CONTENTS
Company Information | 02 |
Directors' Review | 04 |
Condensed Interim Statement of Financial Position | 06 |
Condensed Interim Statement of Profit or Loss | 07 |
Condensed Interim Statement of Comprehensive Income | 08 |
Condensed Interim Statement of Cash Flows | 09 |
Condensed Interim Statement of Changes in Equity | 10 |
Selected Explanatory Notes to the Condensed Interim | 11 |
Financial Statements | |
Directors' Review - Urdu | 17 |
COMPANY INFORMATION
BOARD OF DIRECTORS
Sheikh Mukhtar Ahmad
Chairman
Mohammad Naeem Mukhtar
Chief Executive Officer
Muhammad Waseem Mukhtar
Sarah Naeem
Abdul Hameed Bhutta
Saba Muhammd
Ikram ul Haq Mian
CHIEF FINANCIAL OFFICER
Mohammad Naeem Asghar
COMPANY SECRETARY
Farhan Siddique
AUDITORS
Yousuf Adil
Chartered Accountants
HUMAN RESOURCE & REMUNERATION COMMITTEE
Saba Muhammd
Chairperson
Abdul Hameed Bhutta
Member / Secretary
Ikram ul Haq Mian
Member
AUDIT COMMITTEE
Ikram ul Haq Mian
Chairman
Abdul Hameed Bhutta
Member
Saba Muhammd
Member
Muhammad Iqbal Chaudhry
Secretary
REGISTRAR'S & SHARES
REGISTRATION OFFICE
CDC Share Registrar Services Limited
CDC House, 99 - B, Block - B, S.M.C.H.S.
Main Shahra-e-Faisal, Karachi - 74400, Pakistan
BANKERS
Allied Bank Limited
Askari Bank Limited
Bank Alfalah Limited
Bank Al Habib Limited
BankIslami Pakistan Limited
Citibank, N.A.
Dubai Islamic Bank Pakistan Limited
Faysal Bank Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
Industrial and Commercial Bank of China Limited
JS Bank Limited
MCB Bank Limited
Meezan Bank Limited
National Bank of Pakistan
Standard Chartered Bank (Pakistan) Limited
The Bank of Punjab
United Bank Limited
REGISTERED OFFICE
Ibrahim Centre
1 - Ahmed Block
New Garden Town
Lahore - 54600, Pakistan
HEAD OFFICE
Ibrahim Centre
15 - Club Road
Faisalabad - 38000, Pakistan
PROJECTS LOCATION
38 - 40 Kilometers
Faisalabad - Sheikhupura Road
Faisalabad, Pakistan
02 THIRD QUARTERLY REPORT 2023
DIRECTORS' REVIEW
The Directors of your Company are pleased to present before you the unaudited financial results of the Company for the third quarter of current financial year and nine months ended September 30, 2023.
OPERATING PERFORMANCE
During the period of nine months under review, the polyester plant of your Company produced 204,760 tons of Polyester Staple Fibre (PSF) as compared to production of 263,346 tons of PSF during the corresponding period of previous year. Out of this production, 24,861 tons of PSF were consumed by the textile plants of your Company for production of blended yarns as against 26,328 tons consumed during the corresponding period of previous year.
The textile plants of your Company produced 40,171 tons of blended yarns of different counts during the period of nine months under review as against production of 41,744 tons during the corresponding period of previous year.
FINANCIAL PERFORMANCE
The net sales during the period of nine months under review amounted to Rs. 90,863 million as compared to Rs. 91,297 million during corresponding period of previous year.
Your Company earned gross profit of Rs. 8,658 million for the period of nine months under review as compared to Rs. 13,640 million during corresponding period of previous year.
During the period of nine months under review, your Company earned profit before tax of Rs. 5,053 million as compared to Rs. 11,104 million during corresponding period of previous year. Profit after tax amounted to Rs. 1,820 million for the period of nine months under review as compared to Rs. 6,447 million for the corresponding period of previous year.
INDUSTRY OVERVIEW & FUTURE OUTLOOK
During the period under review, domestic industry faced many challenges including but not limited to unstable exchange rate, elevated inflation, high interest rates, swollen energy costs and severe taxation measures. All these factors translated into an extremely dull performance by all major manufacturing sectors of the domestic economy. So far as crude oil market is concerned, it also remained stacked with uncertainty throughout the period. Moreover, there was a substantial increase in import of PSF due to unusual incentives given by Government of Pakistan to domestic importers further hurting the operations of domestic PSF manufacturers.
Going forward, these factors will continue to persist as a challenge to the domestic industry. Accordingly, all the corrective policy measures are also expected to remain continued in order to address the macroeconomic vulnerabilities. Therefore, capacity utilisation of large scale manufacturing in general and textile value chain in particular is expected to go further down resulting in significant decrease in margins.
EARNINGS PER SHARE
Profit per share for the period of nine months under review comes to Rs. 5.86 as compared to Rs. 20.76 for the corresponding period of previous year.
