Gammon Pakistan : Transmission of Quarterly Report Nine Months Ended March 31, 2024

BIBOJEE GROUP

Quarterly Accounts

March 31, 2024

(Un-Audited)

GAMMON PAKISTAN LIMITED

COMPANY INFORMATION

Chairman

Lt Gen Ali Kuli Khan Khattak (Retd)	Chairman
Board of Directors
Mr. Khalid Kuli Khan Khattak	Director
Mrs. Ayesha Alamzeb Durrani	Director
Mr. Muhammad Kuli Khan Khattak	Director
Mr. Sikandar Kuli Khan Khattak	Director
Mr. Kamal Abdullah Malik	Independent Director
Brig Humayun Malik (Retd)	Independent Director
Chief Executive Officer
Mr. Khalid Kuli Khan Khattak
Audit Committee
Mr. Kamal Abdullah Malik	Chairman
Mr. Muhammad Kuli Khan Khattak	Member
Mr. Sikandar Kuli Khan Khattak	Member
HR Committee
Brig Humayun Malik (Retd)
Mrs. Ayesha Alamzeb Durrani
Mr. Sikandar Kuli Khan Khattak
Company Secretary
Mr. Amin ur Rasheed
Chief Financial Officer
Mr. Ghulam Murtaza Khurshid
Internal Auditor
Mr. Salman Khan ACA
External Auditor
M/S Rizwan & Co.
Chartered Accounants
Islamabad
Legal Advisor
Chanda Law Associates	Advocates
Rawalpindi
Stock Exchange
The Gammon Pakistan Limited
is a listed Company and
Its shares are traded on
Pakistan Stock Exchange Limited

Bankers

Askari Bank Limited

Bank Alfalah Limited

Bank of Punjab

Habib Bank Limited

Allied Bank Limited

Silk Bank Limited

National Bank of Pakistan

Registered Office

Gammon House

400/2, Peshawar Road, Rawalpindi Tel: [phone]

Fax: [phone]

E-mail: (i) [e-mail]

(ii) [e-mail]

Share Registrar

Vision Consulting Limited 3-C, LDA Flats, 1st Floor, Lawrence Road, Lahore Tel: [phone] Email: [e-mail]: www.vcl.com.pk

Gammon Pakistan Limited	www.gammonpakistan.com

DIRECTORS REPORT

The Directors of your Company have pleasure in presenting their report, together with Un- Audited Financial Statements for Nine Months ended March 31, 2024.

PERFORMANCE REVIEW

The principal activity of the Company is all type of construction specially Buildings and Bridges. The highlights of the Company's financial results as compared to the preceding period are as follows:

Particulars	July 2023 - Mar 2024	July 2022 - Mar 2023
	(Rupees)	(Rupees)
Contract Income	-	5,619,849
Contract Expenditure	(586,961)	(11,032,945)
Net contract Profit / (Loss)	(586,961)	(5,413,096)
Profit / (Loss) before taxation	(1,577,086)	(1,686,415)
Taxation	(10,567)	(2,778,234)
Profit / (Loss) after tax	(1,587,653)	(4,464,649)

Nine months ended March 31, 2024; contract revenue is zero. Unfortunately, no improvement seen in Company's contract revenue as the work flow status of preceding quarters continues, after closure of the existing projects and having sustained losses in the projects of MTC and OBR. Therefore, no contract revenue earned during the period ended March 31, 2024. Further to it, Company is not getting any new projects because of a continuous recession and stalemate in the market. Political instability is seen at rise in the country during the period under consideration, which is having substantial impact on the business in the country and particularly the Government financed projects at large. Government Taxes under different heads and Utility bills are on the rise, thus impacting rise in routine admin expenses to much extent.

We are still in the process of final bill with the clients for MTC and OBR projects. Our efforts continue to recover any outstanding bills and retentions with various clients but not yet succeeded. The arbitration process is likely to start in near future for recovery of the dues from Maritime technologies Complex (MTC) project. We are hopeful to receive our claims but it may take certain period of time, that cannot be forecasted with precision.

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FUTURE PROSPECTS

Since the Board of Directors decided in the Board meeting of first quarter, to invest as long- term investment in the construction of warehouse Shed with Gammon Pakistan Precast Private Ltd (GPPL) at CSD Rawat land for renting purpose. This loan agreement with GPPL up to a loan amount 90.5 million (Interest based) has been finalized and the process initiated as per the terms of the agreement. It will be a regular source of income in future, for the Company and GPPL both, and will befit to cater for Company's and GPPL's regular mandatory expenses. The management is also focused to earn some good projects at profitable rates and by the Grace of Allah Almighty we are hopeful for success. Company is continuously engaged in the bidding process of all the upcoming projects, which are within the work capacity of the Company. Private as well as Government sectors are being explored with equal effort. The cash flow problems are still persisting. Company is also making progress in resolving long outstanding matters.

ACKNOWLEDGMENT

We appreciate the hard work and dedication of the Company's Management, Engineers and Employees during the period under review.

