thus, the
2024 risk of life expectancy is almost negligible. However, had a post retirement benefit been given by the Group like monthly
Discount rate Salary increase pension, post retirement medical etc., this would have been a significant risk which would have been quite difficult to
+ 100 bps - 100 bps + 100 bps - 100 bps value even by using advance mortality improvement models.
(Rupees in ‘000)
Present value of defined benefit obligation 899,438 1,021,989 1,026,036 894,859 The withdrawal risk is dependent upon the: benefit structure; age and retention profile of the staff; the valuation
methodology; and long-term valuation assumptions. In this case, it is not a significant risk.

Cnergyico Pk Limited 146 147 Annual Report 2024

 Inflation risk 26. ACCRUED MARK-UP
-SECURED Note 2024 2023
The salary inflation is the major risk that the gratuity fund liability carries. In a general economic sense and in a longer (Rupees in ‘000)
view, there is a case that if bond yields increase, the change in salary inflation generally offsets the gains from the Long-term financing 318,073 142,589
decrease in discounted gratuity liability. But viewed with the fact that asset values will also decrease, the salary inflation Short-term borrowings 3,440,031 1,780,547
does, as an overall affect, increases the net liability of the Group. 3,758,104 1,923,136

Model risk 27. SHORT-TERM BORROWINGS - SECURED

The defined benefit gratuity liability is usually actuarially valued each year. Further, the assets in the gratuity fund are Finance against trust receipts 27.1 6,686,144 17,354,023
also marked to market. This two-tier valuation gives rise to the model risk. Running finance 27.2 1,600,000 1,600,000
8,286,144 18,954,023
Investment risk
27.1 The facilities have been extended by commercial banks for import and procurement of crude oil and petroleum products
The risk of the investment underperforming and not being sufficient to meet the liabilities. This risk is mitigated by aggregating to Rs. 19,886 million (June 30, 2023: Rs. 32,681 million) out of which Rs. 13,458 million (June 30, 2023: Rs.
closely monitoring the performance of investment. 15,589 million) remains unutilised as at the reporting date. The facility carries mark-up ranging from 1 month’s KIBOR
plus 1% to 2% (June 30, 2023: 1 month’s KIBOR plus 1.5% to 2%). These facilities are secured under joint pari passu (JPP)
Risk of insufficiency of assets arrangement having charge on the Group’s current and fixed assets.

This is managed by making regular contribution to the fund as advised by the actuary. 27.2 The Group has obtained running finance facility amounting to Rs. 1,600 million (June 30, 2023: Rs. 1,600 million)
obtained from a commercial bank. The facility carries mark-up at the rate of three months KIBOR + 2% (June 30, 2023:
22.2 Represents differential mark-up recognised on the interest free loan obtained from Castockco PK (Private) Limted three months KIBOR + 2%) per annum. The facility is secured by way of first pari passu hypothecation charge of overall
(formerly Integrate Pk (Private) Limited), a related party, which has been recognised at present value discounted at present and future current and operating fixed assets of the Group.
effective interest rate (as disclosed in note 18).
28. CURRENT PORTION OF NON-CURRENT LIABILITIES Note 2024 2023
23. DEFERRED TAXATION - NET (Rupees in ‘000)
2024 2023
Long-term financing 18 863,333 1,103,743
(Rupees in ‘000) Accrued and deferred mark-up 19 - 317,602
Deductible temporary differences arising in respect of: Lease liabilities 20 171,085 304,980
- employees retirement benefit 48,179 32,743 1,034,418 1,726,325
- allowance for expected credit losses 3,388,593 3,239,367 29. CONTINGENCIES AND COMMITMENTS
- recoupable unabsorbed tax losses and depreciation 2,895,722 2,866,393
- lease liability 707,219 508,783 29.1 Contingencies
7,039,713 6,647,286
Taxable temporary differences arising in respect of: 29.1.1 Claim against the Group not acknowledged as debt amounting to Rs. 3,353.182 million (June 30, 2023: Rs. 3,353.182
million) comprise of late payment charges on account of delayed payments against crude oil supplies.
- accelerated tax depreciation (7,304,581) (9,744,195)
- right of use assets (383,804) (397,409) Furthermore, Mari Gas Limited and Pakistan Petroleum Limited have filed legal cases in Sindh High Court on May 22,
- revaluation surplus on operating fixed assets (70,456,101) (68,706,572) 2012 and February 14, 2013 claiming Rs. 233.550 million (June 30, 2023: Rs. 233.550 million) and Rs. 404.357 million
(78,144,486) (78,848,176) (June 30, 2023: Rs. 404.357 million) respectively for late payment charges on account of delayed payments against crude
(71,104,773) (72,200,890) oil supplies, and based on the opinion of legal advisor, the Holding Company is of the view that there are no specific
contractual arrangements with the above suppliers and hence no provision in respect of the same has been made in
23.1 Deferred tax assets of Rs. 344.058 million (June 30, 2023: Rs. 1,285.437 million) on unused tax losses amounting to Rs. these consolidated financial statements.
1,186.406 million (June 30, 2023: Rs. 4,432.542 million) has not been recorded in the consolidated financial statements
based on their uncertainity over their realisation. 29.1.2 On October 10, 2020, the Appellate Tribunal Inland Revenue (ATIR) decided the subsidiary company’s (Bosicorco OSB 1
(Private) Limited) appeal in its favor by declaring provisions of minimum tax under section 153 (3) of the Income Tax
24. TRADE AND OTHER PAYABLES Note 2024 2023 Ordinance, 2001 (ITO) not applicable on the subsidiary company, in respect of tax years 2016 and 2017. The subsidiary
(Rupees in ‘000) company’s tax assessments for the tax years 2015, 2018 and 2019 were decided by the Commissioner Inland Revenue -
Creditors for supplies and services 64,198,396 51,356,823 Appeals in the subsidiary company’s favour, while relying on the aforementioned judgment of the ATIR. The Department
Accrued liabilities 716,460 526,747 has challenged the judgment of the ATIR in High Court of Sindh on January 04, 2021, which is pending hearing. The
Due to related parties 3,867,152 256,934 Group’s management is confident that the ATIR judgment will be upheld in the court of law. Accordingly, the Group has
Taxes Payable 1,013,277 2,061,954 not recognised potential tax liability of approximately Rs. 25.124 million (June 30, 2023: Rs. 25.124 million) in these
Payable to staff provident fund 496,064 243,865 consolidated financial statements as it estimates the decision is likely to be in favour of the subsidary Company.
70,291,349 54,446,323
2024 2023
29.2 Commitments
25. CONTRACT LIABILITIES 25.1 1,127,778 1,345,505 (Rupees in ‘000)
29.2.1 Commitments for capital expenditure 3,617,141 3,949,879
25.1 These represent advances received from customers against supply of petroleum products which are recognised as
revenue when the performance obligation is satisfied. During the year, the performance obligations underlying the
opening contract liability were satisfied in full. Accordingly, the said liability was recorded as revenue during the year.

Cnergyico Pk Limited 148 149 Annual Report 2024

30. REVENUE FROM CONTRACT WITH CUSTOMERS - NET 32.1 This includes a sum of Rs. 55.589 million (June 30, 2023: Rs. 48.218 million) in respect of staff retirement benefits.
2024 2023
Gross sales: (Rupees in ‘000) 32.2 Auditors’ remuneration
Note 2024 2023
- Local 257,312,860 223,953,961
- Exports 38,137,343 - Audit fee (Rupees in ‘000)
Sales tax and other duties (53,585,335) (29,593,679) - standalone financial statements 5,460 5,460
Trade discounts (1,238,699) (448,120) - consolidation of financial statements 700 700
(54,824,034) (30,041,799) Special audit fee 2,160 1,950
240,626,169 193,912,162 Half year review 650 650
Code of corporate governance and other certifications 500 500
30.1 Disaggregation of revenue has been disclosed in note 47 to these consolidated financial statements. Out of pocket expenses and others 1,061 710
10,531 9,970
Note 2024 2023
31. COST OF SALES 33. SELLING AND DISTRIBUTION EXPENSES
(Rupees in ‘000)
Opening stock 7,301,737 13,077,130 Staff remuneration 33.1 385,754 310,059
Cost of goods manufactured, storage and handling 31.1 216,090,025 187,723,057 Depreciation on right-of-use assets 5.3.2 126,256 88,207
Finished products purchased during the year 18,900,242 11,052,176 Advertisement 20,191 12,759
242,292,004 211,852,363 Depreciation on operating fixed assets 5.1.5 54,432 59,759
Closing stock 8 (13,172,499) (7,301,737) Rent and others 48,589 10,385
229,119,505 204,550,626 635,222 481,169
31.1 Cost of goods manufactured, storage and handling
33.1 This includes a sum of Rs. 31.303 million (June 30, 2023: Rs. 21.213 million) in respect of staff retirement benefits.
Raw material consumed 31.1.1 201,521,215 172,459,364
Depreciation on operating fixed assets 5.1.5 7,561,473 4,912,395
34. OTHER EXPENSES
Exchange (gain) / loss (566,992) 4,177,942
Staff remuneration 31.1.2 2,275,082 1,812,736
Allowance for expected credit losses 9.2 514,573 2,142,172
Electricity, power and fuel 1,938,928 1,749,228
Stores and spares consumed 1,035,131 1,201,285
35. OTHER INCOME
Insurance 658,428 320,800
Maintenance and repairs 346,498 256,674
Income from financial assets
Staff transportation and catering 353,811 275,466
Hospitalities 702,960 275,863
Interest income on:
Security expenses 134,800 98,696
- balances due from customer - 1,627,599
Depreciation on right-of-use assets 5.3.2 93,804 140,529
- loan to Bosicorco OSB 1 (Private) Limited - 40,331
Vehicle running 26,245 20,349
- savings account 946,573 117,375
Rent and others 8,642 21,730
946,573 1,785,305
216,090,025 187,723,057
Income from non-financial assets
31.1.1 Raw Material Consumed
Opening stock 18,389,344 35,168,694 Dealership income 1,300 9,200
Purchases during the year 215,776,016 155,680,014 Scrap sales 63,919 60,840
234,165,360 190,848,708 Gain on disposal of operating fixed assets 4,063 247
Closing stock 8 (32,644,145) (18,389,344) Modification of financial liability 35.1 - 6,081,235
201,521,215 172,459,364 Others 37,511 3,546
106,793 6,155,068
31.1.2 This includes a sum of Rs. 172.135 million (June 30, 2023: Rs. 131.411 million) in respect of staff retirement benefits. 1,053,366 7,940,373
32. ADMINISTRATIVE EXPENSES Note 2024 2023
(Rupees in ‘000) 35.1 During the year June 30, 2023, Castockco PK (Private) Limted (formerly Integrate Pk (Private) Limited) waived off
principal portion of its loan amounting to Rs. 4,591.531 million through waiver agreement dated December 12, 2022.
Staff remuneration 32.1 874,287 707,496
Due to the said waiver the old liability was extinguished and a new liability was recognised at revised fair value in these
Depreciation on right-of-use assets 5.3.2 89,437 79,439
consolidated financial statements. Consequently, the carrying values of the deferred mark-up have been re-measured to
Maintenance and repairs 144,912 79,683
incorporate the impact new loan liability. The resulting gain on modification due to changes in term of the loan is charged
SAP and other software maintenance 106,409 66,278
to consolidated statement of profit or loss.
Depreciation on operating fixed assets 5.1.5 37,270 39,090
Travelling and conveyance 66,715 37,191
36. FINANCE COSTS - NET
Legal and professional 55,805 57,151 Note 2024 2023
Utilities 56,569 53,583 (Rupees in ‘000)
Mark-up on:
Fee and subscriptions 34,649 29,563
- Long-term financing 1,732,215 475,998
Vehicle running 25,028 13,309
- Short-term borrowings 7,284,099 5,664,564
Rent & others 15,413 54,728
9,016,314 6,140,562
Printing and stationary 8,853 7,150
Interest on lease liabilities 20 326,009 234,439
Auditors’ remuneration 32.2 10,531 9,970
Exchange (gain) / loss - net (68,319) 93,424
Security expense 11,599 5,440
Bank and other charges 113,102 110,223
Insurance 3,125 10,931
9,387,106 6,578,648
Amortisation 6 6,455 6,455
1,547,057 1,257,457

