Habib Rice Products : Transmission of Quarterly Report For the Period Ended - 30 September 2023

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Habib Rice Products Ltd.

1st Quarter

Unaudited Accounts September 30, 2023

Contents

	Page No
Company Information		2
Directors' Report		3
Condensed Interim Statement of Financial Position (Un-audited)		4
Condensed Interim Statement of Profit or Loss (Un-audited)		5
Condensed Interim Statement of Other Comprehensive Income (Un-audited)	6
Condensed Interim Statement of Changes in Equity (Un-audited)		7
Condensed Interim Statement of Cash Flows (Un-audited)		8
Condensed Notes to the Interim Financial Statements (Un-audited)	09-16

COMPANY INFORMATION

BOARD OF DIRECTORS

Executive Directors

Mr. Owais G. HabibManaging Director

Mr. Tufail Y. Habib

Non Executive Directors

Mr. Gaffar A. HabibChairman

Dr. Howard J. Synenberg

Ms. Fatemah G. Habib

Dr. Salma Habib

Mr. Adil Ahmed Chapra

Mr. Asad R. Premjee

BOARD OF AUDIT COMMITTEE

Mr. Gaffar A. Habib

Ms. Fatemah G. Habib

Dr. Salma Habib

Mr. Asad R. Premjee

BOARD OF HR AND REMUNERATION COMMITTEE

Mr. Gaffar A. Habib

Mr. Tufail Y. Habib

Ms. Fatemah G. Habib

Dr. Salma Habib

Mr. Adil Ahmed Chapra

NOMINATION COMMITTEE

Mr. Gaffar A. Habib

Mr. Owais G. Habib

Mr. Tufail Y. Habib

Ms. Fatemah G. Habib

RISK MANAGEMENT COMMITTEE

Mr. Gaffar A. Habib

Mr. Owais G. Habib

Mr. Tufail Y. Habib

Dr. Salma Habib

CHIEF EXECUTIVE OFFICER

Mr. Owais G. Habib

CHIEF FINANCIAL OFFICER

Mr. Jamshed Ali Khan

COMPANY SECRETARY

Mr. Ali Asghar Rajani

AUDITORS

Grant Thornton Anjum Rahman

Chartered Accountants

SHARE REGISTRAR

M/s. CDC Share Registrar Services Ltd.

CDC House, 99-B,Block-B,

S.M.C.H.S., Main Sharah-e-Faisal, Karachi.

REGISTERED OFFICE2nd Floor, UBL Building I. I. Chundrigar Road, Karachi - 74000, Pakistan. Telephone : [phone]

Fax

: [phone]

2

ADMINISTRATIVE OFFICES & FACTORY

Ahmad Habib Boulevard,

Hub - 90250

Pakistan.

Telephone : [phone]

Fax

: [phone]

CHAIRMAN'S REVIEW / DIRECTORS' REPORT

1ST QUARTER ENDED SEPTEMBER 30, 2023 (UNAUDITED)

Dear Shareholders,

During the period under review, International price of Rice shot up due to the India ban on Rice exports.

This permitted Pakistan to export all available exportable rice - to a point that resulted in a scarcity in our domestic market, and scarcity dictated prices.

This brought down the operating margins, also a substantial value of exports could not be shipped due to delayed letter of credit. Part of this was exported in early October. While the L/C for the remaining is still awaited.

With the arriving new crop, we expect Insha Allah everything to go back to normal.

In closing:- Please join me in my prayers to Allah the Beneficent, the Merciful, the Provider, to continue to Bless our operations with Bounties as Befits His Glory, Aameen.

On behalf of the Board,

OWAIS G. HABIB	GAFFAR A. HABIB
Chief Executive Officer	Chairman
Karachi: October 27, 2023

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Habib Rice Products Ltd.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2023 (UN-AUDITED)

