better life
BETTER FUTURE
Quarterly Report September 2023
Table of
CONTENT
Company Information | 04 |
Directors' Report | 05 |
Condensed Interim Unconsolidated Financial Information | |
Condensed Interim Unconsolidated Statement of Financial Position | 09 |
Condensed Interim Unconsolidated Statement of Profit or Loss (Unaudited) | 10 |
Condensed Interim Unconsolidated Statement of Other Comprehensive Income | |
(Unaudited) | 11 |
Condensed Interim Unconsolidated Statement of Changes In Equity (Unaudited) | 12 |
Condensed Interim Unconsolidated Statement of Cash Flows (Unaudited) | 13 |
Notes To The Condensed Interim Unconsolidated Financial Information | 15 |
Condensed Interim Consolidated Financial Information | |
Condensed Interim Consolidated Statement of Financial Position | 27 |
Condensed Interim Consolidated Statement of Profit Or Loss (Unaudited) | 28 |
Condensed Interim Consolidated Statement of Other Comprehensive Income | 29 |
(Unaudited) | |
Condensed Interim Consolidated Statement of Changes In Equity (Unaudited) | 30 |
Condensed Interim Consolidated Statement of Cash Flows (Unaudited) | 31 |
Notes To The Condensed Interim Consolidated Financial Information | 33 |
FIRST QUARTERLY REPORT SEPTEMBER 2023 002
003 JAVEDAN CORPORATION LIMITED
Company
INFORMATION
Board of Directors | Bankers | |
Arif Habib | Chairman | Al Baraka Bank Pakistan Limited |
Abdus Samad Habib | CEO/Director | Allied Bank Limited |
Muhammad Ejaz | Director | Askari Bank Limited |
Kashif Habib | Director | Bank Al-Falah Limited |
Javed Kureishi | Director | BankIslami Pakistan Limited |
Abdullah Ghaffar | Director | Bank of Punjab |
Alamgir A. Shaikh | Director | Dubai Islamic Bank |
Abdul Qadir Sultan | Director | Habib Bank Limited |
Darakshan Zohaib | Director | Habib Metropolitan Bank Limited |
Chief Financial Officer | MCB Bank Limited | |
National Bank of Pakistan | ||
& Company Secretary | Sindh Bank Limited | |
Muneer Gader | Summit Bank Limited | |
Audit Committee | United Bank Limited | |
Faysal Bank Limited | ||
Abdullah Ghaffar | Chairman | Meezan Bank Limited |
Kashif Habib | Member | Industrial & Commercial Bank of China |
Muhammad Ejaz | Member | |
Abdul Qadir Sultan | Member | Registered Office |
HR & Remuneration Committee | Arif Habib Center, | |
23, M.T.Khan Road, Karachi Pakistan - | ||
Javed Kureishi | Chairman | 74000, |
Arif Habib | Member | Tel : +92 21 32460717-19 |
Muhammad Ejaz | Member | Fax: 32466824 |
Abdus Samad Habib | Member | Website: www.jcl.com.pk |
Auditors | Site Office: | |
Yousuf Adil | Naya Nazimabad | |
Chartered Accountants | Manghopir Road | |
Reanda Haroon Zakaria and Co. | Karachi - 75890 | |
Phones: +92 21 36770141-42 | ||
Chartered Accountants | Website: www.nayanazimabad.com |
Share Registrar
CDC Share Registrar Services Limited,
CDC House, 99-B, Block 'B' S.M.C.H.S
Sharah-e-Faisal, Karachi.
FIRST QUARTERLY REPORT SEPTEMBER 2023 004
DIRECTORS' REPORT
005 JAVEDAN CORPORATION LIMITED
Directors' Report
Dear Shareholders
On behalf of the board of directors, we are pleased to present the Condensed Interim Unconsolidated & Consolidated Financial Information for the three-months period ended 30 September 2023 along with operational performance of the Company for the same period.
Overview
We are delighted to apprise our esteemed shareholders that during the period Naya Nazimabad Apartment REIT [significantly owned by the Company] has entered a Musharka Arrangement with a Commercial Bank. Under the arrangement Musharka partners shall share profit or loss from the project in their mutually agreed Profit/Loss sharing ratio. The Musharka Arrangement has been entered into for PKR 5.88 billion and PKR 4.80 billion has already been disbursed during the period.
Financial Performance
During the period the Company has recorded Sale and Profit After Tax of PKR 627 million and 619 million respectively whereas Sale and Profit After Tax in the corresponding period were PKR 6,668 million and PKR 4,024 million, respectively.
The administrative cost incurred is PKR 135 million as compared to PKR 138 million in the corresponding period. Flyover cost incurred during the period is PKR 112 million. Other Income earned during the period is PKR 984 million as compared to PKR 55 million over the corresponding period.
