Safe Mix Concrete : Transmission of Qaurtely Report for the Period Ended December 31, 2024

Half Yearly Report December - 2023

CONTENTS

02

03

05

05

06

07

08

09

11

Company Information

Directors' Report

Independent Auditor Review Report

Condensed Interim Statement of Financial Position

Condensed Interim Statement Of Profit or Loss

Condensed Interim Statement Of Comprehensive Income

Condensed Interim Statement Of Changes In Equity

Condensed Interim Statement Of Cash Flows

Notes To The Condensed Interim Financial Statements

Half Yearly Report December 2023 01

COMPANY

INFORMATION

BOARD OF DIRECTORS

Mr. Abdus Samad Habib

Syed Najmudduja Jaffri

Mr. Kashif Habib

Mr. Ahsan Anis

Mr. Anna Samad

Mr. Abdul Qadir

Mr. Muhammad Siddiq Khokhar

AUDIT COMMITTEE

Mr. Abdul Qadir- CHAIRMAN

Mr. Kashif Habib

Mr. Ahsan Anis

HUMAN RESOURCES &

REMUNERATION COMMITTEE

Mr. Muhammad Siddiq Khokhar

Mr. Kashif Habib

Syed Najmudduja Jaffri

CHIEF FINANCIAL OFFICER

Mr. Imran Haque

COMPANY SECRETARY

Mr. Imran Haque

AUDITORS

RAHMAN SARFARAZ RAHIM IQBAL RAFIQ

CHARTERED ACCOUNTANTS

LEGAL ADVISOR
ADVOCATE AHSAN-UL-HAQ ADVOCATES AND	REGISTERED OCE
CORPORATE COUNCIL
BANKERS AND FINANCIAL INSTITUTIONS	Plot # 1, Global Industry,
Nusrat Bhutto Colony, North Nazimbad,
HABIB METROLPOLITAN BANK	Karachi, Pakistan.
THE BANK OF PUNJAB	Tel: [phone]
BANK ISLAMI PAKISTAN LIMITED	www.safemixlimited.com
BANK ALFALAH LIMITED	SHARES REGISTRAR
SUMMIT BANK LIMITED
MEEZAN BANK LIMITED	THK Associates (Private) Limited

02 Safe Mix Concrete Limited

Directors' Review Report

The Board of Directors of your Company are pleased to present their review report on the condensed interim financial and operational performance of your company for the six-month ended December 31, 2023.

		July to			October to			July to			October to
Particulars		December			December			December			December
2023			2023			2022			2022
		----------Rupees----------			----------Rupees----------
Net Sales	561,930,314		279,805,706		669,148,704		407,642,747
Cost of sales	(428,376,857)		(219,247,472)		(498,529,406)		(301,253,096)
Gross Profit / (Loss)	133,553,457		60,558,234		170,619,298		106,389,651
Profit/(Loss) before Taxation	75,247,653		28,760,957		120,217,935		77,585,798
Taxation	(24,937,920)		(17,606,922)		(41,944,835)		(46,857,082)
Profit/(Loss) after Taxation		50,309,733			11,154,035			78,273,100			30,728,716
Earnings / (Loss) Per Share-Basic
and Diluted	2.01		0.45		3.13		1.23

The financial performance of the Company is as follows:

During the period under review your Company achieved sales of PKR 561.930 million as compared to PKR 669.148 million over the corresponding period resulting in negative variance of 16.02%. This reduction in sale is mainly due to slow down of ongoing projects caused by political instability and increased interest rates. The cost of sales for the period remained at PKR 428.376 million as compared to PKR 498.529 million in the corresponding period depicting a 14.07 % reduction of cost which coincides with the reduction in current period sales. The Gross Margin of the Company for the current period is 24% as compared to 25% in the corresponding period. The administrative and selling expenses for the period stood at PKR 22.593 million as compared to PKR 18.017 million in the corresponding period.

The profit after taxation for the period arrived at PKR 50.309 million as compared to profit after taxation of PKR 78.273 million in the corresponding period.

Future Outlook

The outlook of the Company is encouraging in short to medium term as recent period of economic sustainability coupled with expected political stability to be achieved will translate into growth momentum soon. The company is well poised to serve its major customer base in the Real Estate and Construction Sector as activity restores in the sector as well as projects of Group Companies are expected to be launched as market and investor confidence is improved in near future.

Half Yearly Report December 2023 03

Acknowledgement

The Management of your Company would like to thank all the shareholders, financial institutions, customers, individuals and staff members who have been associated with the Company for their support and cooperation. Further, we would also like to thank SECP and management of PSX for their continue support and guidance.

