Safe Mix Concrete : Transmission of Quarterly Report for the Perod Ended 31 March 2024

Nine months ended Report

March 2024

CONTENTS

02

03

06

07

08

09

10

11

Company Information

Directors' 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

Condensed Interim Notes To The Financial Statements

Nine months ended Report March 2024

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 nine-month ended March 31, 2024.

		Nine Months			Nine Months			Quarter			Quarter
Particulars		Ended			Ended			Ended			Ended
	March 2024			March 2023			March 2024		March 2023
		----------Rupees----------			----------Rupees----------
Net Sales	946,599,190		1,077,757,975		384,668,876		420,705,220
Cost of sales	(731,582,587)		(829,993,764)		(303,205,730)		(331,464,358)
Gross Profit / (Loss)	215,016,603		247,764,211		81,463,146		89,240,862
Profit/(Loss) before Taxation	125,444,561		185,641,765		50,196,908		65,423,830
Taxation	(39,166,838)		(57,593,379)		(14,228,918)		(15,648,830)
Profit/(Loss) after Taxation		86,277,723			128,048,836			35,967,990			49,775,286
Earnings / (Loss) Per Share-Basic
and Diluted	3.45		5.12		1.44		1.99

During the period under review your Company achieved sales of PKR 946.599 million as compared to PKR 1077.757 million over the corresponding period resulting in negative variance of 12.17%. This reduction in sale is mainly due to slow down of ongoing projects caused by increased interest rates. The cost of sales for the period remained at PKR 731.582 million as compared to PKR 829.993 million in the corresponding period depicting a 11.86 % reduction of cost which coincides with the reduction in current period sales. The Gross Margin of the Company for the current period is 22.71% as compared to 23.00% in the corresponding period. The administrative and selling expenses for the period stood at PKR 40.331 million as compared to PKR 34.591 million in the corresponding period.

The profit after taxation for the period arrived at PKR 86.278million as compared to profit after taxation of PKR 128.048 million in the corresponding period.

Future Outlook

Pakistan is still in the midst of significant economic and political challenges. More likely, it could continue to impact the markets of investment climate at least in the short term to medium term. The country's economic stability is contingent upon its ability to secure the new IMF program and reduction trend in interest rates. Upon relaxation in upcoming monetary policy, one can expect betterment in local Real Estate sector.

Your management is assessing the situation regularly and adopting the measures to keep the rising costs under control through extensive R&D and by adopting austerity measures in day-to-day operations.

Nine months ended Report March 2024 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	Kashif Habib
`	Chief Executive & Director	Director

04 Safe Mix Concrete Limited

CONDENSED INTERIM STATEMENT OF

FINANCIAL POSITION

As at March 31, 2024

ASSETS	Note
Non-current assets

Unaudited	Audited
31 March	30 June
2024	2023

(Rupees)

Property, plant and equipment	3
Intangibles
Long term deposits
Long term advances to employees
Deferred taxation - net
Current assets	4
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
Current liabilities	10
Trade and other payables
Advance from customers	9
Current maturity of long term financing
Loan from director
Accrued markup
Contingencies and commitments	11

279,365,110

188,024

23,500

493,366

32,851,761

312,921,761

40,371,594

19,062,698

378,237,697

21,190,686

4,494,844

21,295,900

23,139,255

507,792,674

820,714,435

350,000,000

250,000,000

14,728,576

95,843,809

360,572,385

72,167,595

15,925,855

88,093,450

210,221,079

31,527,787

23,560,176

87,000,000

19,739,558

372,048,600

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

820,714,435 744,983,048

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.

Samad Habib	Kashif Habib	Imran Haque
CEO		Director		CFO

06 Safe Mix Concrete Limited

CONDENSED INTERIM STATEMENT OF

PROFIT OR LOSS

For the Nine Months and quarter ended March 31, 2024 (unaudited)

Imran

Note

Nine Month Ended

	Unaudited
Unaudited
31 March	31 March
2024	2023

(Rupees)

Quarter ended

	Unaudited
Unaudited
31 March	31 March
2024	2023

(Rupees)

Revenue - net	12
Cost of revenue	13

Gross profit

Administrative expenses

Selling and distribution expenses

Operating profit

Other expenses

Other income

Finance costs

14

Profit before taxation

Taxation

Profit / (loss) after taxation

946,599,190

(731,582,587)

215,016,603

(38,228,961)

(2,101,381)

(40,330,342)

174,686,261

(13,230,723)

5,295,493

(7,935,230)

(41,306,470)

125,444,561

(39,166,838)

86,277,723

1,097,534,378

(829,993,764)

267,540,614

(33,083,885)

(1,507,737)

(34,591,622)

232,948,992

(20,414,445)

2,118,457

(18,295,988)

(29,011,245)

185,641,759

(57,593,379)

128,048,380

384,668,876

(303,205,730)

81,463,146

(17,197,427)

(539,523)

(17,736,950)

63,726,196

(2,641,943)

2,185,002

(456,941)

(13,072,347)

50,196,908

(14,228,918)

35,967,990

426,578,233

(331,464,358)

95,113,875

(16,300,030)

(274,361)

(16,574,391)

78,539,484

(5,289,837)

2,073,191

(3,216,646)

(9,899,008)

65,423,830

(15,648,544)

49,775,286

Earning / (loss) per share - basic and diluted

3.455.12

1.441.99

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.

Samad Habib	Kashif Habib	Imran Haque
CEO		Director		CFO

Nine months ended Report March 2024 07

CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME

For the Nine Months and quarter ended March 31, 2024 (unaudited)

		Nine Month Ended			Quarter ended
					Unaudited					Unaudited
		Unaudited			Unaudited
		31 March		31 March		31 March		31 March
	2024		2023			2024		2023
		(Rupees)		(Rupees)
Profit / (loss) after taxation	86,277,723		128,048,380			35,967,990		49,775,286
Other comprehensive income	-		-			-		-
Total comprehensive income / (loss)
for the period		86,277,723			128,048,380				35,967,990			49,775,286

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.

Samad Habib	Kashif Habib	Imran Haque
CEO		Director		CFO

08 Safe Mix Concrete Limited

CONDENSED INTERIM STATEMENT OF

CHANGES IN EQUITY

For the Nine Months and quarter ended March 31, 2024 (unaudited)

		Issued	Loan from		Capital reserve		Revenue reserve
		subscribed							Total
		and paid-up		related party		Share		Accumulated
		capital				premium		losses
						(Rupees)
Balance as at June 30, 2022 (audited)	250,000,000		87,000,000		14,728,576		(122,527,313)		229,201,263
Total comprehensive income for the year
Nine Months Ended March 31,2023
- Profit after taxation
	-		-		-		78,273,100		78,273,100
- Other comprehensive income		-		-		-		-		-
		-		-		-		78,273,100		78,273,100
Balance as at March 31, 2023	250,000,000		87,000,000		14,728,576		(44,254,213)		307,474,363
(unaudited)
Balance as at June 30,2023 (audited)	250,000,000		-		14,728,576		9,566,086		274,294,662
Total comprehensive income for the year
Nine Months Ended March 31,2024
- Profit after taxation		-		-		-		86,277,723		86,277,723
- Other comprehensive income		-		-		-		-		-
		-		-		-		86,277,723		86,277,723
Balance as at March 31, 2024
(unaudited)	250,000,000		-		14,728,576		95,843,809		360,572,385

The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.

Samad Habib	Kashif Habib	Imran Haque
CEO		Director		CFO

Nine months ended Report March 2024 09