CONTENTS
Corporate Information | 3 |
Directors' Report to the Members | 4 |
Independent Auditor's Review Report To the members of Imperial Limited | 5 |
Report on Review of Interim Financial Statements | |
Condensed Interim Statement of Financial Position | 6 |
Condensed Interim Profit or Loss Account | 7 |
Condensed Interim Statement of Comprehensive Income | 8 |
Condensed Interim Statement of Cash Flow | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Selected Explanatory Notes to the Condensed Interim Financial Information | 11 |
15 | |
Corporate Information
Board of Directors | Mr. Waqar Ibn Zahoor Bandey | - Chairman |
Mr. Naveed M. Sheikh | - Director/CEO | |
Mr. Muhammad Tariq | - Director | |
Mr. Ibrahim Naveed Sheikh | - Director | |
Mr. Shahzad Ullah Khan | - Director | |
Mr. Najam Faiz | - Director | |
Mrs. Fakhra Chaudhry | - Director | |
Audit Committee | Mr. Najam Faiz | - Chairman |
Mr. Muhammad Tariq | - Member | |
Mr. Shahzad Ullah Khan | - Member | |
HR & Remuneration | Mr. Shahzad ullah Khan | - Chairman |
Committee | Mr. Ibrahim Naveed Sheikh | - Member |
Mr. Muhammad Tariq | - Member | |
Chief Financial Officer | Miss. Hina Mustafa | |
Company Secretary | Mr. Mubashhar Asif | |
Financial Institutions | Soneri Bank Limited | |
The Bank of Khyber | ||
Habib Bank Limited | ||
HBL Microfinance Bank Limited | ||
U Microfinance Bank Limitied | ||
Auditors | Ilyas Saeed & Co. | |
Chartered Accountants | ||
Legal Advisors | Ms. Aniqua Sheikh | |
Advocate | ||
Registered Office | Ismail Aiwan-e-Science Building, | |
205 Ferozepur Road | ||
Lahore-54600 | ||
Ph # + 92 (042) 3575-8970 | ||
+ 92 (042) 3575-1308 | ||
Fax # + 92 (042) 3576-3247 | ||
Shares Registrar | Hameed Majeed Associates (Pvt) Limited | |
H.M. House, 7-Bank Square, Lahore. | ||
Ph # + 92 (042) 3723-5081-2 | ||
Fax # + 92 (042) 3735-8817 | ||
Production Facilities | Hydroponic Project: | |
Village Shori Manika, Tehsil Pindi Bhattian, Disctrict Hafizabad |
Assets Classified held for Sale:
Karmanwala, Tehsil Phalia, Distt. Mandni Bahauddin
Ph # +92 (541-151/54
Fax # 92 (546) 541-162
DIRECTORS' REVIEW TO THE MEMBERS
Dear Members
Interim condensed financial statements for the half-year ended December 31, 2023 are being presented in accordance with the requirements of International Accounting Standards, Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited. The interim condensed financial information has also been reviewed by the statutory auditors of the Company.
During the period under review your Company earned revenue of Rs. 192.277 Million against revenue of Rs. 173.397 Million in the corresponding period last year against placement of funds with various financial institutions. Operating Profit after administrative and other expenses for the period recorded at Rs. 94.931 Million whereas this amount was Rs. 97.484 Million last year in the corresponding period. The Company earned Net Profit after tax of Rs. 59.967 Million as compare to Rs. 67.611 Million for the same period last year. Earnings per share for the half year recorded at Rs. 0.61 per share (December 31, 2022: Rs. 0.68).
The funds of the Company have been deployed with various Financial Instruments/Mutual Funds and in the two ongoing projects; the Hydroponics Project and the Housing Construction Project.
Hydroponics Project is at its final phase of erection and production is expected to start this year. In the Housing Construction Project, some houses are ready for sale and the Company is in process of showings and/or negotiations with various prospective buyers.
The Company is pursuing disposal of its Remaining Assets comprised of a composite sugar manufacturing facility situated at Phalia, District Mandi Bahauddin, as per the resolution passed by the Shareholders of the Company in Annual General Meeting. Proceeds from the sale of Remaining Assets shall be deployed; together with the existing funds; in accordance with the Object Clause of the Company and other businesses permitted by Memorandum of Association of the Company.