Cnergyico Pk Limited 150 151 Annual Report 2024

37. FINAL TAX AND MINIMUM TAX 40. CASH AND CASH EQUIVALENTS
Note 2024 2023 Note 2024 2023
(Rupees in ‘000) (Rupees in ‘000)
Final tax 37.1 381,373 - Cash and bank balances 13 2,401,326 1,196,310
Minimum tax 342,393 627,132 Running finance facility 27 (1,600,000) (1,600,000)
723,766 627,132 801,326 (403,690)
40.1 Changes in liabilities from financing activities
37.1 Final tax on - export sales 37.1.1 381,373 -
July 01, Cash Non - cash June 30,
37.1.1 This represent final taxes on export sales as per section 154 of the Income Tax Ordinance, 2001 which and are recognised
2023 flows - net flows 2024
as levy in line with the requirements of IFRIC 21 / IAS 37 and guide on IAS 12 issued by ICAP. (Rupees in ‘000)
Long-term financing 17,422,949 (1,250,409) (869,207) 15,303,333
Note 2024 2023 Lease liabilities 2,319,863 (469,769) 588,591 2,438,685
(Rupees in ‘000) Unclaimed dividends 1,027 - - 1,027
37.2 Minimum taxes - differential 37.2.1 342,393 627,132 19,743,839 (1,720,178) (280,616) 17,743,045

This represents minimum tax provision under section 113 of the Income Tax Ordinance, 2001. The provision for minimum 41. TRANSACTIONS AND BALANCES WITH RELATED PARTIES
tax has been recognised as levies in these consolidated financial statements as per the requirements of IFRIC 21 / IAS 37
Related parties comprise of ultimate parent company, parent company, associated companies, directors, key management
and guide on IAS 12 issued by ICAP.
personnel, staff provident fund and staff gratuity fund. Transactions with related parties during the year, other than those
which have been disclosed elsewhere in these consolidated financial statements, are as follows:
38. INCOME TAX - NET
Note 2024 2023
41.1 Following are the related parties with whom the Group had entered into transactions or have agreement in place:
Current (Rupees in ‘000)
- for the year 703,079 - Aggregate shareholding
Basis of association
- prior year (4,614) (153,599) Name of related party 2024 2023
698,465 (153,599) (%)
Deferred tax income - net (1,101,456) - Bosicorco International Limited
(402,991) (153,599) (formerly Cnergyico Mu Incorporated) Parent 70.73 70.73
Premier Systems (Private) Limited Associated companies*** - -
38.1 The returns of income tax have been filed up to and including tax year 2023. These, except for those mentioned in 38.2 Cnergyico IR DMCC Associated companies* - -
are deemed to be assessed under section 120 of the Income Tax Ordinance, 2001. Cnergyico Acisal Incorporated Associated companies** - -
Asertco Asia Limited Associated companies* - -
38.2 The Holding Company was selected for an audit under Section 177 and 214C of the Income Tax Ordinance, 2001 for the Castockco PK (Private) Limted
tax year 2013. Audit proceedings for tax year was completed and a demand of Rs. 87.105 million has been raised in an (formerly Integrate Pk (Private) Limited) Associated companies* 2.71 2.71
amended order passed under Section 122(1)(5) of the Income Tax Ordinance, 2001. Being aggrieved by the amended Askari Bank Limited Associated companies* 0.02 0.01
order, the Holding Company filed an appeal before Commissioner Inland Revenue, Appeals, Karachi which is pending for Employees’ gratuity fund Retirement benefit fund 0.93 0.93
adjudication. However, as a matter of prudence, the said amount has already been provided for in these consolidated Employees’ provident fund Retirement benefit fund - -
financial statements. * Based on common directorship
** Subsidiary of ultimate parent company
38.3 Under section 5A of the Income Tax Ordinance, 2001 (the Ordinance), the Holding Company is obligated to pay tax at the *** Based on shareholding of a director
rate of 5 percent on its accounting profit before tax if it derives profit for a tax year but does not distribute at least 20
percent of its after tax profits within six months of the end of the tax year, through cash or bonus shares. The Company 41.2 Associated companies, joint ventures or holding companies incorporated outside Pakistan:
filed a Constitutional Petition (CP) before the Court on November 24, 2017 challenging the tax, the Court accepted the
Name Country of Incorporation
CP and granted a stay against the above section.
Bosicorco International Limited Mauritius
In case the Court’s decision is not in favor of the Holding Company, the Holding Company will either be required to declare Cnergyico IR DMCC United Arab Emirates
the dividend to the extent of 20% of after tax profits or it will be liable to pay additional tax at the rate of 5% of the Cnergyico Acisal Incorporated British Virgin Islands
accounting profit before tax of the Holding Company for the financial year ended June 30, 2018. As at the consolidated
41.3 Transactions with related parties during the year 2024 2023
statement of financial position date, no liability has been recorded by the Holding Company in this respect.
(Rupees in ‘000)
Parent company
38.4 Relationship between accounting profit and income tax expense for the year.
Mark-up charged 344,854 234,430
Provision for current tax is based on minimum tax on turnover. Accordingly, tax reconciliation has not been presented in Associated companies
these consolidated financial statements Sales - net 4,855,325 -
Mark-up charged
39. EARNINGS / (LOSS) PER SHARE - BASIC AND DILUTED Note 2024 2023 - secured 951,191 76,819
- unsecured 2,844,291 1,961,949
Profit / (loss) after taxation attributable to Receipt of loan 250,000 250,000
shareholders of the Holding Company 185,437 (13,617,885) Purchase of operating fixed assets and services 95,208 182,406
Waiver of loan - 4,591,531
Weighted average ordinary shares (Numbers) 15 5,493,447,571 5,420,173,184
Others
Earnings / (loss) per share - basic and diluted - (Rupees) 0.03 (2.51) Retirement benefit funds 24,216 73,722
Key management personnel 406,805 371,947
All transactions with related parties are entered into at agreed terms duly approved by the Board of Directors of the Group.

