Tri Pack Films : Half yearly accounts for the period ended June 30, 2023

Half Year Ended June, 2023

Our Legacy: Withstanding the Odds

Contents

1. Company Information
2. Directors' Review
3. Independent Auditor's Review Report
4. Condensed Interim Statement Of Financial Position

06 Condensed Interim Statement Of Profit or Loss and Other Comprehensive Income (Un-audited)

1. Condensed Interim Statement of Changes in Equity (Un-audited)
2. Condensed Interim Statement of Cash Flows (Un-audited)

09 Notes to and Forming Part of the Condensed Interim Financial Information (Un-audited)

16 Directors' Review (Urdu Version)

Company Information

Board of Directors*

Syed Babar Ali (Chairman)

Mr. Asghar Abbas

Syed Hyder Ali

Mr. Khurram Raza Bakhtayari

Ms. Nermeen Towfiq Chinoy

Mr. Asif Qadir

Mr. Saquib Hussain Shirazi

Mr. Nasir Jamal (Deemed Director)

Chief Executive Officer

Mr. Nasir Jamal

Audit Committee*

Ms. Nermeen Towfiq Chinoy (Chairperson)

Mr. Khurram Raza Bakhtayari

Mr. Asif Qadir

Mr. Shahzeb Haider (Secretary)

Human Resource and

Remuneration (HR&R) Committee*

Ms. Nermeen Towfiq Chinoy (Chairperson)

Mr. Asghar Abbas

Mr. Khurram Raza Bakhtayari

Mr. Taimoor Ahmed (Secretary)

Executive Committee*

Syed Hyder Ali (Chairman)

Mr. Asghar Abbas

Mr. Khurram Raza Bakhtayari

Ms. Iqra Sajjad (Secretary)

Chief Financial Officer

Mr. Muhammad Zuhair Damani

Company Secretary

Ms. Iqra Sajjad

Head of Internal Audit

Mr. Soban Waqar

Auditors and Tax Advisor

A.F. Ferguson & Co. Chartered Accountants

Legal Advisors

Sattar & Sattar

Shares Registrar

FAMCO Associates (Pvt.) Ltd

8-F, Next to Hotel Faran, Nursery, Block 6, P.E.C.H.S., Shahrah-e-Faisal,

Karachi - 75400

Tel : [phone]

Fax : [phone]

02

Tri-Pack Films Limited

Company Shares Department

Ubaid Hussain / Suman Kishore

Tel: [phone] Ext Nos: 237 & 233

Email: [e-mail]

Website

www.tripack.com.pk

Registered Office

4th Floor, The Forum, Suite No. 416-422,G-20, Block No. 9, Clifton, Khayaban-e-Jami, Karachi - 75600, Pakistan.

Tel: [phone]

Fax: [phone]

Regional Sales & Head Office

House No. 18 B, Sir Abdullah Haroon Road, Near Marriott Hotel, Karachi, Sindh

Tel: [phone] Fax: [phone]

Works - Karachi

Plot No. D-9 to D-14 & G-1 to G-4 North Western Industrial Zone, Port Qasim Authority, Karachi

Tel: [phone] Fax: [phone]

Works & Regional Sales Office - Hattar

Plot No. 68, 69, 78/1, Phase IV, Hattar Industrial Estate, Hattar, Khyber Pakhtunkhwa.

Tel: [phone] Fax: [phone]

Regional Sales Office

Unit No. 4, 17 Aziz Avenue, Canal Bank Road, Lahore, Punjab

Tel: [phone] Fax: [phone]

Banks
Al-Baraka Bank (Pakistan) Limited
Allied Bank Limted
Askari Bank Limited
Bank Alfalah Limited
Bank Al Habib Limited
Bank Islami Pakistan Limited
Dubai Islamic Bank (Pakistan) Limited	surname
Faysal Bank Limited
Habib Bank Limted
Habib Metropolitan Bank Limited
MCB Bank Limited	by
Meezan Bank Limited
order
Standard Chartered Bank (Pakistan) Limited
United Bank Limited	alphabeticalIn
Investment Company
National Bank of Pakistan
The Bank of Punjab
JS Bank Limited
Pak Kuwait Investment Company (Private)	*
Limited

Directors' Review

For the Half Year ended June 30, 2023

The Directors are pleased to present their review report together with the un-audited condensed interim financial information of the Company for the half year ended June 30, 2023.

Commitment to and compliance with the Safety, Health and Environment (SHE) policies, procedures and regulations remained of paramount importance throughout the period.

	Half Year ended June 30,
	2023		2022
Sales Volume (M. Tonnes)	19,188		25,726
Net Sales Value - (Rs Million)	11,527		11,881
Operating profit (Rs Million)	1,706		1,217
Interest cost (Rs Million)	359		508
Exchange loss (Rs Million)	99		27
Profit before tax (Rs Million)	1,271		734
Net Profit (Rs Million)	692		402
Earnings per share (Rs)	17.83		10.37

Overall economic & market conditions remained extremely strenuous, dip in local demand and supply issues due to the foreign exchange crisis faced by the country significantly impacted the local volumes. That forced us to look even more deeply at our internal efficiencies and pricing mechanism, which nicely paid off, as a result, our operating profit of Rs 1,706m was 40% higher compared to SPLY. Interest cost was lower due to aggressive management of working capital.

Rupee devaluation led to recognition of exchange losses to the tune of Rs 99m during first half of the year. The Company reported a profit before tax and net profit of Rs. 1,271 million and Rs. 692 million compared to Rs.734 million and Rs.402 million respectively in SPLY.

Super tax rates have been revised upwards under the Finance Act 2023.

During the first half of the year, we were graced with Diamond Award for "Employer's recognition in Skill Development" by the Employer's Federation of Pakistan on efforts in skill development, Training and Development of Youth/Future workforce. We have been awarded with the 20th Environmental Excellence Award 2022 by National Forum of Environment and Health (NFEH).

Future Outlook

The current uncertain economic and business conditions are expected to improve for the remainder of the year, however normalization would take some time as a result we expect total volumes including exports to be low in coming quarters along with margin normalization.

The project is progressing as per the scheduled timelines. We are facing slight delays in establishment of machinery LCs however, with the removal of restriction on imports we are hopeful that the delivery and commissioning timelines will be achieved without any major delays.

We express our immense gratitude to all our stakeholders for their continued support and trust in these trying times.

Nasir Jamal
Chief Executive Officer	Karachi, August 15, 2023
	03
	Half Year Report 2023

Independent Auditor's Review Report

To the members of Tri-Pack Films Limited

Report on Review of Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Tri-Pack Films Limited as at June 30, 2023 and the related condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the financial statements for the six-month period then ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review. The figures of the condensed interim statement of profit or loss and other comprehensive income for the quarters ended June 30, 2023 and 2022 have not been reviewed, as we are required to review only the cumulative figures for the six-month period ended June 30, 2023.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the audit resulting in this independent auditor's report is Syed Muhammad Hasnain.

Chartered Accountants

Karachi

Date: August 21, 2023

UDIN: RR202310073J2Ny9nSmI

04

Tri-Pack Films Limited