Citi Pharma : Transmission of Annual Report for the year ended 30-06-2023

ANNUAL

REPORT

2023

TABLE OF

CONTENTS

MANAGEMENT

REPORT

Company Information

Chairman's Review

CEO Message

Vision & Mission Statement

Director Profile

Profile of Key Management

Director's Report

Director's Report (Urdu)

CSR

Company Key Products

Key Operating & Finance Data Last Six Years

Independent auditors' review report

Statement of Compliance

FINANCIAL

STATEMENTS

Independent auditors' report

Statement of financial position

Statement of profit or loss

Statement of comprehensive income

Statement of changes in equity

Statement of cash flows

Notes to and forming part of the financial statement

INVESTORS'

INFORMATION

Pattern of shareholding

Details of Pattern of shareholdings

Notice of Annual General Meeting

Notice of Annual General Meeting (Urdu)

Form of proxy

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28

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91

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97

104

111

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COMPANY

INFORMATION

Board of Directors	Chief Financial Officer
	Mr. Asif Iqbal
Mr. Nadeem Amjad	Company Secretary & Head of Legal
Chairman	Mr. Muhammad Riaz
Mr. Rizwan Ahmad	Head of Internal Auditor
Chief Executive Officer	Muhammad Ishaq
Dr. Zameer Ul Hassan	External Auditors
Executive Director	Aslam Malik & Co.
	Chartered Accountants
Ms. Saira Aslam	Legal Advisors
Non-Executive Director	Muhammad Riaz
Mr. Muhammad Naeem	Share Registrar
Non-Executive Director	F.D Registrar Services (Pvt) Ltd
Mr. Abdul Jaleel Shaikh	Bankers
Independent Director	Habib Metropolitan Bank Limited
	Habib Bank Limited- Islamic
	Pak Brunei Investment Company Limited
Ms. Farzin Khan	Samba Bank Limited
Independent Director	Soneri Bank Limited
	Bank of Punjab Limited
	National Bank of Pakistan
	Bank Al Habib Limited
	Meezan Bank Limited
	Standard Chartered Bank (Pakistan) Limited
AUDIT COMMITTEE	Head Office
Mr. Abdul Jaleel Shaikh (Independent Director)	588-Q Block, M.A., Johar Town, Lahore
Mr. Nadeem Amjad (Non-Executive Director)	Tel: [phone]
Mr. Muhammad Naeem (Non-Executive Director)	Registered Office
	3-KM, Head Balloki Road, Bhai Pheru, Distt Kasur
Human Resource & Remuneration Committee	Tel: [phone]
Ms. Farzin Khan (Independent Director)	Fax: [phone]
Mr. Zameer Ul Hassan Shah (Executive Director)	E-Mail: [e-mail]
Mr. Rizwan Ahmad (Executive Director)	Website: www.citipharma.com.pk

CHAIRMAN'S

REVIEW

ON BOARD'S OVERALL PERFORMANCE U/S 192 OF THE COMPANIES ACT 2017

This review report has been provided under the requirement of section 192 of the Companies Act 2017.

It is my enormous preference to present the Review Report to the shareholders on the Board's overall performance and effectiveness in achieving the Company's objectives.

This financial year 2022 - 2023 presented itself with multiple challenges including bot not limited to the geopolitical tension, surging inflation, rising cost of doing business along with fluctuation of global commodity prices. Furthermore, current currency devaluation, import restrictions, higher interest rate and changes in tax regime intensified challenges.

Review of Overall Performance of the Board

I am proud to highlight that despite testing circumstances the steadfast dedication and commitment of our Board of Directors in fulfilling their roles and responsibilities. Their unwavering support and strategic leadership have been instrumental in guiding the company through the challengeswefaceintoday'sbusinessenvironment.

Throughout the year, our Board has diligently reviewed the company's financial statements and governance matters, ensuring transparency in disclosures, adherence to policies, alignment with regulatory compliance. This rigorous oversight has allowed us to navigate through a tumultuous period marked by substantial currency devaluation and persistently high financing and inflation rates. The Board has closely monitored these challenges, providing invaluable guidance to our management team and implementing safeguards to mitigate their impacts on our company.

Our Board of Directors is a diverse and well- rounded group, offering a wealth of experience

and expertise. They have established effective subcommittees, including the Human Resource & Remuneration Committee, the Audit Committee, and the Investments Committee, which operate seamlessly within the boundaries of the law.

In line with our commitment to robust corporate governance, the Board has approved a comprehensive risk management framework. Our vision is to establish a strong system of internal controls that fosters an environment conducive to compliance with the highest standards of corporate governance. We emphasize the paramount importance of honesty and integrity as the cornerstones of our business success and the success of Citi Pharma Limited.

The collective experience of our Board members and the dedicated efforts of our Board committees have been pivotal in ensuring the company's compliance with all legal and regulatory requirements. Based on a thorough evaluation, we are pleased to report that the overall performance of the Board and its committees has been found to be satisfactory and effective.

I extend my heartfelt appreciation to the members of the Board for their invaluable guidance and to all our stakeholders for their unwavering support. Our employees' dedication is also commendable, and their efforts continue to drive our company's success.

As we look ahead, we remain committed to our mission, vision, and values, and we are confident in our ability to overcome challenges and seize opportunities in the dynamic pharmaceutical industry.

Nadeem Amjad

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