For and on behalf of the Board
Waqar Ibn Zahoor Bandey | Naveed Mughis Sheikh |
Chairman | Director |
Lahore
February 29, 2024
5
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (Un-Audited)
AS AT DECEMBER 31, 2023
December 31, | June 30, | |||
2023 | 2023 | |||
(Un-audited) | (Audited) | |||
EQUITY AND LIABILITIES | Note | (Rupees in '000') | (Rupees in '000') | |
Share Capital And Reserves | ||||
Authorized share capital | ||||
100,000,000 (2023: 100,000,000) | ||||
Ordinary shares of Rupees 10 each | 1,000,000 | 1,000,000 | ||
Issued, subscribed and paid-up capital | 6 | 990,200 | 990,200 | |
Surplus on revaluation of property, plant and equipment | ||||
- net of deferred tax | 7 | 5,528,996 | 5,528,996 | |
Revenue reserves - Unappropriated profit | 3,801,650 | 3,741,683 | ||
LIABILITIES | 10,320,846 | 10,260,879 | ||
Non-Current Liabilities | ||||
Deferred liabilities | 8 | 1,838,741 | 1,838,876 | |
Current Liabilities | ||||
Trade and other payables | 582,716 | 582,170 | ||
Contingencies and commitments | 9 | - | - | |
12,742,303 | 12,681,925 | |||
ASSETS | ||||
Non-Current Assets | ||||
Property, plant and equipment | 10 | 749,765 | 644,503 |
Current Assets
Stores, spares and loose tools
Stock in trade
Loan and advances
Trade Deposits, Prepayments and Other Receivables Accrued markup
Short term Investments
Tax refunds due from government
Cash and bank balances
Non-current assets held for sale | 11 |
204,725
893,138
159,359
24,296
38,264
596,685
231,321
1,104,936
3,252,724
8,739,814
12,742,303
204,635
864,564
156,383
22,837
19,054
680,947
216,827
1,132,361
3,297,608
8,739,814
12,681,925
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
CONDENSED INTERIM PROFIT OR LOSS ACCOUNT (Un-Audited)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2023
Half year ended | Second quarter ended | |||||||
31-Dec-23 | 31-Dec-22 | 31-Dec-23 | 31-Dec-22 | |||||
Note | (Rupees in '000') | (Rupees in '000') | (Rupees in '000') | (Rupees in '000') | ||||
Profit and loss - | ||||||||
continuing operations : | ||||||||
Income from Investment | 192,277 | 173,397 | 99,487 | 86,667 | ||||
Gross profit | 192,277 | 173,397 | 99,487 | 86,667 | ||||
Administrative expenses | (97,448) | (76,732) | (48,542) | (39,964) | ||||
94,829 | 96,665 | 50,945 | 46,703 | |||||
Other operating expenses | (696) | - | (696) | - | ||||
Other operating income | 798 | 819 | 798 | 55 | ||||
Profit / (Loss) from operations | ||||||||
94,931 | 97,484 | 51,047 | 46,758 | |||||
Finance cost | (85) | (59) | (61) | (40) | ||||
Profit / (loss) before taxation | ||||||||
94,846 | 97,425 | 50,986 | 46,718 | |||||
Taxation | (11,384) | (12,644) | (5,974) | (9,904) | ||||
Profit / (loss) after taxation - | ||||||||
continuing operations | 83,462 | 84,781 | 45,012 | 36,814 | ||||
Profit / (loss) after taxation - | ||||||||
discontinued operations | 12 | (23,495) | (17,170) | (15,306) | (10,766) | |||
Profit / (loss) after taxation | 59,967 | 67,611 | 29,706 | 26,048 | ||||
Earnings / (loss) per share - basic | ||||||||
and diluted (Rupees) | 0.30 | 0.26 |
Director | Chief Financial Officer |
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Un-Audited)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2023
Half year ended | Second quarter ended | ||||||
31-Dec-23 | 31-Dec-22 | 31-Dec-23 | 31-Dec-22 | ||||
Note | (Rupees in '000') | (Rupees in '000') | (Rupees in '000') | (Rupees in '000') | |||
Profit for the period - | 83,462 | 84,781 | 45,012 | 36,814 | |||
continuing operations | |||||||
Loss for the period - | |||||||
discontinued operations | (23,495) | (17,170) | (15,306) | (10,766) | |||
Other comprehensive income | - | - | - | - | |||
