TABLE OF CONTENTS
- Company Information
-
Director's Report
Unconsolidated Financial Statements
- Statement of Financial Position
- Statement of Profit or Loss
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to Financial Statements Consolidated Financial Statements
- Statement of Financial Position
- Statement of Profit or Loss
- Statement of Comprehensive Income
- Statement of Changes in Equity
- Statement of Cash Flows
- Notes to Financial Statements
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COMPANY INFORMATION
Board of Directors | Risk Management | Habib Metropolitan Bank |
Committee | Limited | |
Uzma Abbassciy | JS Bank Limited | |
Chairperson | Amir Abbassciy, Chairman | MCB Bank Limited |
Usama Qureshi, Member | Meezan Bank Limited | |
Amir Abbassciy | Sami ul Haq Khilji, Member | National Bank of Pakistan |
Director & | Aumar Abbassciy, Member | Pak Oman Investment |
Chief Executive Officer | Company Limited | |
Soneri Bank Limited | ||
Usama Qureshi | Chief Financial Officer | Silkbank Limited |
Vice Chairman | The Bank of Khyber | |
Zafar Shahab | The Bank of Punjab | |
Mushtaq Malik, Independent | United Bank Limited | |
Director | ||
Company Secretary | ||
Lt. (R) Raja Muhammad | Shares Registrar | |
Abbas, Independent Director | Majid Muqtadir | |
FAMCO Share Registration Services | ||
Sami ul Haq Khilji, | (Private) Limited | |
Independent Director | Auditors | 8-F, Next to Hotel Faran |
Nursery, Block - 6, P.E.C.H.S | ||
Aumar Abbassciy, Director | Yousuf Adil | Shahrah-e-Faisal, Karachi |
Chartered Accountants | ||
Tel: (92 21) 3438 0101-5 | ||
Audit Committee | 3438 4621-3 | |
Bankers | Fax: (92 21) 3438 0106 | |
Mushtaq Malik, Chairman | ||
Usama Qureshi, Member | Allied Bank Limited | Registered Office |
Lt. (R) Raja Muhammad | Al Baraka Bank (Pakistan) | |
Abbas, Member | Limited | The Harbour Front, 9th Floor, |
Aumar Abbassciy, Member | Askari Bank Limited | Dolmen City, HC-3,Block-4, |
Bank Alfalah Limited | Marine Drive, Clifton, | |
Bank Islami Pakistan Limited | Karachi75600, Pakistan | |
Human Resource and | Bank Makramah Limited | |
Remuneration Committee | Bank of China Limited - | Tel: (92 21) 111 222 081 |
Pakistan Operations | Fax: (92 21) 111 888 081 | |
Lt. (R) Raja Muhammad | Dubai Islamic Bank Pakistan | |
Abbas, Chairman | Limited | |
Sami ul Haq Khilji, Member | Faysal Bank Limited | Website |
Usama Qureshi, Member | First Women Bank Limited | |
Mushtaq Malik, Member | Habib Bank Limited | www.cnergyico.com |
Aumar Abbassciy, Member |
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DIRECTOR'S REPORT
FOR THE PERIOD ENDED SEPTEMBER 30, 2024
In the name of Allah the Most Merciful and the Most Benevolent.
The Directors of your Company are pleased to present a brief review of the financial results and operations of the Company for the period ended 30th September, 2024.
During the period under review, international oil prices witnessed a significant decline, with crude oil prices falling from around US$ 83 per barrel in July 2023 to around US$ 73 per barrel by the end of the period, marking a drop of about 12%. The reduced demand for petroleum products, excess product import and unchecked smuggling resulted in extremely high stock levels all over the country. As a result, all the oil companies had to suffer huge price losses on this account. The table below shows the movement in international oil prices during the period.
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Further, the refineries had another challenge due to narrowing crack spread between product and crude oil which affected refineries margins for the period.
Despite the above challenges, the Company was able to improve its refining throughput and as a result, the Company recorded gross and net sales of PKR 73.6 billion and PKR 57.1 billion as compared to PKR 40.3 billion and PKR 33.53 billion respectively in the same period last year. Due to reduced refining margins and price losses as explained in preceding paragraphs, the Company recorded gross profit of PKR 329 million compared to PKR 390 million in the same period last year. During the period, KIBOR rates decreased to 18% from 23% in the same period last year which reduced Company's finance cost by 51%. The Company incurred loss after tax of PKR 1.6 billion primarily on account of Depreciation Expense of PkR 1.7 billion, with basic I diluted loss per share of Rs. 0.29 as compared to loss after tax of PKR 2.54 billion with basic | diluted loss per share of Rs. 0.46 in the same period last year.
The refineries are still pursuing for the changes made by the Government via Finance Act 2024 through which the status of petroleum products was changed from taxable supplies to exempt supplies for purposes of sales tax. This has a very negative impact on the existing operations as well as the projects I investments expected under the Brownfield Oil Refining Policy for Upgradation of Existing I Brownfield Refineries. The Company, along with other refineries, is actively engaged in discussions at various government levels and has proposed several options
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to address this issue promptly. We hope that the Government will take corrective measures immediately.
The Board wishes to place on record its gratitude for the co-operation extended by the Government of Pakistan and our strategic partners including: customers, financial institutions, suppliers | vendors and shareholders.
For and on behalf of the Board of Directors
Chief Executive Officer | Director |
Karachi
October 28th, 2024
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Cnergyico Pk Limited
Unconsolidated Condensed Interim Statement of Financial Position | ||||
As at September 30, 2024 | ||||
(Un-audited) | (Audited) | |||
September 30, | June 30, | |||
2024 | 2024 | |||
Notes | ----------(Rupees in '000)------------ | |||
NON CURRENT ASSETS | ||||
Property, plant and equipment | 5 | 288,175,473 | 289,662,580 | |
Intangible asset | 4,304 | 5,917 | ||
Long term investment | 17,414,238 | 17,414,238 | ||
Long-term deposits - Assets | 336,507 | 329,793 | ||
305,930,522 | 307,412,528 | |||
CURRENT ASSETS | ||||
Stores and spares | 2,439,334 | 2,449,863 | ||
Stock-in-trade | 6 | 37,387,168 | 45,816,644 | |
Trade debts | 7 | 11,221,724 | 5,608,672 | |
Loans and advances | 1,709,253 | 1,799,223 | ||
Trade deposits and short-term prepayments | 30,890 | 25,574 | ||
Other receivables | 3,134,799 | 2,573,538 | ||
Cash and bank balances | 1,372,995 | 2,399,632 | ||
57,296,163 | 60,673,146 | |||
TOTAL ASSETS | 363,226,685 | 368,085,674 | ||
EQUITY AND LIABILITIES | ||||
SHARE CAPITAL AND RESERVES | ||||
Share capital | 54,934,476 | 54,934,476 | ||
Reserves | (32,511,145) | (31,474,248) | ||
Surplus on revaluation of operating fixed assets | 155,342,353 | 155,903,719 | ||
Contribution from shareholders | 25,756,331 | 25,756,331 | ||
203,522,015 | 205,120,278 | |||
NON CURRENT LIABILITIES | ||||
Long term financing | 14,145,000 | 14,440,000 | ||
Long term lease liabilities | 2,279,530 | 2,267,600 | ||
Long-term deposits - Liability | 230,353 | 230,352 | ||
Deferred liabilities | 594,564 | 549,049 | ||
Deferred taxation | 60,572,085 | 60,801,375 | ||
77,821,532 | 78,288,376 | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 65,871,381 | 70,288,310 | ||
Contract liabilities | 951,266 | 1,127,778 | ||
Accrued mark-up | 3,375,672 | 3,758,105 | ||
Short Term Borrowings - secured | 10,285,972 | 8,286,144 | ||
Current portion of non-current liabilities | 1,080,055 | 1,034,418 | ||
Unclaimed dividend | 1,027 | 1,027 | ||
Taxation - net | 317,765 | 181,238 | ||
81,883,138 | 84,677,020 | |||
CONTINGENCIES AND COMMITMENTS | 8 | |||
TOTAL EQUITY AND LIABILITIES | 363,226,685 | 368,085,674 | ||
The annexed notes form an integral part of these unconsolidated condensed interim financial statements..
Gap (CL - CA) | ||
--------Sd------- | --------Sd------- | --------Sd------- |
Chief Executive Officer | Director | Chief Financial Officer |
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Cnergyico Pk Limited
Unconsolidated Condensed Interim Statement of Profit or Loss (Un-audited)
For the three months period ended September 30, 2024
September 30, | September 30, | |||
2024 | 2023 | |||
Note | ----------(Rupees in '000)------------ | |||
Revenue from contract with customers | 73,605,994 | 40,362,160 | ||
Discounts, taxes, levies and duties | (16,501,973) | (6,829,840) | ||
Revenue from contract with customers - net | 57,104,021 | 33,532,320 | ||
Cost of sales | (56,774,792) | (33,142,203) | ||
Gross profit | 329,229 | 390,117 | ||
Administrative expenses | (421,518) | (365,761) | ||
Selling and distribution expenses | (153,580) | (129,562) | ||
Other expenses | (128,643) | (740,884) | ||
Other income | 46,859 | 645,257 | ||
(656,882) | (590,950) | |||
Operating loss | (327,653) | (200,833) | ||
Finance costs - net | (1,208,420) | (2,451,002) | ||
Loss before taxation | (1,536,073) | (2,651,835) | ||
Minimum taxes | (291,480) | (167,662) | ||
Income tax | 229,290 | 276,426 | ||
Loss after taxation | (1,598,263) | (2,543,071) | ||
Loss per share - Rupees | ||||
- Basic and diluted | 12 | (0.29) | (0.46) | |
The annexed notes form an integral part of these unconsolidated condensed interim financial statements..
--------Sd------- | --------Sd------- | --------Sd------- |
Chief Executive Officer | Director | Chief Financial Officer |
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