QUARTERLY REPORT MARCH

2023

Contents

02

Company

03

Information

Directors'

06

Review Report

Directors'

07

Review Report (Urdu)

Unconsolidated Condensed interim

Statement of Financial Position

08

Unconsolidated Statement of Profit

or Loss and Other Comprehensive

Income

09

Unconsolidated Condensed interim

10

Statement of Changes in Equity

Unconsolidated Condensed interim

Statement of Cash Flows

11

Selected Notes to the Unconsolidated

StatementsCondensed interim Financial

23

Consolidated

Financial Statements

MARCH 2023 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

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 QUARTERLY REPORT

Directors' Report to the Members

We are pleased to present the unconsolidated interim financial information of the company for the nine months period ended March 31, 2023. 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 3.6 billion i.e. 28% 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 65% and was Rs 639 million as compared to Rs 1.81 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 to 21%.

Following is the summary of financial results for the nine months period ended March 31, 2023:

March 31,

2023

2022

(Rupees in thousand)

Revenue

16,988,562

13,305,351

Cost of sales

(9,226,724)

(6,579,476)

Gross Profit

7,761,838

6,725,875

Operating expenses

(5,332,516)

(4,306,397)

Other operating expenses

(63,996)

(142,570)

Other income

753,760

1,189,586

Profit from operations

3,119,086

3,466,494

Finance cost

(2,340,660)

(1,345,070)

Profit before tax

778,426

2,121,424

Income tax expense

(139,005)

(311,486)

Profit after taxation

639,421

1,809,938

MARCH 2023 03

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Searle Company Ltd. published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 07:25:09 UTC.