CITI PHARMA | |||
Email: info@citipharma.com.pk Website: https://www.citipharma.com.pk | Tel: 042 - 35316587 Address: 588-Q, Johar Town Lahore |
TABLE OF CONTENTS Company Information
Company Information 3
Director's Report 4
Financial Statements 8
DIRECTORS' REPORT
We are pleased to present the unaudited condensed interim financial statements of the Company for the half year ended March 31, 2025. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 'Interim Financial Reporting' and the director report is prepared in accordance with section 227 of Companies Act, 2017 and Chapter XII of the Listed Companies (Code of Corporate Governance) Regulations, 2019.
COMPOSITION OF BOARD
The total number of directors are 7 as the following:
Male 5
Female 2
Sr. No. | Category | Name |
1 | Independent Director |
|
2 | Executive Director |
|
3 | Non-Executive Director |
|
FINANCIAL HIGHLIGHTS
Despite a challenging macroeconomic environment and inflationary pressures, the Company has demonstrated operational resilience and maintained steady growth in key financial indicators. Net Sales for the nine months period stood at PKR 10.1 billion, reflecting an increase of 6.32% as compared to PKR 9.5 billion reported during the corresponding period of the previous year. Gross Profit (GP) increased to PKR 1,456 million, compared to PKR 1,343 million in the same period last year, marking an improvement of 8.41%. The gross profit margin has shown stability due to effective cost control measures, better procurement strategies and operational efficiencies. Earnings Per Share (EPS) for the period under review, stood at PKR 2.97 which is marginally lower than PKR 2.98 recorded in the same period last year. This slight decrease is due to one-off Selling and distribution costs incurred to support future expansion of the commercial department which is expected to yield long-term benefits.
FUTURE CHALLENGES & PROSPECTS
Despite these challenges, Citi Pharma Limited is optimistic about the future and is actively pursuing several strategic initiatives aimed at reinforcing its market position and unlocking new growth avenues. The Company is focused on expanding its manufacturing footprint, including investments in new production lines and high-margin therapeutic segments such as oncology and biosimilars.
The Company is enhancing the capabilities of its Commercial Department to drive market penetration, customer retention and product visibility. A structured approach to market intelligence, pricing strategies and customer engagement is being implemented to maximize revenue and margin growth. Additionally, new distribution channels and export markets are being explored to diversify and expand the revenue base.
We are very much thankful for the cooperation and continuous support provided by the Regulatory Authorities, Shareholders, our Customers, Vendors, Employees and other stakeholders.
For and on behalf of the Board
(Rizwan Ahmad) (Nadeem Amjad) Chief Executive Officer Director
Lahore
Dated: April 30, 2025
CITI PHARMA LIMITED | |||
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION | |||
AS AT MARCH 31,2025 | |||
March 31, 2025 | June 30 , 2024 | ||
(Un-audited) | (Audited) | ||
Note | Rupees | ||
EQUITY AND LIABILTIES | |||
SHARE CAPITAL AND RESERVES | |||
Authorized Capital: | |||
300,000,000 Ordinary shares of Rs. 10/ each | 3,000,000,000 | 3,000,000,000 | |
Share Capital and Reserves: | |||
228,461,200 ( June 2024: 228,461,200 ) Ordinary Shares Of Rs. 10/ Each | 4 | ||
Share Premium | |||
Revenue Reserves-Unappropriated Profits | |||
Revaluation Surplus On Land | |||
NON-CURRENT LIABILITIES | |||
Long Term Financing - Secured | 5 | ||
Deferred Liabilities | |||
Deferred Grant | |||
Lease Liabilities | |||
CURRENT LIABILITIES | |||
Trade and Other Payables | |||
Due to Related Parties | |||
Short Term Borrowings-Secured | |||
Current Portion of Long Term Liabilities-Secured | |||
Dividend Payable | |||
Accrued Mark Up | |||
Provision For Taxation | |||
Contingencies and Commitments | 6 | ||
TOTAL EQUITY AND LIABILITIES | |||
ASSETS | |||
NON CURRENT ASSETS | |||
Property, Plant and Equipment | 7 | ||
