HalfYearly Report September 30,

Table of Contents

Company Information


Chairman's Review (English)


Chairman's Review (Urdu)


Independent Auditor's Review Report to the Members


Condensed Interim Statement of Financial Position


Condensed Interim Statement of Profit or Loss and Other Comprehensive Income


Condensed Interim Statement of Changes in Equity


Condensed Interim Statement of Cash Flows


Notes to the Condensed Interim Financial Statements


Company Information

Board of Directors

Aamir H. Shirazi


Sanaullah Qureshi


Abid Naqvi


Mashmooma Zehra Majeed


Susumu Morisawa


Shunsuke Miyazaki


Kazushi Yamanaka


Saquib H. Shirazi

Chief Executive Offiicer

Maheen Fatima

Company Secretary

Audit Committee

Abid Naqvi


Sanaullah Qureshi


Mashmooma Zehra Majeed


Muhammad Asim

Head of Internal Audit

Maheen Fatima


Human Resource &

Remuneration Committee

Abid Naqvi


Sanaullah Qureshi


Saquib H. Shirazi


Tahir Nazir



Saquib H. Shirazi

Chief Executive Offiicer

Afaq Ahmed

Vice President Marketing

Shunsuke Miyazaki

Vice President Technical

Kazushi Yamanaka

General Manager Technical

Kashif Yasin

Chief Financial Offiicer

Faisal Mahmud

General Manager New Model Center

Hassan Mushtaq Cheema

General Manager Production, Planning & Control

Muhammad Ammar

General Manager Engineering & Projects

Muhammad Rashad Rashid

General Manager Quality Assurance

Muhammad Zafar Iqbal

General Manager After Sales

Mujahid-ul-Mulk Butt

General Manager Sales

Rashid Ahmed

General Manager Commercial & Planning

Syed Tanvir Hyder

General Manager Supply Chain & Systems

Tahir Nazir

General Manager Human

Resources & Administration

Zia Ul Hassan Khan

General Manager Plants

02 Half Yearly Report September 2022

Company Information


Shinewing Hameed Chaudhri & Co. Chartered Accountants

Legal Advisor

Mohsin Tayebaly & Co.

Tax Advisor

EY Ford Rhodes,

Chartered Accountants

Shares Registrar

Hameed Majeed Associates (Pvt.) Limited

H. M. House, 7-Bank Square,

Shahrah-e-Quaid-e-Azam, Lahore

Tel: (92-42)37235081-82

Fax: (92-42) 37358817


Allied Bank Limited

Askari Bank Limited

Bank Al-Habib Limited

Bank Alfalah Limited

Faysal Bank Limited

Habib Bank Limited

Habib Metropolitan Bank Limited

Khushali Bank Limited

MCB Bank Limited

Meezan Bank Limited

National Bank of Pakistan

Standard Chartered Bank (Pakistan) Limited United Bank Limited

Registered Office

1-McLeod Road, Lahore-54000

Tel: (92-42)37225015-17,37233515-17

Fax: (92-42) 37233518, 37351119

E-mail: ahl@atlas.com.pk

Website: www.atlashonda.com.pk


F-36, Estate Avenue, S.I.T.E., Karachi-75730

UAN: (92-21)111-111-245

Tel: (92-21)32575561-65

Fax: (92-21) 32563758

26-27 KM, Lahore-Sheikhupura Road,


Tel: (92-56)3406501-8

Fax: (92-56) 3406009

Branch Offices &

Customer Contact Centre

Azmat Wasti Road, Multan Tel: (92-61)4570413-14(92-61)111-112-411 Fax: (92-61) 4541690

Islamabad Corporate Center,

Plot No. 784/785, Golra Road, Islamabad

Tel: (92-51)5495921-7

Fax: (92-51) 5475928

Makhdoom Altaf Road, West Sadiq Canal

Bank, Near City School, Rahimyar Khan

Tel: (068) 5883415-19

Fax: (068) 5883414

2nd Floor, Dawood Centre, Autobhan Road, Hyderabad.

