LOADS LIMITED PASSION FOR PERFECTION
3RD QUARTERLY | Report to the Shareholders |
REPORT | FOR NINE MONTHS ENDED |
MARCH 31, 2024 |
Contents
Vision and Mission Statement | 02 |
Company Information | 03 |
Directors' Report to the Shareholders (English) | 04 |
Directors' Report to the Shareholders (Urdu) | 07 |
Condensed Interim Unconsolidated Statement of Financial Position (Un-audited) | 09 |
Condensed Interim Unconsolidated Statement of Profit or Loss Account (Un-audited) | 10 |
Condensed Interim Unconsolidated Statement of Comprehensive Income (Un-audited) | 11 |
Condensed Interim Unconsolidated Statement of Changes in Equity (Un-audited) | 12 |
Condensed Interim Unconsolidated Statement of Cash Flows (Un-audited) | 13 |
Notes to the Condensed Interim Unconsolidated Financial Statement (Un-audited) | 14 |
Condensed Interim Consolidated Statement of Financial Position (Un-audited) | 24 |
Condensed Interim Consolidated Profit or Loss Account (Un-audited) | 25 |
Condensed Interim Consolidated Statement of Comprehensive Income (Un-audited) | 26 |
Condensed Interim Consolidated Statement of Changes in Equity (Un-audited) | 27 |
Condensed Interim Consolidated Statement of Cash Flows (Un-audited) | 28 |
Notes to the Condensed Interim Consolidated Financial Statement (Un-audited) | 29 |
Loads Limited | 01 | Nine Month Ended Report 2024 |
Vision
"Seek innovation in quality, productivity &
technology to ensure sustainable growth of the
group and all the stakeholders."
Mission
"Satisfy customers with timely supplies of products confirming to quality standards at competitive prices."
Loads Limited | 02 | Nine Month Ended Report 2024 |
Company Information
Board of Directors | |
Syed Shahid Ali | - Chairman* |
Mr. Munir K. Bana | - Chief Executive |
Syed Sheharyar Ali | - Non-Executive Director |
Mr. Muhammad Mohtashim Aftab | - Non-Executive Director |
Mr. Shamim A. Siddiqui | - Executive Director |
Mr. M. Z. Moin Mohajir | - Independent Director |
Mrs. Rozina Muzammil | - Independent Director |
* Chairman is Non-Executive Director | |
Audit Committee | |
Mr. M. Z. Moin Mohajir | - Chairman |
Syed Sheharyar Ali | - Member |
Mr. Muhammad Mohtashim Aftab | - Member |
Mrs. Rozina Muzammil | - Member |
Human Resources & Remuneration Committee | |
Mrs. Rozina Muzammil | - Chairperson |
Mr. Munir K. Bana | - Member |
Syed Sheharyar Ali | - Member |
Mr. Muhammad Mohtashim Aftab | - Member |
Mr. Shamim A. Siddiqui | - Member |
Chief Operating Ocer
Syed Mehdi Hasnain
Chief Financial Ocer
Mr. Shamim A. Siddiqui
Company Secretary
Mr. Babar Saleem
Head of Internal Audit
Mr. Muhammad Anas
External Auditors
M/S. Yousuf Adil, Chartered Accountants
Legal Advisors
M/S. Altaf K. Allana & Co., Advocates
Symbol
Loads
Credit Rating
A1 - Short term
A - Long Term
Exchange
Pakistan Stock Exchange
Bankers
Al Baraka Bank (Pakistan) Limited
Bank AL Habib Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
JS Bank Limited
MCB Bank Limited
Meezan Bank Limited
National Bank of Pakistan Limited
Soneri Bank Limited
Askari Bank Limited
The Bank of Punjab
MCB Islamic Bank Limited
Subsidiaries and Associates
- Specialized Autoparts Industries (Private) Limited
- Multiple Autoparts Industries (Private) Limited
- Specialized Motorcycles (Private) Limited
- Hi-TechAlloy Wheels Limited
- Treet Corporation Limited
Registered Oce
Plot No. DSU-19, Sector II, Pakistan Steel Estate, Bin Qasim, Karachi.