Capital Work in Progress | |||
Long Term Security Deposits | |||
Long Term Advance | |||
CURRENT ASSETS | |||
Stock in Trade | |||
Trade Debts- Unsecured | |||
Advances Deposits, Prepayments and Other Receivables | |||
Short Term Investments | |||
Cash And Bank Balances | |||
TOTAL ASSETS | |||
2,284,612,000 | 2,284,612,000 | |
1,391,532,000 | 1,391,532,000 | |
1,584,034,793 | 1,647,690,917 | |
309,294,525 | 309,294,525 | |
5,569,473,318 | 5,633,129,442 | |
- | - | |
231,875,049 | 206,710,153 | |
- | - | |
22,490,146 | - | |
254,365,195 | 206,710,153 | |
4,459,171,395 | 3,563,513,261 | |
3,272,000 | 43,420,000 | |
2,909,827,624 | 1,393,095,588 | |
7,159,574 | 18,865,031 | |
2,502,154 | 1,389,901 | |
40,375,023 | 71,473,816 | |
355,951,551 | 470,831,450 | |
7,778,259,321 | 5,562,589,047 | |
- | - | |
13,602,097,834 | 11,402,428,642 | |
3,358,855,928 | 3,399,650,337 | |
280,162,640 | 152,599,615 | |
28,985,917 | 20,217,776 | |
254,540,900 | 254,540,900 | |
3,922,545,385 | 3,827,008,628 | |
4,099,096,256 | 3,203,374,300 | |
3,501,606,184 | 2,160,059,406 | |
759,508,605 | 817,795,801 | |
1,288,619,743 | 1,306,290,577 | |
30,721,661 | 87,899,930 | |
9,679,552,449 | 7,575,420,014 | |
13,602,097,834 | 11,402,428,642 | |
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer Chief Financial Officer Director
CITI PHARMA LIMITED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2025Notes
Three month ended Nine Months Ended March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024---------------------------------------------Rupees---------------------------------------------
Sales- Net | 3,341,107,922 | 3,558,873,609 | 10,100,185,059 | 9,535,266,706 | |
Cost of Sales | (2,852,435,507) | (3,087,343,974) | (8,643,865,934) | (8,192,103,683) | |
Gross Profit | 488,672,415 | 471,529,635 | 1,456,319,125 | 1,343,163,023 | |
Administrative Expenses | 57,257,879 | 55,242,892 | 161,904,092 | 154,757,727 | |
Selling Expenses | 35,876,526 | 30,358,748 | 119,703,970 | 100,497,146 | |
(93,134,405) | (85,601,640) | (281,608,062) | (255,254,873) | ||
Operating Profit | 395,538,010 | 385,927,995 | 1,174,711,063 | 1,087,908,150 | |
Financial (Cost) /Income | (99,063,295) | (43,826,747) | (231,505,104) | (200,800,962) | |
296,474,715 | 342,101,248 | 943,205,959 | 887,107,188 | ||
Other Income/(Loss) | 8 | 23,173,268 | 49,340,992 | 165,818,206 | 312,952,864 |
319,647,983 | 391,442,239 | 1,109,024,165 | 1,200,060,051 | ||
Other Expenses | (25,431,096) | (26,569,358) | (80,335,099) | (82,062,737) | |
Profit before income taxes and | final tax | 294,216,887 | 364,872,881 | 1,028,689,066 | 1,117,997,315 |
Taxation - Final taxes | - | - | (4,004) | (255,970) | |
Profit before income tax | 294,216,887 | 364,872,881 | 1,028,685,062 | 1,117,741,345 | |
Taxation - Income tax | (73,841,712) | (153,527,794) | (349,842,286) | (436,344,074) | |
Profit after income tax | 220,375,175 | 211,345,087 | 678,842,776 | 681,397,271 | |
Earnings per share (EPS) - Basic and Diluted | 0.96 | 0.93 | 2.97 | 2.98 |
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer Chief Financial Officer Director
CITI PHARMA LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2025
Note
Three month ended
Nine Months Ended
Profit for the period
Other comprehensive income for the period
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
220,375,175 | 211,345,087 | 678,842,776 | 681,397,271 | |
- | - | - | - | |
ly | ||||
- | - | - | - | |
220,375,175 | 211,345,087 | 678,842,776 | 681,397,271 | |
---------------------------Rupees----------------------------
Item that will not be reclassified subsequent to Profit or Loss
Revaluation Surplus on Land
Total comprehensive income for the Period
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer Chief Financial Officer Director
CITI PHARMA LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2025
Note March 31, 2025 March 31, 2024
------------------Rupees------------------
CASH FLOW FROM OPEARTING ACTIVITIES | |||
Profit Before Taxation for the period Adjustments For Non- Cash Items And Other Line Items: | 1,028,689,066 | 1,117,997,315 | |
Depreciation | 119,267,634 | 92,441,621 | |
