Imperial : Transmission of Quarterly Report for the period Ended 2023-12-31

CONTENTS

Corporate Information	3
Directors' Report to the Members	4
Independent Auditor's Review Report To the members of Imperial Limited	5
Report on Review of Interim Financial Statements
Condensed Interim Statement of Financial Position	6
Condensed Interim Profit or Loss Account	7
Condensed Interim Statement of Comprehensive Income	8
Condensed Interim Statement of Cash Flow	9
Condensed Interim Statement of Changes in Equity	10
Selected Explanatory Notes to the Condensed Interim Financial Information	11
	15

Corporate Information

Board of Directors	Mr. Waqar Ibn Zahoor Bandey	- Chairman
	Mr. Naveed M. Sheikh	- Director/CEO
	Mr. Muhammad Tariq	- Director
	Mr. Ibrahim Naveed Sheikh	- Director
	Mr. Shahzad Ullah Khan	- Director
	Mr. Najam Faiz	- Director
	Mrs. Fakhra Chaudhry	- Director
Audit Committee	Mr. Najam Faiz	- Chairman
	Mr. Muhammad Tariq	- Member
	Mr. Shahzad Ullah Khan	- Member
HR & Remuneration	Mr. Shahzad ullah Khan	- Chairman
Committee	Mr. Ibrahim Naveed Sheikh	- Member
	Mr. Muhammad Tariq	- Member
Chief Financial Officer	Miss. Hina Mustafa
Company Secretary	Mr. Mubashhar Asif
Financial Institutions	Soneri Bank Limited
	The Bank of Khyber
	Habib Bank Limited
	HBL Microfinance Bank Limited
	U Microfinance Bank Limitied
Auditors	Ilyas Saeed & Co.
	Chartered Accountants
Legal Advisors	Ms. Aniqua Sheikh
	Advocate
Registered Office	Ismail Aiwan-e-Science Building,
	205 Ferozepur Road
	Lahore-54600
	Ph # + 92 (042) 3575-8970
	+ 92 (042) 3575-1308
	Fax # + 92 (042) 3576-3247
Shares Registrar	Hameed Majeed Associates (Pvt) Limited
	H.M. House, 7-Bank Square, Lahore.
	Ph # + 92 (042) 3723-5081-2
	Fax # + 92 (042) 3735-8817
Production Facilities	Hydroponic Project:
	Village Shori Manika, Tehsil Pindi Bhattian, Disctrict Hafizabad

Assets Classified held for Sale:

Karmanwala, Tehsil Phalia, Distt. Mandni Bahauddin

Ph # [phone]/54

Fax # [phone]

DIRECTORS' REVIEW TO THE MEMBERS

Dear Members

Interim condensed financial statements for the half-year ended December 31, 2023 are being presented in accordance with the requirements of International Accounting Standards, Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited. The interim condensed financial information has also been reviewed by the statutory auditors of the Company.

During the period under review your Company earned revenue of Rs. 192.277 Million against revenue of Rs. 173.397 Million in the corresponding period last year against placement of funds with various financial institutions. Operating Profit after administrative and other expenses for the period recorded at Rs. 94.931 Million whereas this amount was Rs. 97.484 Million last year in the corresponding period. The Company earned Net Profit after tax of Rs. 59.967 Million as compare to Rs. 67.611 Million for the same period last year. Earnings per share for the half year recorded at Rs. 0.61 per share (December 31, 2022: Rs. 0.68).

The funds of the Company have been deployed with various Financial Instruments/Mutual Funds and in the two ongoing projects; the Hydroponics Project and the Housing Construction Project.

Hydroponics Project is at its final phase of erection and production is expected to start this year. In the Housing Construction Project, some houses are ready for sale and the Company is in process of showings and/or negotiations with various prospective buyers.

