Hascol Petroleum : Transmission of Quarterly Report for the period ended 31 March 2023

HASCOL PETROLEUM LIMITED

QUARTERLY REPORT 2023

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2023

TABLE OF CONTENTS

S. No	Descriptions	Page no
1	Corporate Information	1
2	Directors' Report (English)	2
3	Directors' Report (Urdu)	3
4	Condensed Interim Unconsolidated Financial Information	5
5	Condensed Interim Consolidated Financial Information	36

CORPORATE INFORMATION

Chairman	Bankers
Sir Alan Duncan	Al Baraka Bank (Pakistan) Limited
	Askari Bank Limited
CEO & Director	Allied Bank Limited
Mr Aqeel Ahmed Khan	BankAlfalah Limited
	Bank Islami Pakistan Limited
Directors	Bank of Khyber
Mr Mustafa Ashraf	The Bank of Punjab
Mr Zafar Iqbal Chaudhry	Dubai Islamic Bank Pakistan Limited
Mr Farid Arshad Masood	Faysal Bank Limited
Mr Abdul Aziz Khalid	First Women Bank Limited
Mr Mohammad Zubair	Habib Bank Limited
	Habib Metropolitan Bank Limited
Chief Financial Officer	Industrial and Commercial Bank of China
Mr Amad Uddin	MCB Bank Limited
	MCB Islamic Bank Limited
Company Secretary	Meezan Bank Limited
Mr Farhan Ahmad	National Bank of Pakistan
	Samba Bank Limited
Audit Committee	Silk Bank Limited
Mr Mustafa Ashraf (Chairman)	Sindh Bank Limited
Mr Farid Arshad Masood (Member)	Summit Bank Limited
Mr Mohammad Zubair (Member)	United Bank Limited
Mr Zafar Iqbal Chaudhry (Member)
	Share Registrar
Risk Committee	CDC Share Registrar Services Limited
Mr Mustafa Ashraf (Chairman)
Mr Abdul Aziz Khalid (Member)	Legal Advisor
Mr Mohammad Zubair (Member)	Mohsin Tayebaly & Co.
	(Corporate Legal Consultants - Barristers & Advocates)
Human Resource & Remuneration Committee
Mr Zafar Iqbal Chaudhry (Chairman)	Registered Office of the Company
Sir Alan Duncan (Member)	29th Floor, Sky Tower, West Wing (Tower A),
Mr Mohammad Zubair (Member)	Dolmen City, Abdul SattarEdhi Avenue, Block-4,
	Clifton, Karachi. Pakistan.
Restructuring Committee
Mr Farid Arshad Masood (Chairman)	Phone: [phone]
Mr Abdul Aziz Khalid (Member)	Fax: [phone]UAN:111-757-757
Mr Mohammad Zubair (Member)	E-mail: [e-mail]
	Website: www.hascol.com
Auditors
Baker Tilly Mehmood Idrees Qamar
Chartered Accountants
4th floor, Central Hotel Building,
Civil Lines, Mereweather Road,
Karachi.

1

DIRECTORS' REPORT

The Directors of your Company are pleased to present the quarterly report of the Company along with un-audited standalone and consolidated financial statements thereon for the period ended 31 March 2023.

Financial Results

During the period under review, the Company recorded net sales revenue of Rs. 31,967 million as compared to Rs. 12,476 million earned during same period last year. Net sales revenue increased due to increase in sales volume and sales price.

The financial results of the company for the period ended 31 March 2023 are shown as below:

Particulars

Gross profit

Operating profit

Loss for the period

Loss per share

2023 2022

Rupeesin'000

2,297,837 918,955

1,342,597 24,534

(7,092,870) (2,372,930)

Rupees

(7.10)	(2.38)

The company reported a loss of Rs. 7,093 million compared to loss of Rs. 2,373 million during the same period of last year due to high exchange losses and finance cost. There are several risks faced by the company inherent to the industry itself, however, the main challenge for company is the interest cost and financial charges accrued on the overdue loans and the non-availability of working capital banking facilities. These, together with operational bottlenecks and unpaid non-banking creditors create operational obstacles to the Company's growth and profitability.

The Board of Directors (the board) has carried out a detailed review of the profitability and cash flow forecast of the Company for the twelve months from the date of approval of these unconsolidated financial statements, which took into account the projected future working capital of the Company under the restructuring plan.

The corporate revival plan, based primarily on the restructuring of its bank debt is on track and is designed to lead to the injection of required fresh equity by existing and potential investors. It is expected that the Company will be able to conclude its restructuring in the next few months. The aim of this process is to ensure that the Company has adequate liquidity and working capital to run smooth operations with optimized profitability. The proposed process would include rescheduling of debt, revival of existing letter of credit facilities, settlement of some part of the debt and injection of required fresh equity.

The Company expresses its sincere gratitude to all its employees, customers, financial institutions, suppliers and other stakeholders for their contributions and continuous support. We also thank the Government of Pakistan and its Ministries for their support and guidance.

Thanking you all.

On behalf of the Board

2



 202331  



31,967 12,476

 202331

2022	2023	
000	
918,955	2,297,837	
24,534	1,342,597	
(2,372,930)	(7,092,870)	



(2.38)

(7.10)



7,093 2,373

        

   

3