Habib Rice Products : Transmission of Annual Report For the Year Ended - 30 June 2022

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Habib Rice Products Ltd.

42nd Annual Report

for the year ended

June 30, 2022

Contents

	Page No
Company Information	2
Chairman's Review / Directors' Report	3
Company's Contribution to the Economy	5
Statement on Corporate and Financial Reporting Framework	6
Six Years at a Glance	7
Pattern of Shareholding	8
Statement of Compliance with listed Companies (Code of Corporate
Governance) Regulation, 2019	10
Independent Auditors' Review Report	12
Independent Auditors' Report on Financial Statements	13
Statement of Financial Position	17
Statement of Profit or Loss	18
Statement of Other Comprehensive Income	19
Statement of Changes in Equity	20
Statement of Cash Flows	21
Notes to the Financial Statements	22
Notice of Annual General Meeting	54
Proxy Form

COMPANY INFORMATION

BOARD OF DIRECTORS
Executive Directors
Mr. Owais G. Habib	Managing Director
Mr. Tufail Y. Habib
Non Executive Directors
Mr. Gaffar A. Habib	Chairman
Dr. Howard J. Synenberg
Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Daniyal Ghani
Mr. Asad R. Premjee

BOARD OF AUDIT COMMITTEE

Mr. Gaffar A. Habib

Ms. Fatemah G. Habib

Dr. Salma Habib

Mr. Daniyal Ghani

BOARD OF HR AND REMUNERATION COMMITTEE

Mr. Tufail Y. Habib

Ms. Fatemah G. Habib

Dr. Salma Habib

Mr. Daniyal Ghani

CHIEF EXECUTIVE OFFICER

Mr. Owais G. Habib

CHIEF FINANCIAL OFFICER

Mr. Jamshed Ali Khan

COMPANY SECRETARY

Mr. Ali Asghar Rajani

AUDITORS

EY Ford Rhodes

Chartered Accountants

SHARE REGISTRAR

M/s. THK Associates (Pvt.) Limited

Plot No. 32-C, Jami Commercial Street-2, D.H.A.,

Phase-VII,Karachi-75500, Pakistan.

UAN: [phone]-322 Fax: [phone]

REGISTERED OFFICE	ADMINISTRATIVE OFFICES & FACTORY
2nd Floor, UBL Building	Ahmad Habib Boulevard,
I.I. Chundrigar Road,	Hub - 90250
Karachi - 74000, Pakistan.	Pakistan.
Telephone	: [phone]	Telephone : [phone]
Fax	: [phone]	Fax	: [phone]

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CHAIRMAN'S REVIEW / DIRECTORS' REPORT

Dear Shareholders,

We bow our heads in gratitude to Allah the Beneficent, the Merciful, the Provider, for the Blessing He continues to bestow on us which are partly reflected in the Company's performance for the year ended 30 June 2022.

During the year, the Board of the Company comprised of:

Mr. Gaffar A. Habib	Chairman, Non-Executive Director
Mr. Owais G. Habib	Chief Executive Officer
Dr. Howard J. Synenberg	Independent Director
Mr. Tufail Y. Habib	Executive Director
Ms. Fatemah G. Habib	Non-Executive Director
Dr. Salma Habib	Non-Executive Director
Mr. Daniyal Ghani	Independent Director
Mr. Asad R. Premjee	Independent Director

The Financial Highlights and the Directors' proposed appropriations are as follow:

	RUPEES in '000
	2022		2021
Profit before Tax	121,851		251,740
Provision for Tax (Net)	(37,767)		(1,722)
Net Profit after Tax
84,084	250,018
Un-appropriated Profit Brought Forward	584,699		534,680
Total Available for Appropriations	668,783		784,699
Proposed Appropriations:
Final Dividend @ 40% (2021: 60%)	80,000		120,000
Interim Dividend (2021: 40%)	-		80,000
Un-Appropriated Profit Carried Forward	588,783		584,699
Earnings per Share (EPS) -Net of Tax	2.10		6.25
Interim Dividend per Share of Rs. 5 each	-		2.00
Final Dividend per Share of Rs. 5 each	2.00		3.00

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Habib Rice Products Ltd.

The Year In Review

During the year under review, plant operations continued to face the challenges of erratic / non- availability of energy (Gas, KE, LPG, Furnace Oil) which even when available, was in such limited supply that only part of the Plant could be operated at any given time.

Also the price increase of this erratic energy was so rapid, that it could not be passed on to our product consumers. Run away cost of energy along with the knock on effect on our other inputs, has resulted in a greatly reduced profitability of the Company for the year.

In closing, please join me in my prayers to Allah the Beneficent, the Merciful, the Provider, to Bless our operation with the Bounties as Befits His Glory, Aameen.

On behalf of the Board,

OWAIS G. HABIB	GAFFAR A. HABIB
Chief Executive Officer	Chairman

Karachi: 05 September 2022

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