EMPOWERING TOMORROW,
T GETHER
NINEGSK HALFMONTHSYEARENDEDREPORTSEPTEMBER2024 30, 2024
CORPORATE INFORMATION
Ended September 30, 2024
As at September 30, 2024
Board of Directors
Ms. Lai Kuen Goh
Chairperson
Ms. Erum Shakir Rahim
Chief Executive Officer
Mr. Hasham Ali Baber
Chief Financial Officer
Ms. Maheen Rahman
Independent Director
Mr. Muneer Kamal
Independent Director
Mr. Mehmood Mandviwalla
Non-Executive Director
Mr. Simon Foster
Non-Executive Director
Audit Committee
Mr. Muneer Kamal
Chairman
Ms. Lai Kuen Goh
Member
Mr. Simon Foster
Member
Mr. Mehmood Mandviwalla
Member
Mr. Kashif Rafiq**
Secretary
Human Resource
- Remuneration Committee
Ms. Maheen Rahman
Chairperson
Mr. Mehmood Mandviwalla
Member
Ms. Lai Kuen Goh
Member
Mr. Simon Foster
Member
Ms. Erum Shakir Rahim
Member
Mr. Paul Banks
Secretary
Disclosure Committee
Ms. Erum Shakir Rahim
Chairperson
Ms. Lai Kuen Goh
Member
Ms. Hina Mir****
Member
Mr. Hasham Ali Baber
Secretary
Management Committee
Ms. Erum Shakir Rahim
Chief Executive Officer
Mr. Hasham Ali Baber
Chief Financial Officer
Ms. Hina Mir****
Legal Director
Dr. Tariq Farooq
Director Business Unit 1
Syed Nasir Farid***
Director Business Unit 2
Dr. Naved Masoom Ali
Director Business Unit 3 & CTC
Mr. Rafay Ahmed
Director Commercial Operations
Dr. Gohar Nayab Khan
Head of Regulatory Affairs
Ms. Sumera Naveed*****
Director Corporate Affairs and Administration
Mr. Faisal Ahmed
Country Ethics & Compliance Head
Dr. Yousuf Hasan Khan
Director Medical
Syed Nabigh Raza Alam
Tech Head
Ms. Sabiqa Kiyani*
HR Country Head
Mr. Yasir Rehman
Head of Transformation
Mr. Khurshand Iqbal
Site Director - F/268
Mr. Muhammad Kashif Ayub
Site Director - West Wharf
Mr. Masood Khan
Interim Site Director - Korangi
Company Secretary
Ms. Hina Mir****
Chief Financial Officer
Mr. Hasham Ali Baber
Chief Internal Auditor
Mr. Kashif Rafiq**
Bankers
Standard Chartered Bank (Pakistan) Ltd
Citibank NA Pakistan
Deutsche Bank A.G. Pakistan Operations
Habib Bank Limited
Meezan Bank Limited
Auditors
Yousuf Adil Chartered Accountants
Legal Advisors
Hashmi & Hashmi
Faisal, Mahmood Ghani and Co
Legal Consultancy Inc.
Registered Office
35 - Dockyard Road, West Wharf, Karachi - 74000.
Tel: 92-21-111-475-725(111-GSK-PAK)
Website: www.pk.gsk.com
Share Registrar
CDC Share Registrar Services Limited CDC House, 99 - B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal Karachi - 74400, Pakistan
Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275) Fax: (92-21) 34326053
Email: info@cdcsrsl.com
Website: www.cdcsrsl.com
GSK Nine Months
-
Ms. Sabiqa Kiyani was appointed as HR Country Head on July 22, 2024, replacing Mariam Siraj (Interim HR Country Head) **Mr. Kashif Rafiq replaced Mr. Ovais Farooq as Secretary of the Audit Committee on Aug 16, 2024
*** Syed Nasir Farid resigned as Director Business Unit 2 as at March. 31, 2024 Dr. Tariq Farooq, BU1 Director has taken interim role to lead BU2 team
****Ms. Hina Mir appointed as Company Secretary on June 11, 2024 and as legal director on March 08, 2024
***** Ms. Sumera Naveed resigned as Director Corporate Affairs and Administration on 20 August, 2024
2
GROUP OWNERSHIP STRUCTURE | |
GSK Plc* (100%) | |
GlaxoSmithKline | |
Holdings Limited (100%) | |
GSK Finance Plc (100%) | |
GSK International Holding Finance | |
B.V (82.59%)** | |
(Formerly S.R One International B.V) | |
GlaxoSmithKline Pakistan Limited | |
3 | GSK Nine Months Ended September 30, 2024 |
GSK Nine Months Ended September 30, 2024
4
Directors' Report to Shareholders
The Directors of GlaxoSmithKline Pakistan Limited (the "Company") present the un-audited financial information for the nine months period ended September 30, 2024. This financial information is submitted in accordance with Section 227 of the Companies Act, 2017.