The Company is pursuing disposal of its Remaining Assets comprised of a composite sugar manufacturing facility situated at Phalia, District Mandi Bahauddin, as per the resolution passed by the Shareholders of the Company in Annual General Meeting. Proceeds from the sale of Remaining Assets shall be deployed; together with the existing funds; in accordance with the Object Clause of the Company and other businesses permitted by Memorandum of Association of the Company.

For and on behalf of the Board

Waqar Ibn Zahoor Bandey	Naveed Mughis Sheikh
Chairman	Director

Lahore

February 29, 2024

5

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Un-Audited)

AS AT DECEMBER 31, 2023

		December 31,		June 30,
		2023	2023
		(Un-audited)		(Audited)
EQUITY AND LIABILITIES	Note	(Rupees in '000')		(Rupees in '000')
Share Capital And Reserves
Authorized share capital
100,000,000 (2023: 100,000,000)
Ordinary shares of Rupees 10 each		1,000,000	1,000,000
Issued, subscribed and paid-up capital	6	990,200	990,200
Surplus on revaluation of property, plant and equipment
- net of deferred tax	7	5,528,996	5,528,996
Revenue reserves - Unappropriated profit		3,801,650		3,741,683
LIABILITIES		10,320,846	10,260,879
Non-Current Liabilities
Deferred liabilities	8	1,838,741	1,838,876
Current Liabilities
Trade and other payables		582,716	582,170
Contingencies and commitments	9	-	-
		12,742,303	12,681,925
ASSETS
Non-Current Assets
Property, plant and equipment	10	749,765	644,503

Current Assets

Stores, spares and loose tools

Stock in trade

Loan and advances

Trade Deposits, Prepayments and Other Receivables Accrued markup

Short term Investments

Tax refunds due from government

Cash and bank balances

Non-current assets held for sale

11

204,725

893,138

159,359

24,296

38,264

596,685

231,321

1,104,936

3,252,724

8,739,814

12,742,303

204,635

864,564

156,383

22,837

19,054

680,947

216,827

1,132,361

3,297,608

8,739,814

12,681,925

The annexed notes from 1 to 15 form an integral part of these financial statements.

Chief Executive Officer

Director

Chief Financial Officer

Chief Executive Officer

0.610.68

The annexed notes from 1 to 15 form an integral part of these financial statements.

CONDENSED INTERIM PROFIT OR LOSS ACCOUNT (Un-Audited)

FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2023

		Half year ended		Second quarter ended
		31-Dec-23		31-Dec-22		31-Dec-23		31-Dec-22
	Note	(Rupees in '000')		(Rupees in '000')		(Rupees in '000')		(Rupees in '000')
Profit and loss -
continuing operations :
Income from Investment		192,277	173,397	99,487	86,667
Gross profit		192,277	173,397	99,487	86,667
Administrative expenses		(97,448)	(76,732)	(48,542)	(39,964)
		94,829	96,665	50,945	46,703
Other operating expenses		(696)	-	(696)	-
Other operating income		798	819	798	55
Profit / (Loss) from operations
	94,931	97,484	51,047	46,758
Finance cost		(85)	(59)	(61)	(40)
Profit / (loss) before taxation
	94,846		97,425		50,986		46,718
Taxation		(11,384)	(12,644)	(5,974)	(9,904)
Profit / (loss) after taxation -
continuing operations		83,462	84,781	45,012	36,814
Profit / (loss) after taxation -
discontinued operations	12	(23,495)	(17,170)	(15,306)	(10,766)
Profit / (loss) after taxation		59,967	67,611	29,706	26,048
Earnings / (loss) per share - basic
and diluted (Rupees)					0.30	0.26

Director

Chief Financial Officer

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Un-Audited)

FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2023

	Half year ended		Second quarter ended
	31-Dec-23		31-Dec-22		31-Dec-23		31-Dec-22
Note	(Rupees in '000')		(Rupees in '000')		(Rupees in '000')		(Rupees in '000')
Profit for the period -	83,462	84,781	45,012	36,814
continuing operations
Loss for the period -
discontinued operations	(23,495)	(17,170)	(15,306)	(10,766)
Other comprehensive income	-	-	-	-
Total comprehensive
income / (loss)	59,967	67,611	29,706	26,048

The annexed notes from 1 to 15 form an integral part of these financial statements.

