Shabbir Tiles and Ceramics : STCL | Shabbir Tiles & Ceramics Limited Transmission of Quarterly Report for the period ended 31-03-2024

SHABBIR TILES AND CERAMICS LIMITED

Condensed Interim Financial Statements

For the Third Quarter and Nine Months Ended

March 31, 2024

(Un-Audited)

CONTENTS

01	Company Information
03	Directors' Report (English and Urdu)
06	Condensed Interim Statement of Financial Position
07	Condensed Interim Statement of Profit or Loss
08	Condensed Interim Statement of Comprehensive Income

1. Condensed Interim Statement of Changes in Equity
2. Condensed Interim Statement of Cash Flows
3. Notes to the Condensed Interim Financial Statements

Shabbir Tiles and Ceramics Limited

COMPANY INFORMATION

1

BOARD OF DIRECTORS

AUDIT COMMITTEE

HUMAN RESOURCES AND REMUNERATION COMMITTEE

CHIEF FINANCIAL OFFICER

COMPANY SECRETARY

AUDITORS

LEGAL ADVISOR

BANKERS

REGISTERED OFFICE AND FACTORY UNIT-1

Rafiq M. Habib

Syed Masood Abbas Jaffery

Muhammad Salman Burney

Imran Ali Habib

Abdul Hai M. Bhaimia

Feroze Jehangir Cawasji

Farhana Mowjee Khan

Feroze Jehangir Cawasji

Imran Ali Habib

Abdul Hai M. Bhaimia

Farhana Mowjee Khan

Feroze Jehangir Cawasji

Muhammad Salman Burney

Farhana Mowjee Khan

Syed Masood Abbas Jaffery

Waquas Ahmed

Ovais Jamani

A.F. Ferguson & Co

Chartered Accountants

Sohail and Partners

Habib Metropolitan Bank Limited

Habib Bank Limited

Dubai Islamic Bank Pakistan Limited

Faysal Bank Limited

Allied Bank Limited

Meezan Bank Limited

Bank Al Falah Limited

15th Milestone, National Highway Landhi Industrial Area, Karachi-75120 Phone: [phone]E-mail: [e-mail]

Chairman

Chief Executive Officer

Director

Director

Director

Director

Director

Chairman

Member

Member

Member

Chairman

Member

Member

Member

Fax: [phone]

URL: http://www.stile.com.pk

REGISTRAR AND SHARE TRANSFER OFFICE

FACTORY UNIT-2

ISLAMABAD

(BUILDING MATERIAL PRODUCTS)

LAHORE

(BUILDING MATERIAL PRODUCTS)

CDC Share registrar Services Limited, CDC House, 99-B, Block 'B', S.M.C.H.S

Main Shahrah-e-Faisal,Karachi-74400.	Phone:	0800 23275
URL:	www.cdcsrsl.com	Email:	[e-mail]
Deh Khanto, Tappo Landhi, District Malir, Bin Qasim Town, Karachi
Phone:	[phone]	Fax:	[phone]

Plot No 1, ANF Empty Parking Road, Yamaha Chowk Road, Model Town, Humak, Islamabad.

78-A , Factory Adda, Dina Nath main Multan Road, 46KM, Lahore

Shabbir Tiles and Ceramics Limited

COMPANY INFORMATION

STILE EMPORIUM AND DESIGN STUDIOS AND SALES OFFICES

STAR GATE EMPORIUM, KARACHI

FACTORY EMPORIUM, KARACHI

DHA BUKHARI EMPORIUM, KARACHI

DHA 26TH STREET EMPORIUM, KARACHI

BUILD MATE EMPORIUM, KARACHI

NEW TOWN EMPORIUM, KARACHI

DHA EMPORIUM, LAHORE

THOKAR NIAZ BAIG EMPORIUM, LAHORE

LIVIN EMPORIUM, LAHORE

MUREE ROAD EMPORIUM, RAWALPINDI

ISLAMABAD METRO EMPORIUM

PESHAWAR EMPORIUM

FAISALABAD EMPORIUM

HYDERABAD EMPORIUM

MULTAN EMPORIUM

BAHAWALPUR EMPORIUM

WAH CANTT EMPORIUM

GUJRANWALA EMPORIUM

GILGIT BALSTISTAN EMPORIUM

DERA GHAZI KHAN EMPORIUM

SUKKUR EMPORIUM

RAHIM YAR KHAN EMPORIUM

2

Metro Cash & Carry, CAA, Near Star Gate, Main Shahrah-e-Faisal,

Karachi.Phone: [phone]

15th Milestone, National Highway, Landhi Industrial Area, Karachi Phone: [phone]

39-C, Bukhari Commercial area, Lane 15, Main Khayaban-e-Ittehad Road

DHA Phase 6, Karachi

Phone: [phone]

26th Street Plot C-8-C, DHA Phase 5, Tauheed Commercial, Karachi.