Cnergyico Pk Limited 152 153 Annual Report 2024

 Note 2024 2023
41.4 Balances with related parties 43. FINANCIAL INSTRUMENTS BY CATEGORY
(Rupees in ‘000)
Parent company 43.1 Financial assets and financial liabilities
Accrued mark-up - 1,011,009 Note 2024 2023
Loan payable 5,276,392 3,935,650 Financial assets measured at amortised cost
(Rupees in ‘000)

Associated companies Long-term deposits 7 329,868 328,727

Advance against shared services - 12,452 Trade debts 9 5,608,672 3,205,613
Accrued mark-up Deposits 11 15,372 15,372
- secured 30,874 44,017 Other receivables 12 30,709 30,459
- unsecured - 6,912,904 Cash and bank balances 13 2,401,326 1,196,310
Loan payable 8,385,947 4,776,481
- secured 18 1,900,000 63,742
- unsecured 17 20,479,939 10,240,098 Financial liabilities measured at amortised cost
Short-term borrowings 228,142 3,947,018
Trade debts - Net 9.2 517,243 153,595 Long-term financing 18 14,440,000 16,319,206
Payable against purchases and services 24 3,844,474 22,379 Accrued and deferred mark-up 19 - 8,916,306
Long-term deposits 21 230,353 246,115
Others Trade and other payables 24 69,278,072 52,384,369
Payable to key management person 22,678 68,508 Accrued mark-up 26 3,758,104 1,923,136
Payable to post employment benefit funds 1,045,113 499,833 Short-term borrowings - secured 27 8,286,144 18,954,023
Current portion of non-current liabilities 28 1,034,418 1,726,325
Outstanding balances at the year-end will settle in cash or on a net basis. Long-term lease liabilities 20 2,267,600 2,014,883
Unclaimed dividend 1,027 1,027
41.5 There are no transactions with key management personnel other than under the terms of employment as disclosed in 99,295,719 102,485,390
note 42 to these consolidated financial statements.
44. FINANCIAL RISK MANAGEMENT, OBJECTIVES AND POLICIES

42. REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES 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 finances to minimise the risk. The Group’s principal financial
The aggregate amount included in these consolidated financial statements for remuneration, including the benefits instruments comprise short-term borrowings and financing from financial institutions, cash at bank, trade receivables
and perquisites, to the chief executive, directors and executives of the Group are as follows: and trade and other payables. Main purpose of these financial instruments is to raise funds for the import of crude oil for
refining business and for its operations.
2024 2023
Chief Directors Executives Chief Directors Executives The Group’s overall risk management policy focuses on minimising potential adverse effects on the Group’s financial
Executive Executive performance. The overall risk management of the Group is carried out by the Group’s senior management team under
(Rupees in ‘000) policies approved by the board.
Fee - 18,000 - - 2,760 -
Managerial remuneration 99,218 37,643 822,165 60,102 17,736 820,443 No changes were made in the objectives, policies or processes and assumptions during the year ended June 30, 2024.
Staff retirement benefits - - 133,602 - - 131,059
Housing and utilities - - 145,884 - - 246,478 The policies for managing each of these risk are summarised below:
Leave fare assistance - - 68,486 - - 66,355
99,218 55,643 1,170,137 60,102 20,496 1,264,335 44.1 Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
Persons 1 4 300 1 5 284 in market prices. Market prices comprise three types of risk: interest rate risk, currency risk and other price risks such as
equity risk.
42.1 The number of persons does not include those who left during the year but remuneration paid to them is included in the
above amounts. 44.1.1 Interest rate risk

42.2 Few executives have been provided with company maintained cars. Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group’s interest rate risk arises from long-term financing, lease liabilities and short-
42.3 The board consists of 7 directors of which 5 are non-executive directors. Except for three independent directors and two term borrowings. The Group manages these mismatches through risk management policies where significant changes in
executive director, no remuneration and other benefits have been paid to any other director. gap position can be adjusted.

Cnergyico Pk Limited 154 155 Annual Report 2024

 At the reporting date, the interest rate profile of the Group’s interest-bearing financial instruments: Credit risk is managed and controlled by the management of the Group in the following manner:
Note 2024 2023
Variable rate instruments - Credit rating and / or credit worthiness of the counterparty is taken into account along with the financial background
(Rupees in ‘000) so as to minimise the risk of default;
Financial assets
Trade debts - 1,029,146 - The risk of counterparty exposure due to failed agreements causing a loss to the Group is mitigated by a periodic
Bank balances on saving accounts 1,259,227 71,558 review of their credit ratings, financial statements, credit worthiness and market information on a regular basis; and
1,259,227 1,100,704
- Cash is held with reputable banks only.
Financial liabilities
Long-term financing 18 15,303,333 17,422,949 As of the consolidated statement of financial position date, the Group is exposed to credit risk on the following assets:
Accrued and deferred mark-up 26 3,758,104 10,839,442
Short-term borrowings 27 8,286,144 18,954,023 Note 2024 2023
27,347,581 47,216,414 (Rupees in ‘000)
Long-term deposits 7 329,868 328,727
A change of 1% in interest rates at the year-end would have increased or decreased the profit before tax by Rs. 260.884 Trade debts 9 5,608,672 3,205,613
million (June 30, 2023: Rs. 461.873 million). This analysis assumes that all other variables remain constant. The analysis Trade deposits 11 15,372 15,372
is performed on the same basis as for June 2023. Other receivables 12 30,709 30,459
Bank balances 13 2,400,724 1,195,506
44.1.2 Currency risk 8,385,345 4,775,677

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit
foreign exchange rates and arises where transactions are done in foreign currency. ratings agencies or the historical information about counter party default rates as shown below:

The Group is exposed to foreign currency risk on transactions that are entered in a currency other than Pak Rupees. As Trade debts
the Group imports plant and equipment and crude oil, it is exposed to currency risk by virtue of borrowings (in foreign
currency). Further foreign currency risk also arises on payment to the supplier of tug boats for operations. The currency The aging of debtors at the consolidated statement of financial position date is as follows:
in which these transactions are undertaken is US Dollar. Relevant details are as follows:
2024 2023
Note 2024 2023 (Rupees in ‘000)
(Rupees in ‘000) (USD ‘000) (Rupees in ‘000) (USD ‘000)
Neither past due nor impaired 5,073,665 2,160,110
Trade and other payables 24 15,541,137 55,835 20,658,661 72,235 Past due 1-30 days 11,810 9,126
Past due 31-365 days 8,624 7,231
The average rates applied during the year is Rs. 283.235/USD (June 30, 2023: Rs. 245.594/USD) and the spot rate as at Above 365 days 514,573 1,029,146
June 30, 2024 is Rs. 278.341/USD (June 30, 2023: Rs. 285.991/USD). 5,608,672 3,205,613

A change of 1% in exchange rates at the year-end would have increased or decreased the loss by Rs. 155.411 million Bank balances
(June 30, 2023: Rs. 206.587 million). This analysis assumes that all other variables remain constant. The analysis is A1+ 2,031,516 1,152,065
performed on the same basis as for June 2023. A1 368,414 432
A2 84 7,236
44.1.3 Other price risk A-1 - 130
F1+ - 60
Other price risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of Suspended 710 35,583
changes in market prices. The Group is not exposed to other price risk as at consolidated statement of financial position 2,400,724 1,195,506
date.
Financial assets other than trade debts and bank balances are not exposed to any material credit risk.
44.2 Credit risk
44.3 Liquidity risk
Credit risk is the risk of financial loss to the Group if a customer or a counter party to a financial instrument fails to meet
its contractual obligation, and arises principally from the Group’s receivables from customers, advances and long-term Liquidity risk reflects the Group’s inability in raising fund to meet commitments. Management closely monitors the
deposits to suppliers and balances held with banks. Group’s liquidity and cash flow position. This includes maintenance of consolidated statement of financial position
liquidity ratios, debtors and creditors concentration both in terms of the overall funding mix and avoidance of undue
The risk management function is regularly conducting detailed analysis on sectors / industries to identify the degree reliance on any individual customer.
by which the Group’s customers and their businesses could be affected due to economic and other changes in their
environment. Keeping in view short-term and long-term outlook of each sector, management has taken into consideration The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted
the factors while calculating expected credit losses against trade debts. payments.

Management of credit risk

The Group’s policy is to enter into financial contracts in accordance with the guidelines set by the board of directors and
other internal guidelines.

Cnergyico Pk Limited 156 157 Annual Report 2024

 Less than 3 to 12 More than
On demand 3 months months one year Total
The Group is not exposed to externally imposed capital requirement.
(Rupees in ‘000) Note 2024 2023
The gearing ratios as at June 30, 2024 and 2023 are as follows: (Rupees in ‘000)
June 30, 2024
Long-term financing - - - 14,440,000 14,440,000
Long-term deposits - - - 230,353 230,353 Long-term financing 18 14,440,000 16,319,206
Trade and other payables - 69,278,072 - - 69,278,072 Accrued and deferred mark-up 19 - 8,598,704
Current portion of non-current liabilities - - 1,034,418 - 1,034,418 Long-term lease liabilities 20 2,267,600 2,014,883
Unclaimed dividend 1,027 - - - 1,027 Accrued mark-up 26 3,758,104 1,923,136
Short-term borrowings - 8,286,144 - - 8,286,144 Short-term borrowings 27 8,286,144 18,954,023
Accrued mark-up - 3,758,104 - - 3,758,104 Current portion of non-current liabilities 1,034,418 1,726,325
1,027 81,322,320 1,034,418 14,670,353 97,028,119 Total debt 29,786,266 49,536,277

