The Thal Industries Corporation Limited (TICL) cash flow statement

Operating activities generated Rs 13.7 bn of cash in FY2025 (Oct 2024 – Sep 2025), 437% of the starting profit. Capital expenditure was Rs 1.9 bn, leaving free cash flow of Rs 11.8 bn. Dividends paid to shareholders came to Rs 37.0 mn. Overall, cash increased by Rs 788.9 mn.

TICL cash flow statement (annual) (Rs bn)
Rs bn	FY2025 Oct 2024 – Sep 2025	FY2024 Oct 2023 – Sep 2024	FY2023 Oct 2022 – Sep 2023	FY2022 Oct 2021 – Sep 2022	FY2021 Oct 2020 – Sep 2021	FY2020 Oct 2019 – Sep 2020	FY2019 Oct 2018 – Sep 2019	FY2018 Oct 2017 – Sep 2018	FY2017 Oct 2016 – Sep 2017	FY2016 Oct 2015 – Sep 2016	FY2015 Oct 2014 – Sep 2015	FY2014 Oct 2013 – Sep 2014	FY2013 Oct 2012 – Sep 2013	FY2012 Oct 2011 – Sep 2012	FY2011 Oct 2010 – Sep 2011	FY2010 Oct 2009 – Sep 2010	FY2009 Oct 2008 – Sep 2009	FY2008 Oct 2007 – Sep 2008	FY2007 Oct 2006 – Sep 2007	FY2006 Oct 2005 – Sep 2006
Operating activities
Profit (cash-flow starting line, as reported)	3.1	1.5	3.0	2.4	2.0	1.6	0.5	(0.2)	0.9	0.7	0.3	0.1	0.3	0.2	0.3	0.2	0.3	0.2	0.0	0.0
Depreciation & amortisation	0.6	0.6	0.5	0.5	0.5	0.5	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1
Net cash from operating activities	13.7	(8.5)	2.9	(1.2)	1.8	2.9	2.3	0.1	0.4	0.4	1.2	(1.1)	0.3	0.5	(0.4)	(0.0)	0.2	0.2	0.1	(0.1)
Investing activities
Capital expenditure	(1.9)	(0.7)	(1.4)	(0.8)	(0.3)	(0.5)	(0.8)	(0.9)	(1.0)	(0.9)	(0.4)	(0.1)	(0.8)	(0.3)	(0.1)	(0.1)	(0.8)	(0.5)	(0.1)	(0.0)
Net cash from investing activities	(2.2)	(0.9)	(1.6)	(0.2)	(1.0)	(0.4)	(0.8)	(0.9)	(1.0)	(0.9)	(0.4)	(0.1)	(0.8)	(0.3)	(0.1)	(0.1)	(0.8)	(0.5)	(0.1)	(0.0)
Financing activities
Dividends paid	(0.0)	(0.1)	(0.1)	(0.0)	(0.0)	(0.1)	(0.0)	(0.3)	(0.1)	(0.1)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Borrowings raised / (repaid)	(10.6)	9.7	(1.6)	2.2	(0.9)	(2.1)	(1.4)	1.2	0.8	0.7	(1.0)	1.4	0.6	(0.2)	0.6	0.3	0.6	0.3	(0.1)	0.0
Net cash from financing activities	(10.6)	9.7	(1.6)	2.2	(0.9)	(2.1)	(1.4)	0.9	0.6	0.6	(1.0)	1.4	0.5	(0.3)	0.6	0.1	0.5	0.3	0.1	0.1
Net change in cash	0.8	0.2	(0.4)	0.7	(0.1)	0.3	(0.0)	0.1	0.0	0.0	(0.2)	0.2	(0.0)	(0.1)	0.1	(0.0)	(0.1)	0.1	0.0	(0.0)
Key figures
Free cash flow (operating cash flow − capex)	11.8	(9.2)	1.4	(2.0)	1.5	2.4	1.4	(0.8)	(0.6)	(0.5)	0.8	(1.2)	(0.5)	0.2	(0.5)	(0.1)	(0.6)	(0.2)	(0.0)	(0.1)

