HALF YEARLY REPORT JUNE 30,
Table of Contents
02
03
08
12
13
14
15
16
17
34
35
36
37
38
39
Company Information
Board of Directors | Executive Committee |
Justice (R) Agha Rafiq Ahmed Khan | Ali Raza Siddiqui |
Chairman - Independent | Chairman |
Asad Nasir | Asad Nasir |
Chief Executive Officer | Member |
Ali Raza Siddiqui | Shahid Hussain Jatoi |
Director - Non-Executive | Member |
Lt. Gen. (R) Javed Mahmood Bukhari | External Auditors |
Director - Independent | KPMG Taseer Hadi & Co. |
Rehan Hassan * | |
Chartered Accountants | |
Director - Independent | Internal Auditors |
Samar Ali Shahid | |
Grant Thornton Anjum Rahman | |
Director - Independent | |
Shahid Hussain Jatoi | Chartered Accountants |
Legal Advisor | |
Director - Non-Executive | |
Chief Financial Officer | Bawaney & Partners |
Najmul Hoda Khan | Share Registrar |
Company Secretary | |
CDC Share Registrar Services Limited | |
Syed Ali Hasham | |
Audit Committee | CDC House, 99-B,Block-B S.M.C.H.S. |
Main Shahrah-e-Faisal | |
Lt. Gen. (R) Javed Mahmood Bukhari | Karachi - 74400 |
Tel: 0800-23275 | |
Chairman | Fax: (92-21) 34326053 |
Ali Raza Siddiqui | Email: info@cdcsrsl.com |
Website: www.cdcsrsl.com | |
Member | Registered Office |
Shahid Hussain Jatoi | |
20th Floor, The Center | |
Member | |
Human Resource & Remuneration Committee | Plot No. 28, SB - 5 |
Abdullah Haroon Road | |
Samar Ali Shahid | Saddar, Karachi- 74400 |
Pakistan | |
Chairperson | UAN: +92 21 111 574 111 |
Ali Raza Siddiqui | Fax: (+92-21) 35632575 |
Website | |
Member | |
Asad Nasir | www.js.com |
Member |
* Mr. Rehan Hassan has been appointed on the Board of Directors on July 3, 2023 to fill the casual vacancy
02
Jahangir Siddiqui & Co. Ltd.
Directors' Review
Dear Shareholders
The Board of Directors of Jahangir Siddiqui & Co. Ltd. (the "Company") has reviewed the performance of the Company for the half year ended June 30, 2023. We are pleased to present the report on the performance of the Company along with consolidated performance of the Company with its subsidiaries for the period under review.
Financial Performance
The Company has reported a net profit after tax of PKR 470.04 million for the half year ended June 30, 2023. The overall revenues for the period under review increased to PKR 1,157.15 million primarily from dividend income from strategic investment and realized capital gains on investments as compared to the corresponding period last year.
The breakup value per share of the Company as on June 30, 2023, was PKR 33.04.
During the period under review, the Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) raised Policy Rate by a total of 600 basis points to 22 percent as of June 30, 2023, emphasizing continuation of a contractionary monetary policy stance to anchor inflationary expectations. On July 31, 2023, i.e., subsequent to the period ended June 30, 2023, the MPC adopted a status quo approach and kept Policy Rate unchanged.
Finance Cost of the Company for the half year ended June 30, 2023, decreased to PKR 80.73 million, declining by 38 percent from its corresponding period last year, owing to repayment of long-term borrowings.
The basic Earnings per Share ("EPS") of the Company for the half year ended June 30, 2023, is PKR 0.51 per share, whereas, the diluted EPS is PKR 0.46 per share.
Subsequent to the period end, the Company, pursuant to the approval of its Shareholders, has subscribed 165,462,245 Right Shares as per its entitlement at par value of Rs. 10/-. Further, the Company, pursuant to the requisite corporate and regulatory approvals, has subscribed further 54,715,645 Right Shares which remained unsubscribed by the general public shareholders of JSBL at same terms.
Further, the update on the transaction for disposal of the Company's total shareholding in BankIslami Pakistan Limited ("BIPL") and its accounting treatment is disclosed in the note number 8.1 to the unconsolidated financial statements and note number 8.1 in the consolidated financial statements.
Consolidated Financial Statements
In its consolidated financial statements, the Group has reported a net profit after tax of PKR 3,385 million for the half year ended June 30, 2023, as compared to a net profit after tax of PKR 942 million for the corresponding period last year.
The basic EPS from continuing and discontinued operations for the half year ended June 30, 2023, is PKR 3.25 per share, whereas, the diluted EPS is PKR 2.82 per share.
Credit Rating
The Pakistan Credit Rating Agency ("PACRA") has maintained a long-term credit rating of AA (Double A) and short-term rating of A1+ (A one plus) for the Company. Further, the ratings for the Company's 10th and 11th (listed on PSX) TFC issues, of PKR 1,500 million each, are also maintained at AA+ (Double A plus) by PACRA.
These ratings denote a very low expectation of credit risk, the strong capacity for timely payment of financial commitments and strong risk absorption capacity.
Economic Review and Future Outlook
First half of the year 2023 witnessed forceful fiscal and monetary adjustments to ensure completion of International Monetary Fund's 9th Review of the Extended Fund Facility (IMF-EFF), an imperative on account of the precarious balance of payments position faced by the country. These adjustments included, among others, introduction of a Mini-Budget on February 20, 2023, that levied taxes worth PKR 170 billion, an upward adjustment in energy prices, and exchange rate depreciation.
HALF YEARLY REPORT JUNE 30, 2023
03
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Jahangir Siddiqui & Company Ltd. published this content on 28 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 August 2023 06:38:06 UTC.