CONDENSED INTERIM FINANCIAL STATEMENTS HALF YEAR ENDED
31 DECEMBER
2 0 2 3
COMPANY INFORMATION
BOARD OF DIRECTORS | ||
1. | Mr. Muhammad Zain-ul-Afaq | ChairPerson/Non-Executive Director |
2. | Mr. Muhammad Ali Shafique Chaudhry | Chief Executive Officer |
3. | Ms. Afifa Shafique | Executive Director |
4. | Mr. Muhammad Hashim Tareen | Independent Director |
5. | Mr. Mahmood Aslam | Independent Director |
6. | Mrs. Shabana Shafique | Non-Executive Director |
7. | Miss. Eman Shafique | Non-Executive Director |
AUDIT COMMITTEE | ||
1. | Mr. Muhammad Hashim Tareen | Chairman/Independent Director |
2. | Mrs. Shabana Shafique | Member |
3. | Miss Eman Shafique | Member |
HR & REMUNERATION COMMITTEE | ||
1. | Mr. Muhammad Hashim Tareen | Chairman/Independent Director |
2. | Mr. Muhammad Ali Shafique Chaudhry | CEO/Member |
3. | Miss Eman Shafique | Member |
4. | Mrs. Shabana Shafique | Member |
CHIEF FINANCIAL OFFICER | COMPANY SECRETARY | |
Miss. Afifa Shafique | Mr. Abdul Shakoor | |
INTERNAL AUDITOR | ||
Saleem Murawat | ||
Abdul Moiz | ||
EXTERNAL AUDITORS | SHARE REGISTRAR | |
M/s. Sheikh and Chaudhri | Hameed Majeed Associates (Private) | |
Chartered Accountants | Limited |
REGISTERED OFFICE
79 - Peco Road Badami Bagh Lahore Pakistan
COMPANY'S BANKER
Soneri Bank Limited
JS Bank Limited
Habib Metropoliton Bank Limited
Meezan Bank Limited
Bank Alfalah Limited
Askari Bank Limited
Bank of Punjab Limited
BECO STEEL LIMITED (ANNUAL REPORT 2023) | 1 | |
DIRECTORS' REVIEW REPORT
Dear Members
The directors of the company are pleased to present the unaudited financial statements for the half year ended 31 December 2023.
A brief summary of the financial results as on 31 December 2023 is as follow:
(Amount in Rupees)
Half year ended December 31 | Variance | ||
Financial highlights | 2023 | 2022 | |
Net Sales | 1,838,710,139 | 3,227,640,251 | (43%) |
Gross Profit | 51,154,104 | 77,424,910 | (34%) |
Profit before taxation | (154,659) | 8,064,868 | (102%) |
Taxation | 22,983,877 | 40,345,503 | (43%) |
Profit for the period | (23,138,535) | (32,280,635) | (28%) |
Earnings per share - Basic & Diluted | (0.93) | (1.29) |
Business, Financial & Operational review
The turnover of the period is reported as Rs. 1,838.71 million with gross profit for the period is Rs.
51.15 million and net loss Rs. 23.14 million (2023: Rs.32.28 million). Earnings per share (EPS) for the period is negative Rs. 0.93. The management is actively engaged in a thorough review of our
operations, aiming to identify areas for improvement and implement strategic adjustments to address the issues contributing to the current loss. Our focus is on stabilizing operations, optimizing costs, and exploring avenues for recovery.
Future Outlook
Our strategic initiatives include a comprehensive review of our product offerings, exploring partnerships and collaborations, and adopting innovative technologies to enhance our operational efficiency. We are also evaluating market trends and customer preferences to align our offerings with the evolving demands of the industry.
Acknowledgment
We would like to appreciate our customers, suppliers, shareholders, employees and executives for their support and cooperation to the company.
Interim financial statements along with auditors' review report thereon are attached herewith for members' kind perusal and record.
For and on behalf of the Board
Muhammad Ali Shafique Chaudhry | Zain Afaq |
Chief Executive Officer | Director/Chairperson |
Lahore
February 28, 2023
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Beco Steel Ltd. published this content on 06 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2024 06:22:08 UTC.