Board of Directors
Mr. Tariq Moinuddin Khan - Chairman
Ms. Nusrat Munshi - Managing Director and Chief Executive Ocer
Mr. Zafar Iqbal Sobani - Independent Director
Mr. Shauzab Ali - Independent Director
Mr. Kamran Nishat - Non - Executive Director
Mr. Muhammad Kamran Nasir - Non - Executive Director
Mr. Mahmud Yar Hiraj - Non - Executive Director
Mr. Muhammad Kamran Mirza - Non - Executive Director
Human Resource and Remuneration Commiee
Mr. Shauzab Ali - Chairman
Mr. Kamran Nishat - Member
Mr. Muhammad Kamran Nasir - Member
Ms. Nusrat Munshi - Member
Mr. Mahmud Yar Hiraj - Member
Mr. Muhammad Kamran Mirza - Member
Board Audit Commiee
Mr. Zafar Iqbal Sobani-Chairman
Mr. Kamran Nishat - Member
Mr. Muhammad Kamran Nasir - Member
Mr. Mahmud Yar Hiraj - Member
Mr. Muhammad Kamran Mirza - Member
Bankers
Allied Bank Limited
Bank Al Habib Limited
Bank Alfalah Limted
Bank Islami Pakistan Limited
Dubai Islamic Bank
Faysal Bank Limited
Habib Bank Limited
Board Strategy Commiee
Mr. Kamran Nishat - Chairman
Mr. Muhammad Kamran Nasir - Member
Ms. Nusrat Munshi - Member
Mr. Mahmud Yar Hiraj - Member
Mr. Muhammad Kamran Mirza - Member
Chief Financial Ocer
Mr. Junaid Aslam
Head of Internal Audit
Syed Shah Hussain Qadri
Company Secretary
Mr. Umair Mukhtar
Habib Metropolitan Bank Limited IS Bank Limited
MCB Islamic Bank Limited
MCB Limited
Mezan Bank Limited
National Bank of Pakistan
The Bank of Punjab
ASCEND
3RD QUARTERLY REPORT SEPTEMBER 2023
Directors' Review to the Members
On behalf of the Board of Directors, we are pleased to present the Company's standalone and consolidated condensed financial statements for the nine (9) months ended September 30, 2023.
Operating Results of the Company
The revenue of the Company is recorded at PKR 9.8 billion with a phenomenal growth of 35% over the same period last year. The continued penetration of our leading brands in the domestic market registered an increase of 27%, and sales to Afghanistan have grown by 42%. However, the encouraging growth in revenue could not be fully translated to the gross margins mainly due to massive devaluation of local currency and significant rise in cost of production and operations.
Marketing and Selling expenses increased in line with the sales growth of the Company. The management effectively contained administrative expenses despite substantial increase in volume and cost of doing business. Other expenses have increased mainly due to exchange loss on account of PKR devaluation. Other income has increased mainly because of dividend received from the subsidiary Company, OBS AGP (Private) Limited. Finance cost remained high because of long-term financing obtained for equity investment in the subsidiary company, OBS Pakistan (Private) Limited. Resultantly, despite tough economic environment, the Company managed to record an encouraging net profit of PKR 852 million, resulting in earnings per share of PKR 3.04.
The performance of the subsidiaries has been promising during the period under review with OBS AGP (Private) Limited achieving a topline of PKR 3.3 billion with a gross profit of PKR 1.7 billion and a net profit of PKR 240 million and OBS Pakistan (Private) Limited attaining a topline of PKR 1.1 billion with a gross profit of PKR 679 million and a net profit of PKR 231 million.
The consolidated topline performance has achieved new heights of PKR 13 billion for the nine (9) months ended September 30, 2023. With this encouraging sales momentum, the consolidated gross profit and net profit reached at PKR 6.7 billion and PKR 1.1 billion respectively. The consolidated net profit attributable to the Company stood at PKR 973 million, resulting in earnings per share of PKR 3.47.
Strategic Outlook
During the period under review, the economic adversaries such as currency devaluation of more than 40% and a rise in inflation by almost 32%, have adversely impacted the business environment of the country. However, over the last few weeks, some stability is observed in macroeconomic factors particularly appreciation of the local currency. General inflation may also rebound with the decrease in fuel prices. This upturn is anticipated to signify a restored business confidence.
