IBL HealthCare : Transmission of Half yearly Accounts Dec 31, 2022

Half Yearly Report

December 2022

tableof CONTENTS

02 Company Information

03 Directors' Review Report

04 Directors' Review Report (Urdu)

05 Auditors' Review Report on Financial Statements

06 Condensed Interim Statement of Financial Position

07 Condensed Interim Statement of Profit & Loss

08 Condensed Interim Statement of Changes in Equity

09 Condensed Interim Statement of Cash Flows

10 Notes to the Condensed Interim Financial Statements

Company INFORMATION

BOARD OF DIRECTORS
Ms. Ameena Saiyid	Chairperson
Mr. Munis Abdullah	Director
Mr. S. Nadeem Ahmed	Director
Mr. Mufti Zia ul Islam	Chief Executive Officer
Mr. Zubair Palwala	Director
Mr. Mobeen Alam	Director
Mr. Shuja Malik	Director
AUDIT COMMITTEE
Mr. Shuja Malik	Chairman
Mr. Zubair Palwala	Member
Ms. Ameena Saiyid	Member
HUMAN RESOURCE &		BANKERS
REMUNERATION COMMITTEE		Habib Bank Limited
Mr. Shuja Malik	Chairman	Standard Chartered Bank
Mr. S. Nadeem Ahmed	Member	(Pakistan) Limited
Ms. Ameena Saiyid	Member	National Bank of Pakistan
		Summit Bank Limited
CHIEF FINANCIAL OFFICER		Soneri Bank Limited
Mr. Muhammad Tariq		Habib Metropolitan Bank Limited
		Al-Baraka Bank (Pakistan) Limited
COMPANY SECRETARY

Mr. Shariq Zafar

AUDITORS

A.F. Ferguson & Co., Chartered Accountants

INTERNAL AUDITORS

Grant Thornton Anjum Rahman

REGISTERED OFFICE

2nd Floor, One IBL Centre, Block 7&8, DMCHS

Tipu Sultan Road,

Off: Shahrah-e-Faisal, Karachi

SHARE REGISTRAR

Central Depository Company of Pakistan Limited

LEGAL ADVISOR	CDC House, 99-B,Block-B, SMCHS
Mohsin Tayabaly & Co.	Shahrah-e-Faisal, Karachi - 74400

DIRECTORS' REPORT

The Board of Directors of IBL HealthCare Limited (IBLHL) takes pleasure to present before the shareholders', performance review together with the reviewed condensed interim financial statements of the Company for the half year ended December 31, 2022.

The Directors' report is prepared under section 227 of the Companies Act, 2017, chapter XII clause 34 of Listed Companies (Code of Corporate Governance) Regulations, 2019.

SUMMARY OF FINANCIAL PERFORMANCE

	December 31,
	2022	2021
	(Rupees in Thousand)
Revenue	2,025,816	1,773,365
Gross profit	669,537	610,693
Gross profit as a percentage of revenue	33.1%	34.4%
Profit before taxation	246,037	259,123
Profit after taxation	171,256	174,296

PRINCIPAL ACTIVITES & OVERVIEW OF FINANCIAL PERFORMANCE

The principal activities of the Company include marketing, selling and distribution of healthcare & consumer products.

The revenue for the current period remained at Rs. 2.03 billion as compared to Rs. 1.77 billion for the same period last year i-e, an increase of Rs. 252.4 million (14% growth) despite uncertain socio-economic situation in the country. This increase in revenue is mainly due to awarding of tenders for disposable division. However, significant devaluation in currency, restricted the gross margin of the company to 33.1% as compared to 34.4% last year. The impact of devaluation also resulted in significant exchange loss in current period. However, control over expenditure enabled company to achieve after tax profit of Rs. 171.26 million as compared to Rs. 174.3 million same period last year.

FUTURE OUTLOOK

The Company is continuously striving to maximize the profitability and growth. We are confident that we can generate increased value for shareholders as well as deliver better products and services to our customers. In accomplishing this, we would like to appreciate the enormous cooperation and support of our sales force, without which we will not be able to achieve these results.

We also take this opportunity to thank our employees for their continuing contribution in the achievement of Company's results.

Chief Executive Officer

Director

February 24, 2023

Karachi