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Ibrahim Fibres Limited Annual Report 2025

Apr 23, 2026

72103_rns_2026-04-23_3bc33a14-df33-4776-9499-46eee59897c3.pdf

Annual Report

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Corporate Briefing Session

24[th] April 2026 Ibrahim Fibres Limited

Company Confidential

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Table of Content

1 Company Profile 2 Financial Highlights

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3 Operating Segments
4
Key Revenue Drivers
5
Challenges & Future Outlook
6 Q&A Session
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Company Profile

Company Incorporation 1986 Stock Exchange Listing 1995 Paid up Capital 310,506,995 shares of Rs. 10 each Net Worth as on Dec 31, 2025 Rs. 57,721 Million Auditors of the Company Yousuf Adil (Chartered Accountants) Entity Rating by PACRA Long Term :AA, Short Term : A1+ Financial Year January to December Registered Office 1-Ahmed Block, New Garden Town, Lahore Plant Location 38-40 KM Faisalabad-Sheikhupura Road, Faisalabad

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Financial Highlights

Operating Performance

Year Ended December 31, Year Ended December 31, Year Ended December 31, Year Ended December 31, Six months ended
December 31,
2025 2024 2023 2022 2021
------------(Rupees in millions)-------------
Sales / Turnover 104,457 120,668 119,762 115,581 48,960
Gross Profit 8,036 9,744 8,968 13,503 9,767
Operating Profit 4,736 6,472 6,032 10,970 8,757
Profit before levy and
taxation		 2,894 4,027 3,822 9,951 7,848
Profit after levy and
taxation		 933 2,360 304 5,311 5,407
As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position		 As at December 31,
Six months ended
December 31,
2025
2024
2023
2022
2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment
41,333
37,856
39,404
38,575
40,055
Other non - current assets
270
257
280
298
205
41,603
38,113
39,684
38,873
40,260
Current Assets
Stores, spare parts and stocks-in-trade
38,202
33,701
33,492
31,879
22,901
Other current assets
17,089
16,369
15,672
12,210
8,471
Cash and bank balances
104
88
150
114
107
55,395
50,158
49,314
44,203
31,479
Current Liabilities
Short term borrowings
13,691
8,623
10,071
9,898
6,834
Current portion of non - Current Liabilities
1,225
1,244
524
255
-
Other current liabilities
10,247
10,054
11,117
8,427
8,065
25,163
19,921
21,712
18,580
14,899
Financial Highlights
Financial Position
As at December 31, Six months ended
December 31,
2025 2024 2023 2022 2021
----------(Rupees in million)--------------
Non -Current Assets
Property, plant and equipment 41,333 37,856 39,404 38,575 40,055
Other non - current assets 270 257 280 298 205
41,603 38,113 39,684 38,873 40,260
Current Assets
Stores, spare parts and stocks-in-trade 38,202 33,701 33,492 31,879 22,901
Other current assets 17,089 16,369 15,672 12,210 8,471
Cash and bank balances 104 88 150 114 107
55,395 50,158 49,314 44,203 31,479
Current Liabilities
Short term borrowings 13,691 8,623 10,071 9,898 6,834
Current portion of non - Current Liabilities 1,225 1,244 524 255 -
Other current liabilities 10,247 10,054 11,117 8,427 8,065
25,163 19,921 21,712 18,580 14,899
IBRAHIM FIBRES LIMITED Financial Highlights Financial Highlights Financial Highlights Financial Highlights Financial Highlights Financial Highlights
Financial Position (Cont.)
Year ended December 31, Six months ended
December 31,
2025 2024 2023 2022 2021
---------(Rupees in million)------------
Working Capital 30,232 30,237 27,602 25,623 16,580
Long term financing 5,222 3,182 4,263 3,383 2,861
Deferred Liabilities 8,892 8,320 8,373 6,663 4,767
Share Capital and Reserves 57,721 56,848 54,650 54,450 49,212

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IBRAHIM FIBRES LIMITED Financial Highlights Financial Highlights Financial Highlights Financial Highlights Financial Highlights
Explanation of Material Variations
As at December 31,
2025 2024 Increase /
(Decrease)		 Explanation
(Rupees in million) Percentage
Sales / Turnover 104,457 120,668 (13.43%) Reduced turnover of textile spinning
plants due to increase in imports of yarns
in the country.
Gross Profit 8,036 9,744 (17.52%) ~~D~~ue to reduced turnover and
corresponding reduced operating rate of
~~t~~extile spinning plants.
Profit before levy And taxation 2,894 4,027 (28.13%)
Profit for the year 933 2,360 (60.47%)
Non - Current Assets 41,603 38,114 9.15% Due to BMR activities during the current
year.
Current Assets 55,395 50,158 10.44% Decline in sales resulted in increased
stock-in-trade at yearend.
Current Liabilities 25,163 19,921 26.32% Increase in short term financing is in line
with increaseincurrent assets.
Non- Current Liabilities 14,114 11,503 22.70% Increase in long term financing due to
BMRactivities.