Total comprehensive | |||||||
income / (loss) | 59,967 | 67,611 | 29,706 | 26,048 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
CONDENSED INTERIM STATEMENT OF CASH FLOWS (Un-Audited)
FOR THE HALF YEAR ENDED DECEMBER 31, 2023
(Un-audited) | (Un-audited) | |||
December 31, | December 31, | |||
2023 | 2022 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | Note (Rupees in '000') | (Rupees in '000') | ||
Profit before taxation | 94,846 | 97,425 | ||
Adjustments for: |
Finance cost | 85 | |
Depreciation of property, plant and equipment | 5,817 | |
5,902 | ||
Operating profit before working capital changes | 100,748 | |
(Increase) /decrease in current assets: | ||
Stores, spares and loose tools | (90) | |
Stock in Trade | (28,574) | |
Loan and advances | (2,976) | |
Accrued markup | (19,210) | |
Trade Deposits, Prepayments and Other Receivables | (1,459) | |
(52,309) | ||
Increase / (decrease) in current liabilities: | ||
Trade and other payables | 546 | |
Cash generated from operations | (51,763) | |
Finance cost paid | ||
(85) | ||
Staff retirement benefits - gratuity paid | (136) | |
Income tax paid | (25,877) | |
Net cash used in operating activities-continuing operations | (26,098) | |
22,887 | ||
Net cash used in operating activities-discontinued operations | 13.1 | (23,495) |
59
5,110
5,169
102,594
-
(82,991)
(323,339)
(12,120)
(667)
(419,117)
1,709
(417,408)
(59)
(2,420)
(25,033)
(27,512)
(342,326)
(17,170)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure on property, plant and equipment | 3,197 | |
Capital Work in Process | (114,276) | |
Investment in mutual funds | 84,262 | |
Net cash generated from investing activities-continuing operations | (26,817) | |
Net cash generated from investing activities-discontinued operations | 13.2 | - |
CASH FLOWS FROM FINANCING ACTIVITIES |
(10,101)
(148,182)
(233,737)
(392,020)
-
Long term finances
Net cash (used in) / generated from financing activities-continuing operations Net cash used in financing activities - discontinued Operations
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
-
-
13.3-
(27,425)
1,132,361
1,104,936
-
-
-
(751,516)
2,209,925
1,458,409
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Un-Audited)
FOR THE HALF YEAR ENDED DECEMBER 31, 2023
Revaluation | ||
Ordinary Share | surplus on | Unappropriated |
Particulars | property, plant | Total Equity |
Capital | profit / (loss) |
and equipment (Rupees in '000')
Balance as at June 30, 2022 (audited)
Total comprehensive income:
Profit for the half year ended 31-Dec-22
Other comprehensive Income
Balance as at December 31, 2022 (un-audited)
Total comprehensive income:
Profit for the half year ended 30-June-23
Other comprehensive Income
Balance as at June 30, 2023 (audited)
Total comprehensive income:
Profit for the half year ended 31-Dec-23
Other comprehensive Income
990,200 | 5,528,996 | 3,627,612 | 10,146,808 | |||
- | - | 67,611 | 67,611 | |||
- | - | - | - | |||
- | ||||||
- | - | 67,611 | 67,611 | |||
990,200 | 5,528,996 | 3,695,223 | 10,214,419 | |||
- | - | 46,460 | 46,460 | |||
- | - | - | - | |||
- | - | 46,460 | 46,460 | |||
990,200 | 5,528,996 | 3,741,683 | 10,260,879 | |||
- | - | 59,967 | 59,967 | |||
- | - | - | - |
- | - | 59,967 | 59,967 | |
Balance as at December 31, 2023 (un-audited) | ||||
990,200 | 5,528,996 | 3,801,650 | 10,320,846 |
The annexed notes from 1 to 15 form an integral part of these financial statements.
Chief Executive Officer | Director | Chief Financial Officer |
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Imperial Ltd. published this content on 01 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2024 04:17:40 UTC.