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

Board of Directors
Mr. Zahid Majeed	Chairman
Mr. Abrar Hasan	Global CEO
Ms. Aminah Zahid Zaheer	Independent Director
Mr. Ali H. Shirazi	Independent Director
Mr. Adam Fahy-Majeed	Non-Executive Director
Ms. Saadia Naveed	Non-Executive Director
Mr. Mohammed Hamza Hasan	Executive Director

Audit Committee
Ms. Aminah Zahid Zaheer	Chairperson
Ms. Saadia Naveed	Member
Mr. Mohammed Hamza Hasan	Member
Mr. Adam Fahy Majeed	Member
Ms. Quratulain Mamsa	Secretary

Human Resource and Remuneration Committee
Mr. Ali H. Shirazi	Chairman
Mr. Mohammed Hamza Hasan	Member
Ms. Saadia Naveed	Member
Ms. Aminah Zahid Zaheer	Member
Ms. Mariam Soomro	Secretary

Legal Counsel
Mr. Fazal Ur Rehman Hajano

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

Internal Auditors
EY Ford Rhodes Chartered Accountants

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

Management Committee
Mr. Abrar Hasan	Global Chief Executive Officer
Mr. Hasan Sarwat	Chief Operating Officer – Pakistan Operations
Ms. Ivana Bajamic	Global Chief People & Corporate Reputation Officer
Mr. Badar Yousuf	Chief Financial Officer
Mr. Ali Rashid	Senior Director Marketing
Mr. Faraz Khan	Senior Director Supply Chain
Mr. Mian Mudasser Farooq	Senior Director Data, Digital, and Technology
Mr. Naveed Zafar	Senior Director Sales
Mr. Saleem Rafi Khilji	Senior Director Manufacturing
Mr. Kevin Wrathall	Director Innovation, Research & Development
Mr. Fazal ur Rehman Hajano	Legal Counsel

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

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

National Foods Locations
Registered Office	12/CL-6 Claremont Road, Civil Lines, Karachi-75530 Phone: (92-21) 38402022 & 36490029 Fax: (92-21) 35670996
Port Qasim Plant	A-13 & A-14, North Western Industrial Zone, Bin Qasim,Karachi. Phone: 021-3475-0373 – 7
Nooriabad Plant	A393 Nooriabad Industrial Estate, Nooriabad, Karachi. Phone: 03000335287
Faisalabad Plant	Plot #346/347, Phase II, M-3, Industrial City, (M-3IC) Sahianwala Interchange, Faisalabad Phone: 0302-5825369

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

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

Credit Rating

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

Financial Ratios	Unit	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Profitability Ratios
Gross Profit Ratio	%	28.8	27.3	28.3	28.5	28.2	29.1
Operating Profit to Sale	%	8.4	7.2	8.6	9.0	8.5	9.2
Net Profit before Tax to Sales	%	5.8	4.2	7.7	7.9	7.6	8.0
Net Profit after Tax to Sales	%	4.4	3.2	5.9	6.0	5.7	5.7
EBITDA Margin to Sales	%	11.4	9.9	11.0	11.5	11.0	12.1
Operating Leverage Ratio	%	203.2	61.0	85.3	118.1	48.6	193.1
Return on Equity	%	26.1	16.1	28.4	28.5	26.5	26.6
Return on Capital Employed	%	31.2	24.2	27.6	34.4	31.4	32.0
Return on Assets	%	9.7	6.2	9.7	10.0	9.9	10.9

Financial Ratios	Unit	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Liquidity Ratios
Current Ratio	Times	1.4	1.3	1.2	1.1	1.2	1.2
Quick / Acid Test Ratio	Times	0.6	0.5	0.4	0.4	0.6	0.5
Cash to Current Liabilities	Times	0.05	0.1	(0.1)	(0.1)	0.1	0.2
Cash Flow from Operations to Sales	%	8.1	8.0	4.6	3.2	7.3	10.4
Working Capital Turnover	Times	17.70	19.08	25.49	32.79	21.10	30.8