Share capital 15 54,934,476 54,934,476

Less than 3 to 12 More than Reserves (46,679,830) (50,072,929)
On demand 3 months months one year Total
Contribution from shareholders 17 25,756,331 -
(Rupees in ‘000) Total capital 34,010,977 4,861,547
June 30, 2023
Long-term financing - - - 16,319,206 16,319,206
Accrued and deferred mark-up - - - 8,598,704 8,598,704 Capital and net debt 63,797,242 54,397,824
Long-term deposits - - - 246,115 246,115 (%)
Trade and other payables - 52,384,369 - - 52,384,369
Current portion of non-current liabilities - 317,602 1,408,723 - 1,726,325 Gearing 46.69 91.06
Unclaimed dividend 1,027 - - - 1,027
Short-term borrowings - 18,954,023 - - 18,954,023 47. OPERATING SEGMENTS
Accrued mark-up - 1,923,136 - - 1,923,136
1,027 73,579,130 1,408,723 25,164,025 100,152,905 For management purposes, the Group has determined following reportable operating segments on the basis of business
activities i.e. oil refining and petroleum marketing. Oil refining business is engaged in crude oil refining and selling
45. FAIR VALUE MEASUREMENT of refined petroleum products to oil marketing companies. Petroleum marketing business is engaged in trading of
petroleum products, procuring products from oil refining business as well as from other sources.
Fair value is the price that would be received to sell an asset or paid or transfer a liability in an orderly transaction
between market participants and measurement date. Consequently, differences can arise between carrying values and Transfer prices between operating segments are at agreed terms duly approved by the board of directors of the Group.
the fair value estimates.
The quantitative data for segments is given below:
Fair value hierarchy Petroleum Marketing
Oil Refining Business Business Total
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at 2024 2023 2024 2023 2024 2023
fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. (Rupees in ‘000)
Revenue
Level 1: Fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets Sales to external customers - net 136,747,816 121,205,186 103,878,353 72,706,976 240,626,169 193,912,162
or liabilities. Inter-segment sales 100,476,685 71,848,428 - - 100,476,685 71,848,428
Eliminations (100,476,685) (71,848,428) - - (100,476,685) (71,848,428)
Level 2: Fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are Total revenue 136,747,816 121,205,186 103,878,353 72,706,976 240,626,169 193,912,162
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Result
Level 3: Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability Segment profit / (loss) 6,401,678 (7,418,643) 3,029,499 1,196,621 9,431,177 (6,222,022)
that are not based on observable market data (unobservable inputs). Unallocated expenses:
Finance costs - net (9,387,106) (6,578,648)
As at June 30, 2024, the Group has no financial instruments that are measured at fair value in the consolidated statement Interest income 946,573 1,785,305
of financial position. Other expenses (514,573) (2,142,172)
Final tax and minimum tax (723,766) (627,132)
46. CAPITAL RISK MANAGEMENT Income Tax 402,991 153,599
Profit / (loss) for the year 155,296 (13,631,070)
The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order
to support its business, sustain the development of the business and maximise the shareholders’ value. The Group Segmental assets 384,684,782 364,446,588 1,165,484 797,948 385,850,266 365,244,536
closely monitors gearing ratios. The Group manages its capital structure and makes adjustment to it in light of changes Unallocated assets - - - - - -
in economic conditions and finances its activities through equity, borrowings and management of working capital with a 384,684,782 364,446,588 1,165,484 797,948 385,850,266 365,244,536
view to maintain and approximate mix between various sources of finance to minimise the risk. No changes were made
Segmental liabilities 172,459,071 178,134,891 853,110 496,257 173,312,181 178,631,148
in the objectives, policies or processes during the year ended June 30, 2024.
Unallocated liabilities - - - - - -
172,459,071 178,134,891 853,110 496,257 173,312,181 178,631,148

Capital expenditure 1,145,353 2,115,463 64,457 25,675 1,209,810 2,141,138

Other Information
Depreciation 7,781,984 5,147,886 180,688 171,534 7,962,672 5,319,420

Cnergyico Pk Limited 158 159 Annual Report 2024

47.1 The Group sells its manufactured products to Oil Marketing Companies (OMCs) and other organisations. Out of these, One CNERGYICO PK LIMITED
of the Group’s customers contributed towards 12.55% (2023: 30%) of the net revenues during the year amounting to Rs.
30.2 billion (2023: Rs. 58.24 billion).
CATEGORY DETAILS OF SHAREHOLDING
47.2 All non-current assets of the Group are located in Pakistan. For this purpose non-current assets consist of property, plant For the Year Ended June 30, 2024
and equipment.

48. PROVIDENT FUND DISCLOSURE S.NO. Shareholders Category No. of Shareholder No. of Shares Percentage

The Group operates approved funded contributory provident fund for both its management and non- management 1 Directors, Chief Executive Officer, and their 7 10,600 0.00
employees. Details of net assets and investments based on the financial statements of the fund is as follows: spouse and minor children
Note 2024 2023
2 Associated Companies, Undertakings and 3 4,034,390,763 73.44
(Rupees in ‘000) related Parties
Size of the fund - Total assets 708,757 637,408
3 NIT and ICP - - -
Cost of the investment made 48.1 117,240 317,753
Fair value of the investment 125,161 318,303
Percentage of the investment 16.54% 49.85% 4 Banks, Development Financial Institutions, 7 15,495,067 0.28
Non Banking Financial Institutions
48.1 Break-up of cost of investments out of fund:
5 Insurance Companies - - -
2024 2023
(Rupees in ‘000) (%) (Rupees in ‘000) (%)
6 Modarabas and Mutual Funds 16 58,116,156 1.06
Debt securities 20,849 18 80,108 25
Listed equity 12,214 10 46,420 15 7 Shareholders holding 10% 2 3,885,423,763 70.73
Bank deposits 34,110 29 53,040 17
Government securities 50,067 43 138,185 43
117,240 100 317,753 100
8 General Public:
a. local 26,433 1,149,439,902 20.92
48.2 The management, based on the financial statements of the fund, is of the view that the investments out of provident fund b .Foreign - - -
have been made in accordance with the provisions of Section 218 of the Act and the rules formulated for this purpose. 9 Others 144 235,995,083 4.30
49. PLANT CAPACITY AND PRODUCTION
Total (excluding: shareholders holding 10%) 26,610 5,493,447,571 100.00
Holding Company
Directors, Chief Executive Officer, and their spouse and minor children
Against the designed annual capacity (based on 365 days) of 56.940 million barrels (June 30, 2023: 56.940 million
barrels), the actual throughput during the year was 9.039 million barrels (June 30, 2023: 6.821 million barrels). The S.NO. FOLIO NAME HOLDING
Group operated the plants considering the level which gives optimal yield of products as per market dynamics.
1 18 MRS. UZMA ABBASSCIY 5,600
Cnergyico Isomerate Pk (Private) Limited
2 6020 MR. AMIR ABBASSCIY 2,500
Against the designed annual capacity (based on 365 days) of 12,500 barrels per day (June 30, 2023: 12,500 barrels per 3 6382 MR. USAMA QURESHI 500
day), the actual throughput during the year was Nil barrels per day (June 30, 2023: 738 barrels per day) as the operations
of the isomerisation plant is based on the customer’s requirement for processing. 4 6389 MR. MUSHTAQ MALIK 500
2024 2023 5 6390 MR. RAJA MUHAMMAD ABBAS 500
50. NUMBER OF EMPLOYEES
(Number)
6 6391 MR. SAMI UL HAQ KHILJI 500
At year end 744 725
Average during the year 735 810 7 6392 MR. AUMAR ABBASSCIY 500
TOTAL >> 10,600
51. GENERAL
Associated Companies, Undertakings and related Parties
Corresponding figures have been rearranged or reclassified, where necessary, for the purpose of better presentation. No
significant rearrangement or reclassification was made in these consolidated financial statements during the current year. S.NO. FOLIO NAME HOLDING

52. DATE OF AUTHORISATION FOR ISSUE 1 6368 BOSICORCO INTERNATIONAL LIMITED 925,411,762
2 03277-111904 INTEGRATE PK (PRIVATE.) LIMITED 148,967,000
These consolidated financial statements were authorised for issue on September 16th, 2024 by the Board of Directors of
the Group. 3 03277-60633 BOSICORCO INTERNATIONAL LIMITED 2,960,012,001
TOTAL >> 4,034,390,763

Chief Executive Officer Director Chief Financial Officer

Cnergyico Pk Limited 160 161 Annual Report 2024

Banks, Development Financial Institutions, Non Banking Financial Institutions
6 6292 CAMPANY SECRETARY 500
S.NO. FOLIO NAME HOLDING
7 00547-2761 J.P. MORGAN SECURITIES PLC 3,341,750
1 5937 CRESCENT STANDARD INVESTMENT BANK LTD. 12,000
8 00620-25515 TRUSTEE LEVER BROTHERS EMPLOYEES 5,000
2 6034 HBL 1 AND 2 PAGE 8,167
9 01164-11115 PARAMOUNT COMMODITIES (PRIVATE) LIMITED 100,000
3 6162 ABL - PAGE ( 1 & 2 ) 15,900
10 01164-32285 AUTOMATE INDUSTRIES (PRIVATE) LIMITED 15,300,000
4 03525-100145 ESCORTS INVESTMENT BANK LIMITED 3,000
11 01339-43273 SEA WORLD (SMC-PVT.) LIMITED 2,700,000
5 03798-52 THE BANK OF KHYBER 5,000,000
12 01826-87775 PETROMARK (PRIVATE) LIMITED 75,000
6 03889-44 NATIONAL BANK OF PAKISTAN 9,312,500
13 01917-33 PRUDENTIAL SECURITIES LIMITED 38
7 19117-22 ASKARI BANK LIMITED - MT 1,143,500
14 01917-41 PRUDENTIAL SECURITIES LIMITED 500
TOTAL >> 15,495,067
15 02113-3850 CAPITAL FINANCIAL SERVICES (PVT.) LIMITED 88,400
Modarabas and Mutual Funds
16 03244-125699 B.J & COMPANY 20,000
S.NO. FOLIO NAME HOLDING 17 03277-116766 AGVEN (PVT.) LIMITED 734,489
1 00620-68812 TRUST MODARABA 100,000 18 03277-124224 SAAO CAPITAL (PRIVATE) LIMITED 155,000
2 03277-4962 FIRST ALNOOR MODARABA 37,000 19 03277-15506 TRUSTEES PERAC MNG&SUPERVISORY S.PEN FND 9,466
3 04077-25 FIRST FIDELITY LEASING MODARABA 10,000 20 03277-18119 M.C OF THE KARACHI PARSI CO-OP H.SOC LTD 5,000
4 05991-23 CDC - TRUSTEE MEEZAN BALANCED FUND 700,000 21 03277-26972 WESTBURY (PRIVATE) LTD 8,450,000
5 06411-21 CDC - TRUSTEE AKD INDEX TRACKER FUND 483,300 22 03277-38435 PREMIER MERCANTILE SERVICES (PRIVATE) LIMITED 571
6 06619-26 CDC - TRUSTEE AKD OPPORTUNITY FUND 8,000,000 23 03277-4841 BULK MANAGEMENT PAKISTAN (PVT.) LTD. 12,504,097
7 07062-23 CDC - TRUSTEE AL MEEZAN MUTUAL FUND 6,694,072 24 03277-60958 MIAN NAZIR SONS IND. (PVT) LTD. 225,000
8 07070-22 CDC - TRUSTEE MEEZAN ISLAMIC FUND 16,784,144 25 03277-6359 PREMIER SHIPPING SERVICES (PVT) LTD. 325
9 07450-521 B.R.R. GUARDIAN LIMITED 695,000 26 03277-72577 HAMEED SHAFI HOLDINGS (PVT) LTD. 90,000
10 16410-29 ABA ALI HABIB SECURITIES (PVT) LIMITED - MF 18,500 27 03277-80323 ELLAHI CAPITAL (PRIVATE) LIMITED 100
11 16501-27 CDC - TRUSTEE MEEZAN ASSET ALLOCATION FUND 121,400 28 03277-9699 BURMA OIL MILLS LTD 60,000
12 16675-28 CDC - TRUSTEE MEEZAN ENERGY FUND 2,512,500 29 03277-97848 AGAR INTERNATIONAL (PRIVATE) LIMITED 1,000,000
13 17210-22 CDC TRUSTEE - MEEZAN DEDICATED EQUITY FUND 100,000 30 03277-97910 MAKDA (PVT.) LIMITED 240,475
14 17921-26 CDC - TRUSTEE GOLDEN ARROW STOCK FUND 11,282,740 31 03525-105464 INNOVATIVE INVESTMENT BANK LIMITED (UNDER LIQUIDATION) 30,000
15 18390-39 CDC - TRUSTEE HBL INCOME FUND - MT 79,500 32 03525-111774 GHANI HALAL FEED MILL (PRIVATE) LIMITED 2,200,000
16 18770-24 CDC - TRUSTEE HBL FINANCIAL SECTOR INCOME FUND PLAN I - MT 10,498,000 33 03525-54825 NAEEM S SECURITIES (PVT) LTD 9,600
TOTAL >> 58,116,156 34 03525-57191 SARFRAZ MAHMOOD (PRIVATE) LTD 500
Others 35 03525-6581 TREET CORPORATION LIMITED. 1
S.NO. FOLIO NAME HOLDING 36 03525-87235 MAPLE LEAF CAPITAL LIMITED 1
1 5698 PRIDE STOCK SERVICES (PVT) LIMITED 200 37 03525-89723 TRUSTEES HIMONT PHARMACEUTICALS (PVT) LTD EMP PROVIDENT 10,000
2 5996 BAWA SECURITIES (PVT) LTD. 200 FUND

