CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2024
CITI PHARMA
Email: info@citipharma.com.pk | Tel: 042 - 35316587 |
Website: www.citipharma.com.pk | Address: 588-Q, Johar Town Lahore |
TABLE OF CONTENTS | |
Company Information | |
Company Information ---------------------------------------------------------------------------------------------------- | 3 |
Director's Report ---------------------------------------------------------------------------------------------------------- | 4 |
Auditor's Review Report------------------------------------------------------------------------------------------------- | 8 |
Financial Statements ----------------------------------------------------------------------------------------------------- | 9 |
COMPANY INFORMATION
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DIRECTORS' REPORT
We are pleased to present the unaudited condensed interim financial statements of the Company for the six months ended December 31, 2024. 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:
1. | Male | 5 | |||
2. | Female | 2 | |||
Sr. | Category | Name | |||
No. | |||||
1 | Independent Director | 1. | Mr. Abdul Jaleel Shaikh | ||
2. | Ms. Farzin Khan | ||||
2 | Executive Director | 1. | Mr. Rizwan Ahmad | ||
2. | Mr. Dr. Zameer Ul Hassan Shah | ||||
3 | Non-Executive Director | 1. | Mr. Nadeem Amjad | ||
2. | Mr. Muhammad Naeem | ||||
3. | Ms. Saira Aslam | ||||
FINANCIAL HIGHLIGHTS
During the period under review, Citi Pharma Limited delivered a strong financial performance, driven by operational efficiencies and sustained demand in the pharmaceutical sector. The Company achieved a turnover of PKR 6,759 million, reflecting a 13.1% increase compared to PKR 5,976 million in the corresponding period. Gross profit improved to PKR 967.64 million, up from PKR 871.6 million (for Corresponding Period), demonstrating effective cost management and enhanced production efficiencies. Profit after tax stood at PKR 458 million, reinforcing the Company's ability to generate sustainable profitability. Citi Pharma remains committed to further strengthening its financial position by leveraging growth opportunities and optimizing operational performance.
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FUTURE CHALLENGES & PROSPECTS
Citi Pharma Limited (CPHL) remains optimistic about its future growth, driven by strategic initiatives and favorable market conditions. The recent decrease in the KIBOR rate is expected to significantly reduce the company's financing costs, thereby enhancing profitability and cash flow management. Additionally, CPHL is gearing up for its imminent expansion into the commercial market which will unlock new revenue streams and strengthen its market presence. With the pharmaceutical sector experiencing steady demand and the company's ongoing commitment to innovation, quality and operational efficiency, CPHL is well-positioned to achieve sustained growth in the coming periods. The management remains focused on capitalizing on emerging opportunities and enhancing shareholder value.
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: February 28, 2025
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CITI PHARMA LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31,2024
December 31, 2024 | 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 | 7 |
Share Premium
Revenue Reserves-Unappropriated Profits
Revaluation Surplus On Land
NON-CURRENT LIABILITIES
2,284,612,000 | 2,284,612,000 |
1,391,532,000 | 1,391,532,000 |
1,363,663,620 | 1,647,690,917 |
309,294,525 | 309,294,525 |
5,349,102,145 | 5,633,129,442 |
Long Term Financing - Secured | 8 |
Deferred Liabilities | |
Deferred Grant | 9 |
Lease Liabilities | 10 |
CURRENT LIABILITIES
- | - | |
237,332,598 | 206,710,153 | |
- | - | |
- | - | |
237,332,598 | 206,710,153 |
Trade and Other Payables | 4,840,782,446 | 3,563,513,261 |
Due to Related Parties | 241,660,000 | 43,420,000 |
Short Term Borrowings-Secured | 1,554,150,773 | 1,393,095,588 |
Current Portion of Long Term Liabilities-Secured | 2,567,322 | 18,865,031 |
Dividend Payable | 2,502,154 | 1,389,901 |
Accrued Mark Up | 62,282,964 | 71,473,816 |
Provision For Taxation | 276,648,285 | 470,831,450 |
Contingencies and Commitments | 11 |
TOTAL EQUITY AND LIABILITIES | |
ASSETS | |
NON CURRENT ASSETS | |
Property, Plant and Equipment | 12 |
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
6,980,593,944 | 5,562,589,047 | |
- | - | |
12,567,028,688 | 11,402,428,642 | |
3,374,583,099 | 3,399,650,337 | |
261,349,883 | 152,599,615 | |
28,385,917 | 20,217,776 | |
254,540,900 | 254,540,900 | |
3,918,859,799 | 3,827,008,628 | |
3,846,411,314 | 3,203,374,300 | |
2,917,080,834 | 2,160,059,406 | |
704,474,525 | 817,795,801 | |
1,108,400,669 | 1,306,290,577 | |
71,801,547 | 87,899,930 | |
8,648,168,889 | 7,575,420,014 | |
12,567,028,688 | 11,402,428,642 |
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
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CITI PHARMA LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Three month ended | Six Month Ended | |
December 31, 2024 December 31, 2023 | December 31, 2024 | December 31, 2023 |
Notes
---------------------------------------------Rupees---------------------------------------------
Sales- Net
Cost of Sales
Gross Profit
Administrative Expenses
Selling Expenses
Operating Profit
Financial (Cost) /Income
Other Income/(Loss) | 13 |
3,534,432,320 | 3,275,164,830 |
(2,995,298,629) | (2,649,999,438) |
539,133,691 | 625,165,392 |
58,249,282 | 51,252,284 |
43,131,925 | 31,504,344 |
(101,381,207) | (82,756,628) |
437,752,484 | 542,408,764 |
(67,868,191) | (70,165,726) |
369,884,293 | 472,243,038 |
50,423,119 | 157,403,690 |
420,307,412 | 629,646,728 |
6,759,077,137 | 5,976,393,097 |
(5,791,430,427) | (5,104,759,709) |
967,646,710 | 871,633,388 |
104,646,213 | 99,514,835 |
83,827,444 | 70,138,398 |
(188,473,657) | (169,653,233) |
779,173,053 | 701,980,155 |
(132,441,809) | (156,974,215) |
646,731,244 | 545,005,940 |
142,644,938 | 263,611,872 |
789,376,182 | 808,617,812 |
Other Expenses
Profit before income taxes and final taxes
Taxation - Final taxes
Profit before income tax
Taxation - Income tax
Profit after income tax
Earnings per share (EPS) - Basic and Diluted
(26,133,137) | (43,148,644) | (54,904,003) | (55,493,379) | |
394,174,275 | 586,498,084 | 734,472,179 | 753,124,433 | |
- | (255,267) | (4,004) | (255,267) | |
394,174,275 | 586,242,817 | 734,468,175 | 752,869,166 | |
(137,195,683) | (210,642,174) | (275,996,570) | (282,816,983) | |
256,978,592 | 375,600,644 | 458,471,605 | 470,052,183 | |
1.12 | 1.64 | 2.01 | 2.06 |
The annexed notes form an integral part of these condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
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