Chief Executive Officer

Director

Chief Financial Officer

CONDENSED INTERIM STATEMENT OF CASH FLOWS (Un-Audited)

FOR THE HALF YEAR ENDED DECEMBER 31, 2023

		(Un-audited)		(Un-audited)
		December 31,		December 31,
	2023	2022
CASH FLOWS FROM OPERATING ACTIVITIES	Note (Rupees in '000')		(Rupees in '000')
Profit before taxation	94,846	97,425
Adjustments for:

Finance cost		85
Depreciation of property, plant and equipment		5,817
		5,902
Operating profit before working capital changes		100,748
(Increase) /decrease in current assets:
Stores, spares and loose tools		(90)
Stock in Trade		(28,574)
Loan and advances		(2,976)
Accrued markup		(19,210)
Trade Deposits, Prepayments and Other Receivables		(1,459)
		(52,309)
Increase / (decrease) in current liabilities:
Trade and other payables		546
Cash generated from operations		(51,763)
Finance cost paid
	(85)
Staff retirement benefits - gratuity paid		(136)
Income tax paid		(25,877)
Net cash used in operating activities-continuing operations		(26,098)
	22,887
Net cash used in operating activities-discontinued operations	13.1	(23,495)

59

5,110

5,169

102,594

-

(82,991)

(323,339)

(12,120)

(667)

(419,117)

1,709

(417,408)

(59)

(2,420)

(25,033)

(27,512)

(342,326)

(17,170)

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure on property, plant and equipment		3,197
Capital Work in Process		(114,276)
Investment in mutual funds		84,262
Net cash generated from investing activities-continuing operations		(26,817)
Net cash generated from investing activities-discontinued operations	13.2	-
CASH FLOWS FROM FINANCING ACTIVITIES

(10,101)

(148,182)

(233,737)

(392,020)

-

Long term finances

Net cash (used in) / generated from financing activities-continuing operations Net cash used in financing activities - discontinued Operations

Net (decrease) / increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

-

-

13.3-

(27,425)

1,132,361

1,104,936

-

-

-

(751,516)

2,209,925

1,458,409

The annexed notes from 1 to 15 form an integral part of these financial statements.

Chief Executive Officer

Director

Chief Financial Officer

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Un-Audited)

FOR THE HALF YEAR ENDED DECEMBER 31, 2023

	Revaluation
Ordinary Share	surplus on	Unappropriated
Particulars	property, plant	Total Equity
Capital	profit / (loss)

and equipment (Rupees in '000')

Balance as at June 30, 2022 (audited)

Total comprehensive income:

Profit for the half year ended 31-Dec-22

Other comprehensive Income

Balance as at December 31, 2022 (un-audited)

Total comprehensive income:

Profit for the half year ended 30-June-23

Other comprehensive Income

Balance as at June 30, 2023 (audited)

Total comprehensive income:

Profit for the half year ended 31-Dec-23

Other comprehensive Income

990,200	5,528,996	3,627,612	10,146,808
-	-	67,611			67,611
-	-	-			-
					-
-	-	67,611	67,611
990,200	5,528,996	3,695,223	10,214,419
-	-	46,460			46,460
-	-	-			-
-	-	46,460	46,460
990,200	5,528,996	3,741,683	10,260,879
-	-	59,967			59,967
-	-	-			-

	-	-	59,967	59,967
Balance as at December 31, 2023 (un-audited)
990,200	5,528,996	3,801,650	10,320,846

The annexed notes from 1 to 15 form an integral part of these financial statements.

Chief Executive Officer

Director

Chief Financial Officer