Phone: [phone]

Build Mate 82-B, Midway Commercial, Bahria Town, Karachi

Phone: [phone]

Shop No. 3, KDA Scheme No. 7, Chandni Chowk (New Town), Karachi Phone: [phone]

DHA Lahore 164, CCA , Phase 4, Lahore

Phone: [phone]

Metro Cash & Carry, Thokar Niaz Baig Multan Road, Lahore Phone: [phone]

Ferozepur Road: 83 - Main Ferozepur Road, Main Ichhra, Lahore Phone: [phone]

Al Shareef Plaza, Ground Floor, Shamsabad, Murree Road, Rawalpindi Phone: [phone]

Metro Islamabad: Metro Cash & Carry, Sector I-11/4, Islamabad Phone: [phone]

162/408 Tahkal Payan, University Road , Peshawar

Phone: [phone]

Talha Heights , Main Susan Road, P-243, 2A, Faisalabad

Phone: [phone]

Shop no. 13 & 14, Fortune Arcade, Jamshoro Road, next to KFC

Near Qasim Chowk, Hyderabad.	Phone:	0300-8540459
Officers Colony, Main Bosan Road, Chungi No. 9, Next to Crystal Mall,
Multan.	Phone: (061)	2078492
Ground Floor, Commercial Building, Khawat No. 199/197, Moza Bandra
Multan Road, Bahawalpur.	Phone: [phone]

Khan Plaza, Khasra No 434, GT Road, near Raja Saab Mall, Wah Cantt Phone: [phone]

Main GT Road, Chan da Qila, opposite Haji Murad Trust Eye Hospital,

Gujranwala	Phone : [phone]
Shop no. 14, Akbar Market, Khomar Yarkot, Gilgit
	Phone: [phone]
Plot No. A-1/2, New Defence View Housing Scheme, Jampur Road,
Dera Ghazi Khan.	Phone: [phone]
Shop No. 80, Opposite JS Bank, Military Road, Sukkur
	Phone: [phone]
Commercial Plot No. 1, New Officers Colony, Club Road, Near Jullundur Mall
Rahim Yar Khan.	Phone: [phone]

3

SHABBIR TILES AND CERAMICS LIMITED

DIRECTORS' REPORT TO THE SHAREHOLDERS

FOR THE THIRD QUARTER AND NINE MONTHS PERIOD ENDED MARCH 31, 2024

The Directors are pleased to present the financial results of your Company for the third quarter and nine months ended March 31, 2024.

The Country continues to confront an enduring economic crisis marked by fiscal shortfalls, external imbalances, and inadequate foreign exchange reserves. This has posed challenges to the construction sector, both in terms of individual homeowners and also to the overall commercial construction sector. Simultaneously, with record high interest rates mortgage housing finance demand has reduced and falls short of its potential, especially in comparison to similar emerging economies.

The company also faced a significant & formidable challenge from very substantial increases in Energy costs, particularly gas expenses & electricity , as well as heightened freight costs, attributed to axle load restrictions and soaring diesel prices.

All of the above posed significant challenges to the company's net profitability. However your Company demonstrated resilience by preserving its market share, achieving a commendable net turnover of Rs. 3.923 billion. However, margins were adversely impacted by these costs pressures and impact of price competition .

Rs. in ' 000

	For the quarter ended	For the nine months ended
Particulars	March 31,	March 31,	March 31,	March 31,
	2024	2023	2024	2023
Turnover - net	3,923,282	4,140,556	12,355,756	10,497,831
Gross profit	873,054	1,179,411	2,909,129	2,123,938
Earnings before interest, tax and dep	320,452	568,539	1,330,334	756,491
Profit before tax	65,297	343,477	581,111	71,091
Profit / (loss) after tax	49,648	143,056	315,992	(53,246)
Earnings/ (loss) per share (Rs. / share)	0.21	0.60	1.32	(0.22)

FUTURE OUTLOOK

Looking ahead, following the elections & successful completion of the IMF program & with projected economic reforms it is hoped that there will be a positive impact on real estate development in the country & construction due to improved investor confidence & economic outlook.

Industry experts are emphasizing many strategic investment opportunities within Pakistan's real estate sector. It is hoped that Government will recognize & understand critical impact of the construction sector on the overall economy & align policy initiatives & make efforts to capture the interest of both domestic and international investors to energize this sector.

On behalf of the Board of Director we would like to thank our stakeholders for their continued support and our shareholders for their confidence in the leadership of the Board and management team of the Company. With your continuous support and by the grace of the Almighty, we remain committed to delivering good performance.

