GHANDHARA INDUSTRIES LIMITED Half Yearly Report
December
2022 The real power to drive
Content
Company Information | 02 |
Directors' Review | 03 |
Auditor Review Report | 05 |
Condensed Interim Statement of Financial Position | 07 |
Condensed Interim Statement of Profit or Loss Account and | |
Other Comprehensive Income | 08 |
Condensed Interim Statement of Changes in Equity | 09 |
Condensed Interim Statement of Cash Flows | 10 |
Notes to the Condensed Interim Financial Statements | 11 |
Consolidated Condensed Interim Statement of Financial Position | 18 |
Consolidated Condensed Interim Statement of Profit or Loss and | |
Other Comprehensive Income | 19 |
Consolidated Condensed Interim Statement of Changes in Equity | 20 |
Consolidated Condensed Interim Statement of Cash Flows | 21 |
Notes to The Consolidated Condensed Interim Financial Statements | 22 |
Company Profile
Board of Directors | Legal Advisors | |
Mr. Ali Kuli Khan Khattak | Chairman | S. Abid Sherazi & Co. |
Mr. Ahmad Kuli Khan Khattak | CEO/Director | Ahmed and Qazi |
Mr. Muhammad Kuli Khan Khattak | Director | Hassan & Hassan (Advocates) |
Mrs. Shahnaz Sajjad Ahmad | Director | Share Registrar |
Maj. (R) Muhammad Zia | Director | |
Mr. Sohail Hameed | Ind. Director | CDC Share Registrar Services Limited |
Mr. Shahid Kamal Khan | Ind. Director | CDC House, 99-B, Block 'B', |
Audit Committee | S.M.C.H.S. Main Sharah-e-Faisal | |
Karachi-74400 | ||
Mr. Sohail Hameed | Chairman | Bankers |
Maj. (R) Muhammad Zia | Member | |
Mr. Shahid Kamal Khan | Member | National Bank of Pakistan |
Mr. Shahnawaz Damji, ACA | Secretary | Al-Baraka Bank (Pakistan) Ltd. |
Human Resource & | JS Bank Ltd. | |
The Bank of Punjab | ||
Remuneration Committee | MCB Islamic | |
Mr. Shahid Kamal Khan | Chairman | Bank Alfalah Ltd. |
Mr. Ahmad Kuli Khan Khattak | Member | Bank Islami Pakistan Ltd. |
Maj. (R) Muhammad Zia | Member | Bank Al Habib Ltd. |
Mr. Sohail Hameed | Member | Samba Bank Limited |
Mr. Shahrukh Asghar | Secretary | Habib Metropolitan Bank Limited |
Chief Financial Officer | Registered Office | |
Mr. Muhammad Aamir, FCA | F-3, Hub Chowki Road, S.I.T.E. | |
Company Secretary | Post Box No. 2706, Karachi - 75730 | |
Website: www.gil.com.pk | ||
Mr. Talha Ahmed Zaidi, ACA |
Email: info@gil.com.pk
Auditors
M/s. ShineWing Hameed Chaudhri & Co. Chartered Accountants
5th Floor, Karachi Chambers Hasrat Mohani Road, Karachi
2 GHANDHARA INDUSTRIES LIMITED
Directors' Review
The Directors of your Company take pleasure to present the unaudited standalone and consolidated condensed interim financial statements for the half year ended December 31, 2022.
Market Share and Company's Performance
Unprecedented political situation and resultant economic upheaval have resulted in significant decline of 36% in overall truck and bus market during the half year ended December 31, 2022 as compared to corresponding period of last year. In line with the market trend in overall truck and bus market, the Company's sale units have also decreased during the period by 40% as compared to same period of last year. Based on the information available with the Pakistan Automotive Manufacturers Association, the Company, continued to retained its 1st position in overall market during the half year ended December 31, 2022 and its market share stood at approximately 43%.
The standalone and consolidated results for the half year are as follows:
STANDALONE | CONSOLIDATED | ||||
Half Year ended December, 31 | |||||
2022 | 2021 | 2022 | 2021 | ||
Rupees in 000 | |||||
Sales | 7,949,851 | 11,583,417 | 7,949,851 | 11,583,417 | |
Gross profit | 1,068,159 | 1,921,061 | 1,068,159 | 1,921,061 | |
Profit from operations | 548,816 | 1,331,983 | 548,700 | 1,331,860 | |
Profit before taxation | 195,268 | 1,172,319 | 195,353 | 1,172,391 | |
Profit after taxation | 105,609 | 958,138 | 105,671 | 958,190 | |
Earnings per share ‐ basic and diluted (Rupees) | 2.48 | 22.49 | 2.48 | 22.49 |
Operating results
Due to prevailing political and economic uncertainties and supply chain disruptions, overall industry is facing operational and financial issues. Despite tough market conditions, the Company has managed to post net revenues of Rs. 7.9 billion with gross profit of Rs. 1.1 billion during the half year ended December 31, 2022 as compared to net revenues of Rs. 11.5 billion with gross profit of Rs. 1.9 billion during comparative period of last year.
Future outlook
Business sector of Pakistan is expected to face continued challenges which are expected to be eased out when import restrictions are lifted by banks. Further the Company is striving to adopt counter strategies for continued operations and favorable financial results.
Acknowledgement
The board acknowledges the trust and confidence in the Company and its products by the shareholders, valued suppliers, customers, dealers and bankers and appreciate their co-operation and support during these unusual circumstances. The Board is pleased to record its appreciation for the continued diligence and devotion of the employees. The Board takes this opportunity to thank the Company's principals Isuzu Motors Limited, Isuzu Motors Company (Thailand) Limited and Isuzu Motors International Operations (Thailand) Company Limited and the trading house Marubeni Corporation for their continued support and assistance.
By order of the Board
Ali Kuli Khan Khattak | Ahmad Kuli Khan Khattak |
Chairman | Chief Executive Officer |
Karachi | |
February 24, 2023 |
HALF YEARLY REPORT DECEMBER 22 3
4 GHANDHARA INDUSTRIES LIMITED
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Ghandhara Industries Ltd. published this content on 01 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2023 08:48:14 UTC.
