ZIL Limited (ZIL) cash flow statement

Operating activities generated Rs 243.2 mn of cash in FY2025 (Jan – Dec 2025), up 117.6% on FY2024, 210% of the starting profit. Capital expenditure was Rs 164.6 mn, leaving free cash flow of Rs 78.6 mn. Dividends paid to shareholders came to Rs 15.2 mn. Overall, cash increased by Rs 26.1 mn.

ZIL cash flow statement (annual) (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 * Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Operating activities
Profit (cash-flow starting line, as reported)	115.6	92.2	346.8	69.7	(257.6)	50.9	125.6	59.2	41.2	6.0	(142.6)	(158.8)	49.1	—	33.1	48.2	80.3	36.9	62.1
Depreciation & amortisation	165.1	126.5	92.9	86.8	65.2	66.8	65.8	42.0	38.2	32.8	35.2	39.3	39.2	—	28.4	26.3	26.7	26.8	23.6
Net cash from operating activities	243.2	111.8	283.8	369.3	(105.6)	84.4	283.1	80.3	59.0	99.7	(59.7)	4.4	(59.7)	—	(67.8)	(5.7)	139.1	(18.4)	88.1
Investing activities
Capital expenditure	(164.6)	(200.1)	(184.7)	(87.2)	(96.6)	(28.1)	(56.4)	(59.0)	(49.0)	(48.7)	(11.9)	(31.2)	(33.2)	—	(65.2)	(19.9)	(23.3)	(25.3)	(58.7)
Net cash from investing activities	(159.8)	36.5	(193.7)	(169.0)	(85.6)	(47.9)	(47.8)	(40.7)	(41.5)	(40.0)	(8.1)	(22.6)	(26.1)	—	(51.7)	(21.4)	(19.4)	5.5	(35.6)
Financing activities
Dividends paid	(15.2)	(12.2)	0.0	(0.1)	(7.6)	(21.2)	(9.0)	(7.5)	(3.0)	(0.1)	0.0	(7.9)	(8.1)	—	(18.5)	(19.3)	(4.3)	(11.9)	(19.9)
Borrowings raised / (repaid)	(42.1)	(111.5)	(36.1)	(188.7)	157.3	64.3	(206.2)	(21.0)	(20.0)	(20.0)	50.0	0.0	125.0	—	80.0	0.0	—	0.0	(21.2)
Net cash from financing activities	(57.3)	(123.6)	(36.1)	(188.7)	149.7	43.1	(215.3)	(28.5)	(23.0)	(20.1)	50.0	(7.9)	116.9	—	61.5	(19.3)	(4.3)	(11.9)	(41.1)
Net change in cash	26.1	24.6	53.9	11.6	(41.5)	79.6	20.0	11.1	(5.5)	39.6	(17.8)	(26.2)	31.1	—	(57.9)	(46.3)	115.4	(24.9)	11.3
Key figures
Free cash flow (operating cash flow − capex)	78.6	(88.4)	99.1	282.2	(202.2)	56.3	226.7	21.3	10.0	51.0	(71.6)	(26.8)	(93.0)	—	(133.0)	(25.5)	115.9	(43.8)	29.4

ZIL cash flow statement — year-on-year change (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 * Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Operating activities
Profit (cash-flow starting line, as reported)	+25.4%	-73.4%	+397.7%	—	-605.8%	-59.4%	+112.3%	+43.5%	+582.2%	—	—	-423.5%	—	—	-31.4%	-40.0%	+117.8%	-40.6%	—
Depreciation & amortisation	+30.6%	+36.1%	+7.1%	+33.2%	-2.4%	+1.5%	+56.5%	+10.1%	+16.3%	-6.7%	-10.4%	+0.2%	—	—	+7.9%	-1.3%	-0.7%	+13.9%	—
