CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED 30 SEPTEMBER 2024
HUNZA, GILGIT BALTISTAN
PC LEGACY HUNZA- FRONT PAGE CAFE
PAKISTAN SERVICES LIMITED
CONDENSED INTERIM
FINANCIAL STATEMENTS
(UNAUDITED)
For the three months period ended 30 September 2024
CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) | 1 |
For the three months period ended 30 September 2024 | |
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 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.
2 CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months period ended 30 September 2024
PAKISTAN SERVICES LIMITED
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 9 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
CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) | 3 |
For the three months period ended 30 September 2024 | |
PAKISTAN SERVICES LIMITED
Directors' Report
Dear Members,
The Board of Directors of Pakistan Services Limited (PSL) presents the condensed interim financial statements of the Company for the three months period ended 30 September 2024.
Economic Overview
Pakistan's economy continued to grapple with structural challenges, reflecting mixed signals in its recovery eforts. Fiscal and monetary tightening, alongside policy reforms supported by the IMF, helped stabilize some macroeconomic indicators. Inflation eased slightly from earlier peaks, largely due to stable commodity prices and controlled domestic demand.
A notable development during this period was the reduction in the Karachi Interbank Ofered Rate (KIBOR) by the State Bank of Pakistan (SBP). This marked a significant shift in the monetary policy stance, reflecting the SBP's aim to support the economy by reducing borrowing costs for businesses, households, and investors. This decision aimed to stimulate economic activity by reducing borrowing costs for businesses and households. The rate cut provided some relief to industries burdened by high borrowing costs, particularly export-oriented sectors, while fostering an environment conducive to private sector investment.
Globally, the economy continued to demonstrate resilience, with steady growth and moderate inflationary pressures. However, escalating geopolitical tensions in the Middle East, particularly the ongoing conflict involving Israel and Palestine, have increased economic uncertainty across the region. Rising oil prices and disruptions in trade are expected to have a ripple efect, further straining economies dependent on energy imports.
During the period, the Company recorded revenue (net) of Rs. 4,106 million, as compared to Rs. 3,555 million registered in the corresponding period of the last year whereas the gross profit for the period is Rs.1,813 million as compared to Rs.1,425 million of comparative period of the last year. The profit before tax is Rs.215 million as compared to Rs. 75 million in the corresponding period of last year.
Highlights of Performance:
For the three months'
period ended 30 September
20242023 (Rupees million)
Sales and Services - net | 4,106 | 3,555 | |
Gross profit | 1,813 | 1,425 | |
Profit before taxation | 215 | 75 | |
Profit after taxation | 40 | 61 | |
Earnings per share (Rupees) | 1.24 | 1.89 | |
4 CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months period ended 30 September 2024
PAKISTAN SERVICES LIMITED
Performance of Rooms Department
During the period Rooms Revenue was recorded at Rs. 2,136 million as against Rs. 1,846 million of the corresponding period of last year.
Performance of Food & Beverage (F&B) Department
Revenue from this segment has been recorded at Rs. 2,403 million for the period under review as compared to Rs.2,077 million of the same period last year.
Performance of Other Related Services/License Fee/ Travel and Tour Division
From this segment of the business revenue of Rs. 345 million has been achieved as compared to Rs. 300 million of the comparative period of last year.
Consolidated Results
During the current period, the group recorded a revenue (net) of Rs. 4,168 million as compared to Rs. 3,605 million of the same period last year. Loss after taxation is recorded at Rs. 8 million in comparison with Rs. 5 million profit of the corresponding period of the previous year.
Prospects
Stronger governance and institutional improvements will be vital in building investor confidence and ensuring long-term economic resilience. Proactive fiscal policies and structural reforms remain crucial to steer Pakistan's economy toward a sustainable growth trajectory.
Acknowledgement
On behalf of the Board, we express our appreciation for the dedication to duty and professional conduct of the employees of the Company, as well as of the shareholders/stakeholders and in particular the Government Authorities for their advice, understanding, and support. We thank the bankers of the Company for the understanding and the cooperation they have extended. Finally, we are thankful to our loyal and confident customers, the combined eforts of all have been instrumental in the sustainable growth of the Company against all odds. Prayers are for a peaceful and prosperous Pakistan.
For and on behalf of the Board of Directors,
Bastien Paul Emile Blanc | Shakir Abu Bakar |
Chief Executive Officer | Director |
Islamabad: 26 November 2024 | |
CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) | 5 |
For the three months period ended 30 September 2024 | |
PAKISTAN SERVICES LIMITED
2024
4,106 2024
3,555
1,425 1,813
215 75
2024
2023
4,106 | 3,555 |
1,813 | 1,425 |
215 | 75 |
40 | 61 |
1.24 | 1.89 |
6 CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) For the three months period ended 30 September 2024
PAKISTAN SERVICES LIMITED
2,136 1,846
2,077 2,403
300 345
3,605 4,168
8 5
CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) | 7 |
For the three months period ended 30 September 2024 | |
PC LEGACY HUNZA- EXTERIOR
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |