For The
Three Months Ended
September 30
Three Months Ended Sep 30, 2022
03
04
05
Information
- Condensed Interim Statement of Financial Position (Un-Audited)
- Condensed Interim Statement of Profit or Loss (Un-Audited)
- Condensed Interim Statement of Comprehensive Income (Un-Audited)
- Condensed Interim Statement of Changes in Equity (Un-Audited)
- Condensed Interim Statement of Cash Flows (Un-Audited)
- Notes to the Condensed Interim Financial Information (Un-Audited)
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Three Months Ended Sep 30, 2022
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Three Months Ended Sep 30, 2022
Company Profile | |||
Board of Directors | Sh. Naseem Ahmad | Chairman | |
Mr. Rehman Naseem | Chief Executive Officer | ||
Mr. | Amir Naseem Sheikh | Non - Executive Director | |
Mr. Muhammad Mukhtar Sheikh | Executive Director | ||
Mr. Faisal Ahmed | Non - Executive Director | ||
Mr. Fahd Mukhtar | Executive Director | ||
Mr. Babar Ali | Independent Director | ||
Mr. | Masood Karim Shaikh | Independent Director | |
Ms. | Parveen Akhter Malik | Independent Director | |
Audit Committee | Ms. Parveen Akhter Malik | Independent Director/Chairman | |
Mr. Sheikh Naseem Ahmad | Non - Executive Director | ||
Mr. Amir Naseem Sheikh | Non - Executive Director | ||
Human Resource and | Mr. | Babar Ali | Independent Director |
Remuneration Committee | Mr. Babar Ali | Independent Director/Chairman | |
Mr. Amir Naseem Sheikh | Non - Executive Director | ||
Mr.Faisal Ahmad | Non - Executive Director | ||
Strategic Planning Committee | |||
Mr. Rehman Naseem | Chief Executive Officer | ||
Mr. Masood Karim Sheikh | Independent Director | ||
Ms. Parveen Akhter Malik | Independent Director | ||
Company Secretary | Mr. Azher Iqbal | ||
Chief Financial Officer | Mr. Muhammad Azam | ||
Auditors | KPMG Taseer Hadi & Co., Chartered Accountants | ||
Bankers | |||
Allied Bank Limited | Faysal Bank Limited | ||
National Bank of Pakistan | Askari Bank Limited | ||
MCB Bank Limited | The Bank of Punjab | ||
Meezan Bank Limited | The Bank of Khyber | ||
United Bank Limited | Pak Brunei Investment Company Limited | ||
Standard Chartered Bank (Pakistan) Limited | Pak Oman Investment Company Limited | ||
Habib Bank Limited | Summit Bank Limited | ||
Soneri Bank Limited | Dubai Islamic Bank Pakistan Limited | ||
Bank Alfalah Limited | JS Bank Limited | ||
Bank Al Habib Limited | Bank Islami Pakistan Limited | ||
Saudi Pak Industrial & Agricultural Investment | Pak Libya Holding Company (Pvt.) Ltd. | ||
Company Limited | |||
Habib Metropolitan Bank Limited | Pakistan Kuwait Investment Company (Private) | ||
Limited | |||
Industrial and Commercial Bank of China Limited | |||
Head Office & | |||
Shares Department: | 59/3, Abdali Road, Multan. | ||
Phone: (92),4781637 Fax: (92) 61-4541832 | |||
E-mail: corporate@fazalcloth.comShares@fazalcloth.com | |||
Website: www.fazalcloth.com | |||
Shares Registrar: | Vision Consulting Ltd. | ||
3-C, LDA Flats, Lawrence Road, Lahore.shares@vcl.com.pk | |||
Phone: (92) 42-36283096, 36283097 Fax: (92) 42-36374839 | |||
Registered Office: | 69/7, Abid Majeed Road, Survey No. 248/7, Lahore Cantt, Lahore. | ||
Phone: (92) 42-36684909 | |||
Mills: | i) | Fazal Nagar, Jhang Road, Muzaffargarh - Pakistan | |
Ph. (92) 66-2422216,18 | Fax: (92) 66-2422217 |
- Qadirpur Rawan Bypass, Khanewal Road, Multan - Pakistan
Ph. (92)61-6740041-43, Fax : (92) 61-6740052
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Three Months Ended Sep 30, 2022
DIRECTORS' REVIEW
Dear Shareholders!
Assalam-o-Alaikum
Your Directors are pleased to present before you un-audited financial information of Fazal Cloth Mills Limited, for three months ended September 30, 2022.
Sales were recorded at Rs. 18,468.51 million during the three months of the current financial year compared to Rs. 13,519.74. Your Company earned after tax profit of Rs. 525.57 million (pre-tax profit of Rs. 736.69 million) as compared to Rs. 1,557.08 million (pre-tax profit of Rs. 1,735.56 million) for the corresponding period last year after charging depreciation of Rs. 430.12 million (September 30, 2021: Rs. 397.46 million). EBITDA of Rs. 2,144.98 million (September 30, 2021: Rs. 2,552.57 million) was generated.
Earnings per Share of the Company for the three months ended September 30, 2022 was Rs. 17.52 as compared to Rs. 51.90 for corresponding period in previous year.
Three months ended | Increase / | |||||||||
(decrease) | ||||||||||
Financial Highlights | 30-Sep-22 | 30-Sep-21 | ||||||||
Rupees in ('000') | Rupees in ('000') | % age | ||||||||
Sales - net | 18,468,508 | 13,519,743 | 36.60% | |||||||
Cost of sales | 15,843,703 | 10,873,955 | 45.70% | |||||||
Gross profit | 2,624,805 | 2,645,788 | -0.79% | |||||||
EBITDA | 2,144,977 | 2,552,574 | -15.97% | |||||||
Depreciation | 430,122 | 397,462 | 8.22% | |||||||
Finance cost | 978,168 | 419,553 | 133.15% | |||||||
Other income | 8,568 | 29,575 | -71.03% | |||||||
Profit before tax | 736,687 | 1,735,560 | -57.55% | |||||||
Profit after tax | 525,573 | 1,557,082 | -66.25% | |||||||
Earnings per share - Rs. | 17.52 | 51.90 | -66.25% |
Future Outlook
Retailers across the world and particularly in USA and EU continue to reduce inventories fearing a recession and lack of demand. Central Banks continue to tighten monetary policy to fight inflation. As a result, demand for clothing and textiles remains dismal and prices for textile products continue to fall. This has resulted in lower margins as well as inventory losses for your Company. Under the circumstances, the financial results of the Company are reasonable. Your management expects this situation to continue for the next 3 to 6 months. All efforts are being made to improve sales, reduce inventory and operating cost to cope with this difficult period.
Management and Labor Relations
The relations between the workers and management remained cordial throughout the period. Your Directors wish to thank all workers and staff members for their hard work.
Dated: November 29, 2022
(Sheikh Naseem Ahmad)
Chairman
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Fazal Cloth Mills Ltd. published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2022 12:06:48 UTC.