Nimir Industrial Chemicals : Transmission of 3rd Quarterly Report for the Prieod Ended March 31, 2023

Company Information

Board of Directors
Mr. M. Saeed-uz-Zaman	- Chairman
Mr. Zafar Mahmood	- Chief Executive Officer
Mr. Imran Afzal
Mr. Aamir Jamil
Mr. Javed Saleem Arif
Mrs. Humaira Shazia

Ms. Parveen Akhter Malik

Mr. Saqib Anjum

Mr. Abdul Jaleel Shaikh

(Nominee - Pak Brunei Investment Company Limited)

Chief Financial Officer

Syed Sajid Nasim

Company Secretary

Mr. Muhammad Inam-ur-Rahim

Head of Internal Audit
Mr. Nabeel Ahmad Khan
Audit Committee
Mr. Javed Saleem Arif	- Chairman
Mrs. Humaira Shazia	- Member
Mr. Abdul Jaleel Shaikh	- Member

Human Resource & Remuneration Committee

Ms. Parveen Akhter Malik	- Chairperson
Mr. M. Saeed-uz-Zaman	- Member
Mr. Zafar Mahmood	- Member
External Auditors
EY Ford Rhodes
Chartered Accountants
Legal Advisor
Cornelius, Lane & Mufti
Advocates & Solicitors

Shares' Registrar

Corplink (Pvt.) Limited

Wings Arcade, 1-K (Commercial),

Model Town, Lahore.

Tel: [phone] & 19

Fax: [phone]

www.corplink.com.pk

Bankers

Al Baraka Bank Limited

Allied Bank Limited

Askari Bank Limited

Bank Alfalah Ltd

Bank Islami Pakistan Ltd

The Bank of Punjab

Habib Bank Limited

Habib Metropolitian Bank Limited

Industrial & Commercial Bank of China (ICBC)

MCB Bank Limited

Meezan Bank Limited

National Bank of Pakistan

Samba Bank Limited

Soneri Bank Limited

Standard Chartered Bank Pakistan Ltd

Pak Brunei Investment Company Limited

Pak Kuwait Investment Company (Pvt) Limited

Pak China Investment Company Limited

PAIR Investment Company Limited

Registered Office / Factory

14.8 km., Sheikhupura-Faisalabad Road, Bhikhi, District Sheikhupura, Pakistan. Tel: [phone]

Fax: [phone]

Cell: +92 301-8221151,301-8483950

Head Office

122-B, New Muslim Town,

Lahore, Pakistan.

Tel: [phone]

Fax: [phone]

Karachi Office

607, Progressive Centre, Block-6,

PECHS, Shahrah-e-Faisal, Karachi.

Tel: [phone]

Website

www.nimir.com.pk

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Nimir Industrial Chemicals Ltd.

Directors' Review Report

One behalf of the Board of Directors of Nimir Industrial Chemicals Limited, we are pleased to present directors' review report on the un-audited interim financial results for the nine months ended March 31, 2023. The synopsis of the results for the period is as under:

	Nine Months ended March 31
	2023	2022	% Change
		PKR Million
Gross Sales Revenue	39,707	26,703	49%
Gross Profit	4,159	3,009	38%
Operating Profit	3,561	2,561	39%
Pre-Tax Profit	1,539	1,804	-15%
Profit after Tax	1,090	1,275	-15%
Earnings per share (Rs.)	9.85	11.52	-15%

By the grace of Almighty, your company recorded significant growth in profitability during the third quarter ended March 31, 2023. The gross sales could grow by 22%, but improved margins coupled with commissioning of new power house and caustic soda plants helped the company achieving a promising 70% growth in operating profit. However, the constant increase in interest rates restricted this growth in pre-tax profit to 43% and after-tax profit to 38% during the quarter under review.

The quarterly performance helped the company recover the reduction in profits seen in the first half of the year. The overall growth in gross sales revenue has been 49% in the nine-month period ended March 31, 2023. In this period, the operating profit also increased by 39%, but due to high financial cost the profit after tax showed a decline of 15%. The Earning Per Share for the period remained at PKR 9.85 (2022: PKR 11.52).

It is indeed a great pleasure reporting that we have successfully completed all major projects initiated in the last few years. The latest addition was liquid chlorine and chlorinated paraffin wax plants, which started their commercial operation in April 2023. With this achievement, all new projects are now in commercial operation and will contribute in improving the financial performance of the Company.

Going forward, the current domestic political unrest, State Banks' restrictions on opening new letters of credit, depleting forex reserve and increase in discount rates are playing havoc with the economy in general and industry in particular. Your Company is focused on minimizing the negative impact of political instability and IMF Programme, we are committed to continue to further improvement in the financial results in the final quarter of the year, Insha Allah.

The directors of your Company take pleasure in expressing their sincere gratitude and appreciation for the contribution by its shareholders, employees, valued customers and bankers and for their continued faith and reliance placed in the Company.

		For and on the behalf of the Board
Lahore,	Aamir Jamil		Zafar Mahmood
April 26, 2023	Director		Chief Executive Officer

Quarterly Report - March 2023

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Nimir Industrial Chemicals Ltd.

4Financial Statements Separate

FOR THE NINE MONTHS ENDED MARCH 31, 2023

Quarterly Report - March 2023

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