Condensed Interim Financial Statements for the Quarter Ended September 30, 2023
CONTENTS
Company's information | 02 |
Directors' Report (English & Urdu) | 03 - 06 |
Statement of Financial Position | 07 |
Statement of Profit or Loss | 08 |
Statement of Comprehensive Income | 09 |
Statement of Changes in Equity | 10 |
Statement of Cash Flow | 11 |
Notes to the Financial Information | 12 - 17 |
For the quarter ended September 30, 2023 | 1
Company Information
Board of Directors
Mr. Abdul Rehman Yaqub | Chairman |
Mr. Shabbir Ahmed | Non Executive Director |
Mr. Khaleequr Rahman | Non Executive Director |
Mr. Perwez Ahmed | Non Executive Director |
Mr. Zain Ashraf Mukaty | Non Executive Director |
Mr. Anas Rahman | Non Executive Director |
Mr. Temoor Ashraf Mukaty | Non Executive Director |
Mr. Moin M. Fudda | Independent Director |
Ms. Huma Pasha | Independent Director |
Ms. Aminah Zahid Zaheer | Independent Director |
Mr. Rehan Rahman | Chief Executive Officer |
Board Audit Committee
Mr. Moin M. Fudda | Chairman |
Mr. Khaleequr Rehman | Member |
Mr. Temoor Ashraf Mukaty | Member |
Ms. Aminah Zahid Zaheer | Member |
Board HR & Remuneration Committee
Ms. Aminah Zahid Zaheer | Chairperson |
Mr. Moin M. Fudda | Member |
Mr. Zain Ashraf Mukaty | Member |
Chief Financial Officer
Ms. Javeria Siddiqui
Company Secretary
Mr. Mudassir Moten
Bankers
Allied Bank Limited
Bank Alfalah Limited
Bank Al Habib Limited
Bank Islami Pakistan Limited
Faysal Bank Limited
HBL Bank Limited
Habib Metropolitan Bank Limited
Meezan Bank Limited
Standard Chartered Bank (Pakistan) Ltd
External Auditors
EY Ford Rhodes Chartered Accountants
Progressive Plaza, Beaumont Road,
Karachi.
Internal Auditors
A.F. Ferguson & Co. Chartered Accountants
State Life Building No. 1-C, I.I. Chundrigar Road,
City Railway Colony, Karachi.
Registered Office
H-23/4A, Scheme # 3, Landhi Industrial Area, Landhi, Karachi.
Corporate Office
K&N Centre, 2nd and 3rd Floor,160 Banglore Town, Shahrah -e-Faisal, Karachi
Factory Addresses
Sindh:
Plot # H-23/4-A,H-23-/4-B,H-23/4-B1 and H- 23/3-II, Scheme # 3, Landhi Industrial Area, Landhi, Karachi. Plot # A-5/D and A-5/D1,B-4/A,C-3,C-31,F-125,F-342 & F-89, SITE, Karachi.
Plot # 342/A, Haroonabad, SITE, Karachi Plot # PL-15 & ST-03 North Karachi Industrial Area, Karachi.
Survey # 81, 242, 72 to 75, 165, 166, 171, 172, 176 to 181, 186 to 190, 156, 210, 211, 243
Deh Moachko, Tapo Gabopat, Keamari Town, Karachi.
Balochistan
Plot# D-12 to D-20,K-1 to K-3,M-30(Survey 564) and M-34 (Survey # 564, 84/1, 85, 86 & 89/1), HITE, Hub, Lasbela, Balochistan
Legal Advisor
Mohsin Tayebaly & Co
1st Floor, Dime Centre Khayaban-e-Iqbal,
Block-9, Clifton, Karachi
Share Registrar/Transfer Agent
FAMCO Associates (Pvt.) Ltd.
8-F, Next to Hotel Faran Nursery, Block-6, PECHS, Shahrah-e-Faisal, Karachi.
Website
http://www.feroze1888.com
For the quarter ended September 30, 2023 | 2
DIRECTORS' REPORT
We are pleased to present the performance review and the un-audited Financial Statements for the three months ended September 2023.