Financial Charges | 231,505,104 | 200,800,962 | |
Accrued Interest Income | (7,510,295) | (7,956,623) | |
Unrealized Gain/Loss on Investment in Shares | 4,536,958 | (44,791,780) | |
Amortization and Extinguishment of Deferred Grant | (582,494) | (1,521,831) | |
Gratuity Expense | - | 10,850,323 | |
Worker's Profit Participation Fund | 55,224,360 | 60,003,003 | |
Worker's Welfare Fund | 20,573,781 | 22,354,060 | |
423,015,049 | 332,179,735 | ||
Profit/ (Loss) before working capital changes | 1,451,704,115 | 1,450,177,050 | |
Effect of working capital changes | |||
Advances, Deposits And Prepayments | 52,129,049 | (44,172,154) | |
Trade Debts | (1,341,546,778) | 25,549,584 | |
Stock In Trade | (895,721,955) | (43,973,582) | |
Trade And Other Payables | 888,640,295 | 866,100,509 | |
(1,296,499,389) | 803,504,358 | ||
Financial Charges Paid | (262,603,897) | (219,790,127) | |
Income Tax Paid | (426,353,670) | (330,830,010) | |
Gratuity Paid | - | (244,050) | |
Worker's Profit Participation Fund | (68,780,302) | (54,091,160) | |
(757,737,869) | (604,955,347) | ||
Net cash flow from operating activities | A | (602,533,144) | 1,648,726,060 |
CASH FLOW FROM INVESTING ACTIVITIES | |||
Purchase Of Property, Plant & Equipment | (45,519,385) | (86,928,550) | |
Paid for Capital Work in Progress | (127,563,025) | (472,731,348) | |
Paid for Long Term Security Deposits | (8,768,141) | 3,060,900 | |
Short Term Investments | 19,815,262 | 52,829,364 | |
Net cash flow from investing activities | B | (162,035,289) | (503,769,634) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Long-term loans repaid | (12,859,000) | (44,108,110) | |
Due to Related Parties | (40,148,000) | (189,730,000) | |
Lease Rentals Paid | (8,727,657) | (2,857,977) | |
Dividend Paid | (741,386,647) | (569,763,099) | |
Short Term Borrowings | 1,516,732,035 | (285,669,691) | |
Net Cash flow From Investing Activities | C | 713,610,732 | (1,092,128,876) |
Net Increase/ (decrease) in cash and cash equivalents | A+B+C | (50,957,701) | 52,827,550 |
Cash and cash equivalents at beginning of the period | 1,278,333,631 | 1,411,532,062 | |
Cash and cash equivalents at end of the period | 1,227,375,930 | 1,464,359,612 | |
Cash and cash equivalents compromise of: Cash in hand | 2,601,846 | 454,055 | |
Cash at banks | 28,119,815 | 278,054,884 | |
Short Term Investments | 1,196,654,269 | 1,185,850,673 | |
1,227,375,930 | 1,464,359,612 | ||
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer
Chief Financial Officer
Director
CITI PHARMA LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE NINE MONTHS ENDED MARCH 31, 2025
STATUS AND NATURE OF BUSINESS
1.1
The company was incorporated as a private limited company in Pakistan under the Repealed Companies Ordinance, 1984 on October 08, 2012. The principal activity of the company is manufacturing and sale of pharmaceuticals, medical chemicals and botanical products. The company was converted into public unlisted company with effect from October 13, 2020 and was listed on Pakistan Stock Exchange on July 09, 2021. The registered office of the company is situated at 3 KM, Head Balloki Road, Phool Nagar, Kasur. The Head office of the company situated at 588 Q Block, Johar Town, Lahore.
BASIS OF PREPARATION
Statement of Compliance
This condensed interim financial information are unaudited and have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
-International Accounting Standard 34, 'Interim Financial Reporting, issued by International Accounting Standards Board
(IASB) as notified under the Companies Act, 2017; and
-Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
The Comparative condensed interim statement of financial position presented has been extracted from annual financial statements for the year ended June 30, 2024, whereas the comparative condensed interim profit or loss and condensed interim statement of other comprehensive income, condensed interim statement of cash flows and condensed interim statement of changes in equity have been extracted from un-audited condensed interim financial statements for the Nine months ended March 31, 2024.