		September 30,	June 30,
		2023		2023
			(Un-audited)	(Audited)
ASSETS	Note	--------------- Rupees ---------------
NON-CURRENT ASSETS
Property, plant and equipment	4	536,559,579		546,097,521
Right-of-use assets	5	1,577,401		4,515,643
Long-term deposits		26,892,370		26,892,370
Deferred taxation	6	13,841,916		14,215,514
CURRENT ASSETS			578,871,266		591,721,048
Stores, spare parts and loose tools			121,212,346		120,519,353
Stock-in-trade	7		237,383,975		341,446,247
Trade debts			29,232,039		37,707,519
Loans and advances			14,320,066		4,766,535
Trade deposits, prepayments and other receivable		4,909,243		5,944,555
Short-term investments	8		340,902,706		195,804,425
Taxation - net			80,559,934		71,119,847
Cash and bank balances	9		115,420,266		191,015,449
			943,940,575		968,323,930
EQUITY AND LIABILITIES			1,522,811,841		1,560,044,978
SHARE CAPITAL AND RESERVES
Authorized share capital
60,000,000 (June 30, 2023: 60,000,000)
ordinary shares of Rs.5/- each			300,000,000		300,000,000
Issued, subscribed and paid-up capital		200,000,000		200,000,000
Reserves		875,378,358		901,847,270
NON-CURRENT LIABILITIES			1,075,378,358		1,101,847,270
Lease liabilities		112,172		274,711
Provision for Gas Infrastructure Development Cess 10	-		3,187,351
CURRENT LIABILITIES			112,172		3,462,062
Current Maturity of Lease Liabilities			601,335		561,670
Current Maturity of Gas Infrastructure
Development Cess	10		215,257,424		212,070,073
Trade and other payables	11		170,998,051		160,281,487
Provision for gas rate revision	12		36,206,030		46,089,704
Unclaimed and Unpaid dividend			24,258,471		35,732,712
			447,321,311		454,735,646
CONTINGENCIES AND COMMITMENTS	13		1,522,811,841		1,560,044,978

The annexed notes from 1 to 20 form an integral part of these condensed interim financial information.

OWAIS G. HABIB

Chief Executive Officer

Karachi: October 27, 2023

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JAMSHED ALI KHAN	GAFFAR A. HABIB
Chief Financial Officer	Chairman

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Habib Rice Products Ltd.

CONDENSED INTERIM STATEMENT OF

PROFIT OR LOSS

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

	September 30, September 30,
	2023	2022
	--------------- Rupees ---------------
Turnover - net	625,813,439	533,720,515
Cost of Sales	(613,194,324)	(429,912,395)
Gross Profit	12,619,115	103,808,120
Distribution costs	(27,454,576)	(34,247,365)
Administrative Expenses	(33,945,415)	(26,550,135)
Other Expenses	-	(6,618,647)
Other Income	30,908,481	10,199,628
Finance costs		(500,134)		(790,926)
Profit / (Loss) before Taxation	(18,372,529)	45,800,675
Taxation
- Current
- Deferred			(7,722,785)			(6,411,610)
			(373,598)			(500,684)
Taxation	(8,096,383)	(6,912,294)
Profit / (Loss) after Taxation	(26,468,912)		38,888,381
Earning per share - basic and diluted	(0.66)	0.97

The annexed notes from 1 to 20 form an integral part of these condensed interim financial information.

OWAIS G. HABIB	JAMSHED ALI KHAN
Chief Executive Officer	Chief Financial Officer

Karachi: October 27, 2023

GAFFAR A. HABIB

Chairman

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Habib Rice Products Ltd.

CONDENSED INTERIM STATEMENT OF

OTHER COMPREHENSIVE INCOME

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

	September 30, September 30,
	2023			2022
	---------------	Rupees	---------------
Profit / (Loss) after taxation	(26,468,912)			38,888,381
Other comprehensive income	-			-
Total comprehensive income / (loss) for the period	(26,468,912)			38,888,381

The annexed notes from 1 to 20 form an integral part of these condensed interim financial information.

OWAIS G. HABIB

Chief Executive Officer

Karachi: October 27, 2023

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JAMSHED ALI KHAN	GAFFAR A. HABIB
Chief Financial Officer	Chairman

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Habib Rice Products Ltd.

