HEALTHCARE
Quarterly Report
September 2024
Annual Report 2024
DIRECTORS' REPORT
The Board of Directors of IBL HealthCare Limited (IBLHL) take pleasure to present before the shareholders, performance review together with the condensed interim financial statements of the Company for the period ended September 30, 2024.
The Directors' report is prepared under section 227 of the Companies Act, 2017, chapter XII clause 34 of Listed Companies (Code of Corporate Governance) Regulations, 2019.
SUMMARY OF FINANCIAL PERFORMANCE | ||
September 30, | ||
2024 | 2023 | |
(Rupees in Thousand) | ||
Revenue | 1,078,954 | 1,061,197 |
Gross profit | 339,884 | 353,363 |
Gross profit as a percentage of revenue | 32% | 33% |
Profit before taxation | 106,524 | 119,276 |
Profit after taxation | 59,864 | 79,911 |
PRINCIPAL ACTIVITES & OVERVIEW OF FINANCIAL PERFORMANCE
The principal activities of the Company include marketing, selling and distribution of healthcare & consumer products.
During the period under review, revenue increased modestly by 1.7% i.e. to PKR 1,079 million from PKR 1,061 million for the same period last year. Due to a combination of inflationary pressures and supply chain disruptions, gross profit margins have declined slightly from 33% last year to 32% in the current period. Increase in distribution and marketing, to maintain market share, coupled with higher tax rates have contributed towards the decline in net profit percentage to 6% in the current period.
FUTURE OUTLOOK
The Company is continuously striving for growth while at the same time maximizing the return to the shareholder. We are confident that we can generate increased value for all stakeholders with better delivery of products and services. In accomplishing this, we would like to appreciate the enormous cooperation and support of our sales force, without which we will not be able to achieve these results.
We also take this opportunity to thank our employees for their continuing contribution in the achievement of Company's results.
Chief Executive Officer | Director |
October 29, 2024
Karachi
ٹروپر یک زرٹکيرئاڈ
ےک ینپمک ےيل ےک تدم یلاو ےنوہ متخ وک 2024 رﺒمتﺳ 30 زرٹکيرئاڈ فآ ڈروب ےک (IBLHL) ڈٹيمل رئيک هتليہ IBL سوسحم یشوخ ےئوہ ےترک شيپ هزئاج اک یگدرکراک ےنماﺳ ےک ناگتفاي صصح هتاﺳ ےک تانايب یتايلام یروﺒع ڈﺳڈنک ۔ںيہ ےترک
،زنشيلوگير (سننروگ ٹيروپراک فآ ڈوک) زينپمک ڈٹسل ،227 نشکيﺳ ےک 2017 ،ٹکيا زينپمک ٹروپر یک زرٹکيرئاڈ ۔ےہ یئگ یک رايت تحت ےک 34 ﻖش XII باب ےک 2019
ہصﻼخ اک یگدرکراک یتايلام | ||
September 30, | ||
2024 | 2023 | |
(Rupees in Thousand) | ||
Revenue | 1,078,954 | 1,061,197 |
Gross profit | 339,884 | 353,363 |
Gross profit as a percentage of revenue | 32% | 33% |
Profit before taxation | 106,524 | 119,276 |
Profit after taxation | 59,864 | 79,911 |
هزئاج اک یگدرکراک یتايلام روا ںايمرگرﺳ لپسنرپ
ميسقت روا تخورف ،گنٹيکرام یک تاعونصم یک نيفراص روا لاهب هکيد یک تحص ںيم ںويمرگرﺳ یداينب یک ینپمک ۔ےہ لماش
PKR 1,061 ےک تدم یﺳا یک لاﺳ ہتشزگ ینعي اوہ ہفاضا یلومعم اک %1.7 ںيم یندمآ ،نارود ےک تدم هزئاج ريز یعومﺠم ،ےﺳ ہجو یک جازتما ےک ںوٹواکر ںيم نيچ یئﻼپﺳ روا ؤابد ےک رز طارفا ۔ايگ وہ نيلم PKR 1,079 ےﺳ نيلم رارقرب وک رئيش ٹيکرام ۔ےہ ايگ وہ 32 %ںيم تدم هدوجوم رک وہ مک اڑوهت ےﺳ 33 %ےک لاﺳ ہتشزگ نجرام اک عفانم عفانم صلاخ ںيم تدم هدوجوم هتاﺳ ےک ںوحرش دنلب یک سکيٹ ،ہفاضا ںيم گنٹيکرام روا نشويب یرٹﺳڈ ےيل ےک ےنهکر ۔ےہ یئگآ کت دصيف 6 حرش یک
کل ٹؤآ اک لﺒقتسم
ںيمہ ۔ےہ یہر رک یهب یسپاو هدايز ےﺳ هدايز وک رڈلوہ رئيش هتاﺳ یہ هتاﺳ روا ےہ ںاشوک ےيل ےک یقرت لسلسم ینپمک ےتکﺳ رک ہفاضا ںيم ردق ےيل ےک زرڈلوہ کيٹﺳا مامت هتاﺳ ےک یرويليڈ رتہب یک تامدخ روا تاعونصم مہ ہک ےہ نيقي ريغب ےک سج ،ےگ ںيہاچ انرک فيرعت یک نواعت روا نواعت هانپ ےب ےک سروف زليﺳ ینپا مہ ،ںيم ےنرک اروپ وک سا ۔ںيہ ۔ےگ ںيکﺳ رک ںيہن لصاح جئاتن ہي مہ
۔ںيہ ےترک ادا ہيرکش ےيل ےک نواعت لسلسم ںيم لوصح ےک جئاتن ےک ینپمک اک نيمزﻼم ےنپا ےﺳ عقوم سا مہ
رٹکيرئاڈ | رسيفآ وٹکيزگيا فيچ |
2024 ربوتکا 29 یچارک
IBL HEALTHCARE LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024
