QUARTERLY REPORT MARCH
2023
Contents
02 | Company |
03 | Information |
Directors' | |
06 | Review Report |
Directors' | |
07 | Review Report (Urdu) |
Unconsolidated Condensed interim | |
Statement of Financial Position | |
08 | Unconsolidated Statement of Profit |
or Loss and Other Comprehensive | |
Income | |
09 | Unconsolidated Condensed interim |
10 | Statement of Changes in Equity |
Unconsolidated Condensed interim | |
Statement of Cash Flows | |
11 | Selected Notes to the Unconsolidated |
StatementsCondensed interim Financial | |
23 | Consolidated |
Financial Statements
MARCH 2023 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 | 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 QUARTERLY REPORT
Directors' Report to the Members
We are pleased to present the unconsolidated interim financial information of the company for the nine months period ended March 31, 2023. 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 3.6 billion i.e. 28% 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 65% and was Rs 639 million as compared to Rs 1.81 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 to 21%.
Following is the summary of financial results for the nine months period ended March 31, 2023:
March 31, | ||
2023 | 2022 | |
(Rupees in thousand) | ||
Revenue | 16,988,562 | 13,305,351 |
Cost of sales | (9,226,724) | (6,579,476) |
Gross Profit | 7,761,838 | 6,725,875 |
Operating expenses | (5,332,516) | (4,306,397) |
Other operating expenses | (63,996) | (142,570) |
Other income | 753,760 | 1,189,586 |
Profit from operations | 3,119,086 | 3,466,494 |
Finance cost | (2,340,660) | (1,345,070) |
Profit before tax | 778,426 | 2,121,424 |
Income tax expense | (139,005) | (311,486) |
Profit after taxation | 639,421 | 1,809,938 |
MARCH 2023 03
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Searle Company Ltd. published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 07:25:09 UTC.