HALF YEARLY REPORT DECEMBER
2022
Contents
02 | Company |
03 | Information |
Directors' | |
06 | Review Report |
Directors' | |
07 | Review Report (Urdu) |
Independent | |
08 | Auditor's Review Report |
Unconsolidated Condensed interim | |
Statement of Financial Position | |
09 | Unconsolidated Statement of Profit |
or Loss and Other Comprehensive | |
Income | |
10 | Unconsolidated Condensed interim |
11 | Statement of Changes in Equity |
Unconsolidated Condensed interim | |
Statement of Cash Flows | |
12 | Selected Notes to the Unconsolidated |
StatementsCondensed interim Financial | |
27 | Consolidated |
Financial Statements
DECEMBER 2022 01
Company Information
Board of Directors | Bankers | |
Mr. Adnan Asdar Ali | Chairman | Albaraka Bank (Pakistan) Limited |
Mr. Munis Abdullah | Askari Bank Limited | |
Mr. S. Nadeem Ahmed | Chief Executive Officer | Bank Al Habib Limited |
Mr. Zubair Razzak Palwala | Bank Alfalah Limited | |
Mr. Mufti Zia Ul Islam | Bank of Punjab | |
Dr. Atta Ur Rahman | Dubai Islamic Bank Pakistan Limited | |
Mrs. Shaista Khaliq Rehman | Faysal Bank Limited | |
Habib Bank Limited | ||
Committees of the Board | Habib Metropolitan Bank Limited | |
Audit Committee | Meezan Bank Limited | |
Mrs. Shaista Khaliq Rehman | Chairperson | National Bank of Pakistan |
Mr. Adnan Asdar Ali | Member | Soneri Bank Limited |
Dr. Atta Ur Rahman | Member | Standard Chartered Bank (Pakistan) Limited |
Summit Bank Limited | ||
Human Resource & | ||
Remuneration Committee | ||
Mrs. Shaista Khaliq Rehman | Chairperson | Registered Office |
Mr. Adnan Asdar Ali | Member | One IBL Centre, 2nd Floor, Plot # 1 |
Dr. Atta Ur Rahman | Member | Block 7 & 8, D.M.C.H.S, Tipu Sultan Road |
Off Shahra-e-Faisal, Karachi | ||
Chief Financial Officer | Tel:+92 21 37170200 - 01 | |
Mr. Mobeen Alam | ||
Company Secretary | Share Registrar | |
Mr. Zubair Razzak Palwala | CDC Share Registrar Services Limited | |
Head Office, CDC House, 99-B, Block 'B' | ||
Auditors | S.M.C.H.S., Main Shahrah-e-Faisal | |
A. F. Ferguson & Co. | Karachi - 74400 |
Legal Advisors
Mohsin Tayebaly & Co.
02 HALF YEARLY REPORT
Directors' Report to the Members
We are pleased to present the unconsolidated interim financial information of the company for the half year ended December 31, 2022. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - 'Interim Financial Reporting'. The directors' report is prepared in accordance with section 227 of the Companies Act, 2017 and Chapter XII of the Listed Companies (Code of Corporate Governance) Regulations, 2019.
Financial highlights
Revenue of the company increased by Rs 2.2 billion i.e. 26% over the same period last year. However, due to the adverse macroeconomic conditions and its impact on the company, the net profitability of the company reduced by 57% and was Rs 542 million as compared to Rs 1.27 billion in the corresponding period last year.
The major reason for decrease in profitability was the decrease in gross margins of the company from 51% last year to 46% in the current period, mainly due to significant devaluation of Pakistani currency.
The other factor, which impacted the profitability of the company was the higher finance cost as the policy rate was increased multiple times during the year i.e. from 7% last year to prevailing 17%.
Following is the summary of financial results for the half year ended December 31, 2022:
December 31, | ||
2022 | 2021 | |
(Rupees in thousand) | ||
Revenue | 10,852,586 | 8,632,469 |
Cost of sales | (5,909,993) | (4,239,046) |
Gross Profit | 4,942,593 | 4,393,423 |
Operating expenses | (3,495,871) | (2,779,607) |
Other operating expenses | (42,910) | (82,314) |
Other income | 699,068 | 787,300 |
Profit from operations | 2,102,880 | 2,318,802 |
Finance cost | (1,487,919) | (821,831) |
Profit before tax | 614,961 | 1,496,971 |
Income tax expense | (72,576) | (225,975) |
Profit after taxation | 542,385 | 1,270,996 |
EARNINGS PER SHARE
Basic earnings per share after taxation for the period is Rs. 1.39 (December 31, 2021: Rs. 3.26). There is no dilution effect on the basic earnings per share of the Company, as the Company had no convertible dilutive potential ordinary shares outstanding as at December 31, 2022.
DECEMBER 2022 03
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Searle Company Ltd. published this content on 03 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 07:08:08 UTC.