TICL cash flow statement — year-on-year change (Rs mn)
Rs mn	FY2025 Oct 2024 – Sep 2025	FY2024 Oct 2023 – Sep 2024	FY2023 Oct 2022 – Sep 2023	FY2022 Oct 2021 – Sep 2022	FY2021 Oct 2020 – Sep 2021	FY2020 Oct 2019 – Sep 2020	FY2019 Oct 2018 – Sep 2019	FY2018 Oct 2017 – Sep 2018	FY2017 Oct 2016 – Sep 2017	FY2016 Oct 2015 – Sep 2016	FY2015 Oct 2014 – Sep 2015	FY2014 Oct 2013 – Sep 2014	FY2013 Oct 2012 – Sep 2013	FY2012 Oct 2011 – Sep 2012	FY2011 Oct 2010 – Sep 2011	FY2010 Oct 2009 – Sep 2010	FY2009 Oct 2008 – Sep 2009	FY2008 Oct 2007 – Sep 2008	FY2007 Oct 2006 – Sep 2007	FY2006 Oct 2005 – Sep 2006
Operating activities
Profit (cash-flow starting line, as reported)	+111.5%	-49.9%	+22.6%	+18.8%	+26.9%	+194.4%	—	-116.3%	+41.3%	+111.8%	+276.9%	-73.5%	+91.6%	-43.5%	+23.9%	-23.6%	+102.8%	+440.6%	+20.4%	—
Depreciation & amortisation	+1.0%	+18.6%	+9.1%	-4.7%	-1.7%	+16.9%	+10.0%	+32.9%	+19.1%	+14.1%	+1.9%	+17.8%	+19.8%	+3.1%	-2.0%	+8.6%	+106.7%	-4.2%	-2.0%	—
Net cash from operating activities	—	-397.2%	—	-169.1%	-36.9%	+26.8%	+1,693.6%	-68.6%	+2.7%	-66.4%	—	-503.0%	-49.2%	—	—	-102.7%	-29.1%	+332.0%	—	—
Investing activities
Capital expenditure	+175.7%	-52.6%	+84.2%	+167.1%	-39.7%	-42.1%	-12.0%	-6.0%	+10.8%	+146.4%	+229.1%	-86.3%	+160.6%	+199.6%	-19.8%	-83.2%	+57.9%	+557.6%	+136.7%	—
Net cash from investing activities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Financing activities
Dividends paid	-50.0%	+42.4%	+9.2%	+4.6%	-20.3%	+31.5%	-86.5%	+133.9%	+70.5%	+403.5%	-43.9%	+247.4%	-72.5%	-9.1%	+79.3%	-13.8%	+90.7%	-25.1%	-33.3%	—
Borrowings raised / (repaid)	-209.0%	—	-171.7%	—	—	—	-213.7%	+63.3%	+13.7%	—	-169.0%	+156.1%	—	-139.8%	+103.1%	-48.7%	+80.6%	—	-379.7%	—
Net cash from financing activities	-210.2%	—	-175.7%	—	—	—	-258.5%	+47.6%	+5.9%	—	-171.6%	+154.7%	—	-147.4%	+346.6%	-74.8%	+63.9%	+497.2%	-56.5%	—
Net change in cash	+286.7%	—	-151.1%	—	-122.6%	—	-107.6%	+432.7%	-29.7%	—	-192.8%	—	—	-193.9%	—	—	-244.1%	+74.9%	—	—
Key figures
Free cash flow (operating cash flow − capex)	—	-738.1%	—	-233.5%	-36.4%	+67.0%	—	—	—	-164.9%	—	—	-353.7%	—	—	—	—	—	—	—

Change against the previous fiscal year; shown when the earlier figure is positive.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. Updated 15 Oct 2026.

All reported line items 55

TICL cash flow statement — all reported line items (Rs bn)
Rs bn	FY2025 Oct 2024 – Sep 2025	FY2024 Oct 2023 – Sep 2024	FY2023 Oct 2022 – Sep 2023	FY2022 Oct 2021 – Sep 2022	FY2021 Oct 2020 – Sep 2021	FY2020 Oct 2019 – Sep 2020	FY2019 Oct 2018 – Sep 2019	FY2018 Oct 2017 – Sep 2018	FY2017 Oct 2016 – Sep 2017	FY2016 Oct 2015 – Sep 2016	FY2015 Oct 2014 – Sep 2015	FY2014 Oct 2013 – Sep 2014	FY2013 Oct 2012 – Sep 2013	FY2012 Oct 2011 – Sep 2012	FY2011 Oct 2010 – Sep 2011	FY2010 Oct 2009 – Sep 2010	FY2009 Oct 2008 – Sep 2009	FY2008 Oct 2007 – Sep 2008	FY2007 Oct 2006 – Sep 2007	FY2006 Oct 2005 – Sep 2006
Profit/(Loss) - Starting Line - Cash Flow	3.1	1.5	3.0	2.4	2.0	1.6	0.5	(0.2)	0.9	0.7	0.3	0.1	0.3	0.2	0.3	0.2	0.3	0.2	0.0	0.0
Non-cash Items & Reconciliation Adjustments - Cash Flow	2.4	3.3	1.9	1.4	1.0	1.4	1.2	0.8	0.7	0.6	0.7	0.7	0.6	0.5	0.6	0.5	0.3	0.1	0.1	0.1
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	0.1	(0.1)	0.1	0.1	0.0	0.1	0.0	(0.1)	0.1	0.0	0.0	(0.0)	0.0	(0.0)	0.0	0.0	0.0	0.0	0.0	(0.0)
Financial Income/(Expense) - Cash Flow - to Reconcile	1.6	2.9	1.4	0.9	0.5	0.8	0.7	0.5	0.3	0.3	0.4	0.5	0.4	0.3	0.5	0.3	0.2	0.1	0.0	0.1
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	0.6	0.6	0.5	0.5	0.5	0.5	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	0.6	0.6	0.5	0.5	0.5	0.5	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1
Amortization - Intangible Assets & Deferred Charges - Cash Flow - to Reconcile	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	—	—	—	—	—	—	—	—	—	—	—
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	0.0	0.0	(0.0)	0.0	(0.0)	0.0	(0.0)	(0.0)
Financial Assets - Unrealized Gain/(Loss) - Cash Flow - to Reconcile	—	—	0.0	(0.0)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Income Taxes - Paid/(Reimbursed) - Cash Flow	0.4	0.6	0.7	0.0	0.3	0.2	0.1	0.3	0.0	0.1	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Interest Paid - Cash	2.5	2.0	1.4	0.7	0.5	0.9	0.6	0.4	0.4	0.3	0.5	0.4	0.4	0.3	0.5	0.3	0.2	0.0	0.0	0.0
Cash Flow from Operating Activities before Changes in Working Capital	2.7	2.2	2.8	3.1	2.2	1.9	1.0	(0.0)	1.2	0.9	0.5	0.4	0.5	0.2	0.4	0.3	0.5	0.2	0.1	0.1
Working Capital - Increase/(Decrease) - Cash Flow	11.0	(10.7)	0.1	(4.3)	(0.4)	1.0	1.2	0.2	(0.8)	(0.6)	0.7	(1.4)	(0.2)	0.3	(0.8)	(0.3)	(0.3)	0.0	(0.0)	(0.2)
Accounts Receivables - Decrease/(Increase) - Cash Flow	—	(1.0)	(0.7)	(0.3)	—	—	—	—	—	—	—	—	—	(0.2)	(0.0)	(0.1)	0.3	(0.3)	(0.0)	(0.0)
Inventories - Decrease/(Increase) - Cash Flow	—	(9.6)	1.0	(5.4)	—	—	—	—	—	—	—	—	—	(0.6)	(0.8)	0.1	(0.5)	(0.1)	0.0	(0.2)
Prepaid Expenses - Decrease/(Increase) - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0
