Ghandhara Industries : Transmission of Half Yearly Report for the Period Ended December 31, 2024

Ahmad Kuli Khan Khattak

Taimur Asfandiyar Minwalla

Muhammad Aamir

Chief Executive

Published February 28, 2025 at 5:00 a.m. UTC

Source: MarketScreener

Half Yearly Report December 31,

NAVIGATE THROUGH

CHALLENGES

WITH EASE

Contents

02	Company Information
03	Directors' Review
06	Independent Auditor's Review Report.
07	Condensed Interim Statement of Financial Position

08 Condensed Interim Statement of Profit or Loss Account and Other Comprehensive Income

Condensed Interim Statement of Changes in Equity
Condensed Interim Statement of Cash Flows
Notes to the Condensed Interim Financial Statements

Ghandhara Industries Limited

Company

Profile

Board of Directors

Mr. Ali Kuli Khan Khattak	Chairman
Mr. Ahmad Kuli Khan Khattak	CEO/Director
Mr. Muhammad Kuli Khan Khattak	Director
Mrs. Shahnaz Sajjad Ahmad	Director
Maj. (R) Muhammad Zia	Director
Mr. Shahid Kamal Khan	Director
Mr. Sohail Hameed	Ind. Director
Mr. Khalid Zareef Khan	Ind. Director
Mr. Taimur Asfandiyar Minwalla	Ind. Director

Audit Committee

Mr. Sohail Hameed	Chairman
Maj. (R) Muhammad Zia	Member
Mr. Shahid Kamal Khan	Member
Mr. Taimur Asfandiyar Minwalla	Member
Mr. Shahnawaz Damji, FCA	Secretary

Human Resource &

Remuneration Committee

Mr. Khalid Zareef Khan	Chairman
Mr. Muhammad Kuli Khan Khattak	Member
Maj. (R) Muhammad Zia	Member
Mr. Shahid Kamal Khan	Member
Mr. Shahrukh Asghar	Secretary

Chief Financial Officer

Mr. Muhammad Aamir, FCA

Company Secretary

Mr. Talha Ahmed Zaidi, ACA

Auditors

M/s. ShineWing Hameed Chaudhri & Co. Chartered Accountants

5th Floor, Karachi Chambers Hasrat Mohani Road, Karachi

Legal Advisors

S. Abid Sherazi & Co.

Ahmed and Qazi

Hassan & Hassan (Advocates)

Share Registrar

CDC Share Registrar Services Limited

CDC House, 99-B, Block 'B',

S.M.C.H.S. Main Sharah-e-Faisal

Karachi-74400

Bankers

National Bank of Pakistan

Al-Baraka Bank (Pakistan) Ltd.

JS Bank Ltd.

United Bank Limited

MCB Islamic

Bank Alfalah Ltd.

Bank Al Habib Ltd.

Samba Bank Limited

Habib Metropolitan Bank Limited

Registered Office

F-3, Hub Chowki Road, S.I.T.E. Post Box No. 2706, Karachi - 75730

Website: www.gil.com.pk

Email: [email protected]

Half Yearly Report December 31,

Directors'

Review

The Directors of your Company take pleasure in presenting the unaudited condensed interim financial statements for the half year ended December 31, 2024.

Market Share and Company's Performance

During the period under review, Pakistan's economy has shown improvement with key contributing factors such as supportive monetary policy, reduced inflation, assistance from international institutions and focus of authorities to nurture economic reforms.

In line with the conducive business environment, auto sector has also shown improvement with overall market of truck and bus increased by 87% as compared with last period as reported by Pakistan Automotive Manufacturers Association (PAMA). Likewise, the Company's sales have improved significantly by 142% as compared with last period.

The financial results for the half year ended are as follows:

	Half Year Ended 31 December (Un-audited)
	2024	Rupees in 000	2023
Sales	11,575,239		5,007,835
Gross profit	2,497,201		813,937
Profit from operations	1,842,839		304,889
Profit before taxation Minimum and final taxes	1,793,569		5,055
Minimum tax differential	-		77,704
Profit /(Loss) before taxation	1,793,569		(72,649)
Profit /(Loss) after taxation	1,297,155		(102,862)
Earnings / (Loss) per share - basic and diluted (Rupees)	30.44		(2.41)

Operating results

On the basis of above-cited factors and management efforts, the Company has posted net revenues of Rs. 11.575 billion during the half year ended December 31, 2024 as compared to net revenues of Rs. 5.007 billion during the comparative period of last year with gross profit of Rs. 2.497 billion during half year ended December 31,2024 as compared with Rs. 813.9 million for the same period last year. The Company posted Rs. 1.297 billion as profit after tax as compared to loss after tax of Rs. (102.86) million during the corresponding period last year.