Net cash from operating activities	+117.6%	-60.6%	-23.2%	—	-225.1%	-70.2%	+252.5%	+36.1%	-40.8%	—	-1,458.8%	—	—	—	—	-104.1%	—	-120.9%	—
Investing activities
Capital expenditure	-17.8%	+8.4%	+111.9%	-9.8%	+243.8%	-50.2%	-4.4%	+20.6%	+0.5%	+310.8%	-62.0%	-6.0%	—	—	+227.8%	-14.5%	-8.2%	-56.8%	—
Net cash from investing activities	-538.2%	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	-455.4%	—	—
Financing activities
Dividends paid	+25.0%	—	-100.0%	-99.3%	-64.3%	+134.7%	+20.0%	+150.8%	+5,567.9%	—	-100.0%	-1.7%	—	—	-3.9%	+342.9%	-63.6%	-40.0%	—
Borrowings raised / (repaid)	—	—	—	-220.0%	+144.6%	—	—	—	—	-140.0%	—	-100.0%	—	—	—	—	—	—	—
Net cash from financing activities	—	—	—	-226.1%	+247.5%	—	—	—	—	-140.1%	—	-106.8%	—	—	—	—	—	—	—
Net change in cash	+6.3%	-54.4%	+363.1%	—	-152.2%	+297.1%	+81.3%	—	-113.8%	—	—	-184.1%	—	—	—	-140.1%	—	-319.8%	—
Key figures
Free cash flow (operating cash flow − capex)	—	-189.2%	-64.9%	—	-459.1%	-75.2%	+965.4%	+111.8%	-80.3%	—	—	—	—	—	—	-122.0%	—	-249.0%	—

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. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 15 Oct 2026.

All reported line items 57

ZIL cash flow statement — all reported line items (Rs mn)
Rs mn	FY2025 Jan – Dec 2025	FY2024 Jan – Dec 2024	FY2023 Jan – Dec 2023	FY2022 Jan – Dec 2022	FY2021 Jan – Dec 2021	FY2020 Jan – Dec 2020	FY2019 Jan – Dec 2019	FY2018 Jan – Dec 2018	FY2017 Jan – Dec 2017	FY2016 Jan – Dec 2016	FY2015 Jan – Dec 2015	FY2014 Jan – Dec 2014	FY2013 Jan – Dec 2013	FY2012 Jul 2011 – Jun 2012	FY2011 Jul 2010 – Jun 2011	FY2010 Jul 2009 – Jun 2010	FY2009 Jul 2008 – Jun 2009	FY2008 Jul 2007 – Jun 2008	FY2007 Jul 2006 – Jun 2007
Profit/(Loss) - Starting Line - Cash Flow	115.6	92.2	346.8	69.7	(257.6)	50.9	125.6	59.2	41.2	6.0	(142.6)	(158.8)	49.1	—	33.1	48.2	80.3	36.9	62.1
Non-cash Items & Reconciliation Adjustments - Cash Flow	298.8	275.1	245.8	149.8	77.2	97.4	116.1	44.6	66.6	73.7	53.4	80.5	58.5	—	32.4	38.3	37.0	28.8	33.9
Income Tax Expense - Cash Flow - to Reconcile	—	—	—	—	—	7.8	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Non-Cash Items & Reconciliation Adjustments - Cash Flow - to Reconcile	73.9	44.4	26.5	(12.9)	(12.9)	5.3	17.9	(8.7)	11.6	17.8	(3.4)	12.0	3.2	—	(0.5)	19.3	6.7	(0.5)	11.0
Financial Income/(Expense) - Cash Flow - to Reconcile	86.1	106.4	128.1	76.3	24.8	16.2	25.8	18.1	18.1	20.0	22.9	27.0	18.7	—	2.0	(6.2)	5.2	2.8	(0.8)
