Together
we are Stronger
Quarterly Report 30th September 2023
Content
- Company Information
- Directors' Review Report
- Condensed Interim Unconsolidated Financial Statements
- Condensed Interim Consolidated Financial Statements
02 Together we are Stronger
Company Information
Board of Directors
Asadullah Khawaja
Chairman
Arif Habib
Chief Executive Officer
Khawaja Najam Ud Din
Roomi
Independent Director
Zeba Bakhtiar
Independent Director
Nasim Beg
Non-Executive Director
Samad A. Habib
Non-Executive Director
Muhammad Ejaz
Non-Executive Director
Kashif A. Habib
Non-Executive Director
Audit Committee
Khawaja Najam Ud Din
Roomi
Chairman
Kashif A. Habib
Member
Muhammad Ejaz
Member
Management
Arif Habib
Chief Executive Officer
Mohsin Madni
Chief Financial Officer &
Chief Operating Officer
Manzoor Raza
Bankers
Allied Bank Limited
Askari Bank Limited
Bank Alfalah Limited
Bank Al Habib Limited
Bank Islami Pakistan
Limited
Faysal Bank Limited
Habib Bank Limited
Habib Metropolitan Bank
Limited
MCB Bank Limited
MCB Islamic Bank Limited
National Bank Of Pakistan
Standard Chartered Bank
(Pakistan) Limited
Sindh Bank Limited
Summit Bank Limited
Soneri Bank Limited
The Bank Of Khyber
The Bank Of Punjab
United Bank Limited
Auditors
A. F. Ferguson & Co. Chartered Accountants
Legal Advisors
Bawaney & Partners Akhund Forbes
Registered & Corporate Office
Arif Habib Centre, 23, M.T.Khan Road Karachi-74000 Phone: (021) 32460717-9 Fax: (021) 32429653 Email: info@arifhaibcorp.com Company website: www.arifhabibcorp.com Group website: www.arifhabib.com.pk
Registrar & Share Transfer Agent
CDC Share Registrar Services Limited
CDC House, 99-B,Block-B, S.M.C.H.S, Main Shahrah-e-Faisal, Karachi Phone: (021) 111-111-500 Fax: (021) 34326053 URL: www.cdcrsl.com Email: info@cdcrsl.com
Company Secretary
Quarterly Report 30th September 2023 03
04 Together we are Stronger
Directors'
Review Report
Dear Shareholders
The Directors of Arif Habib Corporation Limited (AHCL) present herewith the Directors' report of the Company together with interim condensed consolidated and unconsolidated financial statements for the first quarter ended 30th September 2023.
The Economy
The fiscal year 2024 began on a positive note, with several encouraging signs in the economy. Pakistan entered a nine-monthStand-By Arrangement program with the IMF, amounting to USD 3 billion. The current account deficit reduced by more than half in the first two months of the first quarter of the current financial year, and inflation appears to have reached its peak in September 2023. Furthermore, foreign exchange reserves grew from USD 9 billion to USD 13 billion, marking a steady recovery of the Pakistani Rupee against the US Dollar. The KSE100 index also surged, gaining over 6,500 points in July 2023, reflecting growing investor confidence. The continuation of an unchanged monetary policy stance throughout the quarter provides potential support for economic growth.
Financial Results
During the reviewed quarter, our consolidated profit after tax stood at PKR 2,589.66 million, compared to PKR 2,045.80 million in the corresponding quarter of the previous year. This resulted in earnings of PKR 6.34 per share, up from PKR 5.01 per share in the same period last year.
On an unconsolidated basis, we recorded a profit after tax of PKR 843.32 million, translating into earnings of PKR 2.07 per share, compared to PKR 482.86 million and earnings per share of PKR 1.18 in the corresponding period. This improved profitability is attributed to cash dividends from investee companies for the financial year 2023.
Performance of Subsidiaries and Associates
Performance of our subsidiary, Arif Habib Limited (AHL), has improved due to increase in volume and value of traded shares. Fatima Fertilizer Company Limited and Sachal Energy's wind power project maintained impressive performances. Javedan Corporation Limited's and Aisha Steel Mills Limited's performance remained marginal.
Quarterly Report 30th September 2023 05
Future Outlook
In the upcoming months, we anticipate the economy will achieve growth mainly due to better agricultural production, with the possibility of a change in monetary policy stance during the middle of the financial year as inflation trends are expected to come down. The Pakistani Rupee is expected to maintain its gains against the US Dollar in the short-term, although the removal of import restrictions may put pressure on its exchange rate. The Government's initiative of the Special Investment Framework for Cooperation (SIFC) is likely to attract investments from friendly countries in various sectors, and the Government efforts to combat smuggling, border trade abuse, Afghan transit trade, and foreign exchange manipulation, if sustained, will contribute to Pakistan's economic growth.
Acknowledgement
We extend our gratitude to the shareholders of the company for their unwavering confidence and support. We would also like to express our sincere appreciation to our bankers, business partners, the Securities & Exchange Commission of Pakistan, the State Bank of Pakistan, and the management of Pakistan Stock Exchange for their invaluable support and guidance. The unwavering dedication and commitment of our employees during the period is acknowledged and deeply appreciated.
For and on behalf of the Board
Mr. Arif Habib | Mr. Asadullah Khawaja |
Chief Executive | Chairman |
Karachi: 25th October 2023 |
Quarterly Report 30th September 2023 7
Condensed Interim
Unconsolidated
Financial Statements
For the three months period ended 30th September 2023
08 Condensed Interim Unconsolidated Statement of Financial Position
- Condensed Interim Unconsolidated Statement of Profit or Loss and other Comprehensive Income (Unaudited)
- Condensed Interim Unconsolidated Statement of Changes In Equity (Unaudited)
- Condensed Interim Unconsolidated Statement of Cash Flows (Unaudited)
- Notes to the Condensed Interim Unconsolidated Financial Statements (Unaudited)
8 Together we are Stronger
CONDENSED INTERIM UNCONSOLIDATED
STATEMENT OF FINANCIAL POSITION
As at 30th September 2023
Note | Unaudited | Audited | |
30 September | 30 June | ||
ASSETS | 2023 (Rupees) 2023 | ||
NON-CURRENT ASSETS | |||
Property and equipment | 5 | 56,996,059 | 25,912,136 |
Intangible assets | 257,930 | 296,615 | |
Long term investments | 6 | 17,555,534,884 | 17,881,945,203 |
Long term loan to related party | 7 | 63,886,911 | 78,103,657 |
Long term deposits and other receivable | 5,880,378 | 5,880,378 | |
17,682,556,162 | 17,992,137,989 | ||
CURRENT ASSETS | |||
Loans and advances | 8 | 3,002,282,479 | 1,781,863,523 |
Mark-up receivable | 9 | 128,310,101 | 186,088,244 |
Prepayments and other receivables | 10 | 936,197,529 | 10,497,248 |
Short term investments | 11 | 3,690,471,848 | 3,803,122,330 |
Cash and bank balances | 41,138,495 | 40,348,417 | |
7,798,400,452 | 5,821,919,762 |
TOTAL ASSETS | 25,480,956,614 | 23,814,057,751 |
The annexed notes 1 to 21 form an integral part of these condensed interim unconsolidated financial statements.
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Arif Habib Corporation Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 07:56:44 UTC.