On a consolidated basis Sales and Profit After Tax for the period had remained at PKR 685 million and PKR 597 million respectively. The profit is translated into an EPS per share of Rs. 1.57 per share.
Operational Performance
The work on value-addition projects including flyover, Naya Nazimabad Gymkhana and Jama Masjid is progressing with completion targeted over next three to six months. Completion of these projects will provide stimulus for sale and growth in construction activity in Naya Nazimabad having positive trickledown effect.
The work on infrastructure and utility infrastructure development work is progressing with target completion within ongoing financial year for all current work in progress.
Outlook
Sale of balance inventory of commercial plots, memberships of NN Gymkhana and sale of apartment projects under REIT will be driving force for the Company over next 3 to 5 years.
Naya Nazimabad Gymkhana will become operational in 2nd Quarter of FY 23-24, and we expect sale of club membership to get momentum once club becomes operational.
Apartments projects under different REITs are at different stages of the life cycle and we expect regular dividend stream from REIT projects be achieved in next couple of years.
Musharka Arrangement of Naya Nazimabad Apartment REIT with a commercial bank has significantly improved dynamics of apartment projects under REIT model. This will yield positive results for Naya Nazimabad Apartment REIT and have also paved way for similar transactions to be undertaken in other REIT projects.
006 | |
FIRST QUARTERLY | |
Acknowledgement
On behalf of the Board of Directors, we thank our customers and shareholders for their continued support to transform the dream into reality. We would like to thank our Banks and Financial institutions who, over the years, have been critical in enabling the Company to deliver this project. We would also like to thank Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange for their support to the project and appreciate all the employees of the Company for highly admirable efforts put in by them.
Samad A. Habib | Arif Habib |
Chief Executive | Chairman |
Dated: 24 October 2023 |
007 | ||
JAVEDAN | LIMITED |
CONDENSED INTERIM
UNCONSOLIDATED
FINANCIAL STATEMENTS
FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2023
FIRST QUARTERLY REPORT SEPTEMBER 2023 008
Javedan Corporation Limited
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2023
(Unaudited) | (Audited) | |
September 30, | June 30, | |
Note | 2023 | 2023 |
------ (Rupees in '000) ------
ASSETS | |
Non-Current Assets | |
Property, plant and equipment | 5 |
Intangible assets | |
Investment properties | |
Long term deposits | |
Long-term Investment | 6 |
Advance against issuance of units | |
Current Assets | |
Development properties | 7 |
Trade debts | 8 |
Loans and advances | 9 |
Short Term Investment | |
Trade deposits, prepayments and other receivables | 10 |
Unclaimed deposits | |
Cash and bank balances | |
Total Assets | |
EQUITY AND LIABILITIES | |
SHARE CAPITAL AND RESERVES | |
Share capital | |
Authorised | |
390,000,000 (2023: 390,000,000) ordinary shares of Rs.10/- each | |
Issued, subscribed and paid-up capital | |
Capital reserves | |
Revenue reserves | |
Other component of equity - revaluation surplus on lands | |
Non-Current Liabilities | |
Long-term financing | 11 |
Deferred Grant | |
Deferred liability - gratuity | |
Current Liabilities | |
Trade and other payables | 12 |
Preference shares | |
Accrued mark-up | |
Contract liabilities | |
Short-term borrowings | 13 |
Current maturity of non-current liabilities | |
Taxation - net | |
Unpaid dividend | |
Unpaid preference dividend | |
Unclaimed dividend | |
TOTAL EQUITY AND LIABILITIES | |
CONTINGENCIES AND COMMITMENTS | 14 |
8,870,525
1,725
553,125
11,719
3,502,625
2,245,670
15,185,388
15,536,369
10,150,526
766,449
1,701,177
2,828,086
782
96,210
31,079,599
46,264,987
3,900,000
3,808,604
2,758,292
8,882,336
8,806,388
24,255,621
6,572,137
64,930
79,033
6,716,101
2,560,768
505
616,239
652,508
6,676,837
2,319,667
174,718
2,285,163
318
6,544
15,293,266
46,264,987
8,754,790
2,013
553,126
11,719
2,422,870
2,135,697
13,880,215
15,280,241
10,696,779
832,370
1,713,721
396,724
782
82,314
29,002,931
42,883,146
3,900,000
3,808,604
2,758,293
10,537,427
8,817,355
25,921,679
6,625,235
42,119
76,681
6,744,035
2,523,422
505
448,334
633,841
4,080,997
2,348,539
174,947
-
303
6,544
10,217,432
42,883,146
The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.
Chief Financial Officer | Chief Executive Officer | Director |
009 | ||
JAVEDAN | LIMITED |
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Javedan Corporation Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 06:10:10 UTC.