Pakistan Aluminium Beverage Cans : Transmission of Quarterly Report for the Period Ended 31-March-2023

1ST

QUARTERLY

REPORT

MARCH 31, 2023

CONTENTS

Company Information	4
Directors' Report	5
Condensed Interim Statement of Financial Position	7
Condensed Interim Statement of Profit or Loss	9
Condensed Interim Statement of Other
Comprehensive Income	10
Condensed Interim Statement of Changes in Equity	11
Condensed Interim Statement of Cash Flows	12
Notes to the Condensed Interim Financial Statements	13
Directors' Report Urdu	17

PAKISTAN ALUMINIUM BEVERAGE CANS LIMITED 1ST QUARTERLY REPORT MARCH 31, 2023

COMPANY INFORMATION

Board of Directors
Mr. Simon Michael Gwyn Jennings	Chairman and Non-Executive Director
Mr. Azam Sakrani	Chief Executive Officer and Director
Mr. Asad Shahid Soorty	Non-Executive Director
Ms. Hamida Salim Mukaty	Non-Executive Director
Mr. Muhammad Jawaid Iqbal	Independent Director
Mr. Salim Parekh	Independent Director
Mr. Zain Ashraf Mukaty	Non-Executive Director
Audit Committee
Mr. Muhammad Jawaid Iqbal	Chairman
Mr. Asad Shahid Soorty	Member
Mr. Zain Ashraf Mukaty	Member
Human Resource and Remuneration Committee
Mr. Salim Parekh	Chairman
Mr. Simon Michael Gwyn Jennings	Member
Mr. Zain Ashraf Mukaty	Member

Chief Financial Officer

Mr. Syed Asad Hussain Zaidi

Company Secretary

Mr. Sohail Akhtar Gogal

Registered Office

PHA Flat No. 04, Block No. 12,

G-8 / 4, Islamabad

Main Office

29 & 30, M-3 Industrial City,

Main Boulevard, Sahianwala,

Faisalabad

Auditors

Kreston Hyder Bhimji &

Co. Chartered Accountants

Legal Advisor

Mr. Muhammad Mehmood Arif

Share Registrar

THK Associates (Pvt) Ltd

Plot No. 32-C, Jami Commercial Street 2,

D.H.A Phase VII, Karachi, 75500 Pakistan.

Tel: [phone] Email: [e-mail]

Website

www.pkbevcan.com

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PAKISTAN ALUMINIUM BEVERAGE CANS LIMITED 1ST QUARTERLY REPORT MARCH 31, 2023

DIRECTORS' REPORT

The Directors of the Pakistan Aluminium Beverage Cans Limited (the "Company") are pleased to submit the un- audited financial statements of your Company for the quarter ended March 31, 2023.

Business Performance Review

Your Company has delivered consistent performance during the period under review (January-March 2023), despite facing economic challenges caused by global and domestic geopolitical factors. Notably, in the quarter ending March 31, 2023, our net sales increased by Rs. 2.56 billion, reaching Rs. 5.18 billion, which represents a 97.42% increase compared to the same period last year. The revenue growth is attributed to increased can sales as well as currency devaluation.

As a result of this performance, we achieved an Earnings per Share of Rs. 3.72 for the quarter ended March 31, 2023. Furthermore, our gross profit during the period under review was 39.49%, representing a significant increase from 32.93% in the corresponding period last year. Our profit after tax has also witnessed an increase of Rs. 732 million, reaching Rs. 1,342 million, which represents 119.89% increase from the same period in last year.

The Company had provisioned for current taxation on the basis of its minimum tax liability under the Income Tax Ordinance, 2001, which is applicable during the period. However, the Company has filed a petition challenging the chargeability of minimum tax under section 113 of the Ordinance, as the Company operates in a special economic zone where its income is exempt from taxes under section 37(b) of the Special Economic Zone Act 2012. The decision on this matter is currently pending in court. Nevertheless, the Company has made a full provision for the amount, as a matter of prudence.

Summarized Financial Results

The operating results of the Company are summarized as follows:

Operating results

Sales -net

First Quarter Ended March 31,

2023	2022	Variance
(Rupees in Million)	%
5,180	2,624	97.42%

Gross Profit	2,046	864	136.73%
Profit before Tax	1,401	627	123.41%
Less: Tax Expense	59	17	252.54%
Profit after Tax	1,343	611	119.89%
Earnings per share - basic and diluted (Rs.)	3.72	1.69	119.89%
Quarter Ended 31-March 2023	Quarter Ended 31-March 2022

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