3 6005 TRUSTEE TO THE FRACTIONS 4 38 03657-25 CONTINENTAL CAPITAL MANAGEMENT (PVT) LTD 26,707

4 6281 BANK2 UN-NAME SHARES (R-2) 12,521 39 03939-12703 EXCEL SECURITIES (PRIVATE) LIMITED 50

5 6282 BANK3 UN-NAMESHARES (R-2) 4,290 40 03939-62 PEARL SECURITIES LIMITED 1,272,852
41 04002-22 MEMON SECURITIES (PVT.) LIMITED 1,089,500

Cnergyico Pk Limited 162 163 Annual Report 2024

42 04002-34898 TRUSTEE-KARACHI SHERATON HOTEL EMPLOYEES PROVIDENT FUND 500 78 07450-24497 B. R. R. INVESTMENT (PRIVATE) LIMITED 25,000
43 04085-24 MRA SECURITIES LIMITED 2,516,000 79 07450-26 DAWOOD EQUITIES LTD. 17,000
44 04234-25 RAFI SECURITIES (PRIVATE) LIMITED 45,000 80 09621-22 HIGHLINK CAPITAL (PVT.) LIMITED 300
45 04317-25 DALAL SECURITIES (PVT) LTD. 350,000 81 10231-27 MSMANIAR FINANCIALS (PVT) LTD. 25,070
46 04341-3265 RAO SYSTEMS (PVT.) LTD. 120,000 82 10256-2617 SAAO CAPITAL (PRIVATE) LIMITED 100,000
47 04440-20 ZAFAR MOTI CAPITAL SECURITIES (PVT) LTD. 10,700 83 10611-20 AKD SECURITIES LIMITED - AKD TRADE 500
48 04457-66160 THE MEMON WELFARE SOCIETY 230,000 84 10629-100233 AKD VENTURE FUND LIMITED 2,500,000
49 04457-91978 MAK COMMODITIES 50,000 85 10629-1035 AQEEL KARIM DHEDHI SECURITIES (PVT.) LIMITED STAFF PRO.FUND 10,000,000
50 04580-23 CAPITAL VISION SECURITIES (PVT) LTD. 500 86 10629-142441 DADABHOY FOUNDATION 1,150,000
51 04655-16 NCC-SQUARING-UP ACCOUNT 300 87 10629-185408 ASAB PAKISTAN (PVT.) LIMITED 585,000
52 04705-97687 FREEMEN CORPORATION (PRIVATE) LIMITED 2,000,000 88 10629-458961 HSGS CHEMICALS (PRIVATE) LIMITED 203,176
53 04895-11643 CONCORDIA ENTERPRISES (PRIVATE) LIMITED 3,050,000 89 10629-461650 CNERGYICO PK LIMITED EMPLOYEES GRATUITY FUND 51,033,000
54 04895-26 DJM SECURITIES LIMITED 500,000 90 10629-5630 AKD REIT MANAGEMENT COMPANY LIMITED 8,300,000
55 04952-28 SHERMAN SECURITIES (PRIVATE) LIMITED 100,000 91 10629-631 AKD CAPITAL LIMITED 3,800,000
56 05264-21 JS GLOBAL CAPITAL LIMITED 459,000 92 11072-16436 SOFCOM (PRIVATE) LIMITED 11,000
57 05348-21 HH MISBAH SECURITIES (PRIVATE) LIMITED 100,000 93 11387-42864 HAFIZ LIMITED 225,000
58 05512-119092 SAAO CAPITAL (PRIVATE) LIMITED 50,000 94 11692-21 ABA ALI HABIB SECURITIES (PVT) LIMITED 213,500
59 05587-48 FIRST NATIONAL EQUITIES LIMITED 926,200 95 12203-28 M. M. SECURITIES (PVT.) LIMITED 5,000,000
60 05736-15 NCC - PRE SETTLEMENT DELIVERY ACCOUNT 28,927,310 96 12286-20 JSK SECURITIES LIMITED 40,500
61 05884-12310 MIAN NAZIR SONS INDUSTRIES (PVT) LIMITED 119,500 97 12484-22178 IMLAK (PRIVATE) LIMITED 15,000,000
62 05884-9779 TRUSTEE ALOO & MINOCHER DINSHAW CHARITABLE TRUST 50,000 98 12484-6767 ENVICON (PRIVATE) LIMITED 1,000,000
63 06114-27 A.S.SECURITIES (PRIVATE) LIMITED 523 99 12484-7807 BRAVISTO (PVT) LIMITED 1
64 06270-29 GROWTH SECURITIES (PVT) LTD. 95,000 100 12922-21 ABA ALI HABIB SECURITIES (PVT) LIMITED - MT 3,672,500
65 06445-28 DARSON SECURITIES (PRIVATE) LIMITED 113,000 101 13003-567 RAYAAN COMMODITIES (PRIVATE) LIMITED 254,500
66 06452-35 ARIF HABIB LIMITED 6,366,478 102 13078-24 AL HABIB CAPITAL MARKETS (PRIVATE) LIMITED - MT 187,500
67 06502-17759 TRI-STAR INDUSTRIES (PRIVATE) LIMITED 10,000 103 13128-27 PEARL SECURITIES LIMITED - MF 65,000
68 06684-29 MOHAMMAD MUNIR MOHAMMAD AHMED KHANANI SECURITIES 400,000 104 13219-26 BMA CAPITAL MANAGEMENT LTD. - MT 2,141,500
LIMITED
105 13649-24 JS GLOBAL CAPITAL LIMITED - MF 3,504,500
69 06999-22 MUHAMMAD AHMED NADEEM SECURITIES (SMC-PVT) LIMITED 19
106 14118-27 ASDA SECURITIES (PVT.) LTD. 926,503
70 07005-29 MAM SECURITIES (PVT) LIMITED 300
107 14258-21 TRADE SMART SECURITIES (PRIVATE) LIMITED 7,505
71 07039-26 N.U.A SECURITIES (PRIVATE) LIMITED 4,000,000
108 14522-27 AMANAH INVESTMENTS LIMITED 50,000
72 07054-24 BHAYANI SECURITIES (PVT) LTD. 1,357,000
109 14571-527 TRUSTEE-FIRST DAWOOD INV. BANK LTD. & OTHER EMPOLYEES 215,500
73 07229-23 ALTAF ADAM SECURITIES (PVT) LTD. 929,500 P.FUND
74 07286-27 DR. ARSLAN RAZAQUE SECURITIES (PVT.) LIMITED 854,890 110 14571-543 B. R. R. INVESTMENT (PRIVATE) LIMITED 26,500
75 07294-26 AL-HAQ SECURITIES (PVT) LTD. 5,100 111 14746-21 KTRADE SECURITIES LIMITED 1
76 07443-27 Y.H. SECURITIES (PVT.) LTD. 4,288,000 112 14837-20 SPINZER EQUITIES (PRIVATE) LIMITED 70,000
77 07450-1040 TRUSTEE-FIRST DAWOOD INV. BANK LTD. & OTHER EMPOLYEES 394,000 113 15057-24 NINI SECURITIES (PRIVATE) LIMITED 412,490
P.FUND
114 15404-21 FIRST CHOICE SECURITIES LIMITED 100,000

Cnergyico Pk Limited 164 165 Annual Report 2024

115 15875-6204 SEMAAB TRADERS (PRIVATE) LIMITED 510,000
CNERGYICO PK LIMITED
116 16261-28 AXIS GLOBAL LIMITED - MF 477,867 PATTERN OF SHAREHOLDING
117 16576-20 INTERMARKET SECURITIES LIMITED - MF 550,000
AS AT JUNE 30, 2024
118 16857-26 MRA SECURITIES LIMITED - MF 1,421,500 NO. OF SHARESHOLDINGS

119 16865-25 BAWA SECURITIES (PVT) LTD. - MF 1,043,000 NO OF SHAREHOLDERS FROM TO TOTAL SHARES

120 16899-22 MOHAMMAD MUNIR MOHAMMAD AHMED KHANANI SECURITIES 6,927,500 1,388 1 100 55,310
LTD. - MF 2,876 101 500 1,205,883
121 17004-27 FAWAD YUSUF SECURITIES (PRIVATE) LIMITED - MF 50,000 3,023 501 1,000 2,858,440
122 17426-27 PUNJAB CAPITAL SECURITIES (PRIVATE) LIMITED - MT 239,500 7,431 1,001 5,000 22,139,015
123 17509-26 TRUST SECURITIES & BROKERAGE LIMITED - MF 12,018 3,445 5,001 10,000 28,014,918
124 17699-25 FIRST STREET CAPITAL (PRIVATE) LIMITED - MT 57,500 1,483 10,001 15,000 19,225,641
125 17699-538 FIRST AVENUE (PRIVATE) LIMITED 2,000 1,198 15,001 20,000 22,224,399
126 18432-103068 SHAFFI SECURITIES (PVT) LIMITED 2,755 769 20,001 25,000 18,078,003
127 18432-104389 MBITSOFT (SMC-PRIVATE) LIMITED 500,000 585 25,001 30,000 16,612,039
128 18432-1155 SALIM SOZER SECURITIES (PRIVATE) LIMITED 105,066 337 30,001 35,000 11,138,940
129 18432-2245 SAYA SECURITIES (PRIVATE) LIMITED 22,500 327 35,001 40,000 12,626,115
130 18432-28257 YASIR MAHMOOD SECURITIES (PVT.) LIMITED 30,000 228 40,001 45,000 9,887,312
131 18432-3177 MARGALLA FINANCIAL (PRIVATE) LIMITED 20,000 524 45,001 50,000 25,854,765
132 18432-46846 GPH SECURITIES (PRIVATE) LIMITED 75,000 163 50,001 55,000 8,651,696
133 18432-46853 HIGH LAND SECURITIES (PRIVATE) LIMITED 3,174 201 55,001 60,000 11,802,082
134 18432-57801 PASHA SECURITIES (PVT.) LIMITED 2,000 113 60,001 65,000 7,117,698
135 18432-6238 MSD CAPITAL EQUITIES (PVT.) LIMITED 250,000 125 65,001 70,000 8,595,097
136 18432-68311 DOSSLANIS SECURITIES (PRIVATE) LIMITED 25,200 123 70,001 75,000 9,054,342
137 18432-74038 SETHI SECURITIES (PVT.) LIMITED 110,000 105 75,001 80,000 8,248,650
138 18432-79672 STRONGMAN SECURITIES (PVT.) LIMITED 12,000 65 80,001 85,000 5,411,302
139 18432-79698 K & I GLOBAL CAPITAL (PRIVATE) LIMITED 10,000 77 85,001 90,000 6,834,948
140 18432-82643 CMA SECURITIES (PVT.) LIMITED 30,000 48 90,001 95,000 4,473,602
141 18457-23 ADAM USMAN SECURITIES (PRIVATE) LIMITED 264,500 334 95,001 100,000 33,310,642
142 18630-20 DR. ARSLAN RAZAQUE SECURITIES (PVT.) LIMITED - MT 1,215,000 52 100,001 105,000 5,329,778
143 18945-23 ABBASI & COMPANY (PRIVATE) LIMITED - MT 2,883,000 74 105,001 110,000 8,062,362
144 19125-21 ORBIT SECURITIES (PRIVATE) LIMITED 100,000 36 110,001 115,000 4,069,146
TOTAL >> 235,995,083
53 115,001 120,000 6,303,394
47 120,001 125,000 5,822,791
38 125,001 130,000 4,892,401
46 130,001 135,000 6,118,611
32 135,001 140,000 4,440,617
22 140,001 145,000 3,151,040

Cnergyico Pk Limited 166 167 Annual Report 2024

 NO. OF SHARESHOLDINGS NO. OF SHARESHOLDINGS
NO OF SHAREHOLDERS FROM TO TOTAL SHARES NO OF SHAREHOLDERS FROM TO TOTAL SHARES
94 145,001 150,000 14,052,906 3 325,001 330,000 986,000
20 150,001 155,000 3,053,149 7 330,001 335,000 2,335,505
25 155,001 160,000 3,969,150 5 335,001 340,000 1,696,939
14 160,001 165,000 2,283,778 3 340,001 345,000 1,031,112
26 165,001 170,000 4,369,287 9 345,001 350,000 3,147,000
27 170,001 175,000 4,699,579 1 350,001 355,000 353,000
12 175,001 180,000 2,149,000 4 355,001 360,000 1,437,720
9 180,001 185,000 1,649,559 5 360,001 365,000 1,813,800
26 185,001 190,000 4,928,100 9 365,001 370,000 3,309,502
4 190,001 195,000 773,671 9 370,001 375,000 3,370,000
112 195,001 200,000 22,389,030 6 375,001 380,000 2,275,300
11 200,001 205,000 2,235,057 4 380,001 385,000 1,534,400
13 205,001 210,000 2,708,507 1 385,001 390,000 386,500
13 210,001 215,000 2,772,600 3 390,001 395,000 1,179,500
18 215,001 220,000 3,925,492 27 395,001 400,000 10,800,000
21 220,001 225,000 4,706,211 3 400,001 405,000 1,210,820
12 225,001 230,000 2,741,128 4 405,001 410,000 1,632,372
7 230,001 235,000 1,630,500 4 410,001 415,000 1,656,990
12 235,001 240,000 2,866,135 3 415,001 420,000 1,257,300
7 240,001 245,000 1,702,123 3 420,001 425,000 1,275,000
31 245,001 250,000 7,747,000 4 425,001 430,000 1,715,801
11 250,001 255,000 2,786,225 1 430,001 435,000 435,000
13 255,001 260,000 3,354,749 4 435,001 440,000 1,752,300
7 260,001 265,000 1,851,500 3 440,001 445,000 1,328,297
5 265,001 270,000 1,348,000 11 445,001 450,000 4,945,712
9 270,001 275,000 2,458,718 2 450,001 455,000 905,129
9 275,001 280,000 2,510,508 2 455,001 460,000 919,000
5 280,001 285,000 1,414,747 6 460,001 465,000 2,784,124
11 285,001 290,000 3,170,156 7 465,001 470,000 3,273,713
7 290,001 295,000 2,055,965 4 470,001 475,000 1,897,200
39 295,001 300,000 11,690,000 3 475,001 480,000 1,436,869
6 300,001 305,000 1,821,288 5 480,001 485,000 2,414,300
6 305,001 310,000 1,852,152 1 485,001 490,000 486,000
5 310,001 315,000 1,563,868 3 490,001 495,000 1,481,500
8 315,001 320,000 2,554,528 37 495,001 500,000 18,493,000
4 320,001 325,000 1,297,500 3 500,001 505,000 1,512,286

Cnergyico Pk Limited 168 169 Annual Report 2024

 NO. OF SHARESHOLDINGS NO. OF SHARESHOLDINGS
NO OF SHAREHOLDERS FROM TO TOTAL SHARES NO OF SHAREHOLDERS FROM TO TOTAL SHARES
4 505,001 510,000 2,039,790 1 735,001 740,000 738,000
3 510,001 515,000 1,539,075 5 745,001 750,000 3,747,000
2 515,001 520,000 1,040,000 1 750,001 755,000 753,100
4 520,001 525,000 2,100,000 1 755,001 760,000 760,000
1 525,001 530,000 530,000 1 770,001 775,000 775,000
1 530,001 535,000 532,479 2 775,001 780,000 1,556,000
2 540,001 545,000 1,087,500 7 795,001 800,000 5,600,000
7 545,001 550,000 3,848,000 1 800,001 805,000 800,571
2 550,001 555,000 1,103,500 1 805,001 810,000 810,000
1 560,001 565,000 565,000 2 810,001 815,000 1,626,838
1 565,001 570,000 569,500 1 820,001 825,000 820,500
3 570,001 575,000 1,725,000 2 825,001 830,000 1,660,000
2 575,001 580,000 1,151,059 2 830,001 835,000 1,667,125
2 580,001 585,000 1,170,000 1 835,001 840,000 840,000
3 585,001 590,000 1,762,000 3 845,001 850,000 2,550,000
2 590,001 595,000 1,187,000 4 850,001 855,000 3,412,790
7 595,001 600,000 4,200,000 3 855,001 860,000 2,571,001
2 600,001 605,000 1,204,818 2 870,001 875,000 1,750,000
2 605,001 610,000 1,215,500 1 885,001 890,000 890,000
1 610,001 615,000 615,000 5 895,001 900,000 4,500,000
4 615,001 620,000 2,476,528 1 920,001 925,000 925,000
1 620,001 625,000 625,000 3 925,001 930,000 2,782,203
1 625,001 630,000 625,326 1 930,001 935,000 934,000
4 645,001 650,000 2,600,000 1 935,001 940,000 939,836
2 655,001 660,000 1,320,000 4 945,001 950,000 3,795,551
1 670,001 675,000 675,000 3 950,001 955,000 2,853,920
1 675,001 680,000 675,500 1 955,001 960,000 958,500
1 685,001 690,000 690,000 1 965,001 970,000 970,000
1 690,001 695,000 695,000 1 985,001 990,000 990,000
12 695,001 700,000 8,396,000 1 990,001 995,000 990,101
2 700,001 705,000 1,401,986 29 995,001 1,000,000 28,999,000
4 710,001 715,000 2,855,514 1 1,000,001 1,005,000 1,000,750
1 715,001 720,000 715,102 1 1,040,001 1,045,000 1,043,000
1 720,001 725,000 725,000 2 1,045,001 1,050,000 2,100,000
1 725,001 730,000 730,000 1 1,070,001 1,075,000 1,075,000
2 730,001 735,000 1,466,100 2 1,085,001 1,090,000 2,176,500