Depreciation, Depletion & Amortization including Impairment - Cash Flow - to Reconcile	168.6	126.5	92.9	86.8	65.2	67.9	72.7	42.0	40.5	39.0	35.2	39.3	39.2	—	28.4	26.3	26.7	26.8	23.6
Depreciation & Depletion - Property, Plant & Equipment - Cash Flow - to Reconcile	162.1	126.5	92.9	86.8	65.2	66.8	65.8	42.0	38.2	32.8	35.2	39.3	39.2	—	28.4	26.3	26.7	26.8	23.6
Amortization - Intangible Assets & Deferred Charges - Cash Flow - to Reconcile	3.0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Impairment - Property, Plant & Equipment including Intangible Assets - Cash Flow - to Reconcile	3.5	—	—	—	0.0	1.2	6.9	0.0	2.3	6.2	—	—	—	—	—	—	—	—	—
Assets Sale - Gain/(Loss) - Cash Flow - to Reconcile	(29.7)	(2.2)	(1.7)	(0.4)	0.1	0.2	(0.3)	(6.8)	(3.6)	(3.1)	(1.3)	2.1	(2.7)	—	2.5	(1.2)	(1.6)	(0.4)	0.1
Income Taxes - Paid/(Reimbursed) - Cash Flow	218.4	60.9	97.0	46.7	16.4	—	51.1	33.1	26.7	12.2	20.9	7.6	10.9	—	29.4	33.1	26.3	15.4	24.8
Interest Paid - Cash	63.1	106.3	128.1	76.8	15.1	5.9	18.8	18.5	18.7	20.0	24.3	25.3	17.6	—	1.7	0.8	8.3	2.2	2.0
Interest & Dividends - Received - Total - Cash Flow	0.8	12.6	10.6	4.3	0.5	0.4	0.1	0.0	0.0	0.0	0.0	0.1	0.1	—	2.7	3.6	0.1	0.7	0.9
Cash Flow from Operating Activities before Changes in Working Capital	133.7	212.6	378.0	100.2	(211.4)	142.9	172.0	52.2	62.5	47.6	(134.4)	(111.2)	79.2	—	37.1	56.3	82.8	48.7	70.0
Working Capital - Increase/(Decrease) - Cash Flow	109.5	(100.9)	(94.3)	269.2	105.8	(58.5)	111.1	28.1	(3.4)	52.1	74.6	115.6	(138.9)	—	(104.8)	(62.0)	56.3	(67.2)	18.1
Accounts Receivables - Decrease/(Increase) - Cash Flow	59.9	(47.1)	(90.8)	(26.4)	(74.3)	3.8	(0.3)	(13.0)	(3.0)	7.7	(13.7)	26.9	(3.7)	—	(9.2)	3.5	(14.8)	(5.9)	3.2
Inventories - Decrease/(Increase) - Cash Flow	(77.8)	49.5	(133.0)	(204.1)	(101.0)	(29.0)	0.3	(10.4)	(23.7)	36.2	86.6	80.6	(47.1)	—	(84.7)	(87.9)	53.9	(125.3)	(8.4)
Prepaid Expenses - Decrease/(Increase) - Cash Flow	(22.1)	12.0	(16.5)	(6.3)	2.0	1.1	(4.1)	10.9	(10.2)	(2.4)	3.9	1.5	(1.6)	—	(9.8)	0.3	(1.6)	4.6	1.5
Other Assets - Decrease/(Increase) - Cash Flow	(26.2)	(1.7)	(7.1)	(2.9)	—	—	0.0	(0.1)	(0.1)	(0.1)	1.4	1.0	(0.6)	—	(2.9)	(0.2)	(0.5)	0.0	0.3
Accounts Payable and Accrued Expenses - Increase/(Decrease) - Cash Flow	175.6	(113.6)	153.1	508.9	279.0	(34.4)	115.3	40.7	33.5	10.8	(3.6)	5.7	(86.0)	—	1.7	22.4	19.4	59.4	21.5
Net Cash Flow from Operating Activities	243.2	111.8	283.8	369.3	(105.6)	84.4	283.1	80.3	59.0	99.7	(59.7)	4.4	(59.7)	—	(67.8)	(5.7)	139.1	(18.4)	88.1
