EXPERIENCE
FOCUS
GROWTH
2022
Half Yearly Report June 30
Contents
02 | 08 |
Company Information | Condensed Interim |
Cash Flow Statement | |
03 | 09 |
Director's Review - Report | Condensed Interim |
Statement of Changes in Equity | |
05 | 10 |
Auditor's Review Report | Notes to the Financial Statement |
06 | 16 |
Condensed Interim | Pattern of Shareholding |
Statement of Financial Position | |
07 | |
Condensed Interim | |
Statement of Profit or Loss | |
and Other Comprehensive Income |
Company Information
Board of Directors | Mr. Murad Ansari - Chairman |
Mr. Mohamed Ebeid - Director | |
Mr. Fayyaz Ilyas - Director | |
Ms. Sarah Maja - Director | |
Mr. Freyan Byram Avari - Director | |
Mr. Johannes Gunnell - Director | |
Mr. Saad Iqbal - CEO & Director | |
Audit Committee | Mr. Johannes Gunnell - Chairman |
Mr. Fayyaz Ilyas - Member | |
Ms. Sarah Maja - Member | |
Mr. Freyan Byram Avari - Member | |
HR & R Committee | Mr. Freyan Byram Avari - Chairman |
Mr. Mohamed Ebeid - Member | |
Ms. Sarah Maja - Member | |
Company Secretary | Mr. Shahid Kamal |
Chief Financial Officer | Mr. Ahmad Zakir Hafeez |
Auditors | M/s. Riaz Ahmad, Saqib, Gohar & Company Chartered Accountants |
5-Nasim, C.H.S. Major Nazir Bhatti Road, | |
Off: Shaheed-e-Millat Road, Karachi, Pakistan. | |
Legal Advisor | M/s. Mohsin Tayebaly & Co. (MTC) |
1st Floor, Dime Centre, BC-4, Block 9, Kehkshan, | |
Clifton, Karachi, Pakistan. | |
Share Registrar | M/s. F. D. Registrar Services (SMC-Pvt.) Limited |
Office No. 1705-A, 17th Floor, Saima Trade Tower, | |
I.I. Chundrigar Road, Karachi, Pakistan. | |
Bankers | MCB Bank Limited |
Bank Alfalah Limited | |
Askari Bank Limited | |
United Bank Limited | |
Allied Bank Limited | |
Bank Al Habib Limited | |
Habib Metropolitan Bank Limited | |
Standard Chartered Bank Limited | |
Habib Bank Limited | |
JS Bank Limited | |
Meezan Bank Limited | |
Registered Office | Office No. 904, 9th Floor, Emerald Tower, |
Plot No. G-19,Block-5, Clifton, Karachi, Pakistan | |
Lahore Branch | 319 Siddiq Trade Centre, 72 Main Boulverad, |
Gulberg, Lahore, Pakistan |
Website | www.efghermespakistan.com |
3
DIRECTORS' REVIEW
BEGIN IN THE NAME OF ALLAH
THE MOST GRACIOUS AND MERCIFUL
Dear Member(s)
I, on behalf of Board of Directors of your Company, am pleased to present herewith un-audited condensed interim financial statements of the Company for the half year ended June 30, 2022. These condensed interim financial statements have been reviewed by the external auditors of the Company.
Performance Review
During the second quarter ended June 30, 2022, the Company earned operating revenues of Rs.56.425 million as compared to Rs. 64.774 million for the same period last year. The Company earned before and after tax (loss)/profit of Rs. (23.244) million and Rs. (28.134) million respectively as compared to before and after tax profit of Rs. 13.845 million and Rs. 9.074 million respectively for the corresponding period. Loss per share for the quarter stood at Rs. (1.45) compared to earnings per share of Rs. 0.45 for the corresponding period.
For the half year ended June 30, 2022, the Company earned operating revenues of Rs. 101.913 million as compared to Rs. 138.831 million for the corresponding period. The Company earned before and after tax loss Rs. (30.900) million and Rs. (39.060) million respectively as compared to before and after tax profit Rs. 36.687 million and Rs. 25.606 million respectively for the same period during last year. Loss per share for the half year is Rs. (1.95) as compared to earnings per share of Rs. 1.28 for the corresponding period.
The decline in revenue and earnings over the corresponding period was driven by significantly decreased activity in the market turnover amidst rising political and economic uncertainty and multi-year high interest rates. However, despite the tough market conditions, the Company improved its market share compared with the corresponding period last year.
The KSE100 shed 7.5% and market activity in ADVT terms was 72% lower than in the corresponding period last year. Very high political uncertainty through most of the quarter casted doubts over the continuation of IMF programme, which is paramount for Pakistan to avert a severe balance-of-payment crisis. Nonetheless, Pakistan reached a staff-level agreement with the IMF in July, which will pave the way for not only the continuation of IMF programme by late August but also other external flows. The combination of potentially lower political noise and better economic management should help the market in improving both price performance and activity in the coming quarter.
In conclusion, we pray to almighty Allah for his blessings, guidance, health and prosperity to us, our Company, Country and Nation.
For and on behalf of the Board of Directors
Karachi, August 10, 2022
Half Yearly Report 2022
4 |
Half Yearly Report 2022 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Efg Hermes Pakistan Ltd. published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 06:41:08 UTC.