Cnergyico Pk Limited 170 171 Annual Report 2024

 NO. OF SHARESHOLDINGS NO. OF SHARESHOLDINGS
NO OF SHAREHOLDERS FROM TO TOTAL SHARES NO OF SHAREHOLDERS FROM TO TOTAL SHARES
1 1,090,001 1,095,000 1,092,500 1 1,545,001 1,550,000 1,545,010
5 1,095,001 1,100,000 5,500,000 1 1,555,001 1,560,000 1,560,000
1 1,115,001 1,120,000 1,120,000 1 1,575,001 1,580,000 1,579,500
1 1,125,001 1,130,000 1,127,862 1 1,590,001 1,595,000 1,595,000
1 1,140,001 1,145,000 1,143,500 1 1,615,001 1,620,000 1,618,500
3 1,145,001 1,150,000 3,450,000 1 1,645,001 1,650,000 1,650,000
1 1,150,001 1,155,000 1,152,350 1 1,725,001 1,730,000 1,728,000
1 1,165,001 1,170,000 1,170,000 2 1,795,001 1,800,000 3,600,000
1 1,185,001 1,190,000 1,187,442 1 1,810,001 1,815,000 1,815,000
3 1,195,001 1,200,000 3,600,000 1 1,830,001 1,835,000 1,830,500
1 1,210,001 1,215,000 1,215,000 1 1,910,001 1,915,000 1,910,070
1 1,230,001 1,235,000 1,232,000 1 1,940,001 1,945,000 1,944,086
1 1,235,001 1,240,000 1,240,000 2 1,945,001 1,950,000 3,900,000
3 1,245,001 1,250,000 3,750,000 1 1,960,001 1,965,000 1,962,009
1 1,250,001 1,255,000 1,254,500 9 1,995,001 2,000,000 18,000,000
2 1,270,001 1,275,000 2,544,423 1 2,005,001 2,010,000 2,006,600
1 1,295,001 1,300,000 1,300,000 1 2,010,001 2,015,000 2,015,000
1 1,305,001 1,310,000 1,309,000 1 2,015,001 2,020,000 2,020,000
2 1,310,001 1,315,000 2,629,472 2 2,045,001 2,050,000 4,100,000
2 1,345,001 1,350,000 2,700,000 1 2,060,001 2,065,000 2,065,000
1 1,355,001 1,360,000 1,357,000 1 2,095,001 2,100,000 2,100,000
1 1,370,001 1,375,000 1,373,146 1 2,105,001 2,110,000 2,109,807
1 1,375,001 1,380,000 1,380,000 1 2,140,001 2,145,000 2,141,500
1 1,395,001 1,400,000 1,400,000 1 2,185,001 2,190,000 2,186,972
1 1,405,001 1,410,000 1,408,500 2 2,195,001 2,200,000 4,400,000
1 1,410,001 1,415,000 1,410,950 1 2,265,001 2,270,000 2,268,000
1 1,415,001 1,420,000 1,419,729 1 2,295,001 2,300,000 2,300,000
1 1,420,001 1,425,000 1,421,500 1 2,300,001 2,305,000 2,305,000
1 1,435,001 1,440,000 1,437,100 1 2,325,001 2,330,000 2,329,993
2 1,445,001 1,450,000 2,900,000 1 2,335,001 2,340,000 2,337,500
2 1,455,001 1,460,000 2,917,000 2 2,355,001 2,360,000 4,719,340
1 1,460,001 1,465,000 1,462,000 1 2,375,001 2,380,000 2,378,435
1 1,470,001 1,475,000 1,473,636 1 2,395,001 2,400,000 2,400,000
1 1,475,001 1,480,000 1,476,000 1 2,450,001 2,455,000 2,454,500
11 1,495,001 1,500,000 16,500,000 1 2,475,001 2,480,000 2,475,671
1 1,520,001 1,525,000 1,523,667 4 2,495,001 2,500,000 10,000,000

Cnergyico Pk Limited 172 173 Annual Report 2024

 NO. OF SHARESHOLDINGS NO. OF SHARESHOLDINGS
NO OF SHAREHOLDERS FROM TO TOTAL SHARES NO OF SHAREHOLDERS FROM TO TOTAL SHARES
1 2,510,001 2,515,000 2,512,500 1 6,925,001 6,930,000 6,927,500
1 2,515,001 2,520,000 2,516,000 1 7,095,001 7,100,000 7,100,000
1 2,520,001 2,525,000 2,525,000 1 7,235,001 7,240,000 7,236,273
1 2,550,001 2,555,000 2,555,000 1 7,420,001 7,425,000 7,425,000
2 2,595,001 2,600,000 5,199,000 1 7,995,001 8,000,000 8,000,000
1 2,615,001 2,620,000 2,616,000 1 8,295,001 8,300,000 8,300,000
1 2,620,001 2,625,000 2,622,000 1 8,445,001 8,450,000 8,450,000
2 2,695,001 2,700,000 5,400,000 1 8,835,001 8,840,000 8,840,000
2 2,745,001 2,750,000 5,500,000 1 9,260,001 9,265,000 9,263,587
2 2,855,001 2,860,000 5,718,000 1 9,275,001 9,280,000 9,278,500
1 2,880,001 2,885,000 2,883,000 1 9,310,001 9,315,000 9,312,500
1 2,910,001 2,915,000 2,913,426 2 9,995,001 10,000,000 20,000,000
1 2,965,001 2,970,000 2,970,000 1 10,495,001 10,500,000 10,498,000
1 2,980,001 2,985,000 2,984,500 1 10,860,001 10,865,000 10,860,841
1 3,005,001 3,010,000 3,010,000 1 11,280,001 11,285,000 11,282,740
1 3,045,001 3,050,000 3,050,000 1 12,500,001 12,505,000 12,504,097
1 3,115,001 3,120,000 3,117,500 1 14,995,001 15,000,000 15,000,000
1 3,200,001 3,205,000 3,204,000 1 15,295,001 15,300,000 15,300,000
1 3,260,001 3,265,000 3,260,782 1 16,780,001 16,785,000 16,784,144
1 3,340,001 3,345,000 3,341,750 1 19,610,001 19,615,000 19,610,500
1 3,440,001 3,445,000 3,441,980 1 24,995,001 25,000,000 25,000,000
1 3,495,001 3,500,000 3,500,000 1 28,925,001 28,930,000 28,927,310
1 3,500,001 3,505,000 3,504,500 1 51,030,001 51,035,000 51,033,000
2 3,670,001 3,675,000 7,347,500 1 73,085,001 73,090,000 73,086,875
1 3,770,001 3,775,000 3,775,000 1 148,965,001 148,970,000 148,967,000
1 3,795,001 3,800,000 3,800,000 1 925,410,001 925,415,000 925,411,762
2 3,995,001 4,000,000 8,000,000 1 2,960,010,001 2,960,015,000 2,960,012,001
1 4,195,001 4,200,000 4,200,000 26,610 5,493,447,571
1 4,285,001 4,290,000 4,288,000
1 4,525,001 4,530,000 4,530,000
2 4,995,001 5,000,000 10,000,000
1 5,195,001 5,200,000 5,200,000
1 6,305,001 6,310,000 6,307,000
1 6,365,001 6,370,000 6,366,478
1 6,690,001 6,695,000 6,694,072
1 6,870,001 6,875,000 6,873,284

Cnergyico Pk Limited 174 175 Annual Report 2024

Notice of 30 Annual General Meeting th according to CDC regulations and their proxy forms must be submitted at the registered office of the Company not
less than 48 hours before the time for holding the Meeting.

Cnergyico Pk Limited b) The proxy form must be attested by two persons whose names, addresses and CNIC numbers must be specified
therein.
Notice is hereby given that the 30th Annual General Meeting (“Meeting”) of Cnergyico Pk Limited will be held on c) Attested copies of the CNIC or passport of the beneficial owner and the proxy must be provided along with the
Thursday, 24th October 2024 at 10:00 am at Jasmine Hall, Beach Luxury Hotel, M. T. Khan Road, Lalazar, Karachi as well form of proxy.
as through video-link facility, to transact the following businesses:
d) Proxies must at the time of the Meeting produce their original CNIC or passport.
A. ORDINARY BUSINESS
e) Unless provided earlier, corporate entities must at the time of the Meeting produce a certified copy of a resolution
1. To confirm the minutes of the 29th Annual General Meeting of the Company held on 27th October 2023 and the of their Board of Directors or a Power of Attorney, bearing the specimen signature of the attorney.
Extraordinary General Meeting of the Company held on 26th March 2024.
Participation in the Meeting via Video Conference Facility
2. To receive, consider and adopt the audited unconsolidated and consolidated financial statements for the financial
year ended 30th June 2024, together with the Directors’ and Auditors’ reports thereon. Securities & Exchange Commission of Pakistan through its Circular No. 4 dated 15th February 2021 has directed the
listed companies to ensure the participation of members in General Meeting through electronic means as a regular
3. To re-appoint Messrs Yousuf Adil, Chartered Accountants as auditors of the Company and to fix their remuneration feature in addition to holding physical meetings. Accordingly, members interested in participating in the meeting
for the financial year ending 30th June 2025. are requested to share below information at company.secretary@cnergyico.com for their appointment and proxy’s
B. OTHER BUSINESS verification by or before Tuesday, 22nd October 2024. In order to attend the Meeting through video conference facility,
the members are requested to get themselves registered as per the below format:
1. To transact any other business with the permission of the Chair.
Full Name Folio / CDC No CNIC Number Registered Cell number
By Order of the Board
Email Address

Majid Muqtadir 1st October 2024

Company Secretary Karachi
Video conference link details and login credentials will be shared with those members whose registered emails
containing all the particulars are received on or before Tuesday, 22nd October 2024. Members can also provide
The QR code and the web link address to view and download the annual audited financial statements together with the reports and documents their comments and questions for the agenda items of the Meeting at company.secretary@cnergyico.com or at the
required to be annexed thereto under the Companies Act, 2017 (FS) are being circulated to the members along with this notice of the Meeting. The registered address of the Company on or before Tuesday, 22nd October 2024.
FS shall also be circulated through email in case email address has been provided by the member to the Company. The Company shall also send
the FS in hard copy to the shareholders, at their registered addresses, free of cost, within one week, if a request has been made by the member Dividend Bank Mandate
on the standard request form available on the website of the Company.
Members may authorize the Company to credit his / her future cash dividends directly into his / her bank account.
NOTES: Members who would like future cash dividends to be credited directly into their bank accounts should mark the ‘YES’
Closure of Share Transfer Books box below and provide the required information under signature to the Shares Registrar.

