Jahangir Siddiqui : Transmission of Quarterly Report for the Period Ended June 30, 2023

HALF YEARLY REPORT JUNE 30,

Table of Contents

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Company Information

Board of Directors	Executive Committee
Justice (R) Agha Rafiq Ahmed Khan	Ali Raza Siddiqui
Chairman - Independent	Chairman
Asad Nasir	Asad Nasir
Chief Executive Officer	Member
Ali Raza Siddiqui	Shahid Hussain Jatoi
Director - Non-Executive	Member
Lt. Gen. (R) Javed Mahmood Bukhari	External Auditors
Director - Independent	KPMG Taseer Hadi & Co.
Rehan Hassan *
Chartered Accountants
Director - Independent	Internal Auditors
Samar Ali Shahid
Grant Thornton Anjum Rahman
Director - Independent
Shahid Hussain Jatoi	Chartered Accountants
Legal Advisor
Director - Non-Executive
Chief Financial Officer	Bawaney & Partners
Najmul Hoda Khan	Share Registrar
Company Secretary
CDC Share Registrar Services Limited
Syed Ali Hasham
Audit Committee	CDC House, 99-B,Block-B S.M.C.H.S.
Main Shahrah-e-Faisal
Lt. Gen. (R) Javed Mahmood Bukhari	Karachi - 74400
Tel: [phone]
Chairman	Fax: [phone]
Ali Raza Siddiqui	Email: [e-mail]
Website: www.cdcsrsl.com
Member	Registered Office
Shahid Hussain Jatoi
20th Floor, The Center
Member
Human Resource & Remuneration Committee	Plot No. 28, SB - 5
Abdullah Haroon Road
Samar Ali Shahid	Saddar, Karachi- 74400
Pakistan
Chairperson	UAN: [phone]
Ali Raza Siddiqui	Fax: [phone]
Website
Member
Asad Nasir	www.js.com
Member

* Mr. Rehan Hassan has been appointed on the Board of Directors on July 3, 2023 to fill the casual vacancy

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Jahangir Siddiqui & Co. Ltd.

Directors' Review

Dear Shareholders

The Board of Directors of Jahangir Siddiqui & Co. Ltd. (the "Company") has reviewed the performance of the Company for the half year ended June 30, 2023. We are pleased to present the report on the performance of the Company along with consolidated performance of the Company with its subsidiaries for the period under review.

Financial Performance

The Company has reported a net profit after tax of PKR 470.04 million for the half year ended June 30, 2023. The overall revenues for the period under review increased to PKR 1,157.15 million primarily from dividend income from strategic investment and realized capital gains on investments as compared to the corresponding period last year.

The breakup value per share of the Company as on June 30, 2023, was PKR 33.04.

During the period under review, the Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) raised Policy Rate by a total of 600 basis points to 22 percent as of June 30, 2023, emphasizing continuation of a contractionary monetary policy stance to anchor inflationary expectations. On July 31, 2023, i.e., subsequent to the period ended June 30, 2023, the MPC adopted a status quo approach and kept Policy Rate unchanged.

Finance Cost of the Company for the half year ended June 30, 2023, decreased to PKR 80.73 million, declining by 38 percent from its corresponding period last year, owing to repayment of long-term borrowings.

The basic Earnings per Share ("EPS") of the Company for the half year ended June 30, 2023, is PKR 0.51 per share, whereas, the diluted EPS is PKR 0.46 per share.

Subsequent to the period end, the Company, pursuant to the approval of its Shareholders, has subscribed 165,462,245 Right Shares as per its entitlement at par value of Rs. 10/-. Further, the Company, pursuant to the requisite corporate and regulatory approvals, has subscribed further 54,715,645 Right Shares which remained unsubscribed by the general public shareholders of JSBL at same terms.

Further, the update on the transaction for disposal of the Company's total shareholding in BankIslami Pakistan Limited ("BIPL") and its accounting treatment is disclosed in the note number 8.1 to the unconsolidated financial statements and note number 8.1 in the consolidated financial statements.

Consolidated Financial Statements

In its consolidated financial statements, the Group has reported a net profit after tax of PKR 3,385 million for the half year ended June 30, 2023, as compared to a net profit after tax of PKR 942 million for the corresponding period last year.

The basic EPS from continuing and discontinued operations for the half year ended June 30, 2023, is PKR 3.25 per share, whereas, the diluted EPS is PKR 2.82 per share.

Credit Rating

The Pakistan Credit Rating Agency ("PACRA") has maintained a long-term credit rating of AA (Double A) and short-term rating of A1+ (A one plus) for the Company. Further, the ratings for the Company's 10th and 11th (listed on PSX) TFC issues, of PKR 1,500 million each, are also maintained at AA+ (Double A plus) by PACRA.

These ratings denote a very low expectation of credit risk, the strong capacity for timely payment of financial commitments and strong risk absorption capacity.

Economic Review and Future Outlook

First half of the year 2023 witnessed forceful fiscal and monetary adjustments to ensure completion of International Monetary Fund's 9th Review of the Extended Fund Facility (IMF-EFF), an imperative on account of the precarious balance of payments position faced by the country. These adjustments included, among others, introduction of a Mini-Budget on February 20, 2023, that levied taxes worth PKR 170 billion, an upward adjustment in energy prices, and exchange rate depreciation.

HALF YEARLY REPORT JUNE 30, 2023

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