Gammon Pakistan : Transmission of Quarterly Report for the Period Ended December 31, 2022 (Half Yearly)

Half-Yearly Accounts

December 31, 2022

(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 reviewed Financial Statements for the period ended December 31, 2022.

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 Dec,	July to Dec,
	2022	2021
	(Rupees)	(Rupees)
Contract Income	5,619,649	15,500,347
Contract Expenditure	(7,801,709)	(17,283,901)
Net Contract (Loss)/Profit	(2,182,252)	(1,783,554)
(Loss)/Profit before taxation	(4,736,899)	(2,560,904)
Taxation	(2,778,234)	(2,517,486)
Net (Loss)/Profit	(7,515,133)	(5,078,390)

The revenue from the contracts has decreased as compared to the same period last year (SPLY) due to Completion and Handing Over of certain Projects. Unfortunately, in spite of our best efforts, we have not been able to get any new Projects. The main problem is the difficulty in arranging the BG facilities, this has adversely affected the revival of the Company. Nonetheless, all our efforts are still being made to acquire new Projects as we continue to participate in the bidding process wherever a project is launched. 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.

Maritime Technologies Complex Project at Fateh Jang near Islamabad is in the process of final bill with the client, however, due to certain differences in work completion, it's under arbitration for resolving the differences and may take more time for final bill to be done. Although there are some complications in getting our balance with the client, due to the Risk & Cost element. New Management is very much hopeful and capable of overcoming the hurdles.

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 the company in the near future.

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Efforts are being made to get LG & RF facilities from different Banks, that will definitely help us to boost our working capacity and to acquire new Projects.

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 Board of Directors

Khalid Kuli Khan Khattak

Chief Executive Officer

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