Tel: +92-21 34740100 / 0302-8674683-9
E-mail:inquiry@loads-group.pk
Shares Registrar
M/s. CDC Share Registrar Services Limited
CDC House, 99-B,Block-B, S.M.C.H.S, Main Shahra-e-Faisal,
Karachi
Tel: Customer Support Services: 0800-23275
Fax: +92-21-34326053
E-mail: info@cdcpak.com
Registration with Authorities | |
Company Registration Number | 0006620 |
National Tax Number | 0944311-8 |
Sales Tax Number | 0205870801264 |
Website
www.loads-group.pk
Loads Limited | 03 | Nine Month Ended Report 2024 |
DIRECTORS' REVIEW
The Directors of your company present the Loads Group's nine months report together with financial statements for the nine months period ended March 31, 2024.
SUMMARY OF COMPARATIVE FINANCIAL RESULTS
Rupees in million | ||||||
nine months ended 31st March | ||||||
2024 | 2023 | Increase/(decrease)overpreviousperiod | ||||
Loads | Consolidated | Loads | Consolidated | Loads | Consolidated | |
Revenue - Net | 3,032 | 3,032 | 3,730 | 3,730 | ,(698) | (698) |
Gross Profit | 489 | 412 | 419 | 315 | 70 | 67 |
Operating Profit | 566 | 549 | 577 | 36 | (11) | 513 |
Share of Profit/(Loss) in associate | - | - | - | 0.6 | - | (0.6) |
Profit before Taxation | 159 | 85 | 102 | (552) | 57 | 637 |
Profit after Taxation | 46 | (193) | 24 | (636) | 22 | (443) |
Earnings per share (EPS) - basic & diluted (Rupees) | 0.18 | 0.59 | 0.10 | (2.05) | 0.08 | 2.64 |
BUSINESS REVIEW
Company Results
The Company's sales for nine months declined by 19%, due to slow down of the auto industry on account of sharp decline in the economy of the country.
The Company recorded decrease in Operating Profit of Rs. 11 million due to recognition of expected credit loss of Rs. 900 million on loan to its subsidiary, Hi-Tech Alloy Wheels Limited, partly oset by gain on disposal of Korangi factory land & building for a consideration of Rs. 1,053 million.
Markup expenses declined on account of partial debt retirement from the sale proceeds of above fixed assets. Consequently, Profit before Tax has improved by Rs. 57 million over previous period. Profit after Tax has therefore increase by 22 million. Therefore, current nine months period has reported earnings per share of 18 paisa, as against previous period's 10 paisa per share.
Group Results
The group has recorded sales of Rs. 3,032 million for 9 months period ended March 31, 2024, registering a decline of Rs. 698 million over previous period. The decrease is mainly due to downturn in auto industry on account of unstable economy, higher inflation, rupee devaluation and rising prices of automobiles.
During the period, the company has booked impairment of Rs. 750 million on the assets of its subsidiary, Hi-Tech Alloy Wheels Limited, due to inordinate delay in commencement of its operations.
Consolidated accounts registered a Profit before Tax of Rs. 85 million, as against previous period's Loss before Tax of Rs. 552 million on account of gain on disposal of assets. Loss after Taxation was Rs. 193 million, compared to Loss after Tax of Rs. 636 million in the previous period.
AUTOMOTIVE INDUSTRY
-
Passenger Cars / Light Commercial Vehicles (LCVs)/Jeeps (SUVs)
Sales of Cars, LCVs & SUVs for the nine months period ended March 31, 2024 declined from 110,898 units to 69,078 units (-38%) over corresponding period.
