QUARTERLY REPORT
(UN-AUDITED)
Financial Statements
For The First Quarter
Ended 30th Sept 2022
CONTENTS
02 | DIRECTORS' REPORT | 06 | BALANCE SHEET | |||
08 | STATEMENT OF | 09 | STATEMENT OF CHANGES IN | |||
COMPREHENSIVE INCOME | EQUITY | |||||
11 | NOTES TO THE FINANCIAL | |||||
STATEMENTS | ||||||
07 | PROFIT AND LOSS ACCOUNT |
10 | CASH FLOWS STATEMENT |
01
DIRECTORS' REPORT
FOR THE 1st QUARTER ENDED 30th SEPTEMBER, 2022
Dear Members,
The Directors would like to present the Accounts of the Company for the 1st quarter ended 30th September, 2022. The overall Performance of the company is summarized below:
July - Sept | July - Sept | ||
2022 | 2021 | ||
Operating Profit | 1,523,417,864 | 1,236,083,732 | |
Financial & Others | (134,317,096) | (96,064,344) | |
Profit before Taxation | |||
1,389,100,768 | 1,140,019,388 | ||
Taxation | (68,955,071) | (42,284,465) | |
Profit after Taxation | 1,320,145,697 | 1,097,734,923 | |
Earnings per share | |||
214.21 | 178.12 | ||
Gross Margin % | 28.99% | 33.06% | |
Operating Profit % | 26.43% | 29.55% | |
Net Profit after tax% | 22.90% | 26.25% |
Operating Result
During the period under review, the company has made a profit after tax of Rs. 1,320.145 million as compared to Rs.1,097.735 million during the same period of last year due to an increase in sales volume. There is a reduction in gross profit % and operating profit % because of increase in cost of production per bag as compared to last year. Financial charges have increased due to an increase in short-term running finance. Other income increased due to exchange gain on foreign debtors.
Future Outlook
It would not be correct or overly pessimistic to say that we cannot expect the coming quarters to be as good as this one, for the simple reason that the demand and prices in the western countries where we export directly or indirectly have been badly hit by inflation and wars and political turmoil.
The Ukraine war has resulted in price hikes, especially for gas and electricity, and also food inflation is hitting the roof. Now, people are forced to choose how to allocate their money. Obviously, the first priority will go to food, then heating for the winter then will come things like clothes.
We are trying to stay in the black by adopting cost- cutting measures and adopting the" just in time" approach etc.
We hope to earn profits for you and the company even in the difficult time to come.
02
Acknowledgements
We are grateful to almighty Allah, who helped us to come up to the expectation of our valued shareholders, who had reposed their confidence in us, and are also pleased to record our appreciation for dedicated hard-working management, staff members & workers without which it could not have been possible for us to deliver these results. Your Board would also like to thank our valued customers, and bankers for their continued Trust in the company.
ON BEHALF OF THE BOARD OF DIRECTORS
Mr. Abdul Kadir Adam | Mr. Yasin Siddik |
Chief Executive Officer | Executive Director |
28th October , 2022
Karachi.
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