PAKISTAN PAPER PRODUCTS LIMITED QUARTERLY FINANCIAL STATEMENTS
1st QUARTER
September 30, 2023 (UN-AUDITED)
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Condensed Interim Balance Sheet | 3 |
Condensed Interim Statement of Profit or Loss | 4 |
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BOARD OF DIRECTORS | - Chairman | Non-Executive |
Mr. Abbas Sayeed | ||
Mr. Abid Sayeed | - Chief Executive | Executive |
Dr. Asadullah Sayeed | Non-Executive | |
Mrs. Muleika Sayeed | Non-Executive | |
Mr. Sayeed Imran | Non-Executive | |
Ms. Aisha Fariel Salahuddin | - NIT Nominee | Independent Director |
Mr. Matiuddin Siddiqui | Independent Director | |
AUDIT COMMITTEE | - Chairperson | |
Ms. Aisha Fariel Salahuddin | ||
Mr. Abbas Sayeed | - Member | |
Dr. Asadullah Sayeed | - Member | |
Mr. Matiuddin Siddiqui | - Member | |
HR AND REMUNERATION COMMITTEE | - Chairman | |
Mr. Matiuddin Siddiqui | ||
Mr. Abbas Sayeed | - Member | |
Mr. Sayeed Imran | - Member | |
Mrs. Muleika Sayeed | - Member | |
MANAGE ENT COMMITTEE | - Chairman | |
Mr. Abbas Sayeed | ||
Mr. Abid Sayeed | - Chief Executive | |
Mr. Zia Ur Rehman | - Chief Financial Of�icer | |
CHIEF FINANCIAL OFFICER | ||
Mr. Zia Ur Rehman | ||
CHIEF OPERATION OFFICER | ||
Mr. Dawood Ahmed | ||
COMPANY SECRETARY | ||
Ms. Sa�ia Khurshid | ||
AUDITORS | ||
Faruq Ali & Co. | ||
Chartered Accountants |
SHARE REGISTRAR
F.D.Registrar Services (SMC-Pvt) Ltd
BANKERS
Bank Al Habib Limited
Habib Bank Limited
National Bank of Pakistan
Meezan Bank Limited
REGISTERED OFFICE AND FACTORY
D-58, Estate Avenue, S.I.T.E, Karachi.
Website : www.pakpaper.com
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED)
Directors' Review
On behalf of the Board of Directors, we have pleasure in presenting review of performance together with the unaudited accounts of the company for the first quarter ended September 30, 2023.
By the Grace of God your company had an excellent First Quarter. Turnover increased by 23.47% to Rs 494.23 million with Ex Books and Pro Labels both having robust growth of 22.31% and 21.99% respectively. Sensitized paper and Photocopy paper also had good growth but their contribution to overall sales is very little. This growth in the top line translated all the way down with GP increasing to R87.7 million, NP before tax increased to Rs 44.58 million, and NP after Tax rose to Rs 32.7 million.
There were many reasons for this stellar performance. Ex Books had a very good seasonal sales of their market Ex Books in Sindh which was missed last year due to the devastating floods. Pro Labels continues with its robust growth with improving margins as in spite of the increasing competition more customers are coming to us due to our reliable support, good printing quality, and excellent customer service. As I had mentioned earlier that in these inflationary times our Brand loyalty has been put to great test and we are glad to report that it has truly paid off as instead of searching for cheaper options customers want good quality and reliable suppliers which is our forte.
The economic situation has improved to a great extent in the last couple of months with much needed stability in the Foreign Exchange market due to some very timely and correct decisions by the present government. We hope to see this stability continue and also hope there will be some relief from the State Bank in reduction of interest rates. It is impossible for any industry to even consider any expansion or modernization with 25%+ cost of funds.
Overall, we have been very pleased with the company's performance in Q1 and future prospects are also looking good at the moment. We are striving our hardest to continue this momentum and pray to Allah that we succeed.
The Board would like to thank all our staff, stakeholders including the financial institutions for their continued support. In addition, the Directors also record their sincere appreciation for the cooperation received from the Regulators i.e. Securities & Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange Limited.
On behalf of the Board of Directors
Karachi, October 24, 2023
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED) | 2 |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Un-Audited)
AS AT SEPTEMBER 30, 2023
ZIA UR REHMAN
Chief Financial Officer
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED)
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CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (Un-Audited)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
ZIA UR REHMAN
Chief Financial Officer
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED)
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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Un-Audited)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
ZIA UR REHMAN
Chief Financial Officer
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED) | 5 |
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Un-Audited)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
ZIA UR REHMAN
Chief Financial Officer
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED) | 6 |
CONDENSED INTERIM CASH FLOW STATEMENT (Un-Audited)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
ZIA UR REHMAN
Chief Financial Officer
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED)
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NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION - (Un-audited)
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
QUARTERLYACCOUNTS SEPTEMBER 30, 2023 (UN-AUDITED)
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Pakistan Paper Products 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 04:20:50 UTC.