For and behalf of the board

Samad Habib	Syed Najmudduja Jaffri
Chief Executive & Director	Chairman

04 Safe Mix Concrete Limited

Half Yearly Report December 2023 05

CONDENSED INTERIM STATEMENT OF

FINANCIAL POSITION

As at December 31, 2023

ASSETS	Note
Non-current assets

Unaudited	Audited
31 December	30 June
2023	2023

(Rupees)

Property, plant and equipment	3
Intangibles
Long term deposits
Long term advances to employees	4
Deferred taxation - net
Current assets
Stock-in-trade
Stores, spares and loose tools	5
Trade debts
Loans and advances	6
Prepayments and other receivables	7
Taxation - net	8
Cash and bank balances
Total assets
EQUITY AND LIABILITIES
Share capital and reserves
Authorized capital
35,000,000 (June 30, 2023: 35,000,000) ordinary share of Rs. 10 each
Issued, subscribed and paid up capital
Capital reserve
Share premium
Revenue reserve
Unappropriated profits
Non-current liabilities	9
Long term financing - secured
Staff retirement benefits	10
Current liabilities	11
Trade and other payables
Advance from customers	9
Current maturity of long term financing
Loan from director
Accrued markup
Contingencies and commitments	12

285,187,083

192,910

23,500

493,366

38,854,609

324,751,468

35,115,888

15,166,370

334,784,432

12,800,999

8,493,991

13,311,346

12,862,632

432,535,658

757,287,126

350,000,000

250,000,000

14,728,576

59,875,819

324,604,395

78,591,528

14,760,979

93,352,507

181,446,333

32,459,455

22,203,454

87,000,000

16,220,982

339,330,224

296,802,818

203,270

23,500

758,006

49,303,276

347,090,870

25,495,768

13,462,701

330,208,117

3,363,051

2,701,209

6,229,916

16,431,416

397,892,178

744,983,048

350,000,000

250,000,000

14,728,576

9,566,086

274,294,662

92,584,308

12,611,608

105,195,916

217,115,922

36,022,325

19,563,955

87,000,000

5,790,268

365,492,470

Total equity and liabilities

757,287,126 744,983,048

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Samad Habib	Syed Najmudduja Jafri	Imran Haque
CEO		Director	CFO

06 Safe Mix Concrete Limited

CONDENSED INTERIM STATEMENT OF

PROFIT OR LOSS

For the half year and quarter ended December 31, 2023 (unaudited)

	Half year ended
		Unaudited
	Unaudited
	31 December	31 December
Note	2023	2022
(Rupees)

Quarter ended

	Unaudited
Unaudited
31 December	31 December
2023	2022

(Rupees)

Revenue - net	13	561,930,314	669,148,704
Cost of revenue	14	(428,376,857)	(498,529,406)
Gross profit
		133,553,457			170,619,298
Administrative expenses
		(21,031,534)			(16,783,855)
Selling and distribution expenses			(1,561,858)			(1,233,376)
		(22,593,392)	(18,017,231)
Operating profit
	110,960,065			152,602,067
Other expenses
		(10,588,780)			(15,124,608)
Other income	15		3,110,491			1,852,713
		(7,478,289)	(13,271,895)
Finance costs	16	(28,234,123)	(19,112,237)
Profit before taxation
	75,247,653			120,217,935
Taxation	17	(24,937,920)	(41,944,835)
Profit / (loss) after taxation
		50,309,733	78,273,100
Earning / (loss) per share

279,805,706

(219,247,472)

60,558,234

(11,183,739)

(284,244)

(11,467,983)

49,090,251

(8,295,552)

1,329,051

(6,966,501)

(13,362,793)

28,760,957

(17,606,922)

11,154,035

407,642,747

(301,253,096)

106,389,651

(9,920,540)

(985,507)

(10,906,047)

95,483,604

(11,866,455)

5,186,139

(6,680,316)

(11,217,490)

77,585,798

(46,857,082)

30,728,716

- basic and diluted	2.01		3.13

0.451.23

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Samad Habib	Syed Najmudduja Jafri	Imran Haque
CEO		Director	CFO

Half Yearly Report December 2023 07

CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME

For the half year and quarter ended December 31, 2023 (unaudited)

	Half year ended			Quarter ended
					Unaudited					Unaudited
	Unaudited			Unaudited
	31 December			31 December		31 December		31 December
	2023			2022			2023		2022
	(Rupees)		(Rupees)
Profit / (loss) after taxation	50,309,733		78,273,100			11,154,035		30,728,716
Other comprehensive income	-		-			-		-
Total comprehensive income / (loss)
for the period	50,309,733				78,273,100				11,154,035			30,728,716

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Samad Habib	Syed Najmudduja Jafri	Imran Haque
CEO		Director	CFO

08 Safe Mix Concrete Limited