Un-audited | Audited | ||
September 30, | June 30, | ||
Note | 2024 | 2024 | |
-------(Rupees in '000)------- | |||
ASSETS | |||
Non-current assets | |||
Furniture and equipment | 4 | 5,003 | 4,729 |
Right-of-use-asset | 1,300 | 2,123 | |
Investment properties | 587,374 | 587,374 | |
Intangible assets | 2,212 | 2,466 | |
Deferred taxation - net | 15,970 | 15,970 | |
611,859 | 612,662 | ||
Current assets | |||
Inventories | 1,026,583 | 905,328 | |
Trade and other receivables | 5 | 1,774,643 | 1,331,816 |
Loans, advances, deposits and prepayments | 6 | 104,294 | 62,100 |
Taxation - payments less provision | 45,219 | 39,258 | |
Cash and bank balances | 7 | 92,948 | 375,594 |
3,043,688 | 2,714,096 | ||
Total assets | 3,655,546 | 3,326,758 | |
EQUITY AND LIABILITIES | |||
Share capital and reserves | |||
Share Capital | |||
Issued, subscribed and paid-up share capital | 8 | 856,748 | 856,748 |
Capital reserve | |||
Share premium | 119,600 | 119,600 | |
Revenue reserve | |||
Un-appropriated profit | 1,198,195 | 1,138,331 | |
2,174,543 | 2,114,679 | ||
Liabilities | |||
Non-current liabilities | |||
Lease liability | - | - | |
- | - | ||
Current liabilities | |||
Trade and other payables | 9 | 979,849 | 1,131,066 |
Advance from customers | 52,522 | 34,155 | |
Sales Tax Payable | 7,492 | 3,206 | |
Short term borrowings | 417,987 | 19,267 | |
Current portion of lease liability | 2,060 | 3,128 | |
Unclaimed dividend | 7,059 | 7,105 | |
Unpaid dividend | 14,035 | 14,152 | |
1,481,004 | 1,212,079 | ||
Contingencies and commitments | 10 | ||
Total equity and liabilities | 3,655,546 | 3,326,758 |
The annexed notes 1 to 14 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
IBL HEALTHCARE LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Un-audited)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024
September 30, | September 30, | ||
Note | 2024 | 2023 | |
-------(Rupees in '000)------- | |||
Revenue | 11 | 1,078,954 | 1,061,197 |
Cost of Sales | (739,070) | (707,834) | |
Gross Profit | 339,884 | 353,363 | |
Distribution costs | (185,174) | (194,697) | |
Administrative expenses | (34,206) | (24,053) | |
Other income / (loss) | 12 | (1,592) | 2,653 |
Profit from operations | 118,913 | 137,266 | |
Finance cost | (12,389) | (17,990) | |
Profit before levies and income tax | 106,524 | 119,276 | |
Levies - minimum tax | (7,246) | - | |
Profit before taxation | 99,278 | 119,276 | |
Income Tax Expense | (39,414) | (39,365) | |
Profit after taxation | 59,864 | 79,911 | |
Other comprehensive income | - | - | |
Total comprehensive income | 59,864 | 79,911 |
Earnings per share (Rupees) | 0.70 | 1.12 |
The annexed notes 1 to 14 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
IBL HEALTHCARE LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Un-audited)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024
Issued, | Reserve for | ||||
subscribed | Share | Unappropriated | Total share | ||
issue of | |||||
and paid-up | Premium | profit | holders' equity | ||
bonus shares | |||||
share capital | |||||
------------------------------------- | (Rupees in '000)------------------------------------- | ||||
Balance as at July 01, 2023 | 713,956 | - | 119,600 | 1,273,571 | 2,107,127 |
Total comprehensive income for the period | |||||
ended September 30, 2023 | - | - | - | 79,911 | 79,911 |
Balance as at September 30, 2023 | 713,956 | - | 119,600 | 1,353,483 | 2,187,039 |
Balance as at July 01, 2024 | 856,748 | - | 119,600 | 1,138,331 | 2,114,679 |
Total comprehensive income for the period | |||||
ended September 30, 2024 | - | - | - | 59,864 | 59,864 |
Balance as at September 30, 2024 | 856,748 | - | 119,600 | 1,198,195 | 2,174,543 |
The annexed notes 1 to 14 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
IBL HEALTHCARE LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (Un-audited)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024