Business environment and challenges:
Pakistan's economy continues to show positive signs of recovery, with inflation falling to single digit for the first time in 2.5 years, stable exchange rates, declining policy rates, and decreasing fuel costs. Additionally, the current account deficit contracted, reflecting improved fiscal management.
The IMF 24th EFF program will enhance solvency and liquidity by giving a crucial boost to the Country's forex reserves. However, these measures are short term in nature, and long-term reforms remain vital for broadening the tax base, ensuring fair tax distribution, and fostering an investment-friendly fiscal regime. Continued efforts to strengthen the tax system will be key to promoting sustainable economic growth.
The Company remains committed to staying at the forefront of serving the healthcare needs of the country. Efforts remain focused on providing patients with access to high-quality medicines while also making concrete efforts towards improving profitability. This is achieved through sustainability measures, enhanced efficiency, and cost-effective initiatives aimed at maximizing shareholders' returns.
Review of Operating Results:
The Company achieved net sales of Rs. 43.6 billion, reflecting a growth rate of 17.7%. These total net sales include Rs. 1.42 billion from Haleon Pakistan Limited, compared to Rs. 1.25 billion in the same period last year.
Excluding these specific sales, the underlying sales growth remains at 18%. This growth can be attributed to the robust execution strategies, effective engagement with HCPs, utilization of digital channels and price increase compared to the previous year. This resulted in key brands showing strong double-digit growth.
The Company's gross margin stood at 21.9%, reflecting an increase of 15% from same period in the previous year. The higher gross profit percentage this year is due to price increase as result of deregulation of non-essential products and approval of hardship cases.
During the period, focus remained on enhancing operational efficiency and strategically investing in key business drivers to achieve competitive growth. As a result, the proportion of operating expenses relative to sales witnessed 2.7% decrease in comparison to the prior period.
Earnings / (loss) per share for this quarter increase to Rs. 11.25 as compared to Rs. (1.23) in the corresponding period last year.
Future Outlook
Creating an enabling business environment in Pakistan is crucial for encouraging investment and maintaining the supply of quality products. The Company will continue collaborating with relevant stakeholders to establish a robust regulatory framework that supports the manufacturing and distribution of safe and effective medicines, ultimately benefiting patients nationwide. At the same time, it will enhance its competencies and evaluate strategies to ensure they remain relevant to the evolving business landscape. Remaining dedicated to improving performance, the focus will be on innovation and effective cost containment initiatives.
Acknowledgment:
The Board of Directors would like to take this opportunity to express its deep appreciation of the commitment, resilience, courage, and dedication of its employees. We would also like to acknowledge the continued support and cooperation received from our esteemed customers, suppliers, bankers, shareholders and thank them for their confidence in our Company and products.