The register of members and the share transfer books of the Company will remain closed from Wednesday, 16th Yes No
October 2024 until Thursday, 24th October 2024 (both days inclusive).
Participation in the Meeting Folio Number:
Only persons whose names appear in the register of members of the Company as on Tuesday, 15th October 2024, are Name of Shareholder:
entitled to attend, participate in, and vote at the Meeting.
Title of the Bank Account:
A member entitled to attend and vote may appoint another member as proxy to attend and vote on his / her behalf,
Bank Account Number (IBAN):
however, for the purpose of E-Voting a non-member may also be appointed and act as proxy. Proxies must be received
at the registered office of the Company not less than 48 hours before the time for holding the Meeting. Name of Bank:
Guidelines for Central Depository Company of Pakistan Limited (“CDC”) Account Holders Name of Bank Branch and Address:
CDC account holders should comply with the following guidelines of the SECP: Cellular Number of shareholder:
For Attendance Landline Number of shareholder:
a) Individuals should be account holder(s) or sub-account holder(s) and their registration details should be uploaded CNIC / NTN Number (Attach copy):
according to CDC regulations and must establish their identity at the time of the Meeting by presenting their
original Computerized National Identity Card (“CNIC”) or passport. ___________________
Signature of Member
b) Unless provided earlier, corporate entities must at the time of the Meeting produce a certified copy of a resolution (Signature must match specimen signature registered with the Company)
of their Board of Directors or a Power of Attorney, bearing the specimen signature of the attorney.
Members holding shares in CDC accounts should update their bank mandates, if any, with the respective participants.
For Appointing Proxies
a) Individuals should be account holder(s) or sub-account holder(s) whose registration details should be uploaded

Cnergyico Pk Limited 176 177 Annual Report 2024

Intimation of Change of Address and Zakat Declaration
Members holding share certificates should notify any change in their registered address and, if applicable, submit
their non-deduction of zakat declaration form to the Shares Registrar. Form of Proxy Company Secretary
Members holding shares in CDC / participant accounts should update their addresses and, if applicable, submit their 30th Annual General Meeting
The Harbour Front, 9th Floor, Dolmen City
non-deduction of zakat declaration form to the CDC or the respective participants / stockbrokers. Cnergyico Pk Limited HC-3, Block-4, Marine Drive, Clifton
Submission of CNIC Copies Karachi-75600

A list of members who have not submitted copies of their CNICs be viewed on the Company’s website
www.cnergyico.com.
Deposit of Physical Shares in to CDC Account I / We_____________________________________________________________________________________
of ________________________________________________________________________________________
Section 72 of the Companies Act, 2017 requires every company to replace its physical shares with book-entry form
within the period to be notified by the SECP. being member(s) of Cnergyico Pk Limited and holder(s) of ___________________________________________
________________________________ordinary shares, hereby appoint ________________________________
The shareholders having physical shareholding are accordingly encouraged to open their account with Investor
Accounts Services of CDC or Sub Account with any of the brokers and convert their physical shares into scrip less form. of _____________________________ or failing him / her __________________________________________
This will facilitate the shareholders in many ways, including safe custody and sale of shares, any time they want, as of ____________________________________, who is / are also member(s) of Cnergyico Pk Limited, as my /
the trading of physical shares is not permitted as per existing regulations of the Pakistan Stock Exchange Limited. our proxy in my / our absence to attend and vote on my / our behalf at the 30th Annual General Meeting of the
Video Conference Facility Company to be held on Thursday, 24th October 2024 and in case of adjournment, at any reconvened Meeting.

Members can also avail video conference facility at Lahore and Islamabad. In this regard, please fill the requisite form Signed / Seal and Delivered by ________________________________________________________________
(available on Company’s website www.cnergyico.com) and submit to registered address of the Company 10 days
before holding of the Meeting. in the presence of:

If the Company receives consent from members holding in aggregate 10% or more shareholding residing at a
1. Name: __________________________ Name:
geographical location, to participate in the Meeting through video conference at least 10 days prior to date of the
Meeting, the Company will arrange video conference facility in the city subject to availability of such facility in that CNIC No.: ________________________ CNIC No.: __________________________
city. Address: ________________________ Address: __________________________
The Company will intimate members regarding venue of video conference facility at least 5 days before the date of ________________________ ___________________________
the Meeting along with complete information necessary to enable them to access the facility.
The notice of the Meeting along with the FS of the Company have also been placed on the website of the Company ________________________ ____________________________
i.e., www.cnergyico.com. Folio No. / CDC Account No. This signature should tally with the
specimen signature in the
Company’s record
Important

1. The duly completed and signed proxy form must be received at the registered office of the Company at The
QR Code Web Link Harbour Front, 9th Floor, Dolmen City, HC-3, Block-4, Marine Drive, Clifton, Karachi-75600, not less than 48
hours before the time of holding the Meeting.

2. Only members of the Company may be appointed proxies except corporate members who may appoint non-
members as their proxy.

3. If more than one proxy is appointed by an instrument or more than one instrument of proxy is deposited by
https://www.cnergyico.com/reports/Annual_Reports/fy2324/ any member, all such instruments shall be rendered invalid.

For CDC account holder(s) / corporate entities

In addition to the above, the following requirements must be met:

i) the execution of the proxy form should be attested by two witnesses, whose names, addresses and CNIC
numbers shall appear in the form;

ii) attested copies of the CNIC or passport of the beneficial owner and proxy should be submitted along with
the proxy form;

iii) the proxy shall produce his / her original CNIC or passport at the time of the Meeting; and

iv) Corporate entities should at the time of the Meeting, unless provided earlier, produce a certified copy of a
resolution of the Board of Directors, or a Power of Attorney bearing the specimen signature of the attorney.

Cnergyico Pk Limited 178

‫ ‬

‫ن‬
‫رپایسک افرم ‪ /‬امندنئیگ �اہم‬
‫‪30‬واں اسالہن االجس اعم‬ ‫و‬

‫‪Cnergyico Pk Limited‬‬

‫‪3-HC‬‬
‫‪AFFIX‬‬
‫‪CORRECT‬‬
‫‪POSTAGE STAMPS‬‬

‫‪Mr. Majid Muqtadir‬‬

‫‪Company Secretary‬‬

‫‪Cnergyico Pk Limited‬‬
‫‪The Harbour Front, 9th Floor, Dolmen City‬‬
‫‪HC-3, Block-4, Marine Drive, Clifton‬‬ ‫‪30‬‬
‫‪Karachi-75600, Pakistan‬‬ ‫‪2024‬‬ ‫رعمجات ‪24‬‬

‫‪1‬‬

‫�ی دطختس ینپمک ی‬ ‫وفلوربمن یس ڈی یس ااک ن ٹ‬

‫� ربمن‬ ‫ی‬
‫م وموجد ومنہن دطختس ےس ےنلم ہ ی‬
‫اچ�‬

‫ن ئ‬
‫ر� ی‬
‫ڈرا�و‪،‬نٹفلک‪ ،‬رکایچ‬ ‫ون� زنمل‪ ،‬ڈانمل یٹس‪ ،HC-3 ،‬البک ‪ 4‬یم ی‬ ‫و� ہقلعتم ااھتریٹ افرم وک لمکم رک ےک اور اےنپ دطختس رک ےک ینپمک ےک ر�جس�رڈ آسف دی اہر ب�ر ف� ن ٹ‬
‫ر�‪ ،‬ی‬
‫ق ت‬ ‫ٹن‬
‫‪ -1‬م�ی��گ ےک‬
‫ےس ‪ 48‬ےٹنھگ لبق اراسل ی‬
‫رک�۔‬

‫‪-2‬‬

‫‪-3‬‬

‫‪CDC‬‬

‫‪-i‬‬

‫‪-ii‬‬

‫‪-iii‬‬

‫‪-iv‬‬
‫ ‬

‫ڈاک ٹکٹ ی�اں‬

‫اپسچں ی‬
‫رک�‬
‫انجب ج‬
‫ام�د دتقمر‬
‫سررٹی‬ ‫ینپمک ی‬
‫ٹ‬ ‫ن‬
‫س ج��یک�و فیپ ےک ی �ڈ‬
‫مل‬ ‫ر‬
‫ون� زنمل‪ ،‬ئڈانمل یٹس‬ ‫ر�‪ ،‬ی‬‫اہر�ر � ن ٹ‬
‫دی ب‬
‫ر� ی‬
‫ڈرا�و‪ ،‬نٹفلک‬ ‫‪،‬البک‪ ،4‬یم ی ن‬
‫رکایچ ‪� ،-75600 -‬پااتسکن‬
The Harbour Front, 9th Floor, Dolmen City, HC-3, Block-4,
Marine Drive, Clifton, Karachi-75600, Pakistan
Tel: (+92 21) 111 222 081 | www.cnergyico.com