On behalf of the Board | ||
Lahore | Director | Director |
October 23, 2023 |
04 THIRD QUARTERLY REPORT 2023
IBRAHIM FIBRES LIMITED
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
CONDENSED INTERIM STATEMENT OF
FINANCIAL POSITION
As at September 30, 2023
Unaudited | Audited | |||
September 30, | December 31, | |||
2023 | 2022 | |||
Note | Rupees | Rupees | ||
NON - CURRENT ASSETS | ||||
Property, plant and equipment | 3 | 39,815,129,829 | 38,574,670,166 | |
Intangible assets | 149,109,932 | 156,735,497 | ||
Long term loans | 125,374,622 | 132,205,551 | ||
Long term deposits | 11,780,598 | 9,557,368 | ||
CURRENT ASSETS | 40,101,394,981 | 38,873,168,582 | ||
Stores, spare parts and loose tools | 7,682,982,931 | 5,753,243,939 | ||
Stock in trade | 31,523,574,129 | 26,125,707,178 | ||
Trade debts | 1,505,233,006 | 1,992,226,388 | ||
Loans and advances | 4,715,615,175 | 2,771,491,668 | ||
Prepayments | 162,579,155 | 96,890,500 | ||
Other receivables | 9,697,194,072 | 7,336,915,398 | ||
Short term investment | - | 13,258,192 | ||
Cash and bank balances | 96,414,742 | 114,023,145 | ||
CURRENT LIABILITIES | 55,383,593,210 | 44,203,756,408 | ||
Trade and other payables | 6,722,728,825 | 3,880,200,984 | ||
Markup / interest payable | 704,627,594 | 429,965,379 | ||
Short term bank borrowings | 12,466,228,393 | 9,898,080,298 | ||
Current portion of long term financing | 350,403,555 | 254,892,774 | ||
Unclaimed dividend | 28,883,316 | 28,941,755 | ||
Provision for taxation - income tax | 6,271,705,939 | 4,088,207,649 | ||
26,544,577,622 | 18,580,288,839 | |||
Working capital | 28,839,015,588 | 25,623,467,569 | ||
Total capital employed | 68,940,410,569 | 64,496,636,151 | ||
NON - CURRENT LIABILITIES | ||||
Long term financing | 4,912,603,726 | 3,383,440,576 | ||
Deferred liabilities: | ||||
Deferred taxation | 6,339,381,153 | 5,289,421,657 | ||
Staff retirement gratuity | 1,418,271,679 | 1,373,340,363 | ||
CONTINGENCIES AND COMMITMENTS | 12,670,256,558 | 10,046,202,596 | ||
4 | - | - | ||
Net worth | 56,270,154,011 | 54,450,433,555 | ||
Represented by: | ||||
SHARE CAPITAL AND RESERVES | ||||
Share capital | 3,105,069,950 | 3,105,069,950 | ||
Capital reserves | 1,072,017,550 | 1,072,017,550 | ||
Revenue reserves | 52,093,066,511 | 50,273,346,055 | ||
56,270,154,011 | 54,450,433,555 | |||
The annexed notes form an integral part of these condensed interim financial statements.
Director | Director | Chief Financial Officer |
06 THIRD QUARTERLY REPORT 2023
CONDENSED INTERIM STATEMENT OF
PROFIT OR LOSS (UNAUDITED)
For the period ended September 30, 2023
Quarter ended September 30, | Nine months ended September 30, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Note | Rupees | Rupees | Rupees | Rupees | ||||
Sales - net | 30,750,553,727 | 27,175,123,130 | 90,862,911,925 | 91,296,614,914 | ||||
Cost of goods sold | 5 | (28,788,234,927) | (25,633,949,902) | (82,204,932,997) | (77,656,117,605) | |||
Gross profit | 1,962,318,800 | 1,541,173,228 | 8,657,978,928 | 13,640,497,309 | ||||
Selling and distribution expenses | (180,486,267) | (158,156,772) | (533,006,970) | (408,991,152) | ||||
Administrative expenses | (563,316,060) | (533,801,022) | (1,662,246,208) | (1,414,924,512) | ||||
Other operating expenses | (49,952,732) | (59,577,821) | (391,567,447) | (819,453,486) | ||||
Finance cost | (497,041,986) | (78,534,380) | (1,067,252,697) | (208,112,427) | ||||
(1,290,797,045) | (830,069,995) | (3,654,073,322) | (2,851,481,577) | |||||
671,521,755 | 711,103,233 | 5,003,905,606 | 10,789,015,732 | |||||
Other income | 13,363,428 | 126,918,696 | 49,272,636 | 314,882,167 | ||||
Profit before taxation | 684,885,183 | 838,021,929 | 5,053,178,242 | 11,103,897,899 | ||||
Provision for taxation | (626,409,610) | (194,241,415) | (3,233,457,786) | (4,656,914,063) | ||||
Profit for the period | 58,475,573 | 643,780,514 | 1,819,720,456 | 6,446,983,836 | ||||
Earnings per share - Basic and Diluted | 0.19 | 2.07 | 5.86 | 20.76 | ||||
The annexed notes form an integral part of these condensed interim financial statements.
Director | Director | Chief Financial Officer |
IBRAHIM FIBRES LIMITED | 07 |
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME (UNAUDITED)
For the period ended September 30, 2023
Quarter ended September 30, | Nine months ended September 30, | |||
2023 | 2022 | 2023 | 2022 | |
Rupees | Rupees | Rupees | Rupees | |
Profit for the period | 58,475,573 | 643,780,514 | 1,819,720,456 | 6,446,983,836 |
Other comprehensive income for the period | - | - | - | - |
Total comprehensive income for the period | 58,475,573 | 643,780,514 | 1,819,720,456 | 6,446,983,836 |
The annexed notes form an integral part of these condensed interim financial statements.
Director | Director | Chief Financial Officer |
08 THIRD QUARTERLY REPORT 2023
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Ibrahim Fibres Ltd. published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 11:09:27 UTC.