Other Assets - Decrease/(Increase) - Cash Flow	—	(0.1)	0.4	(0.4)	—	—	—	—	—	—	—	—	—	0.0	(0.1)	(0.1)	(0.1)	(0.0)	0.0	—
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow	—	0.5	(0.4)	—	—	—	—	—	—	—	—	—	—	1.1	0.2	(0.1)	0.1	0.1	(0.0)	0.0
Taxes Payable - Increase/(Decrease) - Cash Flow	—	(0.4)	(0.2)	(0.3)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Liabilities - Increase/(Decrease) -Total - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	(0.2)	(0.1)	0.3	0.0	—
Other Assets & Liabilities - Increase/(Decrease) - Net - Cash Flow	—	—	—	2.1	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Cash Flow from Operating Activities	13.7	(8.5)	2.9	(1.2)	1.8	2.9	2.3	0.1	0.4	0.4	1.2	(1.1)	0.3	0.5	(0.4)	(0.0)	0.2	0.2	0.1	(0.1)
Capital Expenditures - Net - Cash Flow	1.9	0.7	1.4	0.8	0.3	0.5	0.8	0.9	1.0	0.9	0.4	0.1	0.8	0.3	0.1	0.1	0.8	0.5	0.1	0.0
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	1.9	0.7	1.4	0.8	0.3	0.5	0.8	0.9	1.0	0.9	0.4	0.1	0.8	0.3	0.1	0.1	0.8	0.5	0.1	0.0
Property, Plant & Equipment - Purchased - Cash Flow	1.9	0.7	1.4	0.8	0.3	0.5	0.8	0.9	1.0	0.9	0.4	0.1	0.8	0.3	0.1	0.1	0.8	0.5	0.1	0.0
Property, Plant & Equipment Sold - Cash Flow	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Capital Expenditures - Total	1.9	0.7	1.4	0.8	0.3	0.5	0.8	0.9	1.0	0.9	0.4	0.1	0.8	0.3	0.1	0.1	0.8	0.5	0.1	0.0
Investments excluding Loans - Decrease/(Increase) - Cash Flow	(0.4)	(0.3)	(0.2)	0.6	(0.7)	—	—	—	—	—	—	—	—	—	—	(0.0)	(0.0)	(0.0)	0.0	0.0
Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow	(0.4)	(0.3)	(0.2)	0.6	(0.7)	—	—	—	—	—	—	—	—	—	—	(0.0)	(0.0)	(0.0)	0.0	0.0
Investment Securities - Sold/Matured - Unclassified - Cash Flow	—	—	—	0.6	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Investment Securities - Purchased - Unclassified - Cash Flow	0.4	0.3	0.2	—	0.7	—	—	—	—	—	—	—	—	—	—	0.0	0.0	0.0	(0.0)	(0.0)
Other Investing Cash Flow - Decrease/(Increase)	—	—	—	0.0	0.0	0.0	0.0	—	0.0	(0.0)	(0.0)	0.0	0.0	0.0	0.0	—	—	—	—	—
Net Cash Flow from Investing Activities	(2.2)	(0.9)	(1.6)	(0.2)	(1.0)	(0.4)	(0.8)	(0.9)	(1.0)	(0.9)	(0.4)	(0.1)	(0.8)	(0.3)	(0.1)	(0.1)	(0.8)	(0.5)	(0.1)	(0.0)
Dividends Paid - Cash - Total - Cash Flow	0.0	0.1	0.1	0.0	0.0	0.1	0.0	0.3	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends - Common - Cash Paid	0.0	0.1	0.1	0.0	0.0	0.1	0.0	0.3	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	(10.6)	9.7	(1.6)	2.2	(0.9)	(2.1)	(1.4)	1.2	0.8	0.7	(1.0)	1.4	0.6	(0.2)	0.6	0.3	0.6	0.3	(0.1)	0.0
Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow	(10.1)	10.0	(1.0)	2.7	(0.3)	(1.5)	(1.0)	0.8	0.4	0.3	(1.3)	1.6	0.3	(0.4)	0.6	0.1	0.2	0.3	(0.1)	0.1