Capital Expenditures - Net - Cash Flow	101.3	98.3	167.9	78.5	85.6	27.9	47.8	40.7	41.5	40.0	8.1	22.6	26.1	—	56.7	16.4	19.2	22.8	56.5
Property, Plant & Equipment - Purchased/(Sold) - Net - Cash Flow	101.3	98.3	167.9	78.5	85.6	27.9	47.8	40.7	41.5	40.0	8.1	22.6	26.1	—	56.7	16.4	19.2	22.8	56.5
Property, Plant & Equipment - Purchased - Cash Flow	164.6	200.1	184.7	87.2	96.6	28.1	56.4	59.0	49.0	48.7	11.9	31.2	33.2	—	65.2	19.9	23.3	25.3	58.7
Property, Plant & Equipment Sold - Cash Flow	63.3	101.8	16.8	8.6	11.0	0.2	8.6	18.3	7.5	8.7	3.8	8.6	7.2	—	8.5	3.5	4.0	2.5	2.2
Capital Expenditures - Total	164.6	200.1	184.7	87.2	96.6	28.1	56.4	59.0	49.0	48.7	11.9	31.2	33.2	—	65.2	19.9	23.3	25.3	58.7
Investments excluding Loans - Decrease/(Increase) - Cash Flow	(58.5)	134.8	(25.8)	(90.4)	0.0	(20.0)	—	—	—	—	—	—	—	—	5.0	(5.0)	0.0	28.3	20.9
Investment Securities - Unclassified - Sold/(Purchased) - Net - Total - Cash Flow	(58.5)	134.8	(25.8)	(90.4)	0.0	(20.0)	—	—	—	—	—	—	—	—	5.0	(5.0)	0.0	28.3	20.9
Investment Securities - Sold/Matured - Unclassified - Cash Flow	1.5	1,100.0	850.4	335.0	60.0	40.0	—	—	—	—	—	—	—	—	—	—	—	—	20.9
Investment Securities - Purchased - Unclassified - Cash Flow	60.0	965.2	876.2	425.4	60.0	60.0	—	—	—	—	—	—	—	—	—	—	—	—	0.0
Other Investing Cash Flow - Decrease/(Increase)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0	(0.1)	(0.2)	0.0	—
Net Cash Flow from Investing Activities	(159.8)	36.5	(193.7)	(169.0)	(85.6)	(47.9)	(47.8)	(40.7)	(41.5)	(40.0)	(8.1)	(22.6)	(26.1)	—	(51.7)	(21.4)	(19.4)	5.5	(35.6)
Dividends Paid - Cash - Total - Cash Flow	15.2	12.2	0.0	0.1	7.6	21.2	9.0	7.5	3.0	0.1	0.0	7.9	8.1	—	18.5	19.3	4.3	11.9	19.9
Dividends - Common - Cash Paid	15.2	12.2	0.0	0.1	7.6	21.2	9.0	7.5	3.0	0.1	0.0	7.9	8.1	—	18.5	19.3	4.3	11.9	19.9
Debt - Long-Term & Short-Term - Issuance/(Retirement) - Total - Cash Flow	(42.1)	(111.5)	(36.1)	(188.7)	157.3	64.3	(206.2)	(21.0)	(20.0)	(20.0)	50.0	0.0	125.0	—	80.0	0.0	—	0.0	(21.2)
Debt - Issued/(Reduced) - Short-Term - Total - Cash Flow	—	31.8	0.0	(115.0)	115.0	—	(190.0)	(20.0)	(20.0)	(20.0)	50.0	0.0	125.0	—	80.0	0.0	—	—	—
Debt - Issued - Short-Term - Cash Flow	—	31.8	0.0	60.0	455.0	—	(190.0)	(20.0)	(20.0)	(20.0)	50.0	0.0	125.0	—	80.0	0.0	—	—	—
Debt - Reduced - Short-Term - Cash Flow	—	—	—	175.0	340.0	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Issued/Reduced - Long-Term - Cash Flow	(42.1)	(143.3)	(36.1)	(73.7)	42.3	64.3	(16.2)	(1.0)	—	—	—	—	—	—	—	—	—	0.0	(21.2)
