Macter International Limited
CONTENTS
Company Information | 02 |
Directors' Review Report | 04 |
Auditors' Review Report | 09 |
Un-consolidated Condensed Interim Statement of Financial Position | 10 |
Un-consolidated Condensed Interim Statement of Profit or Loss | 11 |
Un-consolidated Condensed Interim Statement of Comprehensive Income | 12 |
Un-consolidated Condensed Interim Statement of Cash Flows | 13 |
Un-consolidated Condensed Interim Statement of Changes in Equity | 14 |
Notes to the Un-consolidated Condensed Interim Financial Statements | 15 |
Consolidated Condensed Interim Statement of Financial Position | 25 |
Consolidated Condensed Interim Statement of Profit or Loss | 26 |
Consolidated Condensed Interim Statement of Comprehensive Income | 27 |
Consolidated Condensed Interim Statement of Cash Flows | 28 |
Consolidated Condensed Interim Statement of Changes in Equity | 29 |
Notes to the Consolidated Condensed Interim Financial Statements | 30 |
01
Half Yearly Report December 31, 2022
COMPANY INFORMATION
BOARD OF DIRECTORS | |||
1. | Mr. Amanullah Kassim | Chairman | Independent Director |
2. | Mr. Asif Misbah | Chief Executive | Executive Director |
3. | Mr. Swaleh Misbah Khan | Executive Director | |
4. | Sheikh Muhammed Waseem | Non-Executive Director | |
5. | Syed Anis Ahmad Shah | Independent Director | |
6. | Sheikh Perwez Ahmed | Non-Executive Director | |
7. | Ms. Masarrat Misbah | Non-Executive Director | |
8. | Mr. Muhammad Ather Sultan | Non-Executive Director | |
BOARD AUDIT COMMITTEE | |||
1. | Syed Anis Ahmad Shah | Chairman | |
2. | Sheikh Muhammed Waseem | Member | |
3. | Mr. Muhammad Ather Sultan | Member |
CHIEF FINANCIAL OFFICER
Syed Khalid Noor
COMPANY SECRETARY
Mr. Asif Javed
INTERNAL AUDITORS
KPMG Taseer Hadi & Co.
Chartered Accountants
EXTERNAL AUDITORS
EY Ford Rhodes
Chartered Accountants
SHARIAH ADVISOR
Mufti Muhammad Najeeb Khan
02
Macter International Limited
BANKERS
Al Baraka (Pakistan) Limited
Allied Bank Ltd - Islamic Banking
Askari Bank Limited - Islamic Banking Branch
Bank Alfalah Ltd - Islamic Banking
Bank Al Habib Limited - Islamic Banking Branch
Bankislami Pakistan Limited
Dubai Islamic Bank Pakistan Limited
Habib Bank Limited - Islamic Banking Branch
Habib Metropolitan Bank Pakistan Limited - Islamic Banking Branch
MCB Bank Limited
MCB Islamic Bank Limited
Meezan Bank Limited
The Bank of Punjab - Taqwa Islamic Banking.
SHARE REGISTRAR
F.D. Registrar Services (Pvt) Limited
17th Floor, Saima Trade Tower-A
- I. Chundrigar Road, Karachi Telephone: + 92 21 32271905-6 Fax: + 92 21 32621233 Email: fdregistrar@yahoo.com
REGISTERED OFFICE
F-216, SITE, Karachi - 75700
Telephone: +92 21 32591000
Fax: +92 21 32564236
Email: info@macter.com
WEBSITE
www.macter.com
03
Half Yearly Report December 31, 2022
DIRECTORS' REVIEW REPORT
We are pleased to present the un-auditedun-consolidated and consolidated condensed interim financial statements for the Half year ended December 31, 2022:
FINANCIAL RESULTS
Rupees Millions | ||||
July - December | ||||
DESCRIPTION | ||||
Unconsolidated | Consolidated | |||
2022 | 2021 | 2022 | 2021 | |
Turnover - Net | 3,779 | 2,551 | 3,911 | 2,690 |
Gross profit | 1,550 | 1,140 | 1,618 | 1,217 |
Gross margin | 41% | 45% | 41% | 45% |
Operating Profit | 394 | 286 | 382 | 277 |
Operating Margin | 10% | 11% | 10% | 10% |
Profit before tax | 373 | 260 | 357 | 247 |
Profit after tax | 249 | 196 | 227 | 178 |
FINANCIAL PERFORMANCE
Net Turnover for the period ended 31st December 2022 at Rs. 3,779m grew by 48% over last year.
Our core prescription business grew strongly by +36% (Current period: Rs. 2,819m vs Same period Last year:
Rs. 2,076m) on account of: strong uptake of our recently launched Pegstim (Pegylated GCSF) in Oncology and Tofacnet (Tofacitinib) in Rheumatology; successful promotional campaigns for our growth brand Cobolmin (Mecobalamin); higher demand for our lead brand Titan (Ceftriaxone)due to increased incidence of gastrointestinal disease because of recent floods; increased induction of kidney dialysis patients on our Mac Epo (Erythropoietin); enhanced CME (continued medical education) events for family physicians, and improved patient flow post Covid19 pandemic.
Our institution business sales grew by +121%, on account of carry-over supplies of last year's public tender sales orders (Current period: Rs.395m vs same period Last year: Rs. 178m).
Our Exports business grew by over 60% mainly as Afghanistan market started to open post regime change.
Gross margins reduced by -4% due Rupee devaluation resulting in higher import cost of APIs and excipients and significant inflationary cost increase in packaging materials, utilities, fuel and increase in minimum wages. Imposition of additional 1% sales tax on sales and non-adjustable input sales tax have further eroded margins. Annual CPI linked price increase under the current Drug Pricing laws is insufficient to fully cover the above cost impacts.
Operating Profit increased by 38% vs. same period last year mainly attributable to higher growth in our core prescription sales, cost optimization and efficiency improvements.
Profit after Tax increased by 27% to Rs. 249m, imposition of 4% super tax has further depressed profit after tax.
04
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Macter International Ltd. published this content on 27 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2023 05:30:05 UTC.