ANNUAL REPORT | 2024
233
LOBBY,RUMANZABYPEARL-CONTINENTAL,MULTAN
2024
CONTENTS
4
5
6
8
10
16
26
32
33
34
35
38
44
49
50
52
53
54
55
56
116
117
122
124
128
130
131
132
133
134
Vision & Mission Statements Corporate Information Corporate Objectives Board of Directors
Notice of Annual General Meeting Chairman's Review
Directors' Report
Key Operating and Financial Data Horizontal Analysis
Vertical Analysis
Statement of Value Addition and its Distribution
Statement of Compliance with Listed Companies (Code of Corporate Governance) Regulations, 2019 Independent Auditors' Report to the members on the Audit of the unconsolidated financial statements Independent Auditors' Review Report to the members on the Statement of Compliance contained in Listed Companies (Code of Corporate Governance) Regulations, 2019
Unconsolidated Statement of Financial Position Unconsolidated Statement of Profit or Loss Unconsolidated Statement of Comprehensive Income Unconsolidated Statement of Changes in Equity Unconsolidated Statement of Cash Flows
Notes to the Unconsolidated Financial Statements Pattern of Shareholdings
Disclosure to Pattern of Shareholdings Consolidated Directors' Report
Independent Auditors' Report to the members on the Audit of the consolidated financial statements Consolidated Statement of Financial Position
Consolidated Statement of Profit or Loss Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
LOBBY,PCLEGACY,SKARDU
PAKISTAN SERVICES LIMITED
VISION STATEMENT
We are committed to dynamic growth and service excellence built upon our heritage of traditional hospitality. We strive to consistently meet and surpass guests', employees' and other stakeholders' expectations. We feel pride in making efforts to position Pakistan in the forefront of the international arena.
MISSION STATEMENT
Secrets to our sustained leadership in hospitality are Excellence and Dynamism through offering competitive and innovative high quality value added services to our guests and business partners.
To meet the challenges of modern business, we constantly upgrade our operations and services in line with the latest technological facilities.
As a responsible corporate citizen, maintaining the highest level of governance, ethical standards and prudence.
Keeping close-watch at socio-political environment to make use of all available growth opportunities through aggressive and proactive approach.
Believe in strong and professional workforce by providing challenging and rewarding environment and equal respect to all through creating the sense of participation towards the success of our vision.
4
ANNUAL REPORT | 2024
CORPORATE INFORMATION
Pearl Continental Hotels, a chain owned, operated and franchised by Pakistan Services Limited, sets the international standards for quality hotel accommodation across Pakistan and AJ&K and manages 8 luxury hotels in Karachi, Lahore, Rawalpindi, Bhurban, Muzaffarabad, Hunza, Murree, Malam Jabba and Multan, besides one franchised hotel located at Gwadar, comprising total inventory of 1,744 rooms.
BOARD OF DIRECTORS
Mr. Sadruddin HashwaniChairman
Mr. Murtaza Hashwani
Mr. M. A. Bawany
Mr. Shakir Abu Bakar
Syed Haseeb Amjad Gardezi
Mr. M. Ahmed Ghazali Marghoob
Ms. Ayesha Khan
Mr. Rohail Ajmal
Mr. Shahid Hussain
Mr. M. Saleem Ahmed Ranjha
AUDIT COMMITTEE
Mr. Shahid HussainChairman
Mr. M. A. Bawany
Mr. M. Ahmed Ghazali Marghoob
Mr. Rohail Ajmal
HUMAN RESOURCE & REMUNERATION
COMMITTEE
Mr. Rohail AjmalChairman
Mr. Murtaza Hashwani
Mr. M. A. Bawany
Syed Haseeb Amjad Gardezi
Mr. M. Ahmed Ghazali Marghoob
NOMINATION COMMITTEE
Mr. Murtaza HashwaniChairman
Mr. M. A. Bawany
Mr. Shakir Abu Bakar
Syed Haseeb Amjad Gardezi
RISK MANAGEMENT COMMITTEE
Mr. Murtaza HashwaniChairman
Mr. M. A. Bawany
Mr. Shakir Abu Bakar
Syed Haseeb Amjad Gardezi
Ms. Ayesha Khan
Mr. Rohail Ajmal
CHIEF EXECUTIVE OFFICER
Mr. Bastien Paul Emile Blanc
CHIEF FINANCIAL OFFICER
Mr. Tahir Mahmood
COMPANY SECRETARY
Mr. Muhammad Amir
AUDITORS
M/s KPMG Taseer Hadi & Co. Chartered Accountants
6th Floor, State Life Building No. 5 Jinnah Avenue, Blue Area Islamabad.
LEGAL ADVISOR
M/s Liaquat Merchant & Associates
BANKERS
National Bank of Pakistan
The Bank of Punjab
Habib Bank Limited
Soneri Bank Limited
United Bank Limited
Askari Bank Limited
JS Bank Limited
Muslim Commercial Bank Limited
Silk Bank Limited
Faysal Bank Limited
Standard Chartered Bank (Pakistan) Limited
Industrial and Commercial Bank of China
Dubai Islamic Bank ( Pakistan) Limited
Meezan Bank Limited
REGISTERED OFFICE
1st Floor, NESPAK House, Sector G-5/2, Islamabad. Tel: +92 51-2272890-8 Fax: +92 51-2878636 http://www.psl.com.pk http://www.pchotels.com http://www.hashoogroup.com
SHARE REGISTRAR
M/s THK Associates (Private) Limited
Plot No. 32-C, Jami Commercial
Street-2, DHA, Phase VII
Karachi
5
PAKISTAN SERVICES LIMITED
CORPORATE OBJECTIVES
Code of Conduct
The smooth and successful flow of processes and operations can not be achieved without the active participation and concerned eforts of all the employees of the Company. Discipline and professional working environment largely depends on behavior and attitude of the employees. Hence the Company has established its own standards of:
Confidentiality
Attendance and punctuality Working relationships Discussion topics
Behavior and Attitude-in-General
Core Values | Innovation |
Growth and development for all | Listening and two-way interaction |
Competence and contribution as the only basis for job security | Encouragement |
Promotion from within | Participation |
Learning environment and opportunities | Motivation |
Provision for world-class education and training | Initiative |
Aligning people with latest technological trends | |
Trust | |
Recognition and Reward | Cooperation |
Achievement orientation | Integrity |
Appreciation | Dignity |
Setting ever-rising standards of performance | Respect |
Performance-based evaluation | Candidness |
Incentives | Support |
Teamwork | |
Sense of ownership | |
Empowerment |
Strategic Objectives
Sustain potential market share through managed average daily rate
Ensure successful completion of all expansion projects
Seek improvement in employees' competencies and enhancing performance goals
Continue achieving sales growth to support long term plan
Reinforce all areas of security risks to Company's assets and guests
6
CARDROOM,RUMANZABYPEARL-CONTINENTAL,MULTAN
BOARD OF DIRECTORS
Mr. Sadruddin Hashwani | Mr. Murtaza Hashwani |
Mr. M.A. Bawany | Mr. Shakir Abu Bakar | Syed Haseeb Amjad Gardezi Mr. M. Ahmed Ghazali Marghoob |
Ms. Ayesha Khan | Mr. Shahid Hussain | Mr. Rohail Ajmal | Mr. M. Saleem Ahmed Ranjha |
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |