Javedan : Transmission of Quarterly Report for the Period Ended Sep 30 2023

better life

BETTER FUTURE

Quarterly Report September 2023

Table of

CONTENT

Company Information	04
Directors' Report	05
Condensed Interim Unconsolidated Financial Information
Condensed Interim Unconsolidated Statement of Financial Position	09
Condensed Interim Unconsolidated Statement of Profit or Loss (Unaudited)	10
Condensed Interim Unconsolidated Statement of Other Comprehensive Income
(Unaudited)	11
Condensed Interim Unconsolidated Statement of Changes In Equity (Unaudited)	12
Condensed Interim Unconsolidated Statement of Cash Flows (Unaudited)	13
Notes To The Condensed Interim Unconsolidated Financial Information	15
Condensed Interim Consolidated Financial Information
Condensed Interim Consolidated Statement of Financial Position	27
Condensed Interim Consolidated Statement of Profit Or Loss (Unaudited)	28
Condensed Interim Consolidated Statement of Other Comprehensive Income	29
(Unaudited)
Condensed Interim Consolidated Statement of Changes In Equity (Unaudited)	30
Condensed Interim Consolidated Statement of Cash Flows (Unaudited)	31
Notes To The Condensed Interim Consolidated Financial Information	33

FIRST QUARTERLY REPORT SEPTEMBER 2023 002

003 JAVEDAN CORPORATION LIMITED

Company

INFORMATION

Board of Directors		Bankers
Arif Habib	Chairman	Al Baraka Bank Pakistan Limited
Abdus Samad Habib	CEO/Director	Allied Bank Limited
Muhammad Ejaz	Director	Askari Bank Limited
Kashif Habib	Director	Bank Al-Falah Limited
Javed Kureishi	Director	BankIslami Pakistan Limited
Abdullah Ghaffar	Director	Bank of Punjab
Alamgir A. Shaikh	Director	Dubai Islamic Bank
Abdul Qadir Sultan	Director	Habib Bank Limited
Darakshan Zohaib	Director	Habib Metropolitan Bank Limited
Chief Financial Officer		MCB Bank Limited
	National Bank of Pakistan
& Company Secretary		Sindh Bank Limited
Muneer Gader		Summit Bank Limited
Audit Committee		United Bank Limited
	Faysal Bank Limited
Abdullah Ghaffar	Chairman	Meezan Bank Limited
Kashif Habib	Member	Industrial & Commercial Bank of China
Muhammad Ejaz	Member
Abdul Qadir Sultan	Member	Registered Office
HR & Remuneration Committee	Arif Habib Center,
23, M.T.Khan Road, Karachi Pakistan -
Javed Kureishi	Chairman	74000,
Arif Habib	Member	Tel : [phone]
Muhammad Ejaz	Member	Fax: [phone]
Abdus Samad Habib	Member	Website: www.jcl.com.pk
Auditors		Site Office:
Yousuf Adil		Naya Nazimabad
Chartered Accountants		Manghopir Road
Reanda Haroon Zakaria and Co.	Karachi - 75890
Phones: [phone]
Chartered Accountants		Website: www.nayanazimabad.com

Share Registrar

CDC Share Registrar Services Limited,

CDC House, 99-B, Block 'B' S.M.C.H.S

Sharah-e-Faisal, Karachi.

FIRST QUARTERLY REPORT SEPTEMBER 2023 004

DIRECTORS' REPORT

005 JAVEDAN CORPORATION LIMITED

Directors' Report

Dear Shareholders

On behalf of the board of directors, we are pleased to present the Condensed Interim Unconsolidated & Consolidated Financial Information for the three-months period ended 30 September 2023 along with operational performance of the Company for the same period.

Overview

We are delighted to apprise our esteemed shareholders that during the period Naya Nazimabad Apartment REIT [significantly owned by the Company] has entered a Musharka Arrangement with a Commercial Bank. Under the arrangement Musharka partners shall share profit or loss from the project in their mutually agreed Profit/Loss sharing ratio. The Musharka Arrangement has been entered into for PKR 5.88 billion and PKR 4.80 billion has already been disbursed during the period.

Financial Performance

During the period the Company has recorded Sale and Profit After Tax of PKR 627 million and 619 million respectively whereas Sale and Profit After Tax in the corresponding period were PKR 6,668 million and PKR 4,024 million, respectively.

The administrative cost incurred is PKR 135 million as compared to PKR 138 million in the corresponding period. Flyover cost incurred during the period is PKR 112 million. Other Income earned during the period is PKR 984 million as compared to PKR 55 million over the corresponding period.