Going forward, economic environment is expected to remain challenging and accordingly, we will remain abundantly cautious to the evolving circumstances. AGP will make endeavors to continue increasing our
market share across various therapeutic classes through proficient marketing strategies and efficient resource allocation. The Company is expected to remain resolute in preserving its competitive market position on the back of its robust portfolio and achieve economies of scale through launches of new products, line extensions and internalization of certain brands newly acquired via its subsidiary companies.
Awards and Achievements
Pleased to announce that AGP has secured 2nd position in the pharmaceutical category of the Best Corporate Report Awards arranged by ICAP and ICMAP for the year 2022. The consistency of recognition amongst top 3 players for the past 4 years goes on to prove Company's strong governance, adoption of best corporate practices, and transparent disclosure of information. The Company also achieved the 3rd position in the "Best Place to Work Awards" in the pharmaceutical industry which is an initiative by Pakistan Society of Human Resource Management organized by Engage Consulting, a leading HR Consultancy firm.
Acknowledgment
We extend our sincere appreciation to all stakeholders for their unwavering trust and support in the Company. We also extend our heartfelt gratitude to our hardworking and dedicated employees who exemplify the Company's vision and tirelessly work towards its realization, thereby contributing to the improved accessibility of quality healthcare for the society at large.
______________________ | |
Nusrat Munshi | Muhammad Kamran Mirza |
Chief Executive Officer | Non-Executive Director |
UNCONSOLIDATED
CONDENSED INTERIM
FINANCIAL STATEMENTS
(UN-AUDITED)
FOR THE QUARTER ENDED
SEPTEMBER 30, 2023
AGP LIMITED | |||
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION | |||
AS AT 30 SEPTEMBER 2023 | |||
30 September | 31 December | ||
2 0 2 3 | 2 0 2 2 | ||
(Unaudited) | (Audited) | ||
Note | ----------(Rupees in '000)-------- | ||
ASSETS | |||
NON-CURRENT ASSETS | |||
Property, plant and equipment | 4 | 3,479,585 | 3,177,562 |
Intangible assets | 5 | 18,217,205 | 8,907,053 |
Long-term deposits and receivables | 38,517 | 27,158 | |
21,735,307 | 12,111,773 | ||
CURRENT ASSETS | |||
Stores, spares and loose tools | 10,005 | 9,207 | |
Stock-in-trade | 6 | 3,117,864 | 2,237,294 |
Trade debts | 7 | 2,095,672 | 1,357,120 |
Advances | 8 | 459,104 | 268,247 |
Trade deposits, prepayments and other receivables | 9 | 211,646 | 241,105 |
Taxation - net | 29,138 | - | |
Short-term investments | 120,000 | 106,000 | |
Cash and bank balances | 10 | 160,835 | 216,532 |
6,204,264 | 4,435,505 | ||
TOTAL ASSETS | 27,939,571 | 16,547,278 | |
EQUITY AND LIABILITIES | |||
Issued, subscribed and paid-up capital | |||
Share capital | 2,800,000 | 2,800,000 | |
Revenue reserve - unappropriated profits | 8,160,323 | 7,747,448 | |
10,960,323 | 10,547,448 | ||
Non-controlling interest | 992,388 | 583,623 | |
11,952,711 | 11,131,071 | ||
NON-CURRENT LIABILITIES | |||
Long-term financings | 11 | 6,971,461 | 1,868,563 |
Deferred grant | 1,163 | 591 | |
Gas infrastructure development cess | 6,947 | 7,405 | |
Deferred tax liabilities - net | 175,687 | 131,312 | |
7,155,258 | 2,007,871 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 12 | 5,560,998 | 1,778,347 |
Unclaimed dividends | 1,917 | 1,795 | |
Taxation - net | - | 78,444 | |
Accrued interest | 278,636 | 129,752 | |
Short-term borrowings | 1,886,428 | 689,082 | |
Current maturity of non-current liabilities | 1,103,623 | 730,916 | |
8,831,602 | 3,408,336 | ||
CONTINGENCIES AND COMMITMENTS | 13 | ||
TOTAL EQUITY AND LIABILITIES | 27,939,571 | 16,547,278 | |
The annexed notes 1 to 27 form an integral part of these condensed interim financial statements. |
________________________ | ________________________ | ________________________ |
Chief Financial Officer | Chief Executive Officer | Director |
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
AGP Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 10:30:10 UTC.