By order of the Board
Erum Shakir Rahim | |
Chief Executive Officer | Director |
Karachi
October 28, 2024
Nine Months Ended September 30, 2024
5
GSK
GSK Nine Months Ended September 30, 2024
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چیاکر 2024 ،ر�بکتوا 28
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لسا شتہگذ۔ہےرار��رپر سطح کی | �د 18 تھوگر رس یدا� ،ہوعلا کے سر صمخصو ہرکومذ | |||||||||||||||||||||||||||||||||||
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سی �ا ، ،عملی حکمت طمضبو متعلق سے مدٓارد عمل جہو کی تھوگر سام بلےمقا کے | ||||||||||||||||||||||||||||||||||||
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ن | ن | ن | ||||||||||||||||||||||||||||||||||
ی | �ق | �ی | ||||||||||||||||||||||||||||||||||
��چ | �ج� | پ | ||||||||||||||||||||||||||||||||||
�می | ل�ی | ل | �ی | |||||||||||||||||||||||||||||||||
۔ہے فہضاا م ںو� روا لستعماا کا ر� | ڈ ،ا�کر ملا� تھسا سے زانداتر�ٰٗمو�یکور | |||||||||||||||||||||||||||||||||||
ہ | ٹ | ی | ب | ٹن | ہ | ی | ن | |||||||||||||||||||||||||||||
ج | ب | |||||||||||||||||||||||||||||||||||
کی �رظا تھوگر �ڈ �ڈ طمضبو | سے لےاحو کے زڈ�ار� ہما ےرا� م �جی کے سا | |||||||||||||||||||||||||||||||||||
ی | ف | ۔ہے | ||||||||||||||||||||||||||||||||||
ی | ||||||||||||||||||||||||||||||||||||
15 م بلےمقا کے صےعر سیا کے لسا شتہگز جو ہار د� 21.9 جنرما عیمجمو کا کمپنی | ||||||||||||||||||||||||||||||||||||
غ | ت | ف | ||||||||||||||||||||||||||||||||||
ی | ی | |||||||||||||||||||||||||||||||||||
�ر جہوتکی نےہو ہدا�یز حشر کی فعمنا عیمجمو لسا سا ۔ہے ا�کر سیعکا کی فےضاا | �د | |||||||||||||||||||||||||||||||||||
ن | ن | ش | ||||||||||||||||||||||||||||||||||
ی | ی�ک | نی�ل | ||||||||||||||||||||||||||||||||||
س | ی | |||||||||||||||||||||||||||||||||||
س | ||||||||||||||||||||||||||||||||||||
م �جی کے یرمنظو کی �ر | متعلق سے تمشکلاروا � �ور یڈ کی تعامصنو یروضر | |||||||||||||||||||||||||||||||||||
ی | ت�ق | |||||||||||||||||||||||||||||||||||
�می | لااو نےہو | |||||||||||||||||||||||||||||||||||
۔ہے فہضاا م ںو� |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024
Un-audited | Audited | |||||||||||
September 30, | December 31, | |||||||||||
Note | 2024 | 2023 | ||||||||||
ASSETS | ---------------Rupees in '000 ------------- | |||||||||||
Non-current assets | 4 | 12,376,614 | 11,700,561 | |||||||||
Property, plant and equipment | ||||||||||||
Intangibles | 955,742 | 955,742 | ||||||||||
Long-term loans to employees | 91,789 | 83,809 | ||||||||||
Long-term deposits | 50,147 | 50,147 | ||||||||||
Current assets | 13,474,292 | 12,790,259 | ||||||||||
Stores and spares | 222,692 | 225,107 | ||||||||||
Stock-in-trade | 15,823,506 | 11,568,858 | ||||||||||
Trade receivables | 623,725 | 1,028,474 | ||||||||||
Loans and advances | 1,231,885 | 1,182,679 | ||||||||||
Trade deposits and prepayments | 84,952 | 218,946 | ||||||||||
Refunds due from government | 1,242,846 | 1,242,846 | ||||||||||
Other receivables | 7,859,994 | 6,262,973 | ||||||||||
Cash and bank balances | 6,693,036 | 3,610,757 | ||||||||||
33,782,636 | 25,340,640 | |||||||||||
Total assets | ||||||||||||
47,256,928 | 38,130,899 | |||||||||||
EQUITY AND LIABILITIES | ||||||||||||
SHARE CAPITAL AND RESERVES | ||||||||||||
Share capital | 3,184,672 | 3,184,672 | ||||||||||
Reserves | 22,072,453 | 18,491,169 | ||||||||||
Total equity | ||||||||||||
25,257,125 | 21,675,841 | |||||||||||
LIABILITIES | ||||||||||||
Non-current liabilities | ||||||||||||
Staff retirement benefits | 687,365 | 593,709 | ||||||||||
Deferred taxation | 1,113,727 | 1,180,595 | ||||||||||
Lease liabilities | 144,091 | 116,035 | ||||||||||
Current liabilities | 1,945,183 | 1,890,339 | ||||||||||
Trade and other payables | 5 | |||||||||||
18,920,442 | 14,187,716 | |||||||||||
