Gammon Pakistan : Transmission of Quarterly Report for 3rd quarter the Period Ended March 31, 2023

Quarterly Accounts

March 31, 2023

(Un-Audited)

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
Mr. Fazal-ur-Rehman Khan Burki	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
Mr. Fazal-ur-Rehman Khan Burki
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 Accountants
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

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DIRECTOR'S REPORT

The Directors of your Company have pleasure in presenting their report, together with Un- Audited Financial Statements for the nine months ended March 31, 2023.

PERFORMANCE REVIEW

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

Particulars	July to March.,	July to March.,
	2023	2022
	(Rupees)	(Rupees)
Contract Income	5,619,849	19,797,572
Contract Expenditure	(11,032,945)	(21,860,777)
Net Contract Profit/(Loss)	(5,413,096)	(2,063,205)
Profit/(Loss) before taxation	(1,686,415)	(1,435,784)
Taxation	(2,778,234)	(4,422,933)
Profit/(Loss) after taxation	(4,464,649)	(5,858,717)

The revenue from the contracts has sharply reduced after handing over of certain Projects. We are striving hard to acquire some new projects but arranging the BG facilities and running finance is the main difficulty in the way. Nonetheless, all our efforts are still being made to acquire new Projects as we continue to participate in the bidding process of feasible Projects. Gammon Pakistan Limited (GPL) is also striving hard to acquire Projects through joint ventures with financially strong parties and hopefully we may have success in the near future.

The Project of Maritime Technologies Complex Project at Fateh Jang near Islamabad is Completed and is in the process of final bill with the client. It is under arbitration due to difficulties in final bill and claim of retention money due to inconsistencies during the project execution from client side, design and location changes, risk and cost part of the work, as well as allied factors beyond control. In spite of the complications, Management is dealing with matter with concern and using all faculties to finalize it to a success. The Project of Old Bannu Road Structure Bridges is nearly on the same lines and being resolved with full capacity for the recovery of receivables, we are progressing well and expect to settle the matter amicably before the end of this financial year.

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FUTURE PROSPECTS

Management of the Company is very much hopeful that despite financial constraints and cash flow problems we will succeed to uplift the company by resolving long outstanding matters. We are tendering for some Mega Projects as well, since Government policy for the Construction industry is supportive. It is expected that some new works will be awarded to your company in the near future, in this connection efforts are being made to obtain BG and RF facilities from different Banks.

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 cooperation, support and trust reposed in the Company.

For and on behalf of the Board of Directors

Khalid Kuli Khan Khattak

Chief Executive Officer

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