Financial Ratios	Unit	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Efficiency Ratios
No. of Days in Inventory	Days	69.5	83.1	96.0	89.3	85.3	90.4
No. of Days in Receivables	Days	12.9	13.7	16.9	14.8	12.4	15.7
No. of Days in Payables	Days	23.2	26.8	24.3	20.9	22.7	24.5
Operating Cycle	Days	59.3	70.0	88.6	83.2	75.0	81.7
Asset Turnover	Times	2.2	2.0	1.9	1.9	2.0	2.0
Inverntory Turnover	Times	5.2	4.4	3.8	4.1	4.3	4.0
Receivables Turnover	Times	28.2	26.7	21.6	24.6	29.4	23.2
Payables Turnover	Times	15.7	13.6	15.0	17.5	16.1	14.9
Revenue / Employee	Rs.	126,137	111,088	85,524	68,526	59,126	54,422
Net Income / Employee	Rs.	4,468	2,933	4,085	3,163	2,506	2,286
No. of Employees	No.	989	953	929	859	788	722

Financial Ratios	Unit	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Investment / Market Ratios
Earnings Per Share	Rs.	14.8	8.2	13.6	10.4	7.5	6.3
Price Earning Ratio	Times	22.0	21.3	7.2	13.9	24.3	25.4
Dividend Yield Ratio	%	2.8	3.7	2.5	3.5	2.2	2.0
Dividend Payout Ratio ^N1	%	60.6	79.3	18.4	48.1	53.0	50.7
Dividend Cover Ratio ^N1	Times	1.6	1.3	5.4	2.1	1.9	2.0
Cash Dividend Per Share	Rs.	9.0	6.5	2.5	5.0	5.0	5.0
Cash Dividend	%	180	130	50	100	100	100
Stock Dividend Per Share	Rs.	-	-	-	-	1.3	1.3
Stock Dividend	%	-	-	-	-	25.0	25.0
Market Value Per Share at the end of the year	Rs.	327.2	174.7	98.4	144.8	229.0	250.5
Low during the year	Rs.	164.0	97.0	89.9	141.9	188.6	133.0
High during the year	Rs.	335.8	186.1	164.8	230.6	304.0	267.5
Breakup Value Per Share without Surplus on Revaluation of Fixed Assets ^N2	Rs.	68.7	60.3	55.6	39.7	31.2	26.0
Market Capitalisation (in millions)	Rs.	76,282.4	40,727.6	22,938.6	33,750.5	42,710.5	37,365.6

Financial Ratios	Unit	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Capital Structure Ratios
Financial Leverage Ratio	%	98.8	120.3	98.6	87.7	77.9	49.9
Weighted Average Cost of Debt	%	15.6	16.7	10.8	6.7	7.2	10.9
Gearing Ratio (Total Debt / Total Debt + Shareholders Equity)	%	38.7	44.1	42.9	39.4	38.2	27.1
Interest Coverage Ratio	Times	3.2	2.4	4.7	8.8	9.4	7.7
No. of Ordinary Shares (in millions)	EA	233	233	233	233	186	149
N1 - Calculated on Parent's share.
N2 - Calculated on shares as at 30 June 2025.

National Foods Limited Horizontal Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
INCOME STATEMENT	%	%	%	%	%	%
Sales - Net	17.3%	34.3%	41.3%	31.6%	20.5%	18.4%
Cost of Sales	14.9%	36.2%	41.7%	31.0%	22.1%	17.8%
Gross Profit	23.6%	29.5%	40.2%	33.1%	16.6%	19.8%
Distribution costs	19.4%	31.8%	33.4%	39.7%	16.8%	16.2%
Impairment loss on trade debts	-85.6%	150.2%	-78.8%	45.5%	0.2%	(2.8%)
Administrative Expense	18.2%	53.9%	56.8%	22.2%	16.3%	8.8%
Other Expense	64.1%	-9.4%	-2.1%	112.6%	3.1%	5.8%
Administration, Distribution & Other Opertating Exp and impairment	20.9%	47.8%	48.1%	30.3%	15.0%	8.5%
Other Income	54.5%	-69.7%	41.2%	387.2%	(47.1%)	0.9%
Financial Charges	1.2	124.1%	149.9%	47.3%	(8.1%)	20.9%
Profit before taxation	61.3%	-26.8%	37.2%	37.4%	14.0%	34.0%
Taxation - net	71.9%	-28.1%	29.8%	36.8%	(0.2%)	86.6%
Profit after taxation	58.1%	-26.3%	39.7%	37.6%	19.6%	20.4%

National Foods Limited Horizontal Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
BALANCE SHEET	%	%	%	%	%	%
Issued, subscribed and paid up capital	0.0%	0.0%	0.0%	25.0%	25.0%	20.0%
Unappropriated Profit	12.3%	11.1%	29.5%	18.4%	17.7%	21.3%
Non controlling interest	23.2%	24.8%	131.9%	20.9%	20.9%	93.5%
Exchange revaluation reserve	26.6%	-24.7%	120.0%	20849.4%	(105.4%)	(136.0%)
Total Equity	14.0%	8.5%	39.9%	27.3%	20.0%	20.5%