Tel: (022) 3411361-9

Fax: (022) 34113670

1st Floor, Meezan Executive Tower, 4 - Liaquat Road, Faisalabad

Tel: (92-41)2541011-7, 2541014

1st Floor, 28-Mozang Road, Lahore Tel: (92-42)36361191-5,36360740-7


West View Building, Preedy Street, Saddar, Karachi

Tel : (92-21) 32720833, 32727607

Customer Contact Centre

UAN: (92-42)111-245-222

Toll Free: 0800-245-22

Email: contact.centre@atlashonda.com.pk (Within working hours from Monday to Friday)

Atlas Honda Limited 03

Chairman's Review

I am pleased to present the unaudited condensed interim financial information of the Company for the half year ended September 30, 2022.


During the quarter, the Country's economic situation remained fragile. Concerns on the economic front continued to persist on the back of rising inflation and a challenging external outlook. The situation is further affected by recent flooding, which has caused significant damage. This has led the Government to revisit GDP target downward to 2%. On the other hand, the resumption of the IMF program came as a positive development and provided breathing space to the economy.

On the external front, the current account recorded a deficit of USD 1.9 Billion for 2M FY23, a decline of 19% over the corresponding period of last year. Balance of trade recorded a deficit of USD 9.2 billion for Q1 FY23, down by 21%. The improvement was majorly driven through reduction in the import bill of 12.7% on account of various measures taken by the Government. Home remittances provided the much needed support and held up well at USD 7.7 billion. However, as of September 2022, the State Bank of Pakistan's (SBP) foreign exchange reserves were reduced to alarmingly low levels of USD 7.9 billion compared to last year's USD 19.3 billion. Reflecting the increasing pressures on external account along with external debt servicing, PKR depreciated by more than 29.3% since January 2022. The net revenue collection increased to Rs. 1,635 billion, up by 27% as compared to same period last year. Inflation is rising and was recorded at 23.2% in September 2022, mainly driven by exchange rate pass through to domestic prices, upward revisions in domestic energy, fuel and food prices. Resultantly, the SBP in its recent monetary policy meeting held on October 10, 2022, maintained the benchmark interest rate at higher level of 15.0%

The agriculture sector is projected to contract for the first time in more than two decades. The torrential monsoon rains and flash floods have damaged an estimated 8.3 million acres of cultivated crops. This has caused substantial damage to the standing cotton, rice and sugar cane harvest. Considering the agricultural damage, the Country may have to resort towards import of cotton to meet domestic requirements. Resultantly, consumption saw an overall slowdown in the rural areas.

The LSM output contracted by 1.4% in 2M FY23 largely driven by broad based deterioration in domestically oriented sectors. Most demand indicators including sales of cement, POL and automobiles reflected downward trend. The spill-over effects of flood related damages, monetary tightening and higher input cost call for better coordinated actions to ensure sustained growth in this segment.


During the half year ended September 30, 2022, the Company achieved net sales of Rs. 67.2 billion, an increase of 12.4% as compared to last year. However, gross profit declined from Rs.

4.5 billion to Rs. 4.1 billion, down by 9.8%. Resultantly, Gross profit percentage recorded at 6.1% as compared to 7.6% of same period last year. The decline in gross profit was due to lower sales volume, increase in material prices, rising energy cost and devaluation of Pak rupee with a less than commensurate increase in selling prices. The key challenge is to improve this over the course of the year. Sales and marketing expenses rose to Rs. 1.3 billion, an increase of 13.6%, which is attributable to promotional activities and increase in fuel cost. Administrative expenses rose by 2.5% mainly due to effects of continued

Sales Growth

(Rs. in million)











Gross Profit (%)

04 Half Yearly Report September 2022

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Atlas Honda Ltd. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 06:08:01 UTC.