PACKAGES LIMITED FORM - 7
SEC/107/PKGS | August 28, 2023 |
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi
SUB: FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 JUNE 2023
Dear Sir,
We are pleased to inform you that the Board of Directors of Packages Limited (the 'Company') in its meeting held on Friday, 25 August 2023 at 02:30 p.m. at the Company's head office and via Zoom has approved the condensed interim financial statements (unaudited) of the Company for the quarter and six-month period ended 30 June 2023 and recommended the following:
- CASH DIVIDEND NIL
- BONUS SHARES NIL
- RIGHT SHARES NIL
- ANY OTHER ENTITLEMENT / CORPORATE ACTION NIL
- ANY OTHER PRICE SENSITIVE INFORMATION Please refer below
The financial results of the Company for the captioned period are enclosed as Annexure 'A' (Unconsolidated) and Annexure 'B' (Consolidated).
Material Information
In accordance with Section 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of the Rule Book issued by the Pakistan Stock Exchange Limited, we hereby convey that the Board of Directors of the Company in the aforementioned meeting has accorded its approval for capital injection in and grant of a loan to StarchPack (Private) Limited, a wholly owned subsidiary of the Company (Annexure - 'C').
The half yearly report of the Company for the period ended 30 June 2023 will be transmitted through PUCARS separately, within the specified time and shall also be made available on Company's website www.packages.com.pk
Yours sincerely,
For PACKAGES LIMITED
Iqra Sajjad
Company Secretary
Encl: as above | ||
Director | Director | Director |
Company Law Division | Enforcement Department | Securities Market Division |
Securities and Exchange | Securities and Exchange | Securities and Exchange |
Commission of Pakistan | Commission of Pakistan | Commission of Pakistan |
NIC Building, Jinnah Avenue | NIC Building, Jinnah Avenue | NIC Building, Jinnah Avenue |
Blue Area, Islamabad | Blue Area, Islamabad | Blue Area, Islamabad |
Executive Director/HOD | ||
Offsite-II Department | ||
Supervision Division | ||
Securities & Exchange | ||
Commission of Pakistan | ||
63, NIC Building, Jinnah Avenue | ||
Blue Area, Islamabad |
Annexure - 'A'
PACKAGES LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2023
Three-month period ended | Six-month period ended | |||||||||
June 30, | June 30, | June 30, | June 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||||
Un-auditedUn-audited | Un-audited | Un-audited | ||||||||
(Rupees in thousand) | ||||||||||
Dividend income | 1,621,859 | 1,905,730 | 2,710,205 | 2,781,447 | ||||||
Rental income | 146,331 | 122,946 | 274,615 | 233,871 | ||||||
Operating revenue | 1,768,190 | 2,028,676 | 2,984,820 | 3,015,318 | ||||||
Administrative expenses | (206,957) | (183,639) | (396,195) | (344,540) | ||||||
Net impairment losses on financial assets | (5,989) | (1,712) | (6,001) | (3,483) | ||||||
Other expenses | (1,199,974) | (29,211) | (1,205,345) | (29,980) | ||||||
Other income | 85,728 | 48,254 | 137,406 | 91,292 | ||||||
Operating profit | 440,998 | 1,862,368 | 1,514,685 | 2,728,607 | ||||||
Finance cost | (372,408) | (108,160) | (570,319) | (260,827) | ||||||
Profit before taxation | 68,590 | 1,754,208 | 944,366 | 2,467,780 | ||||||
Taxation | (182,781) | (219,166) | (257,781) | (250,166) | ||||||
(Loss)/profit for the period | (114,191) | 1,535,042 | 686,585 | 2,217,614 | ||||||
Earnings per share in Rupees | ||||||||||
Basic | (1.28) | 17.17 | 6.97 | 24.10 | ||||||
Diluted | (1.28) | 16.02 | 6.97 | 23.29 | ||||||
` | Annexure - 'B' | |||||||
PACKAGES LIMITED AND ITS SUBSIDIARIES | ||||||||
CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) | ||||||||