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Financial Highlights

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SALES / TURNOVER
(Rupees in Millions)
140,000
119,762 120,668
120,000 115,581
104,457
100,000
80,000
60,000
48,960
40,000
20,000
0
Dec- 21 (6M) Dec- 22 (12M) Dec- 23 (12M) Dec- 24 (12M) Dec- 25 (12M)
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Financial Highlights

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GROSS PROFIT TO SALES RATIO
25.0%
19.9%
20.0%
15.0%
11.7%
10.0%
8.1%
7.5% 7.7%
5.0%
0.0%
Dec- 21 (6M) Dec- 22 (12M) Dec- 23 (12M) Dec- 24 (12M) Dec- 25 (12M)
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IBRAHIM FIBRES LIMITED
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Financial Highlights

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Profit Before Levy and Taxation to Sales
18.0%
16.0 %
16.0%
14.0%
12.0%
10.0%
8.6 %
8.0%
6.0%
4.0%
2.8 %
3.2 %
3.3 %
2.0%
0.0%
Dec- 21 (6M) Dec- 22 (12M) Dec- 23 (12M) Dec- 24 (12M) Dec- 25 (12M)
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Financial Highlights

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Profit After Levy and Taxation to Sales
12.0%
11.0%
10.0%
8.0%
6.0%
4.6%
4.0%
2.0%
2.0%
0.9%
0.3%
0.0%
Dec- 21 (6M) Dec- 22 (12M) Dec- 23 (12M) Dec- 24 (12M) Dec- 25 (12M)
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IBRAHIM FIBRES LIMITED
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Financial Highlights

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Earning Per Share (Rupees)
20
18 17.4
17.1
16
14
12
10
8 7.6
6
4
3.0
2
1.00
0
Dec- 21 (6M) Dec- 22 (12M) Dec- 23 (12M) Dec- 24 (12M) Dec- 25 (12M)
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Financial Highlights

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Break Up Value/ Market Price Per Share
(Figures in Rupees)
400
363.9
350.6
350
300
284.6
250
215
200
165
183.1 185.9
150 175.4 176.0
158.5
100
50
0
Dec- 21 (6M) Dec- 22 (12M) Dec- 23 (12M) Dec- 24 (12M) Dec- 25 (12M)
Break up Value Market Price Per share
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Operating Segments

Year ended on December 31, 2025 Year ended on December 31, 2025 Year ended on December 31, 2025 Year ended on December 31, 2025
Particulars Polyester Textile
spinning		 Inter Segment
Elimination		 Total
(Rupees in million)
Revenue from contracts with customers - net 76,246 28,212 - 104,457
Inter segment revenue 7,109 - (7,109) -
Total Sales - Net 83,355 28,212 (7,109) 104,457
Cost ofgoods sold (76,266) (27,264) 7,109 (96,421)
Grossprofit 7,089 948 8,036
Sellingand distribution expenses (443) (262) (705)
Other operatingexpenses (7) (5) (12)
Finance cost (10) (277) (287)
6,629 403 7,032
Other income 51 11 62
Profit before unallocated income and expenses 6,680 414 7,094
Unallocated income and expenses:
Sellingand distribution expenses -
Administrative expenses (2,595)
Other operatingexpenses (659)
Finance cost (932)
Other income /(Loss) (14)
Levy (779)
Provision for taxation (1,182)
Profit for theyear 933

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Operating Segments

Segment Wise Revenue Mix (Percentage)

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27%
73%
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Polyester Staple Fibre Yarns

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Geographical & Customer Information

The Company’s revenue from external customers by geographical locations is detailed below

Sr. no Country FY 2025
(Rs. in Millions)
1 Pakistan 104,439
2 France 18
Total 104,457

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The Company’s revenue is earned from large mix of customers.

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Key Revenue Drivers

1) Polyester Staple Fibre (PSF) — Primary revenue driver

  • This is the core business of IBFL and accounts for ~65-75% of total revenue mix.

  • The company has PSF production capacity of 390,600 metric tons/year.

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2) Yarn (Textile Spinning) — Secondary driver

  • Sale of yarns contributes ~35-25% of total revenue mix.

  • The company produces spun yarns (cotton, polyester and viscose blends) with production capacity of 78,400 metric tons/year.

3) Scale & Capacity Utilization

  • Revenue is strongly tied to output levels and capacity utilization.

  • Higher utilization leads to greater revenue stability.

4) Commodity Price Cycles (Critical external driver)

  • IBFL’s revenue is highly sensitive to:

Oil prices → affects PSF raw materials (PTA, MEG etc) Cotton prices → affects yarn margins

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Challenges & Future Outlook

Key Business Risks

Elevated Energy Costs: High and inconsistent energy tariffs in Pakistan significantly increase production costs for energy-intensive operations like yarn spinning and PSF manufacturing, directly impacting competitiveness and margins.

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Dependence on Imported Raw Materials: PSF production relies on imported PTA and MEG, while spinning depends on volatile cotton supply, exposing the industry to exchange rate risk, imports constraints, and input cost fluctuations.

Intense Regional and Global Competition: Producers in China, India, and Bangladesh benefit from lower costs and policy support, while global polyester oversupply continues to suppress PSF prices and margins.

Policy and Liquidity Constraints: Policy inconsistency, delayed refunds, high interest rates, and foreign exchange limitations constrain working capital and disrupt supply chains, particularly affecting import-dependent sectors like PSF.

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Challenges & Future Outlook

COUNTER STRATEGIES

Energy Cost Optimization: The Management is accelerating energy diversification through renewable and captive generation, enhancing energy efficiency, and implementing load management to reduce reliance on high-tariff grid power.

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Supply Chain & Input Risk Management: The Management is strengthening supply chain resilience through long-term supplier arrangements, strategic inventory planning, supplier diversification, and prudent forex risk management.

Competitiveness & Market Positioning: The Management is focusing on cost optimization, productivity enhancement, and product quality improvement while leveraging scale and strong customer relationships to sustain competitiveness.

Financial & Liquidity Management: The Management is maintaining disciplined working capital management, diversifying financing sources, optimizing cash flows, and proactively addressing policy and liquidity constraints.

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Questions

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Company Confidential

Ibrahim Fibres Limited

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Thank you

Company Confidential

Ibrahim Fibres Limited

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