Searle : Transmission of Quarterly Report for the Period Ended 2023-03-312023-03-31
May 02, 2023 at 03:26 am EDT
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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.
The Searle Company Limited is a Pakistan-based company, which is engaged in the manufacture of pharmaceuticals and other consumer products. The Companyâs product categories include pharmaceutical, biopharmaceutical, nutraceutical, nutrition, consumer, and medical devices and disposables. The Company's product portfolio in the pharmaceutical range includes therapeutic areas, such as cardiovascular, respiratory care, gastroenterology, pain management, central nervous system (CNS), ortho care, neuropsychiatry, probiotics, antibiotics, and nutritional care. Its pharmaceutical products include Analgesic & Muscle-Relaxant, Anti-Allergy & Anti-Tussive, Anti-Anemic, Anti-Chelating, Anti-infective, Anti-Neoplastic, Anti-Thrombotic, Cardiovascular, Endocrinology & Metabolism. It also focuses on specialty generic branded portfolios and targeting differentiated products. Its subsidiaries include IBL HealthCare Limited, Searle Pharmaceuticals (Private) Limited, and others.