Taxation - provision less payments | 6 | 832,894 | 68,689 | |||||||||
Provisions | 145,071 | 138,332 | ||||||||||
Current portion of lease liabilities | 23,921 | 35,935 | ||||||||||
Unclaimed dividend | 132,292 | 134,047 | ||||||||||
20,054,620 | 14,564,719 | |||||||||||
Total liabilities | ||||||||||||
21,999,803 | 16,455,058 | |||||||||||
Total equity and liabilities | ||||||||||||
47,256,928 | 38,130,899 | |||||||||||
Contingencies and commitments | 7 |
The annexed notes 1 to 16 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
7
GSK Nine Months Ended September 30, 2024
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Quarter ended | Nine months ended | |||||||
September 30, | September 30, | September 30, | September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||||
Note | ---------------------------Rupees in '000 --------------------------- | |||||||
Revenue from contracts with customers - net | 10 | 14,730,940 | 13,770,544 | 43,601,863 | 37,029,870 | |||
Cost of sales | (10,690,083) | (12,742,467) | (34,060,559) | (34,406,705) | ||||
Gross profit | 4,040,857 | 1,028,077 | 9,541,304 | 2,623,165 | ||||
Selling, marketing and distribution expenses | 11 | (1,147,095) | (1,167,304) | (3,234,339) | (3,436,017) | |||
Administrative expenses | (366,901) | (622,193) | (1,390,443) | (1,491,802) | ||||
Other operating (expenses) / income | (240,925) | 5,067 | (490,317) | (26,744) | ||||
Other income | 12 | 524,536 | 672,644 | 1,417,139 | 2,964,813 | |||
Operating profit / (loss) | ||||||||
2,810,472 | (83,709) | 5,843,344 | 633,415 | |||||
Financial charges | (25,159) | (11,733) | (241,732) | (377,935) | ||||
Profit / (loss) before taxation | 2,785,313 | (95,442) | 5,601,612 | 255,480 | ||||
Taxation - net | 13 | (858,179) | 25,652 | (2,020,328) | (647,101) | |||
Profit / (loss) after taxation | 1,927,134 | (69,790) | 3,581,284 | (391,621) | ||||
Other comprehensive income | - | - | - | - | ||||
Total comprehensive income / (loss) | ||||||||
1,927,134 | (69,790) | 3,581,284 | (391,621) | |||||
Earnings / (loss) per share - Rupees | 14 | 6.05 | (0.22) | 11.25 | (1.23) | |||
The annexed notes 1 to 16 form an integral part of this condensed interim financial statements.
GSK Nine Months Ended September 30, 2024
Chief Executive Officer | Chief Financial Officer | Director |
8
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
Reserves | |||||||||||||||
Capital reserve | Revenue reserves | ||||||||||||||
Share | Total | Total | |||||||||||||
Reserve arising | General | Unappropriated | |||||||||||||
capital | on schemes of | reserve | profit | Reserves | |||||||||||
--------------------------------------- | arrangements | Rupees in '000 | |||||||||||||
Balance as at January 1, 2023 | 3,184,672 | 1,126,923 | 3,999,970 | 12,741,542 | 17,868,435 | 21,053,107 | |||||||||
Total comprehensive loss for the nine | |||||||||||||||
months ended September 30, 2023 | - | - | - | (391,621) | (391,621) | (391,621) | |||||||||
Balance as at September 30, 2023 | |||||||||||||||
3,184,672 | 1,126,923 | 3,999,970 | 12,349,921 | 17,476,814 | 20,661,486 | ||||||||||
Balance as at January 1, 2024 | 3,184,672 | 1,126,923 | 3,999,970 | 13,364,276 | 18,491,169 | 21,675,841 | |||||||||
Total comprehensive income for the nine | |||||||||||||||
months ended September 30, 2024 | - | - | - | 3,581,284 | 3,581,284 | 3,581,284 | |||||||||
Balance as at September 30, 2024 | |||||||||||||||
3,184,672 | 1,126,923 | 3,999,970 | 16,945,560 | 22,072,453 | 25,257,125 | ||||||||||
The annexed notes 1 to 16 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
9
GSK Nine Months Ended September 30, 2024
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