Basis of Measurement
These condensed interim financial statements have been prepared under the historical cost convention using accrual basis of accounting, except for condensed interim statement of cash flows.
Functional and presentation currency
These financial statements are presented in Pakistan Rupees which is Company's functional currency.
Accounting Estimates and Judgement Used
The preparation of this condensed interim financial information in conformity with the approved accounting and reporting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
During preparation of this condensed interim financial information, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty are the same as those that apply to the financial statements for the year ended June 30, 2024.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of the annual audited financial statements for the year ended June 30, 2024.
Change in accounting standards, interpretations and amendments to published accounting and reporting standards
Amendments to approved accounting standards which are effective during the year ending June 30, 2024:
There are certain amendments to approved accounting standards which are mandatory for accounting periods beginning on or after July 1, 2024 but are considered not to be relevant or have any significant effect on the Company's financial reporting.
New standards and amendments to approved accounting standards that are effective for the Company's accounting periods beginning on or after July 1, 2024:
There is a new standard and certain amendments to approved accounting standards that will be mandatory for accounting periods beginning on or after July 1, 2024 but are considered not to be relevant or expected to have any significant effect on the Company's financial reporting.
CITI PHARMA LIMITED
CONDENSED INTERIM NOTES TO THE FINANCIAL STATEMENTS
March 31, 2025
June 30, 2024
FOR THE NINE MONTHS ENDED MARCH 31, 2025
Notes
(Un-audited)
(Audited)
------------------Rupees------------------
3,000,000,000
3,000,000,000
1,176,920,000
1,176,920,000
1,107,692,000
1,107,692,000
2,284,612,000
2,284,612,000
SHARES CAPITAL
Authorized share capital
300,000,000 Ordinary shares of Rs. 10/ each
Issued, subscribed and paid up capital
117,692,000 (June 2024: 117,692,000) Ordinary shares of Rs. 10 each, fully paid in cash
110,769,200 (June 2024: 110,769,200) Ordinary Share of Rs. 10 each issued as fully paid Bonus shares
-
12,859,000
-
12,859,000
-
(12,859,000)
-
-
LONG TERM FINANCING - SECURED
Finance of Machinery in SBP (TERF) from Bank Al-Habib Limited Current Portion shown under current liabilities
CONTINGENCIES AND COMMITMENTS
There has been no material change in the status of contingencies and commitments disclosed in note 15 to the Company's financial statements for the year ended June 30, 2024.
3,321,755,326
3,393,093,808
37,100,602
6,556,529
3,358,855,928
3,399,650,337
3,393,093,808
3,039,139,260
45,519,385
507,542,840
-
-
45,519,385
507,542,840
(116,857,867)
(153,588,292)
3,321,755,326
3,393,093,808
5,108,640
176,523,790
30,787,230
285,973,268
581,000
23,462,050
4,794,301
12,667,818
2,591,254
7,678,144
1,656,960
1,237,770
45,519,385
507,542,840
6,556,529
12,748,960
32,953,840
(3,642,639)
(2,409,767)
(2,549,792)
37,100,602
6,556,529
PROPERTY PLANT & EQUIPMENT
Operating fixed assets 7.1
Right of Use Assets 7.2
Operating Fixed Assets
Opening Written down value as at July 01
Addition during the period/year 7.1.1
Disposal during the period/year
Depreciation charged for the period/ year Closing written down value
Details of additions during the period/year as follows: Building on Freehold Land
Plant & Machinery
Vehicles
Office Equipments Furniture and Fixtures Computers
Right of Use Assets
Opening Balance
Addition/(Transfer) during the period/year Depreciation charged during the period/year Closing Balance
OTHER INCOME
March 31, 2025 March 31, 2024
------------------Rupees------------------
Bank Profits on Saving Accounts
1,495,852
2,156,043
Profits on Term Deposit Receipts (TDRs)
112,703,017
183,908,427
Dividend Income
26,693
7,105,773
Markup on Investment in Yaqeen Developers Limited (Related Party)
34,683,115
46,131,180
Un-Realized Gain on Investment in Shares- Net
-
44,791,780
Realized Gain on Investment in Shares- Net
16,327,034
11,136,524
Exchange Gain
-
16,201,306
Income from non-financial assets
Amortisation of Grant Income
582,494
1,521,831
165,818,206
312,952,864
TRANSACTION WITH RELATED PARTIES
