HALF YEARLY REPORT DECEMBER

2022

Contents

02

Company

03

Information

Directors'

06

Review Report

Directors'

07

Review Report (Urdu)

Independent

08

Auditor's Review Report

Unconsolidated Condensed interim

Statement of Financial Position

09

Unconsolidated Statement of Profit

or Loss and Other Comprehensive

Income

10

Unconsolidated Condensed interim

11

Statement of Changes in Equity

Unconsolidated Condensed interim

Statement of Cash Flows

12

Selected Notes to the Unconsolidated

StatementsCondensed interim Financial

27

Consolidated

Financial Statements

DECEMBER 2022 01

Company Information

Board of Directors

Bankers

Mr. Adnan Asdar Ali

Chairman

Albaraka Bank (Pakistan) Limited

Mr. Munis Abdullah

Askari Bank Limited

Mr. S. Nadeem Ahmed

Chief Executive Officer

Bank Al Habib Limited

Mr. Zubair Razzak Palwala

Bank Alfalah Limited

Mr. Mufti Zia Ul Islam

Bank of Punjab

Dr. Atta Ur Rahman

Dubai Islamic Bank Pakistan Limited

Mrs. Shaista Khaliq Rehman

Faysal Bank Limited

Habib Bank Limited

Committees of the Board

Habib Metropolitan Bank Limited

Audit Committee

Meezan Bank Limited

Mrs. Shaista Khaliq Rehman

Chairperson

National Bank of Pakistan

Mr. Adnan Asdar Ali

Member

Soneri Bank Limited

Dr. Atta Ur Rahman

Member

Standard Chartered Bank (Pakistan) Limited

Summit Bank Limited

Human Resource &

Remuneration Committee

Mrs. Shaista Khaliq Rehman

Chairperson

Registered Office

Mr. Adnan Asdar Ali

Member

One IBL Centre, 2nd Floor, Plot # 1

Dr. Atta Ur Rahman

Member

Block 7 & 8, D.M.C.H.S, Tipu Sultan Road

Off Shahra-e-Faisal, Karachi

Chief Financial Officer

Tel:+92 21 37170200 - 01

Mr. Mobeen Alam

Company Secretary

Share Registrar

Mr. Zubair Razzak Palwala

CDC Share Registrar Services Limited

Head Office, CDC House, 99-B, Block 'B'

Auditors

S.M.C.H.S., Main Shahrah-e-Faisal

A. F. Ferguson & Co.

Karachi - 74400

Legal Advisors

Mohsin Tayebaly & Co.

02 HALF YEARLY REPORT

Directors' Report to the Members

We are pleased to present the unconsolidated interim financial information of the company for the half year ended December 31, 2022. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - 'Interim Financial Reporting'. The directors' report is prepared in accordance with section 227 of the Companies Act, 2017 and Chapter XII of the Listed Companies (Code of Corporate Governance) Regulations, 2019.

Financial highlights

Revenue of the company increased by Rs 2.2 billion i.e. 26% over the same period last year. However, due to the adverse macroeconomic conditions and its impact on the company, the net profitability of the company reduced by 57% and was Rs 542 million as compared to Rs 1.27 billion in the corresponding period last year.

The major reason for decrease in profitability was the decrease in gross margins of the company from 51% last year to 46% in the current period, mainly due to significant devaluation of Pakistani currency.

The other factor, which impacted the profitability of the company was the higher finance cost as the policy rate was increased multiple times during the year i.e. from 7% last year to prevailing 17%.

Following is the summary of financial results for the half year ended December 31, 2022:

December 31,

2022

2021

(Rupees in thousand)

Revenue

10,852,586

8,632,469

Cost of sales

(5,909,993)

(4,239,046)

Gross Profit

4,942,593

4,393,423

Operating expenses

(3,495,871)

(2,779,607)

Other operating expenses

(42,910)

(82,314)

Other income

699,068

787,300

Profit from operations

2,102,880

2,318,802

Finance cost

(1,487,919)

(821,831)

Profit before tax

614,961

1,496,971

Income tax expense

(72,576)

(225,975)

Profit after taxation

542,385

1,270,996

EARNINGS PER SHARE

Basic earnings per share after taxation for the period is Rs. 1.39 (December 31, 2021: Rs. 3.26). There is no dilution effect on the basic earnings per share of the Company, as the Company had no convertible dilutive potential ordinary shares outstanding as at December 31, 2022.

DECEMBER 2022 03

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Searle Company Ltd. published this content on 03 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 07:08:08 UTC.