ECONOMIC & INDUSTRY OVERVIEW
Post nearly a stagnating economy in FY2023, it appears to be turning over a new leaf in FY2024. The IMF bailout in July allowed to avoid an impending default and helped in rebuilding foreign exchange reserves and unlock other multilateral funding.
The World Bank has revised downward Pakistan's GDP growth projection for the current fiscal year 2023-24 to 1.7 percent from a previous projection of 2 percent as the decline in economic activity reflects the accumulation of domestic and external shocks, domestic political uncertainty, tighter global financing, curb on imports and capital flows.
The Country is embarking on a tricky path to economic recovery. Inflation has consistently remained at elevated levels in double digits since last year. The rate accelerated to a high of 31.4% in September 2023 from 27.4% in the previous month, driven by high fuel and energy prices.
During the period, the Country earned US$ 4.13 billion from textile and apparel exports, compared to exports of US$ 4.58 billion in corresponding period last year. Specifically, exports of towel went up by 2.89% and were valued at US$ 244.13 million during the period July-September2023-24. On the other hand, the textile imports narrowed by 31.04 percent by falling from US$ 972.97 million dollars during July to September of the 2022-23 fiscal year to 670.95 million dollars during the same period of the current fiscal year. Raw cotton imports went down by 67.76% year-on-year to US$ 122.47 million on account of a normal crop season this year in contrast to a one devasted by floods, last summer.
REVIEW OF OPERATING RESULTS
A brief overview of the performance of your Company for the three months ended 30th September
2023 is stated below:
Statement of Profit or Loss for the three months ended:
September 2023 | September 2022 | |
-------- (Rupees in '000) -------- | ||
Sales- net | 17,698,959 | 9,013,750 |
Gross profit | 3,704,727 | 2,005,786 |
Profit before taxation | 1,282,588 | 1,963,423 |
Profit after taxation | 1,005,911 | 1,767,294 |
EPS (Rs/Share) | 2.52 | 4.42 |
The Company's profit after tax for the three months has decreased by Rs. 761,383 million i.e. by 43% in comparison with the corresponding period of the last year even though the net sales have increased during the period by Rs. 8,685 billion i.e. 96%. The major reason for amplified profit in corresponding period LY was net exchange gain of approx. Rs. 1 billion as compared to a slight net exchange loss in this period.
For the quarter ended September 30, 2023 | 3
FUTURE OUTLOOK
Economic growth is expected to remain sluggish and downside risks to the outlook to remain exceptionally high. Even with the IMF Stand by Arrangement (SBA), reserves are expected to remain low, necessitating continued import controls and constraining economic recovery. The agriculture sector is though expected to recover on the back of higher production of important crops, including cotton and rice.
At Feroze1888, we remain committed to work together earnestly in steering the Company towards the accomplishment of its objectives while ensuring value creation for the stakeholders.
ACKNOWLEDGEMENT
We would like to take this opportunity to express our deep sense of gratitude to the shareholders, employees, customers and business partners for their cooperation, confidence and faith they have always reposed in the Company.