Future outlook

The economic outlook is anticipated to remain positive on the backdrop of economic reforms and business confidence. We hope that the government continues its efforts to make business friendly policies which will not only boost customer confidence in the market but will also help in improving the economy.

Acknowledgement

The board acknowledges the trust and confidence in the Company and its products by the shareholders, valued suppliers, customers, dealers and bankers and appreciates their cooperation and support. The Board is pleased to express its appreciation for the continued diligence and devotion of the employees. The Board takes this opportunity to thank the Company's principals Isuzu Motors Limited, Isuzu Motors Company (Thailand) Limited and Isuzu Motors International Operations (Thailand) Company Limited and the trading house Marubeni Corporation for their continued support and assistance.

By order of the Board

Ahmad Kuli Khan Khattak

Chief Executive Officer

Karachi

February 26, 2025

Ghandhara Industries Limited

		Half Year Ended 31 December (Un-audited)
	2024	Rupees in 000	2023
Sales		11,575,239		5,007,835
Gross profit		2,497,201		813,937
Profit from operations		1,842,839		304,889
Profit before taxation Minimum and final taxes		1,793,569		5,055
Minimum tax differential		-		77,704
Profit /(Loss) before taxation		1,793,569		(72,649)
Profit /(Loss) after taxation		1,297,155		(102,862)
Earnings / (Loss) per share - basic and diluted (Rupees)		30.44		(2.41)

Condensed Interim Financial Statements

For The Half Year Ended December 31, 2024 - Un-audited

Ghandhara Industries Limited

INDEPENDENT AUDITOR'S REVIEW REPORT TO THE MEMBERS OF GHANDHARA INDUSTRIES LIMITED

Report on Review of Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statements of financial position of Ghandhara Industries Limited as at December 31, 2024 and the related condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the financial statements for the half year then ended (here-in-after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of this interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these financial statements based on our review.

The figures of the condensed interim statement of profit or loss and other comprehensive income for the quarters ended December 31, 2024 and 2023 have not been reviewed, as we are required to review only the cumulative figures for the half year ended December 31, 2024.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements is not prepared, in all material respects, in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the review resulting in this independent auditor's review report is Raheel Ahmed.

SHINEWING HAMEED CHAUDHRI & CO.

CHARTERED ACCOUNTANTS

KARACHI;

UDIN : RR202410105yQtmK7rlC

Dated: February 26, 2025

Half Yearly Report December 31,

Condensed Interim Statement of Financial Position

AS AT DECEMBER 31, 2024

Note

ASSETS

NON-CURRENT ASSETS

(Un-audited)	(Audited)
December 31,	June 30,
2024	2024

(Rupees in '000)

Property, plant and equipment	5
Intangible assets
Long term loans
Long term deposits
CURRENT ASSETS
Stores
Stock-in-trade	6
Trade debts
Loans and advances
Trade deposits and prepayments
Investment	7
Other receivables
Accrued mark-up
Sales tax refundable / adjustable
Taxation - net
Cash and bank balances	8
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital
100,000,000 (June 30, 2024: 100,000,000)
ordinary shares of Rs.10 each
Issued, subscribed and paid up capital
42,608,844 (June 30, 2024: 42,608,844)
ordinary shares of Rs.10 each
Capital Reserves
Reserve for capital expenditure
Surplus on revaluation of ﬁxed assets
Revenue reserve
Unappropriated proﬁt
Liabilities
Non current liabilities
Lease liabilities
Compensated absences
Deferred liabilities
Deferred taxation
CURRENT LIABILITIES
Trade and other payables	9
Unpaid dividends
Unclaimed dividends
Accrued mark-up / interest
Short term borrowings	10
Current maturity of lease liabilities
TOTAL LIABILITIES
CONTINGENCIES AND COMMITMENTS	11

6,307,257

612

2,514

33,448

6,343,831

41,446

8,200,112

714,058

126,257

2,051,197

318,514

538

35,392

343,399

616,277

2,097,373

14,544,563

20,888,394

1,000,000

426,088

1,500,000

5,327,885

6,827,885

3,027,434

10,281,407

77,811

27,686

20,784

16,520

142,801

9,110,113

78,959

21,324

6,956

1,215,333

31,501

10,464,186

10,606,987

6,053,295

1,008

1,822

30,840

6,086,965

48,755

5,807,572

647,175

130,793

1,636,623

2,756

202,253

1,171,710

2,322,447

11,970,084

18,057,049

1,000,000

426,088

1,500,000

5,336,112

6,836,112

1,722,052

8,984,252

78,828

27,728

27,643

24,539

158,738

7,388,889

78,959

21,332

51,473

1,346,158

27,248

8,914,059

9,072,797

TOTAL EQUITY AND LIABILITIES

20,888,394 18,057,049

The annexed notes 1 to 18 form an integral part of the condensed interim ﬁnancial statements.