National Foods Limited Horizontal Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Long Term Obligations	-3.1%	67.2%	170.5%	22.9%	(5.2%)	71.1%
Total Long-term Liabilities and shareholder equities	6.2%	29.2%	68.4%	26.3%	13.2%	30.9%

National Foods Limited Horizontal Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Fixed Assets, CWIP Intangibles	-0.4%	31.5%	45.2%	46.9%	9.1%	15.9%
Other Non current assets	80.4%	148.3%	-26.5%	-56.4%	61.7%	90.1%
Current Assets	0.9%	4.7%	44.7%	30.3%	48.7%	12.5%
Total Assets	0.5%	15.6%	44.8%	35.9%	31.1%	14.2%
Current Liabilites & Provisions	-7.1%	1.5%	26.4%	44.5%	52.6%	(0.9%)
Net Assets	6.2%	29.2%	68.4%	26.3%	13.2%	30.9%

National Foods Limited Vertical Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
INCOME STATEMENT	%	%	%	%	%	%
Sales - Net	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Cost of Sales	71.2%	72.7%	71.7%	71.5%	71.8%	70.9%
Gross Profit	28.8%	27.3%	28.3%	28.5%	28.2%	29.1%
Distribution cost	15.4%	15.1%	15.4%	16.3%	15.4%	15.9%
Impairment loss on trade debts	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%
Administrative Expense	5.0%	4.9%	4.3%	3.9%	4.2%	4.3%
Other Expense	0.4%	0.3%	0.5%	0.7%	0.4%	0.5%
Other Income	0.4%	0.3%	1.4%	1.4%	0.4%	0.9%
Financial Charges	2.6%	3.0%	1.8%	1.0%	0.9%	1.2%
Profit before taxation	5.8%	4.2%	7.7%	7.9%	7.6%	8.0%
Taxation - net	1.4%	1.0%	1.8%	2.0%	1.9%	2.3%
Profit after taxation	4.4%	3.2%	5.9%	6.0%	5.7%	5.7%

National Foods Limited Vertical Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
BALANCE SHEET	%	%	%	%	%	%
Issued, subscribed and paid up capital	4.3%	4.5%	5.8%	9.8%	9.9%	5.2%
Unappropriated Profit	39.9%	37.7%	43.8%	57.0%	60.8%	33.8%
Non controlling interest	10.0%	8.6%	8.9%	6.5%	6.8%	3.7%
Exchange revaluation reserve	4.4%	3.7%	6.4%	4.9%	0.0%	-0.4%
Total Equity	58.5%	54.6%	64.9%	78.2%	77.6%	42.3%

National Foods Limited Vertical Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Long Term Obligations	41.5%	45.4%	35.1%	21.8%	22.4%	15.5%
Total Long-term Liabilities and shareholder equities	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

National Foods Limited Vertical Analysis	2025	2024	2023 (Restated)	2022 (Restated)	2021	2020
Fixed Assets, CWIP Intangibles	75.6%	80.7%	79.1%	91.7%	78.9%	81.8%
Other Non current assets	0.7%	0.1%	0.2%	0.5%	1.3%	0.9%
Current Assets	90.0%	95.0%	117.0%	136.1%	131.9%	100.4%
Total Assets	166.2%	175.9%	196.3%	228.3%	212.2%	183.2%
Current Liabilites & Provisions	66.2%	75.9%	96.3%	128.3%	112.2%	83.2%
Net Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Value Addition	2025 (Rupees in thousand)	%	2024 (Rupees in thousand)	%
Revenue	101,306,925		86,375,106
Other Income	426,902		276,399
	101,733,827		86,651,505
Cost of Sales	69,441480	68%	60,388,991	70%
Distributon Expense	9,397,,531	9%	7,720,500	9%
Administration and Other Operating Expense	3,130,755	3%	2,509,854	3%
Employees Renumeration	11,276,219	11%	9,802,348	11%
Finance Cost	2,629,262	3%	2,597,265	3%
Income Tax	1,440,052	1%	837,637	1%
Dividend to shareholders	2,089,039	2%	1,515,250	1%
Profit retained for Investment & Future Growth	2,320,489	2%	1,279,660	1%
	101,733,827	100%	86,651,505	100%

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