For and on behalf of the Board of Directors
Rehan Rahman | Abdul Rehman Yaqub |
Chief Executive Officer | Chairman |
Karachi
Date: October 30, 2023
For the quarter ended September 30, 2023 | 4
For the quarter ended September 30, 2023 | 5
For the quarter ended September 30, 2023 | 6
Feroze1888 Mills Limited
Condensed Interim Statement of Financial Position
As at September 30, 2023
Note |
ASSETS |
Non-current assets |
Un-audited | Audited |
September 30, | June 30, |
2023 | 2023 |
-------- (Rupees in '000) --------
Property, plant and equipment | 4 |
Intangible assets | |
Long term deposits | |
Current assets | |
Store and spares | |
Stock-in-trade | 5 |
Trade debts | 6 |
Advances, deposits, prepayments and other receivables | |
Taxation - net | |
Short-term investments | 7 |
Cash and bank balances | |
Total assets | |
EQUITY AND LIABILITIES | |
Share capital and reserves | |
Authorised share capital | |
400,000,000 (June 30, 2023: 400,000,000) ordinary shares of Rs.10 each | |
Issued, subscribed and paid-up capital | |
Capital reserves | |
Revaluation surplus on property, plant and equipment | |
Revenue reserve | |
Liabilities | |
Non-current liabilities | |
Deferred liability | |
Long term financing | 8 |
Provision for GIDC | |
Lease liabilities | |
Current liabilities | |
Trade and other payables | 9 |
Short term borrowings | 10 |
Accrued mark-up | |
Current portion of lease liabilities | |
Current portion of long term financing | 8 |
Unclaimed dividend | |
CONTINGENCIES AND COMMITMENTS | 11 |
34,727,207
21,492
89,980
34,838,679
2,277,964
19,511,845
17,144,641
4,713,758
352,081
75,305
711,393
44,786,987
79,625,666
4,000,000
3,994,090
2,115,146
3,010,172
28,572,385
37,691,793
1,498,071
7,352,487
1,334,357
403,160
10,588,075
11,915,822
17,076,089
433,931
235,425
1,682,376
2,155
31,345,798
33,939,059
11,533
87,024
34,037,616
1,789,066
15,449,584
14,389,492
6,222,042
455,780
4,362,587
1,336,630
44,005,181
78,042,797
4,000,000
3,994,090
2,115,146
3,010,172
27,566,474
36,685,882
1,427,225
7,839,253
1,334,357
455,578
11,056,413
11,993,765
15,900,000
670,983
240,380
1,493,196
2,178
30,300,502
Total equity and liabilities |
79,625,666 78,042,797
The annexed notes 1 to 21 form an integral part of these condensed interim financial statements.
Javeria Siddiqui | Rehan Rahman | Abdul Rehman Yaqub |
Chief Financial Officer | Chief Executive Officer | Chairman |
For the quarter ended September 30, 2023 | 7
Feroze1888 Mills Limited
Condensed Interim Statement of Profit or Loss (Un-audited)
For the Quarter ended September 30, 2023
Quarter Ended | ||
September 30, | September 30, | |
2023 | 2022 | |
Note | -------------- (Rupees in '000) -------------- |
Sales - net | 17,698,959 | |
Cost of sales | 12 | (13,994,232) |
Gross profit | 3,704,727 | |
Administrative cost | (349,040) | |
Distribution cost | (1,292,543) | |
Other expenses | 13 | (144,042) |
(1,785,625) | ||
1,919,102 | ||
Other income | 14 | 178,271 |
Operating profit | 2,097,373 | |
Finance cost | (814,785) | |
Profit before taxation | 1,282,588 | |
Taxation | (276,677) | |
Profit after taxation | 1,005,911 | |
9,013,750
(7,007,964)
2,005,786
(218,208)
(766,496)
(105,372)
(1,090,076)
915,710
1,338,391
2,254,101
(290,678)
1,963,423
(196,129)
1,767,294
Earning per share basic & diluted (Rupees) | 2.52 | 4.42 | |
The annexed notes 1 to 21 form an integral part of these condensed interim financial statements.
Javeria Siddiqui | Rehan Rahman | Abdul Rehman Yaqub |
Chief Financial Officer | Chief Executive Officer | Chairman |
For the quarter ended September 30, 2023 | 8
Feroze1888 Mills Limited
Condensed Interim Statement of Comprehensive Income (Un-audited)
For the Quarter ended September 30, 2023
Quarter Ended | ||||
September 30, | September 30, | |||
2023 | 2022 | |||
-------------- (Rupees in '000) -------------- | ||||
Profit after taxation | 1,005,911 | 1,767,294 | ||
Other comprehensive income | - | - | ||
Total comprehensive income for the period | ||||
1,005,911 | 1,767,294 | |||
The annexed notes 1 to 21 form an integral part of these condensed interim financial statements.
Javeria Siddiqui | Rehan Rahman | Abdul Rehman Yaqub |
Chief Financial Officer | Chief Executive Officer | Chairman |
For the quarter ended September 30, 2023 | 9
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Feroze1888 Mills Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 11:08:41 UTC.