The Related parties comprise principal shareholders and their affiliates, directors, companies with common directorship and key management personnel. Detail of transactions and balances at period end with related parties, other than those which have been disclosed elsewhere in these
condensed interim financial statements, are as follows:
Nature / name of related party and basis of relationship
Associated Companies
% of Shareholding Nature of Transactions
March 31, 2025 June 30, 2024 Rupees Rupees
------------------Rupees---------------
Associated Companies Relationship
Citi Technologies (Pvt.) Ltd. (Common Directorship) | - | Funds Received-Net Funds Paid-Net | 14,069,150 | -234,946,678 |
Payments on behalf of the Company | (301,000) | |||
Directors | ||||
Mr. Rizwan Ahmad (Directorship / CEO) | 19.5% | Loan obtained Loan repaid | 31,220,000 | -64,000,000 |
Mr. Nadeem Amjad | 26.0% | Loan obtained | - | |
(Directorship / Chairman) | Loan repaid | 8,928,000 | - |
March 31, 2025 March 31, 2024
------------------Rupees------------------
Yaqeen Developers Ltd. (Common Directorship) | - Markup Income | 34,683,115 | 46,131,180 |
Key Management Personal | Salaries and other short-term employee benefits | 85,707,898 | 66,583,184 |
UTILIZATION OF PROCEEDS FROM INITIAL PUBLIC OFFERING
The principal purpose of the issue was to increase the capacity in both segment of Active Pharmaceutical Ingredients (API), Formulation and to set up a state of the art, 200 bed hospital facility.
Estimated break-up of utilization of the IPO proceeds is mentioned below:
Description | Funds Required (Rupees) | Allocation (%) | Actual Expenditure (Rupees) | Excess/ (Less) Incurred (Rupees) |
API Segment Civil Works | 150,000,000 | 7% | 150,000,000 | - |
Procurement of Plant and Machinery | 405,194,500 | 20% | 405,194,500 | - |
555,194,500 | 27.28% | 555,194,500 | - | |
Formulation Segment Civil Works | 250,000,000 | 12% | 250,000,000 | - |
Procurement of Plant and Machinery | 307,630,000 | 15% | 307,630,000 | - |
557,630,000 | 27.40% | 557,630,000 | - | |
Hospital Facility Civil Work of Hospital Building (incl. Electrical and Mechanical work) | 668,000,000 | 33% | - | (668,000,000) |
Plant and Machinery for Hospital | 254,551,500 | 13% | - | (254,551,500) |
922,551,500 | 45.33% | - | (922,551,500) | |
Utilization of Excess Proceeds Repayment of Borrowings | 54,197,497 | 19% | 54,197,497 | - |
Working Capital Requirement | 108,902,639 | 37% | 108,902,639 | - |
IPO Expenses | 127,667,864 | 44% | 127,667,864 | - |
290,768,000 | 100% | 290,768,000 | - | |
FINANCIAL RISK MANAGEMENT AND FAIR VALUE DISCLOSURES |
Financial risk management information and disclosures
These condensed interim financial statements do not include all financial risk management information and disclosures which are required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended June 30, 2023. There have been no change in any risk management policies since the year end.
Fair Value of Financial Instrument
IFRS - 13 Fair Value Measurement establishes a single source of guidance under the IFRS for the fair value measurements and disclosures about the fair value measurement where such measurements are required as permitted by other IFRSs. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an ordinary transaction between market participants at the measurement date (i.e. an exit
The table below analyses financial instruments carried at fair value by valuation method. The different levels have been defined as follows:
Level 1: quoted prices in active markets for identical assets or liabilities;
Level 2: those involving inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and
Level 3: those with inputs for the asset or liability that are not based on observable market data(unobservable inputs).
Level 1 Level 2 Level 3 Total
March 31, 2025
Financial assets - fair value through profit or loss
84,455,179 - - 84,455,179
- Short-term investment
March 31, 2024
Financial assets - fair value through profit or loss
- Short-term investment 124,317,800 - - 124,317,800
SEGMENT REPORTING
The chief operating decision maker (i.e. the Board of Directors) consider the whole business as one operating segment.
DATE OF AUTHORIZATION FOR ISSUE
These condensed interim financial statements were authorized for issue on April 30,2025 by the board of directors of the company.
GENERAL
The figures have been rounded off to the nearest rupees.
Corresponding figures have been rearranged, and reclassified, where necessary, for better presentation and disclosure.
Chief Executive Officer Chief Financial Officer Director