FOR THE THREE AND SIX MONTH PERIOD ENDED JUNE 30, 2023 | ||||||||
Three month period ended | Six month period ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2023 | 2022 | 2023 | 2022 | |||||
(Rupees in thousand) | (Rupees in thousand) | |||||||
Revenue | 37,140,499 | 30,861,937 | 75,908,946 | 57,777,328 | ||||
Cost of sales and services | (26,584,608) | (23,598,580) | (55,590,701) | (44,830,165) | ||||
Gross profit | 10,555,891 | 7,263,357 | 20,318,245 | 12,947,163 | ||||
Administrative expenses | (1,088,740) | (994,404) | (2,203,884) | (1,805,072) | ||||
Distribution and marketing costs | (1,472,329) | (1,114,655) | (2,821,849) | (2,164,405) | ||||
Net impairment losses of on financials assets | (213,421) | (34,328) | (243,935) | (49,577) | ||||
Other expenses | (613,896) | (991,930) | (2,550,740) | (1,332,950) | ||||
Other income | 1,234,796 | 921,037 | 1,408,502 | 1,079,491 | ||||
Investment income | 346,909 | 328,432 | 346,909 | 328,432 | ||||
Share of net profit of associates and joint ventures | ||||||||
accounted for using equity method | 24,992 | 39,337 | 55,991 | 75,725 | ||||
Operating profit | 8,774,202 | 5,416,846 | 14,309,239 | 9,078,807 | ||||
Finance costs | (3,087,279) | (1,564,913) | (5,900,016) | (2,625,576) | ||||
Gains and losses relating to business combination | 2,856,984 | - | 2,856,984 | 1,993,637 | ||||
Profit before taxation | 8,543,907 | 3,851,933 | 11,266,207 | 8,446,868 | ||||
Taxation | (2,788,336) | (2,186,250) | (4,128,283) | (2,938,152) | ||||
Profit for the period | 5,755,571 | 1,665,683 | 7,137,924 | 5,508,716 | ||||
Profit attributable to: | ||||||||
Equity holders of the Parent Company | 5,314,984 | 1,603,414 | 6,677,941 | 5,273,584 | ||||
Non-controlling interests | 440,587 | 62,269 | 459,983 | 235,132 | ||||
5,755,571 | 1,665,683 | 7,137,924 | 5,508,716 | |||||
Earnings per share attributable to equity holders | ||||||||
of the Parent Company during the period | ||||||||
Basic | Rupees | 59.47 | 17.94 | 74.00 | 58.29 | |||
Diluted | Rupees | 54.83 | 16.72 | 69.16 | 54.61 |
Annexure - 'C'
DISCLOSURE FORM
INTERMS OF SECTIONS 96 AND 131 OF THE SECURITIES ACT, 2015
Name of Company | Packages Limited |
Date of Report | 28 August 2023 |
Name of Company as specified in the | Packages Limited |
Memorandum | |
Company's Registered Office | 4th Floor, The Forum |
Suite # 416-422,G-20, Block 9 | |
Khayaban-e-Jami, Clifton | |
Karachi-75600 | |
Contact Information | Tel: (021) 35860252 |
Disclosure of material information by listed company in terms of Section 96 and 131:
The Board of Directors of Packages Limited (the 'Company') in its meeting held on August 25, 2023 accorded its approval to inject capital of upto PKR 250 million (Rupees Two Hundred and Fifty Million Only) and to grant an interest bearing, unsecured long-term loan of upto PKR 750 million (Rupees Seven Hundred and Fifty Million Only) repayable over five years (including two years grace period) to its 100% wholly owned subsidiary StarchPack (Private) Limited (StarchPack), subject to compliance with applicable laws and fulfilment of applicable corporate and regulatory approvals, if any.
StarchPack is a wholly owned subsidiary of the Company and its business model is manufacturing and sale of corn-based starch products, its derivates and by-products.
Pursuant to the requirements of the Securities Act, 2015, the Company has duly caused this form/statement to be signed on its behalf by the undersigned hereunto duly authorized.
For and on behalf of
PACKAGES LIMITED
Iqra Sajjad
Company Secretary
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Packages Ltd. published this content on 28 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2023 03:10:01 UTC.