Debt - Issued/Reduced - Long-Term - Cash Flow	(0.6)	(0.3)	(0.6)	(0.4)	(0.5)	(0.6)	(0.4)	0.5	0.3	0.4	0.3	(0.2)	0.3	0.1	(0.0)	0.2	0.4	0.0	(0.0)	(0.1)
Lease liabilities - Issued/(Reduced) - Cash Flow	(0.1)	(0.1)	(0.1)	(0.3)	(0.3)	(0.4)	(0.2)	0.3	0.4	0.4	(0.0)	(0.1)	0.2	0.2	(0.1)	—	—	—	—	—
Debt - Issued - Long-Term - Cash Flow	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.2	0.4	0.0	—	0.0
Debt - Reduced - Long-Term - Cash Flow	0.6	0.3	0.6	0.4	—	—	—	—	—	—	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1
Lease liabilities - Reduced - Cash flow represents cash outflow due to the repayment of lease liability/debt of the company. It includes finance leases, capitalized lease, and hire-purchase agreement. Applicable to all industries. If Lease liability issue	0.1	0.1	0.1	0.3	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Financing Cash Flow - Increase/(Decrease)	0.0	—	0.0	(0.0)	(0.0)	0.0	—	—	—	—	—	—	—	—	—	(0.2)	(0.1)	0.0	0.2	0.1
Net Cash Flow from Financing Activities	(10.6)	9.7	(1.6)	2.2	(0.9)	(2.1)	(1.4)	0.9	0.6	0.6	(1.0)	1.4	0.5	(0.3)	0.6	0.1	0.5	0.3	0.1	0.1
Net Change in Cash - Total	0.8	0.2	(0.4)	0.7	(0.1)	0.3	(0.0)	0.1	0.0	0.0	(0.2)	0.2	(0.0)	(0.1)	0.1	(0.0)	(0.1)	0.1	0.0	(0.0)
Net Cash from Continuing Operations	0.8	0.2	(0.4)	0.7	(0.1)	0.3	(0.0)	0.1	0.0	0.0	(0.2)	0.2	(0.0)	(0.1)	0.1	(0.0)	(0.1)	0.1	0.0	(0.0)
Net Cash - Beginning Balance	0.4	0.2	1.1	0.4	0.5	0.2	0.2	0.1	0.1	0.0	0.2	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.0	0.0
Net Cash - Ending Balance	1.2	0.4	0.7	1.1	0.4	0.5	0.2	0.2	0.1	0.1	0.0	0.2	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.0
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	0.4	0.6	0.7	0.0	0.3	0.2	0.1	0.3	0.0	0.1	0.1	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Interest Paid - Cash Flow - Supplemental	2.5	2.0	1.4	0.7	0.5	0.9	0.6	0.4	0.4	0.3	0.5	0.4	0.4	0.3	0.5	0.3	0.2	0.0	0.0	0.0
CF from Optg Activities before Change in WC & Int Payments	5.1	4.2	4.1	3.8	2.7	2.8	1.6	0.4	1.6	1.2	0.9	0.8	0.8	0.5	0.9	0.6	0.6	0.3	0.1	0.1
Depreciation, Depletion & Amortization - Cash Flow	0.6	0.6	0.5	0.5	0.5	0.5	0.4	0.4	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1	0.1
Free Cash Flow to Equity	1.2	0.5	(0.1)	0.2	0.6	0.3	0.0	0.4	0.2	0.2	(0.2)	0.2	0.0	(0.0)	0.1	0.2	(0.0)	0.1	(0.1)	(0.1)
Free Cash Flow Net of Dividends	11.8	(9.3)	1.4	(2.1)	1.5	2.3	1.4	(1.1)	(0.7)	(0.6)	0.8	(1.2)	(0.6)	0.2	(0.5)	(0.2)	(0.6)	(0.3)	(0.0)	(0.2)
Free Cash Flow	11.8	(9.2)	1.4	(2.0)	1.5	2.4	1.4	(0.8)	(0.6)	(0.5)	0.8	(1.2)	(0.5)	0.2	(0.5)	(0.1)	(0.6)	(0.2)	(0.0)	(0.1)

Every line the company reported, in the original order and wording, without regrouping or signs changed.