Loads Limited | 04 | Nine Month Ended Report 2024 |
- Heavy Commercial Vehicles
Heavy vehicle volumes declined from corresponding period's 3,382 units to 1,888 units, registering a decrease of 38%. Both the above decreases adversely impacted Company's sales as shown below. - Tractors
The tractor industry's sales increased by 66% over previous period, registering sales of 35,199 units in 2024 (2023: 21,233 units), on account of growth in Al-Ghazi Tractor volumes by 62% and Millat Tractors by 68%.
COMPANY'S SALES PERFORMANCE
The overall sales of the group for the nine months declined by 19% over the corresponding period. A product-wise analysis
Rs. in millions | |||
Products | Sales in nine months ended 31st March | ||
2024 | 2023 | % Change | |
Exhaust Systems | 1,862 | 2,241 | -17% |
Sheet Metal Components | 1,121 | 1,145 | -2% |
Radiators | 49 | 344 | -86% |
Total | 3,032 | 3,730 | -19% |
Comments on performance of various product groups are given below:
-
Exhaust Systems
Sales of exhaust systems declined by 17% on account of decline in sales of all major customers. - Sheet Metal Components
Sales of Sheet Metal Components declined by 2% on account of decline in sales of all major customers. - Radiators
Sales of radiators decreased by 86%, reflecting decline in sales of pickups and vans, as well as aftermarket sales.
PROSPECTS
The economy and the industry has been facing challenges of high inflation, low growth, paucity of foreign exchange, unprecedented depreciation of Pak Rupee, and hike in interest rate on borrowings.
As we set our sights on the future of auto industry, we approach it with a sense of cautious optimism. While the economic situation undergoes a realignment, the management of the Company remains confident that the operations of the business will remain sustainable.
ACKNOWLEDGEMENTS
The Board wishes to thank all the employees and customers for their continued support.
By order of the Board
Munir K. Bana | Rozina Muzammil | |
Chief Executive | Director |
Karachi: April 30, 2024
Loads Limited | 05 | Nine Month Ended Report 2024 |
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،ا���ا� 66 ����ت�����و��ى��ا����و���ا� 68 �ز���روا� 62 �����ىز�ا ۔��ڈر�ر�و����35,199 �(��21,233 :2023) 2024
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2023 | 2024 | |||
-17% | 2,241 | 1,862 | ||
-2% | 1,145 | 1,121 | ||
-86% | 344 | 49 | ||
-19% | 3,730 | 3,032 | ||
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2024 ��ا30 :�ا�
Loads Limited | 06 | Nine Month Ended Report 2024 |
۔����ٹر�ر�ہ���پو�زڈ����ںورا������ت��ہ���او����2024 چر� 31 ز��اڈ���پآ | |||||
2023 | 2024 | ||||
(698) | (698) | 3,730 | 3,730 | 3,032 | 3,032 |
67 | 70 | 315 | 419 | 412 | 489 |
513 | (11) | 36 | 577 | 549 | 566 |
(0.6) | - | 0.6 | - | - | - |
637 | 57 | (552) | 102 | 85 | 159 |
(443) | 22 | (636) | 24 | (193) | 46 |
2.64 | 0.08 | (2.05) | 0.10 | 0.59 | 0.18 |
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�ض��� �و��ا���،��ذ�ا۔��و�ن�ٹ������ور� 11 ۔��ڈر�ر���ور�����آ��
��� ۔��ر���ر��1,053 �ر�ىو�����او�����ف��تر�روا�ارا�ى��ر�،�900
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��� 18 �ت��ہ��ہد��،ا�۔�ا���ا�� 22 ����زا�۔� 57 ����ت���۔�ا���ا��ور ۔��������10 �ت�����،�����آ
