HALF YEARLY
December 31, 2022
CORPORATECORPORATE INFORMATIONINFORMATION
BOARD OF DIRECTORS | |
Atique Ahmad Khan | Chairman |
Masroor Ahmad Khan | Chief Executive Ofcer |
Haz Farooq Ahmad |
Ayesha Masroor
Ubaid Waqar
Muhammad Danish Siddque
Yasir Ahmed Awan
AUDIT COMMITTEE
Muhammad Danish Siddique - Chairman Atique Ahmad Khan
Haz Farooq Ahmad
Ayesha Masroor
HUMAN RESOURCE & REMUNERATION AND
COMPENSATION COMMITTEE
Ubaid Waqar - Chairman
Masroor Ahmad Khan
Atique Ahmad Khan
Ayesha Masroor
PRESIDENT
M. Ashraf Bawany
COMPANY SECRETARY
Farzand Ali, FCS
CHIEF FINANCIAL OFFICER
Asim Mahmud, FCA
AUDITORS
CROWE Hussain Chaudhury & Co.
Chartered Accountants
25-E, Main Market Gulberg-II, Lahore.
BANKERS
Al Baraka Bank (Pakistan) Limited
Askari Bank Limited
Allied Bank Limited
Bank Al Falah Limited
Bank Al Habib Limited
Habib Bank Limited
Habib Metropoliton Bank Limited
Meezan Bank Limited
National Bank of Pakistan Limited
Standard Chartered Bank (Pakistan) Limited Soneri Bank Limited
The Bank of Punjab
SHARE REGISTRAR
Digital Custodian Company Limited
4F, Pardesi House, Old Queens Road, Karachi. Tel: 021-32419770
REGIONAL MARKETING OFFICE
C-7/A, Block F, Gulshan-e-Jamal
Rashid Minhas Road, Karachi.
Ph: (021) 34572150
E-mail: hanif@ghaniglobal.com
GLASS PLANT
52-K.M. Lahore Multan Road
Phool Nagar, Distt. Kasur
Ph:(049) 4510349-549, Fax: (049) 4510749
E-mail: glassplant@ghaniglobal.com
REGISTERED/CORPORATE OFFICE
10-N, Model Town Ext, Lahore 54000, Pakistan UAN: 111 GHANI 1 (442-641)
Fax: (092) 42 35160393
E-mail: info@ghaniglobalglass.com
Website: www.ghaniglobalglass.com www.ghaniglobal.com
Ghani Global Glass Limited | 01 | Half Yearly December 31, 2022 |
DIRECTORS' REPORT
Dear Shareholders
Assalam-o-Alaikum Wa RehmatUllah Wa Barakatoh
The Directors of your Company are pleased to present the unaudited/limited reviewed condensed interim nancial statements of the Company for the half year ended December 31, 2022, along with the review report of the Auditors thereon, in compliance with the requirements of the Companies Act, 2017.
FINANCIAL PERFORMANCE:
For the period ended December 2022, the company's sales have increased to Rs. 1,134.903 million up 23.5% from Rs. 918.398 million during the same period of last year. Despite increase in cost of production due to increase in input costs, gross prot was maintained at last year level. Distribution cost and administrative cost incurred during the period were recorded at Rs. 20.421 million and Rs. 52.065 million as against Rs. 19.403 million and Rs. 40.138 million, respectively, over the same period of last year. This represents the company's focus on maintaining cost efciency and limiting the contraction in overall margins. Your company earned operating prot of Rs. 181.675 million down a relatively paltry 6% on a year-on-year basis. However, the hawkish stance by the SBP and sharp upward revisions to interest rates lead nance cost higher to Rs. 108.126 million as compared to Rs. 27.915 million for the same period last year.
As a result of the above, Company's net prot for this half year remained at Rs. 61.531 million versus a prot of Rs. 137.564 million in the corresponding period ending December 2021.
A comparison of the key nancial results of your Company for the half year ended December 31, 2022, with the same period of last year is provided as under:
Particulars | Rupees in '000' Except EPS | |
December 2022 | December 2021 | |
Sales | 1,134,903 | 918,398 |
Net Sales | 971,802 | 779,049 |
Gross Prot | 257,324 | 257,971 |
Distribution cost | 20,421 | 19,404 |
Administrative expenses | 51,883 | 40,139 |
Operating prot | 181,834 | 193,003 |
Financial cost | 108,126 | 27,915 |
Net prot | 61,690 | 137,564 |
Earnings per share (EPS) - PKR | 0.26 | 0.57 |
FUTURE PROSPECTS
Due to current practical difculties faced by the industry for opening of LCs and import of machinery parts, the repair work of existing furnace have been delayed.
To boost the export business, your Company is engaging an agent to market the export of Ampoules and Vials in both clear and amber glass in MENA, Europe, Latin American and to target Caribbean Pharma Companies.
REMUNERATION OF THE CHIEF EXECUTIVE OFFICER
Keeping in view of the current macro-economic condition of the Country, business environment and an austerity measure, the Chief Executive Ofcer of your Company has himself requested the Board to defer the matter of increase in his remuneration till improvement of the market conditions.
Ghani Global Glass Limited | 02 | Half Yearly December 31, 2022 |
ACKNOWLEDGEMENTS
Indeed, all growth in the business of the company was not possible without the Will and Blessings of ALMIGHTY ALLAH. The Board of Directors wishes to express their gratitude to valued shareholders, banks/nancial Institutions, customers and suppliers for their continuous support, cooperation and patronage. We also wish to place on record the dedication, hard work and diligence of executives, staff and workers of the company.
For and behalf of Board of Directors
Lahore: | MASROOR AHMAD KHAN | HAFIZ FAROOQ AHMAD |
Dated: February 28, 2023 | Chief Executive Ofcer | Director |
Ghani Global Glass Limited | 03 | Half Yearly December 31, 2022 |
Distribution cost | 20,421 | 19,404 |
Administrative expenses | 51,883 | 40,139 |
Operating prot | 181,834 | 193,003 |
Financial cost | 108,126 | 27,915 |
Net prot | 61,690 | 137,564 |
Earnings per share (EPS) - PKR | 0.26 | 0.57 |
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Ghani Global Glass Limited | 04 | Half Yearly December 31, 2022 |
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Ghani Global Glass Ltd. published this content on 01 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2023 12:00:46 UTC.