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

			Reserves
	Issued,	Capital	Revenue reserves	Total	Total
Particulars	Subscribed	Reserve
And Paid-up				reserves	equity
Share	General	Unappropriated
	Capital	Premium	Reserve	Profit

Balance as at July 01, 2022

Net Profit

Other comprehensive income Total comprehensive income

Balance as at September 30, 2022

Balance as at July 01, 2023

-------------------------------------------------------			Rupees -------------------------------------------------
200,000,000		10,000,000	50,000,000	668,783,376	728,783,376	928,783,376
-		-	-	38,888,381	38,888,381		38,888,381
-		-	-	-	-		-
-		-	-	38,888,381	38,888,381		38,888,381
200,000,000	10,000,000	50,000,000	707,671,757	767,671,757	967,671,757
200,000,000		10,000,000	50,000,000	841,847,270	901,847,270	1,101,847,270

H RP Habib Rice Products

Net Profit / (Loss)

Other comprehensive income

Total comprehensive income / (loss)

Balance as at September 30, 2023

-

-

-

200,000,000

-	-	(26,468,912)	(26,468,912)	(26,468,912)
-	-	-	-	-
-	-	(26,468,912)	(26,468,912)			(26,468,912)
10,000,000	50,000,000	815,378,358	875,378,358				1,075,378,358

Ltd.

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The annexed notes from 1 to 20 form an integral part of these condensed interim financial information.

OWAIS G. HABIB	JAMSHED ALI KHAN	GAFFAR A. HABIB
Chief Executive Officer	Chief Financial Officer	Chairman

Karachi: October 27, 2023

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Habib Rice Products Ltd.

CONDENSED INTERIM STATEMENT OF CASH FLOWS

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

September 30, September 30,

2023 2022

Note --------------- Rupees ---------------

CASH FLOWS FROM OPERATING ACTIVITIES

Profit / (Loss) before taxation
Adjustments for non-cash items:
Depreciation on operating fixed assets	4.1
Depreciation on right-of-use assets	5

Profit on term deposit receipts and interest on saving accounts Dividend income on mutual fund units

Unrealised fair value gain/loss on short-term investments

Finance costs
Operating profit before working capital changes
Working capital changes	14
Cash generated from operations

Taxes refunded / paid

Finance cost paid

Net cash generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure

Short term investment - net

Profit on term receipt and interest saving accounts received Dividend Income received - Mutual funds

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid

Lease rentals paid

Net cash used in financing activities

Net (increase) / decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period 15

(18,372,529)

12,671,410

2,938,242

(20,425,575)

(643,042)

(8,631,238)

500,134

(31,962,598)

104,159,430

72,196,832

(17,162,872)

(466,840)

(17,629,712)

54,567,120

(3,133,468)

100,771,034

9,099,208

643,042

107,379,816

(11,474,241)

(156,168)

(11,630,409)

150,316,527

191,015,449

341,331,976

45,800,675

13,631,763

2,902,899

(9,799,350)

(400,278)

3,070,492

790,926

55,997,127

(34,089,383)

21,907,744

(15,855,640)

(478,777)

(16,334,417)

5,573,327

(12,725,252)

100,886,443

8,798,980

400,278

97,360,449

(10,577,921)

(135,865)

(10,713,786)

92,219,990

109,083,841

201,303,831

The annexed notes from 1 to 20 form an integral part of these condensed interim financial information.

OWAIS G. HABIB

Chief Executive Officer

Karachi: October 27, 2023

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JAMSHED ALI KHAN	GAFFAR A. HABIB
Chief Financial Officer	Chairman

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Habib Rice Products Ltd.

NOTES TO THE CONDENSED INTERIM

FINANCIAL STATEMENTS

FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

1. THE COMPANY AND ITS OPERATIONS
   Habib Rice Products Limited (the Company) is a public listed company limited by shares incorporated in Pakistan on July 10, 1980 and is listed on the Pakistan Stock Exchange. The registered office of the Company is situated at 2nd Floor, UBL Building, I.I. Chundrigar Road, Karachi. The Company is engaged in the production of rice based starch sugar and proteins.
   The Company's primary production facilities are located at its industrial complex in Hub Industrial Area, District Lasbela, Baluchistan.
2. BASIS OF PREPARATION

2.1. These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

• International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
• Provisions of and directives issued under the Companies Act, 2017.

Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

1. These condensed interim financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended June 30, 2023. These condensed interim financial statements are unaudited.
2. The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended September 30, 2023 and September 30, 2022 and notes forming part thereof have not been reviewed by the auditors of the Company.
3. These condensed interim financial statements are presented in the Pakistani rupees which is also the Company's functional currency.

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