On behalf of the Board of Director

SYED MASOOD ABBAS JAFFERY	FEROZE JEHANGIR CAWASJI
Chief Executive Officer	Director

4

5

6

SHABBIR TILES AND CERAMICS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT MARCH 31, 2024	March 31,	June 30,
	2024	2023
ASSETS	(Un-audited)	(Audited)
Note	---------(Rupees in '000)---------

NON-CURRENT ASSETS
Property, plant and equipment	6
Investment property
Right-of-use assets	7
Long-term deposits
Deferred tax asset - net
CURRENT ASSETS
Stores and spare parts
Stock-in-trade	8
Trade debts	9
Prepayments, deposits and other receivables
Loans and advances
Short-term investments	10
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital
240,000,000 (June 2023: 240,000,000) ordinary shares of Rs. 5 per share
Issued, subscribed and paid-up share capital
239,320,475 (June 2023: 239,320,475) ordinary shares of Rs. 5 per share
Reserves
NON-CURRENT LIABILITIES
Long-term financing - secured	11
Lease liability against right-of-use assets	12
Deferred income	13
Gas infrastructure development cess (GIDC) payable	14
CURRENT LIABILITIES
Trade and other payables
Current portion of term finance arrangements	11
Current portion of lease liability against right-of-use assets	12
Current portion of deferred income	13
Current portion of GIDC payable	14
Short-term borrowings
Unclaimed dividend
Unpaid dividend
Accrued markup
Sales tax payable
Taxation - net
TOTAL EQUITY AND LIABILITIES
CONTINGENCIES AND COMMITMENTS	15

3,008,213

3,620

282,569

39,702

48,496

3,382,600

819,109

3,106,994

539,666

51,921

127,898

262,000

252,784

5,160,372

8,542,972

1,200,000

1,196,600

1,819,623

3,016,223

513,286

204,291

73,393

-

790,970

3,087,906

34,774

146,936

5,254

828,150

38,956

4,155

2,478

7,145

405,621

174,404

4,735,779

5,526,749

8,542,972

3,342,400

4,551

327,200

31,817

41,089

3,747,057

728,936

2,058,968

411,969

116,773

46,530

1,337,306

404,639

5,105,121

8,852,178

1,200,000

1,196,600

1,503,631

2,700,231

536,712

224,112

77,094

46,998

884,916

3,682,665

22,820

156,112

5,494

767,915

-

4,184

2,761

20,334

346,154

258,592

5,267,031

6,151,947

8,852,178

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

__________________________	__________________________	_________________________
Waquas Ahmed	Syed Masood Abbas Jaffery	Feroze Jehangir Cawasji
Chief Financial Officer	Chief Executive Officer	Director

7

SHABBIR TILES AND CERAMICS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2024

Nine Months ended		Quarter ended
March 31,	March 31,		March 31,	March 31,
2024	2023		2024	2023

-------------------------------(Rupees in '000)-------------------------------

Turnover - net

Cost of sales

Gross profit

Selling and distribution expenses Administrative expenses

(Allowance) / Reversal for expected credit losses

Other income

Operating profit

Finance costs

Other expenses

Profit before taxation

Taxation

• Current
• Deferred

12,355,756

(9,446,627)

2,909,129

(1,926,340)

(306,272)

(10,722)

(2,243,334)

146,696

812,491

(143,006)

(88,374)

(231,380)

581,111

(272,526)

7,407

(265,119)

10,497,831

(8,373,893)

2,123,938

(1,592,548)

(282,690)

(1,177)

(1,876,415)

97,165

344,688

(144,130)

(129,467)

(273,597)

71,091

(230,611)

106,274

(124,337)

3,923,282

(3,050,228)

873,054

(688,284)

(101,647)

(11)

(789,942)

36,138

119,250

(48,866)

(5,087)

(53,953)

65,297

(17,121)

1,472

(15,649)

4,140,556

(2,961,145)

1,179,411

(629,616)

(97,728)

12,969

(714,375)

41,884

506,920

(48,187)

(115,256)

(163,443)

343,477

(148,549)

(51,872)

(200,421)

Profit / (loss) after taxation	315,992	(53,246)			49,648	143,056
	-----------------------------------	(Rupee)	-----------------------------------
Earnings / (loss) per share - basic and diluted	1.32	(0.22)			0.21	0.60

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

__________________________	__________________________	_________________________
Waquas Ahmed	Syed Masood Abbas Jaffery	Feroze Jehangir Cawasji
Chief Financial Officer	Chief Executive Officer	Director

8

SHABBIR TILES AND CERAMICS LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2024

	Nine Months ended		Quarter ended
	March 31,	March 31,		March 31,		March 31,
	2024	2023	2024	2023
-------------------------------	(Rupees in '000)-------------------------------
Profit / (loss) after taxation	315,992	(53,246)	49,648	143,056
Other comprehensive income	-	-	-	-
Total comprehensive income / (loss) for the period
315,992	(53,246)		49,648		143,056

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

__________________________	__________________________	_________________________
Waquas Ahmed	Syed Masood Abbas Jaffery	Feroze Jehangir Cawasji
Chief Financial Officer	Chief Executive Officer	Director