G3 TECHNOLOGIES LIMITED September 30, 2022 |
CORPORATE INFORMATION
BOARD OF DIRECTORS | |
Mr. Masroor Ahmad Khan | Chairman |
Mr. Atique Ahmad Khan | Chief Executive Ofcer |
Haz Farooq Ahmad | |
Mr. Usman Hassan | |
Ms. Saima Sha Rana | |
Haz Imran Lateef | |
Mr. Ali Akhtar | |
AUDIT COMMITTEE | |
Haz Imran Lateef | |
Mr. Ali Akhtar | |
Mr. Usman Hassan |
HUMAN RESOURCE & REMUNERATION
COMMITTEE
Ms. Saima Sha Rana
Mr. Masroor Ahmad Khan
Mr. Ali Akhtar
Mr. Usman Hassan
PRESIDENT
M. Ashraf Bawany
CHIEF FINANCIAL OFFICER
Asim Mahmud, FCA
COMPANY SECRETARY
Farzand Ali, FCS
BANKERS
Al Baraka Bank (Pakistan) Limited
Bank Alfalah Limited
Fysal Bank Limited
Habib Bank Limited
Habib Metropoliton Bank Limited
SHARE REGISTRAR
M/s Corplink (Private) Limited.
Wings Arcade, 1-K Commercial,
Model Town, Lahore.
Tell: 042-35916714
E-mail: shares@corplink.com.pk
REGISTERED/CORPORATE OFFICE
10-N, Model Town Ext, Lahore 54000, Pakistan UAN: 111 GHANI 1 (442-641)
Fax: (092) 42 35160393
E-mail: corporate@servicefabrics.com
Website: www.servicefabrics.com
G3 Technologies Limited | 01 | 1st Quarter September 30, 2022 |
DIRECTORS REPORT
Dear Shareholders
Assalam-o-Alaikum Wa Rehmat Ullah Wa Barakatoh
The Directors of your Company are pleased to present the unaudited condensed interim nancial statements of the Company for the rst quarter ended September 30, 2022, in compliance with the requirements of Companies Act, 2017.
PRINCIPAL ACTIVITIES
The company is in the process of setting up of Calcium Carbide Plant at Hattar Special Economic Zone, Hattar Haripur.
FINANCIAL PERFORMANCE
Operational activities of Company were suspended in October 2004. For the period ended September 30, 2022, your company has made sale of Rs. 86 Mn during the period with net prot of Rs. 24 Mn, Directors of the Company made their entire efforts to revive the operations of the company by restructuring its business particularly through its internal resources.
A comparison of the key nancial results of your Company for the three month ended September 30, 2022 with the same period last year is as under:
Particulars | Rupees in '000' Except EPS | ||||||
September 2022 | September 2021 | ||||||
Sales | 86,624 | - | |||||
Net Sales | 74,083 | - | |||||
Gross Loss | 6,641 | - | |||||
Administrative expenses | 14,190 | (16,547) | |||||
Operating prot loss | 20,831 | 16,547 | |||||
Other Income | 60,964 | 0.768 | |||||
Net prot/(Loss) | 24,749 | (46,365) | |||||
Earnings per share | 0.10 | (2.32) |
FUTURE PROSPECTS
Your company is actively in process for setting up of import substitute Calcium Carbide project already announced in Hattar Economic Zone. Alhamdulillah, the Letter of credit for the import of Pakistan's rst and only Calcium Carbide Plant has already been opened.
The project shall provide completely import substitution to Pakistan, besides enabling the Company to tap the export market. The plant shall also indigenize the production of many by-products. An overall market of US$ 25Million revenue is aimed to be tapped through this plant, in future years.
The Honorable Lahore High Court, Lahore vide its order dated October 11, 2022 in C.O. No. 25797/22 has sanctioned the merger of G3 Technologies Limited (GTECH) with and into Ghani Chemical Industries Limited (GCIL). Merger formalities are under process and hopefully will be completed within next two weeks. After completion of merger formalities, GTECH will be dissolved and GCIL will be listed at Pakistan Stock Exchange Limited.
G3 Technologies Limited | 02 | 1st Quarter September 30, 2022 |
ACKNOWLEDGEMENTS
The board of directors wishes to express their gratitude to valued shareholders, banks/nancial Institutions, customers and suppliers for their continuous support, cooperation and patronage. We also wish to place on record the dedication, hard work and diligence of executives, staff and workers of the company. Needless to mention, all growth in the business of the company is not possible without will and blessings of ALMIGHTY ALLAH.
For and behalf of Board of Directors
Lahore: | ATIQUE AHMAD KHAN | HAFIZ FAROOQ AHMAD |
October 29, 2022 | (CHIEF EXECUTIVE OFFICER) | (DIRECTOR) |
G3 Technologies Limited | 03 | 1st Quarter September 30, 2022 |
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G3 Technologies Limited | 04 | 1st Quarter September 30, 2022 |
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G3 Technologies 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 07:39:08 UTC.