September 30, | September 30, | |
Note | 2024 | 2023 |
-------(Rupees in '000)------- | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Profit before taxation | 106,524 | 119,276 |
Adjustments for non-cash items: | ||
Depreciation | 445 | 430 |
Depreciation of right-of-use asset | 823 | 808 |
Amortization of intangible assets | 255 | 706 |
Finance cost | 12,389 | 17,990 |
120,436 | 139,210 | |
Decrease/(Increase) in working capital | ||
Inventories | (121,255) | (203,120) |
Trade and other receivables | (442,827) | (399,070) |
Loans, advances, deposits and prepayments | (42,194) | (40,950) |
Refund Due from Government - Sales Tax | - | 3,186 |
Sales tax due to Govt | 4,286 | - |
Trade and other payables | (156,717) | 424,319 |
Advance from customers | 18,362 | 16,831 |
(740,346) | (198,803) | |
Cash (used in) / generated from operations | (619,910) | (59,592) |
Income tax paid | (52,621) | (31,396) |
Finance cost paid | (6,889) | (17,841) |
Net cash (used in) / generated from operating activities | (679,420) | (108,829) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Payments for acquisition of furniture and equipment | (719) | (533) |
Net cash (used) in investing activities | (719) | (533) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividend paid | (163) | (1) |
Long-term loan repayment | - | - |
Payments against lease liability | (1,064) | (1,022) |
Net cash (used) in financing activities | (1,227) | (1,023) |
Net (decrease) /increase in cash and cash equivalents | (681,366) | (110,385) |
Cash and cash equivalents at the beginning of the period | 356,327 | (194,742) |
Cash and cash equivalents at the end of the period | (325,039) | (305,127) |
The annexed notes 1 to 14 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
IBL HEALTHCARE LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024
-
LEGAL STATUS AND OPERATIONS
IBL HealthCare Limited (the Company) was incorporated in Pakistan under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) as a private limited company on July 14, 1997. In November 2008, the Company was converted into public limited company. The shares of the Company are quoted on the Pakistan Stock Exchange.
The principal activities of the Company include marketing, selling and distribution of healthcare products.
The Company is a subsidiary of The Searle Company Limited (the Holding Company) and International Brands (Private) Limited (the Ultimate Parent Company).
The geographical location and address of the Company's business units are as under: - The registered office of the Company is located at One IBL Centre, 2nd floor, Plot No.1, Block 7 & 8, D.M.C.H.S. Tipu Sultan Road, Off Shahrah-e-faisal, Karachi.
- The Company also has a distribution warehouse located in Korangi Industrial Area, Karachi.
-
BASIS OF PREPARATION
These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of: - International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
- Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the companies Act, 2017; and
- provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS, the provisions of and directives issued under the Companies Act, 2017 have been followed.
3. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these financial statements are set out. The policies have been consistently applied to all the years presented, unless otherwise stated.
Un-audited | Audited | |
September 30, | June 30, | |
2024 | 2023 | |
Note | --------Rupees in '000------- |
4. FURNITURE AND EQUIPMENT
Operating assets | 4.1 | 5,003 | 4,729 |
5,003 | 4,729 |
4.1 Details of additions in operating assets during the period were as follows:
Un-audited | Un-audited | |
September 30, | September 30, | |
2024 | 2023 | |
--------Rupees in '000------- | ||
Office equipments | 719 | 533 |
719 | 533 |
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