On a consolidated basis Sales and Profit After Tax for the period had remained at PKR 685 million and PKR 597 million respectively. The profit is translated into an EPS per share of Rs. 1.57 per share.

Operational Performance

The work on value-addition projects including flyover, Naya Nazimabad Gymkhana and Jama Masjid is progressing with completion targeted over next three to six months. Completion of these projects will provide stimulus for sale and growth in construction activity in Naya Nazimabad having positive trickledown effect.

The work on infrastructure and utility infrastructure development work is progressing with target completion within ongoing financial year for all current work in progress.

Outlook

Sale of balance inventory of commercial plots, memberships of NN Gymkhana and sale of apartment projects under REIT will be driving force for the Company over next 3 to 5 years.

Naya Nazimabad Gymkhana will become operational in 2nd Quarter of FY 23-24, and we expect sale of club membership to get momentum once club becomes operational.

Apartments projects under different REITs are at different stages of the life cycle and we expect regular dividend stream from REIT projects be achieved in next couple of years.

Musharka Arrangement of Naya Nazimabad Apartment REIT with a commercial bank has significantly improved dynamics of apartment projects under REIT model. This will yield positive results for Naya Nazimabad Apartment REIT and have also paved way for similar transactions to be undertaken in other REIT projects.

	006
FIRST QUARTERLY

Acknowledgement

On behalf of the Board of Directors, we thank our customers and shareholders for their continued support to transform the dream into reality. We would like to thank our Banks and Financial institutions who, over the years, have been critical in enabling the Company to deliver this project. We would also like to thank Securities and Exchange Commission of Pakistan and Pakistan Stock Exchange for their support to the project and appreciate all the employees of the Company for highly admirable efforts put in by them.

Samad A. Habib	Arif Habib
Chief Executive	Chairman
Dated: 24 October 2023

007
JAVEDAN	LIMITED

CONDENSED INTERIM

UNCONSOLIDATED

FINANCIAL STATEMENTS

FOR THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2023

FIRST QUARTERLY REPORT SEPTEMBER 2023 008

Javedan Corporation Limited

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2023

	(Unaudited)	(Audited)
	September 30,	June 30,
Note	2023	2023

------ (Rupees in '000) ------

ASSETS
Non-Current Assets
Property, plant and equipment	5
Intangible assets
Investment properties
Long term deposits
Long-term Investment	6
Advance against issuance of units
Current Assets
Development properties	7
Trade debts	8
Loans and advances	9
Short Term Investment
Trade deposits, prepayments and other receivables	10
Unclaimed deposits
Cash and bank balances
Total Assets
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share capital
Authorised
390,000,000 (2023: 390,000,000) ordinary shares of Rs.10/- each
Issued, subscribed and paid-up capital
Capital reserves
Revenue reserves
Other component of equity - revaluation surplus on lands
Non-Current Liabilities
Long-term financing	11
Deferred Grant
Deferred liability - gratuity
Current Liabilities
Trade and other payables	12
Preference shares
Accrued mark-up
Contract liabilities
Short-term borrowings	13
Current maturity of non-current liabilities
Taxation - net
Unpaid dividend
Unpaid preference dividend
Unclaimed dividend
TOTAL EQUITY AND LIABILITIES
CONTINGENCIES AND COMMITMENTS	14

8,870,525

1,725

553,125

11,719

3,502,625

2,245,670

15,185,388

15,536,369

10,150,526

766,449

1,701,177

2,828,086

782

96,210

31,079,599

46,264,987

3,900,000

3,808,604

2,758,292

8,882,336

8,806,388

24,255,621

6,572,137

64,930

79,033

6,716,101

2,560,768

505

616,239

652,508

6,676,837

2,319,667

174,718

2,285,163

318

6,544

15,293,266

46,264,987

8,754,790

2,013

553,126

11,719

2,422,870

2,135,697

13,880,215

15,280,241

10,696,779

832,370

1,713,721

396,724

782

82,314

29,002,931

42,883,146

3,900,000

3,808,604

2,758,293

10,537,427

8,817,355

25,921,679

6,625,235

42,119

76,681

6,744,035

2,523,422

505

448,334

633,841

4,080,997

2,348,539

174,947

-

303

6,544

10,217,432

42,883,146

The annexed notes from 1 to 22 form an integral part of these condensed interim financial information.

Chief Financial Officer

Chief Executive Officer

Director

009
JAVEDAN	LIMITED