Half Yearly Report
December 2022
tableof CONTENTS
02 Company Information
03 Directors' Review Report
04 Directors' Review Report (Urdu)
05 Auditors' Review Report on Financial Statements
06 Condensed Interim Statement of Financial Position
07 Condensed Interim Statement of Profit & Loss
08 Condensed Interim Statement of Changes in Equity
09 Condensed Interim Statement of Cash Flows
10 Notes to the Condensed Interim Financial Statements
Company INFORMATION
BOARD OF DIRECTORS | ||
Ms. Ameena Saiyid | Chairperson | |
Mr. Munis Abdullah | Director | |
Mr. S. Nadeem Ahmed | Director | |
Mr. Mufti Zia ul Islam | Chief Executive Officer | |
Mr. Zubair Palwala | Director | |
Mr. Mobeen Alam | Director | |
Mr. Shuja Malik | Director | |
AUDIT COMMITTEE | ||
Mr. Shuja Malik | Chairman | |
Mr. Zubair Palwala | Member | |
Ms. Ameena Saiyid | Member | |
HUMAN RESOURCE & | BANKERS | |
REMUNERATION COMMITTEE | Habib Bank Limited | |
Mr. Shuja Malik | Chairman | Standard Chartered Bank |
Mr. S. Nadeem Ahmed | Member | (Pakistan) Limited |
Ms. Ameena Saiyid | Member | National Bank of Pakistan |
Summit Bank Limited | ||
CHIEF FINANCIAL OFFICER | Soneri Bank Limited | |
Mr. Muhammad Tariq | Habib Metropolitan Bank Limited | |
Al-Baraka Bank (Pakistan) Limited | ||
COMPANY SECRETARY |
Mr. Shariq Zafar
AUDITORS
A.F. Ferguson & Co., Chartered Accountants
INTERNAL AUDITORS
Grant Thornton Anjum Rahman
REGISTERED OFFICE
2nd Floor, One IBL Centre, Block 7&8, DMCHS
Tipu Sultan Road,
Off: Shahrah-e-Faisal, Karachi
SHARE REGISTRAR
Central Depository Company of Pakistan Limited
LEGAL ADVISOR | CDC House, 99-B,Block-B, SMCHS |
Mohsin Tayabaly & Co. | Shahrah-e-Faisal, Karachi - 74400 |
DIRECTORS' REPORT
The Board of Directors of IBL HealthCare Limited (IBLHL) takes pleasure to present before the shareholders', performance review together with the reviewed condensed interim financial statements of the Company for the half year ended December 31, 2022.
The Directors' report is prepared under section 227 of the Companies Act, 2017, chapter XII clause 34 of Listed Companies (Code of Corporate Governance) Regulations, 2019.
SUMMARY OF FINANCIAL PERFORMANCE
December 31, | ||
2022 | 2021 | |
(Rupees in Thousand) | ||
Revenue | 2,025,816 | 1,773,365 |
Gross profit | 669,537 | 610,693 |
Gross profit as a percentage of revenue | 33.1% | 34.4% |
Profit before taxation | 246,037 | 259,123 |
Profit after taxation | 171,256 | 174,296 |
PRINCIPAL ACTIVITES & OVERVIEW OF FINANCIAL PERFORMANCE
The principal activities of the Company include marketing, selling and distribution of healthcare & consumer products.
The revenue for the current period remained at Rs. 2.03 billion as compared to Rs. 1.77 billion for the same period last year i-e, an increase of Rs. 252.4 million (14% growth) despite uncertain socio-economic situation in the country. This increase in revenue is mainly due to awarding of tenders for disposable division. However, significant devaluation in currency, restricted the gross margin of the company to 33.1% as compared to 34.4% last year. The impact of devaluation also resulted in significant exchange loss in current period. However, control over expenditure enabled company to achieve after tax profit of Rs. 171.26 million as compared to Rs. 174.3 million same period last year.
FUTURE OUTLOOK
The Company is continuously striving to maximize the profitability and growth. We are confident that we can generate increased value for shareholders as well as deliver better products and services to our customers. In accomplishing this, we would like to appreciate the enormous cooperation and support of our sales force, without which we will not be able to achieve these results.
We also take this opportunity to thank our employees for their continuing contribution in the achievement of Company's results.
Chief Executive Officer | Director |
February 24, 2023
Karachi
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IBL HealthCare 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 09:32:17 UTC.