Lease liabilities - Issued/(Reduced) - Cash Flow	(50.4)	(38.0)	(36.1)	(25.9)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Issued - Long-Term - Cash Flow	8.4	—	0.0	0.0	100.0	82.3	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt - Reduced - Long-Term - Cash Flow	50.4	143.3	36.1	73.7	57.7	18.0	16.2	1.0	—	—	—	—	—	—	—	—	—	0.0	21.2
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	50.4	38.0	36.1	25.9	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Financing Cash Flow - Increase/(Decrease)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.0
Net Cash Flow from Financing Activities	(57.3)	(123.6)	(36.1)	(188.7)	149.7	43.1	(215.3)	(28.5)	(23.0)	(20.1)	50.0	(7.9)	116.9	—	61.5	(19.3)	(4.3)	(11.9)	(41.1)
Net Change in Cash - Total	26.1	24.6	53.9	11.6	(41.5)	79.6	20.0	11.1	(5.5)	39.6	(17.8)	(26.2)	31.1	—	(57.9)	(46.3)	115.4	(24.9)	11.3
Net Cash from Continuing Operations	26.1	24.6	53.9	11.6	(41.5)	79.6	20.0	11.1	(5.5)	39.6	(17.8)	(26.2)	31.1	—	(57.9)	(46.3)	115.4	(24.9)	11.3
Net Cash - Beginning Balance	151.9	127.3	73.4	61.7	103.2	23.6	43.6	32.5	38.0	(1.6)	16.2	42.3	11.2	—	103.2	149.6	34.2	59.1	47.7
Net Cash - Ending Balance	178.0	151.9	127.3	73.4	61.7	103.2	63.6	43.6	32.5	38.0	(1.6)	16.2	42.3	—	45.3	103.2	149.6	34.2	59.1
Income Taxes - Paid/(Reimbursed) - Cash Flow - Supplemental	218.4	60.9	97.0	46.7	16.4	—	51.1	33.1	26.7	12.2	20.9	7.6	10.9	—	29.4	33.1	26.3	15.4	24.8
Interest Paid - Cash Flow - Supplemental	63.1	106.3	128.1	76.8	15.1	5.9	18.8	18.5	18.7	20.0	24.3	25.3	17.6	—	1.7	0.8	8.3	2.2	2.0
Interest & Dividends - Received - Cash Flow - Supplemental	0.8	12.6	10.6	4.3	0.5	0.4	0.1	0.0	0.0	0.0	0.0	0.1	0.1	—	2.7	3.6	0.1	0.7	0.9
CF from Optg Activities before Change in WC & Int Payments	196.8	318.9	506.1	177.0	(196.3)	148.7	190.8	70.7	81.2	67.6	(110.1)	(85.9)	96.8	—	38.7	57.1	91.1	51.0	72.1
Depreciation, Depletion & Amortization - Cash Flow	165.1	126.5	92.9	86.8	65.2	66.8	65.8	42.0	38.2	32.8	35.2	39.3	39.2	—	28.4	26.3	26.7	26.8	23.6
Free Cash Flow to Equity	99.9	(98.0)	79.7	102.1	(33.9)	120.8	29.1	18.6	(2.5)	39.7	(17.8)	(18.2)	39.2	—	(44.4)	(22.0)	119.9	(41.2)	10.4
Free Cash Flow Net of Dividends	63.4	(100.6)	99.1	282.1	(209.8)	35.1	217.6	13.7	7.0	50.9	(71.6)	(34.8)	(101.0)	—	(151.5)	(44.8)	111.5	(55.7)	9.5
Free Cash Flow	78.6	(88.4)	99.1	282.2	(202.2)	56.3	226.7	21.3	10.0	51.0	(71.6)	(26.8)	(93.0)	—	(133.0)	(25.5)	115.9	(43.8)	29.4

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