NINE MONTHS
ACCOUNTS 2022-23
Contents
Company Information | 02 |
Directors' Review - English | 03 |
Directors' Review - Urdu | 04 |
Condensed Interim Statement of Financial Position | 05 |
Condensed Interim Profit or Loss Account | 06 |
Condensed Interim Statement of Comprehensive Income | 07 |
Condensed Interim Cash Flow Statement | 08 |
Condensed Interim Statement of Changes in Equity | 09 |
Notes to the Condensed Interim Financial Statements | 10 |
Nine Months Accounts 2022-23
Quice Food Industries Limited
01
Company Information
Board of Directors | |
Mr. Muhammad Atif | Chief Executive Ocer |
Mr. Muhammad Siraj | Director |
Mr. Salman Haroon | Independent Director |
Ms. Hina Fayaz | Independent Director |
Ms. Saba Irfan | Independent Director |
Mr. Muhammad Riaz | Director |
Mr. Qazi Muhammad Imran | Director |
Company Secretary | |
Mr. Iqbal Shahid | |
Audit Committee | |
Mr. Salman Haroon | Chairman |
Mr. Muhammad Siraj | Member |
Ms. Hina Fayaz | Member |
HR & Remuneration Committee | |
Mr. Salman Haroon | Chairman |
Mr. Muhammad Siraj | Member |
Mr. Muhammad Riaz | Member |
Legal Advisor | |
M/s. Ahmed & Qazi | |
Advocates & Legal Consultants | |
Bankers | |
Allied Bank Limited | |
Habib Bank Limited | |
Meezan Bank Limited | |
United Bank Limited | |
Bank Al Falah Limited | |
MCB Bank Limited | |
Habib Metro Bank Limited | |
Auditors | |
M/s. Aslam Malik & Co. | |
Chartered Accountants | |
Share Registrar | |
M/s. F.D. Registrar Services | Registered Oce |
(SMC-Pvt.) Ltd. | |
Oce No. 1705, 17th Floor, Saima | WS7, Mezanine Floor, Madina Palace |
Trade Tower-A, I.I Chundrigar Road, | Faran Co-operative Housing Society |
Karachi. | Dhoraji Colony, Karachi |
02
Nine Months Accounts 2022-23
Quice Food Industries Limited
Directors' Review
For the third quarter and nine months ended March 31, 2023
The Directors of Quice Food Industries Limited "the Company" are pleased to submit theun-audited condensed interim financial report and financial information of the Company for third quarter and nine months period ended March 31, 2023.
Business Performance Overview
By the grace of the Almighty, your Company booked an after-tax profit of PKR, 14.34 million as a result of increase in Sales. Local and exports sales coupled with increase in sales price, to absorb inflationary eect, resulted in revenue of PKR. 642.32 million (March 2022: PKR. 308.36 million). Gross profit has been booked at PKR. 117.32 million (March 2022: 67.58 million). Cost of sales as a percentage of sales 82% as compared to 78% of the corresponding period majorly due to increase in variable costs and increased fixed costs too, which reduced the Gross margin.
Financial highlights
The summary of financial performance follows (compared with last year):
March' 2023 | March' 2022 | |
Rupees "000" | Rupees "000" | |
Net sales | 642,320 | 308,360 |
Gross profit | 117,032 | 67,558 |
Pre-tax-profit | 21,716 | 20,733 |
After-tax-profit | 14,346 | 17,126 |
Future Prospects
Though PKR has substantially devalued as compared to USD and no concrete measures have yet been announced by the Government to rectify the current economic conditions, and there is an uncertainty about political and socio-economic stability in the near future, yet we are hopeful that your company would perform better in the days to come as a result of increase in our products' demand in the foreign and local markets. Further management is committed to keep improving the product quality and to capitalize on the process eciencies for price control in this hyper inflationary economic environment.
We would like to express our gratitude to shareholders who have always shown their confidence in the Company and for the commitment, dedication and innovative thinking demonstrated by each member and are confident that they will continue to do so in the future.
Chief Executive | Director |
Karachi
April 29, 2023
Nine Months Accounts 2022-23
Quice Food Industries Limited
03
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