Ahmad Kuli Khan Khattak	Taimur Asfandiyar Minwalla	Muhammad Aamir	7
	Chief Executive	Director

Ghandhara Industries Limited

Condensed Interim Statement of Profit or Loss and Other Comprehensive Income (Un-audited)

FOR THE HALF YEAR ENDED DECEMBER 31, 2024

	Quarter ended	Half year ended
Note	December 31,	December 31,
2024	2023	2024	2023
		(Rupees in '000)
		(Re-stated)		(Re-stated)

Sales - net		5,522,527		2,488,577		11,575,239
Cost of sales	12	(4,399,252)		(2,117,005)		(9,078,038)
Gross proﬁt		1,123,275		371,572		2,497,201
Distribution cost		(321,441)		(209,264)		(590,951)
Administrative expenses		(91,648)		(90,349)		(209,140)
Other expenses		(25,649)		(61,635)		(101,282)
Other income		133,559		39,911		247,011
Proﬁt from operations		818,096		50,235		1,842,839
Finance cost		(15,307)		(167,721)		(49,270)
Proﬁt / (loss) before income taxation,		802,789		(117,486)		1,793,569
Minimum and ﬁnal taxes
Minimum tax differential		-		(39,411)		-
Proﬁt / (loss) before income tax
	802,789		(156,897)		1,793,569
Current tax - for the period
	(64,333)		-		(499,520)
(including super tax)
- for the prior years		(4,913)		(6,466)		(4,913)
Deferred tax		(75,895)		(1,097)		8,019
		(145,141)		(7,563)		(496,414)
Proﬁt / (loss) for the period		657,648		(164,460)		1,297,155
Other comprehensive income		-		-		-
Total comprehensive income / (loss)		657,648		(164,460)		1,297,155

Earning / (loss) per share				(Rupees in '000)

- basic and diluted		15.43		(3.86)		30.44

The annexed notes 1 to 18 form an integral part of the condensed interim ﬁnancial statements.

5,007,835

(4,193,898)

813,937

(366,523)

(186,593)

(69,838)

113,906

304,889

(299,834)

5,055

(77,704)

(72,649)

(6,466)

(23,747)

(30,213)

(102,862)

(2.41)

Half Yearly Report December 31,

Condensed Interim Statement of Changes in Equity

FOR THE HALF YEAR ENDED DECEMBER 31, 2024 - UNAUDITED


			Revenue		Capital reserve
			reserve -
	Share			Reserve		Surplus
		unappro-			on
	capital		priated		for		revaluation
			profit		capital		of
					expendi		fixed
					-ture		assets
					(Rupees in '000)
Balance as at July 1, 2023 (Audited)	426,088		2,443,481	-		5,352,566
Re-classification of reserve	-		(1,500,000)	1,500,000		-

Total comprehensive loss for the half year ended December 31, 2023

Total

8,222,135

Loss for the period

Other comprehensive income

Transfer from surplus on revaluation of fixed assets on account of incremental depreciation -

net of deferred taxation

Balance as at December 31, 2023 (Un-audited)

Balance as at July 1, 2024 (Audited)

Total comprehensive income for the half year ended December 31, 2024

426,088

(102,862)

2,920

843,539

1,722,052

1,500,000

(2,920)

5,349,646

5,336,112

(102,862)

8,119,273

8,984,252

Profit for the period

Other comprehensive income

Transfer from surplus on revaluation of fixed assets on account of incremental depreciation -

net of deferred taxation

Balance as at December 31, 2024 (Un-audited)

426,088

1,297,155

8,227

3,027,434

1,500,000

(8,227)

5,327,885

1,297,155

10,281,407

The annexed notes 1 to 18 form an integral part of the condensed interim financial statements.


Ahmad Kuli Khan Khattak	Taimur Asfandiyar Minwalla	Muhammad Aamir	9
	Chief Executive	Director

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