We would also like to express our gratitude to our Bankers, Clients and Suppliers for their co- operation, support and trust reposed in the Company.

For and on behalf of Board of Directors

Khalid Kuli Khan Khattak

Director

(Chief Executive Officer)

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

  202431 



  

2023 2022 2024 2023
	
5,619,849	-		
(11,032,945)	(586,961)		
(5,413,096)	(586,961)	)/ 
(1,686,415)	(1,577,086)	)/
(2,778,234)	(10,567)		
(4,464,649)	(1,587,653)	)/ 



 

202431





 

  OBR MTC 







  





2024

31













  







 

 



























 

 

 







 

OBRMTC















  







 

MTC



















 





 

3



 CSD

GPPLGPPL

90.5

 GPPL 	GPPL
	
	 
     
 	

  



  

	
	

4

GAMMON PAKISTAN LIMITED

UN-CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED

MARCH 31, 2024

(UN-AUDITED)

5

GAMMON PAKISTAN LIMITED

UN-CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2024 (UN-AUDITED)

NOTE

ASSETS

NON CURRENT ASSETS

Property, plant and equipment

UN-AUDITED			AUDITED
March 31,			June 30,
2024			2023
Rupees

Operating fixed assets	6
Investment property	7
Long term investments	8
Long term security deposits
CURRENT ASSETS
Stores, spares and loose tools
Contract receivables	9
Contract asset	10
Loans and advances	11
Other receivables
Tax refunds due from Government
Cash and bank balances	12

TOTAL ASSETS

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share capital13 Capital reserves

Share premium reserve

Revaluation surplus on property, plant and equipment

Revenue reserve

Accumulated profit

NON-CURRENT LIABILITIES

Deferred liability

Deferred taxation

CURRENT LIABILITIES

Trade and other payables14 Unclaimed dividends

Joint venture partner's advances

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES AND COMMITMENTS

15

298,927,410

479,831,160

500,000

3,600,600

782,859,170

12,302,604

45,065,957

65,049,779

46,343,021

1,782,126

93,835,386

3,570,041

267,948,914

1,050,808,084

282,662,310

15,380,330

428,239,922

443,620,252

76,485,854

802,768,416

7,096,462

29,282,037

36,378,499

180,159,397

1,442,230

30,059,542

211,661,169

1,050,808,084

-

300,176,778

479,831,160

1,800,413

1,200,600

783,008,951

12,270,654

45,065,957

65,049,779

37,792,983

796,800

90,496,383

2,120,883

253,593,439

1,036,602,390

282,662,310

15,380,330

428,814,751

444,195,081

77,498,678

804,356,069

7,552,434

29,326,126

36,878,560

163,865,989

1,442,230

30,059,542

195,367,761

1,036,602,390

-

The annexed notes from 1 to 25 form an integral part of these financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

6

GAMMON PAKISTAN LIMITED

UN-CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2024 (UN-AUDITED)

			UN-AUDITED
	NINE MONTHS ENDED				QUARTER ENDED
		March 31,					March 31,
	2024		2023			2024		2023
NOTE ----------------------------------------				Rupees----------------------------------

Contract income	16
Contract expenditure
Net contract (loss)
Operating expenses
Depreciation	6

Administrative expenses

Operating loss

Other income

Finance cost

(Loss)/Profit before taxation Taxation-current

(Loss)/Profit after taxation

Earnings per share:

Earnings per share - basic and diluted17

-

(586,961)

(586,961)

(709,409)

(26,238,237)

(27,534,607)

25,960,584

(3,063)

(1,577,086)

(10,567)

(1,587,653)

(0.06)

5,619,849

(11,032,945)

(5,413,096)

(1,526,355)

(21,525,811)

(28,465,262)

26,781,535

(2,688)

(1,686,415)

(2,778,234)

(4,464,649)

(0.16)

-

(55,207)

(55,207)

(193,520)

(10,412,434)

(10,661,161)

8,769,778

(1,323)

(1,892,706)

(1,000)

(1,893,706)

(0.07)

200

(3,231,044)

(3,230,844)

(508,786)

(7,997,648)

(11,737,278)

14,790,449

(2,688)

3,050,483

-

3,050,483

0.11

The annexed notes from 1 to 25 form an integral part of these financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

7

GAMMON PAKISTAN LIMITED

UN-CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2024 (UN-AUDITED)

NOTE

UN-AUDITED

NINE MONTHS ENDED			QUARTER ENDED
March 31,		March 31,
2024	2023			2024		2023
---------------------------------	Rupees---------------------------------

(Loss) / profit after taxation	(1,587,653)	(4,464,649)	(1,893,706)	3,050,483
Other comprehensive income	-	-	-	-
Total other comprehensive (loss) / income	(1,587,653)	(4,464,649)	(1,893,706)	3,050,483
for the period

The annexed notes from 1 to 25 form an integral part of these financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

8