1ST
QUARTERLY
REPORT
MARCH 31, 2023
CONTENTS
Company Information | 4 |
Directors' Report | 5 |
Condensed Interim Statement of Financial Position | 7 |
Condensed Interim Statement of Profit or Loss | 9 |
Condensed Interim Statement of Other | |
Comprehensive Income | 10 |
Condensed Interim Statement of Changes in Equity | 11 |
Condensed Interim Statement of Cash Flows | 12 |
Notes to the Condensed Interim Financial Statements | 13 |
Directors' Report Urdu | 17 |
PAKISTAN ALUMINIUM BEVERAGE CANS LIMITED 1ST QUARTERLY REPORT MARCH 31, 2023
COMPANY INFORMATION
Board of Directors | |
Mr. Simon Michael Gwyn Jennings | Chairman and Non-Executive Director |
Mr. Azam Sakrani | Chief Executive Officer and Director |
Mr. Asad Shahid Soorty | Non-Executive Director |
Ms. Hamida Salim Mukaty | Non-Executive Director |
Mr. Muhammad Jawaid Iqbal | Independent Director |
Mr. Salim Parekh | Independent Director |
Mr. Zain Ashraf Mukaty | Non-Executive Director |
Audit Committee | |
Mr. Muhammad Jawaid Iqbal | Chairman |
Mr. Asad Shahid Soorty | Member |
Mr. Zain Ashraf Mukaty | Member |
Human Resource and Remuneration Committee | |
Mr. Salim Parekh | Chairman |
Mr. Simon Michael Gwyn Jennings | Member |
Mr. Zain Ashraf Mukaty | Member |
Chief Financial Officer
Mr. Syed Asad Hussain Zaidi
Company Secretary
Mr. Sohail Akhtar Gogal
Registered Office
PHA Flat No. 04, Block No. 12,
G-8 / 4, Islamabad
Main Office
29 & 30, M-3 Industrial City,
Main Boulevard, Sahianwala,
Faisalabad
Auditors
Kreston Hyder Bhimji &
Co. Chartered Accountants
Legal Advisor
Mr. Muhammad Mehmood Arif
Share Registrar
THK Associates (Pvt) Ltd
Plot No. 32-C, Jami Commercial Street 2,
D.H.A Phase VII, Karachi, 75500 Pakistan.
Tel: +92 111 000 322 Email: it@thk.com.pk
Website
www.pkbevcan.com
PAGE04
PAKISTAN ALUMINIUM BEVERAGE CANS LIMITED 1ST QUARTERLY REPORT MARCH 31, 2023
DIRECTORS' REPORT
The Directors of the Pakistan Aluminium Beverage Cans Limited (the "Company") are pleased to submit the un- audited financial statements of your Company for the quarter ended March 31, 2023.
Business Performance Review
Your Company has delivered consistent performance during the period under review (January-March 2023), despite facing economic challenges caused by global and domestic geopolitical factors. Notably, in the quarter ending March 31, 2023, our net sales increased by Rs. 2.56 billion, reaching Rs. 5.18 billion, which represents a 97.42% increase compared to the same period last year. The revenue growth is attributed to increased can sales as well as currency devaluation.
As a result of this performance, we achieved an Earnings per Share of Rs. 3.72 for the quarter ended March 31, 2023. Furthermore, our gross profit during the period under review was 39.49%, representing a significant increase from 32.93% in the corresponding period last year. Our profit after tax has also witnessed an increase of Rs. 732 million, reaching Rs. 1,342 million, which represents 119.89% increase from the same period in last year.
The Company had provisioned for current taxation on the basis of its minimum tax liability under the Income Tax Ordinance, 2001, which is applicable during the period. However, the Company has filed a petition challenging the chargeability of minimum tax under section 113 of the Ordinance, as the Company operates in a special economic zone where its income is exempt from taxes under section 37(b) of the Special Economic Zone Act 2012. The decision on this matter is currently pending in court. Nevertheless, the Company has made a full provision for the amount, as a matter of prudence.
Summarized Financial Results
The operating results of the Company are summarized as follows:
Operating results
Sales -net
First Quarter Ended March 31,
2023 | 2022 | Variance |
(Rupees in Million) | % | |
5,180 | 2,624 | 97.42% |
Gross Profit | 2,046 | 864 | 136.73% |
Profit before Tax | 1,401 | 627 | 123.41% |
Less: Tax Expense | 59 | 17 | 252.54% |
Profit after Tax | 1,343 | 611 | 119.89% |
Earnings per share - basic and diluted (Rs.) | 3.72 | 1.69 | 119.89% |
Quarter Ended 31-March 2023 | Quarter Ended 31-March 2022 |
PAGE05
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Pakistan Aluminium Beverage Cans Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 11:32:20 UTC.