���ت���۔��جرد���ور� 3,032 ��ت��ہ� 9 �او���� 2024 چر� 31 ۔��ڈر�ر�و���ور�پو� ۔�ى��ى��ا�آ��و�ں������ں�ڑ�روا��ر���ور،رزطا�ا�،����ر�ىد���۔�698 �
��ز�آ���آ�سا،� 750 �ں��ا�� �و��ا���،��ذ�سا۔����ا���ور��،نارود�ت�سا
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(SUVs)�/(LCVs)ں�ڑ���� | /�ر��� | |||
69,078 ������ | 110,898 ���� | ت��ا�و�� SUVs روا LCVs ،ںور��� | ت��ہ���او�� | �� 2024 چر� 31 |
۔�ہر(%38-)�� |
Loads Limited | 07 | Nine Month Ended Report 2024 |
Condensed Interim
Unconsolidated
Financial Statements
Loads Limited | 08 | Nine Month Ended Report 2024 |
Condensed Unconsolidated Interim Statement of Financial Position (Un-audited)
As at March 31, 2024
Note |
ASSETS |
Non-current assets |
31 March | 30 June | ||
2024 | 2023 | ||
(Un-audited) | (Audited) | ||
(Rupees) | |||
Property, plant and equipment | 7 |
Intangible assets | |
Long term investments | 8.1 |
Long term loans | |
Deferred tax assets | |
Current assets | |
Stores, spares and loose tools | |
Stock-in-trade | 9 |
Trade debts - net | 10 |
Loans and advances | 11 |
Deposits, prepayments and other receivables | 12 |
Due from related parties | |
Taxation - net | |
Short term investments | 8.2 |
Cash and bank balances | 13 |
Assets held for sale | 14 |
Total assets | |
EQUITY AND LIABILITIES | |
Share capital and reserves | |
Authorised share capital | |
400,000,000 ordinary shares of Rs. 10 each | |
Issued, subscribed and paid-up capital | 18 |
Share premium | |
Fair value reserve of equity securities - FVOCI | |
Accumulated loss | |
LIABILITIES | |
Non-current liabilities | |
Long term loans | |
Lease liabilities | |
Defined benefit obligation - net | |
Current liabilities | |
Current maturity of lease liabilities | |
Current portion of long term loans | |
Short term borrowings | 15 |
Due to related party | 16 |
Trade and other payables | 17 |
Unclaimed dividend | |
Accrued mark-up and profit | |
Total equity and liabilities | |
CONTINGENCIES AND COMMITMENTS | 19 |
515,190,419
472,904
300,000,000
9,653,513
682,186,439
1,507,503,275
60,440,411
909,405,624
657,187,284
175,408,877
181,024,396
2,312,254,280
345,872,390
11,039,202
10,011,225
4,662,643,689
-
4,662,643,689
6,170,146,964
4,000,000,000
2,512,500,000
1,070,065,433
(87,687,044)
(441,537,009)
3,053,341,380
92,199,557
20,151,209
24,682,445
137,033,211
8,739,942
194,812,009
799,876,773
725,041,812
1,113,085,326
3,514,023
134,702,488
2,979,772,373
6,170,146,964
752,501,724
1,504,305
376,587,215
5,943,868
593,795,682
1,730,332,794
47,488,133
1,054,302,685
424,653,384
88,419,311
131,980,166
2,580,326,357
360,391,679
792,172
14,594,247
4,702,948,134
54,181,224
4,757,129,358
6,487,462,152
4,000,000,000
2,512,500,000
1,070,065,433
(124,505,375)
(487,694,513)
2,970,365,545
228,096,764
24,331,998
29,052,445
281,481,207
7,001,267
173,389,039
1,878,992,218
254,800,890
811,034,606
3,527,781
106,869,599
3,235,615,400
6,487,462,152
The annexed notes from 1 to 27 form an integral part of these condensed interim unconsolidated financial statements.
Chief Financial Ocer | Chief Executive | Director |
Loads Limited | 09 | Nine Month Ended Report 2024 |
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Loads Ltd. published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 04:24:07 UTC.
