Ghandhara Nissan : Transmission of Half Yearly Report for the Period Ended December 31, 2021

Half Yearly Report
December 31, 2021
(Un-Audited)
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	On the
Road to Excellence
and Value Creation
111-190-190
www.ghandharanissan.com.pk

CONTENTS

Company Profile	02
Directors' Review on Condensed Interim Financial
Statements (English)	04
Directors' Review on Condensed Interim Financial
Statements (Urdu)	07
Independent Auditor's Review Report to the Members
of Ghandhara Nissan Limited	08
Condensed Interim Statement of Financial Position	10
Condensed Interim Statement of Profit or Loss and other
comprehensive income(Un-audited)	12
Condensed Interim Statement of Changes in
Equity(Un-audited)	13
Condensed Interim Statement of Cash Flows (Un-audited)	14
Notes to the Condensed Interim Financial Statements
(Un-audited)	16
Directors' Review on Consolidated Condensed Interim
Financial Statements (English)	24
Directors' Review on Consolidated Condensed Interim
Financial Statements (Urdu)	25
Consolidated Condensed Interim Statement of
Financial Position	26
Consolidated Condensed Interim Statement of Profit or
Loss and other Comprehensive Income (Un-audited)	28
Consolidated Condensed Interim Statement of Changes
in Equity (Un-audited)	29
Consolidated Condensed Interim Statement of Cash
Flows (Un-audited)	30
Notes to the Consolidated Condensed Interim Financial
Statements (Un-audited)	32

COMPANYPROFILE

Board of Directors

Mr. Raza Kuli Khan Khattak

Lt. Gen. (Retd.) Ali Kuli Khan Khattak

Mr. Ahmad Kuli Khan Khattak

Mrs. Shahnaz Sajjad Ahmad

Mr. Mohammad Zia

Syed Haroon Rashid

Mr. Muhammad Saleem Baig

Mr. Polad Merwan Polad

Mr. Salman Rasheed (FCA)

Mr. Muhammad Jawaid Iqbal (CFA)

Chief Financial Officer

Mr. Muhammad Umair (FCA)

Company Secretary

Mr. Muhammad Sheharyar Aslam (ACA)

Audit Committee
Mr. Polad Merwan Polad	Chairman
Lt. Gen. (Retd.) Ali Kuli Khan Khattak	Member
Mr. Salman Rasheed (FCA)	Member
Mr. Muhammad Zia	Member
Mr. Muhammad Saleem Baig	Member
Human Resource & Remuneration
Committee
Mr. Muhammad Jawaid Iqbal (CFA)	Chairman
Mr. Ahmad Kuli Khan Khattak	Member
Mrs. Shahnaz Sajjad Ahmad	Member
Mr. Mohammad Zia	Member
Mr. Polad Merwan Polad	Member

Auditors

M/s. Shinewing Hameed Chaudhri & Co. Chartered Accountants

5th Floor, Karachi Chambers Hasrat Mohani Road Karachi

Chairman

President

Chief Executive Officer

Bankers of the Company

National Bank of Pakistan

Faysal Bank Limited

Habib Bank Limited

Allied Bank Limited

United Bank Limited

Soneri Bank Limited

MCB Bank Limited

Standard Chartered Bank (Pakistan) Limited

Industrial & Commercial Bank of China

The Bank of Punjab

The Bank of Khyber

Meezan Bank Limited - (Shariah)

Bank Al Habib Limited

Bank Alfalah Islamic - (Shariah)

Al Baraka Bank (Pakistan) Limited - (Shariah)

JS Bank Limited

Samba Bank Limited

Bank Islami Pakistan Limited - (Shariah)

Dubai Islamic Bank Pakistan Limited - (Shariah)

Habib Metropolitan Bank Limited

02 www.ghandharanissan.com.pk

On the

Road to Excellence and Value Creation

NTN:	Registered Office
0802990-3	F-3, Hub Chowki Road, S.I.T.E., Karachi
Sales Tax Registration No:	Factory
12-03-8702-001-46	Truck / Car Plants
	Port Bin Qasim, Karachi
Share Registrar
CDC Share Registrar Services Ltd.	Regional Offices
CDC House, 99-B,Block-B	First Floor, Laban's Arcade	400/2, Gammon House
S.M.C.H.S., Main Shahra-e-Faisal	Main Canal Road, Lahore	Peshawar Road Rawalpindi Cantt.

Karachi.

Legal & Tax Advisors

M/s. L E X F I R M A

Advocates, Barristers & Legal Consultants

418, Continental Trade Centre, Clifton, Karachi.

M/s. Shekha & Mufti

Chartered Accountants

C-253, PECHS., Block 6

Off Shahrah-e-Faisal

Karachi.

Half Yearly Report December 2021 03

DIRECTORS' REVIEW

Your Directors are pleased to present the report alongwith the unaudited condensed interim financial statements of Ghandhara Nissan Limited for the half year ended December 31, 2021.

Macro-economic Environment

The continuity of the pandemic, owing to a new variant, has augmented uncertainty around global economic prospects. Pakistan has, however, successfully managed previous waves and the Government has taken swift measures to curtail the spread of the new variant. The economic recovery, which was underway since FY21, continues as reflected by most indicators of domestic demand.

The Government has been maintaining the market-determined exchange rate and has taken measures to reduce large current account deficit, while inflation has remained slightly above 10 percent for the entire reporting period. The Country is expected to achieve GDP growth of more than 4% during FY-2022.

Auto-Sector

Compared to pre-pandemic levels, the automotive market has effectively recovered to embark on a new level with robust demand, especially from the SUV segment of the passenger car market.

During the second quarter of FY-22, the floating exchange rate has remained highly unstable rendering input cost unpredictable alongwith adverse impacts of unprecedented rise in ocean freights.

As per PAMA, sales volumes of auto industry for Heavy Commercial Vehicles (HCVs) were 2,802 units during the half year ended December 31, 2021 as compared to 1,650 units during the corresponding period of last year showing a growth of 70%. For Light Commercial Vehicles (LCVs), sales were 8,719 units during the half year ended December 31, 2021 as compared to 5,005 units during the corresponding period of last year showing a growth of 74%.

Financial Results of the Company

The financial results for the half year ended December 31, 2021 are summarized below:

	------- Half Year Ended -------
	December	December
	2021	2020
	(Rupees in thousands)
Revenue	2,064,618	1,336,031
Gross Profit	252,768	114,205
Operating Profit	161,022	25,773
Net Profit after tax	112,063	6,938
Earnings Per Share (Rupees)	1.97	0.12

04 www.ghandharanissan.com.pk