Pakistan Hotels Developers : Transmission of Quarterly Report for teh Period Ended September 30, 2023

Condensed Interim Financial Statements

For the Three-Months Period Ended

September 30, 2023

(Un-audited)

PAKISTAN HOTELS DEVELOPERS LIMITED

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Pakistan Hotels Developers Ltd.

Contents
o Vision and Mission	2
o Corporate Profile	3
o Directors' Report	4
o Directors' Report (Urdu Version)	6
o Condensed Interim Statement of Financial Position	7
o Condensed Interim Statement of Profit or Loss and
Other Comprehensive Income	8
o Condensed Interim Statement of Changes in Equity	9
o Condensed Interim Statement of Cash Flows	10
o Notes to the Condensed Interim Financial Statements	11

Financial Statements, September 30, 2023

1

Pakistan Hotels Developers Ltd.

Vision and Mission

It is our cherished goal to be the Industry leader in hotel business by establishing a complete, unique, distinctive and truly a five star deluxe hotel complex.

To achieve the above objective and to provide the highest level of satisfaction to our valued customers, we are constantly engaged and working with a missionary zeal to bring necessary improvements in our existing facilities and to excel in offering efficient and quality services to them.

We are also committed to maintain the highest level of International hotel standards, which will add to the glory and prestige of the Country and promote tourism.

2	Financial Statements, September 30, 2023

Pakistan Hotels Developers Ltd.

CORPORATE PROFILE

BOARD OF DIRECTORS:

NON-EXECUTIVE DIRECTORS

Mr. Zaheer Baweja

Chairman

Mrs. Shahina Khalid

Director

Mrs. Shazia Jamal

Director

EXECUTIVE DIRECTORS

Mr. Muzaffar F. Baweja

Chief Executive Officer

Mr. Zubair Baweja

Managing Director

INDEPENDENT DIRECTORS

Mr. Qazi Ahmed Saeed

Mr. Nadeem Ul Haq Najmi

AUDIT COMMITTEE:

Mr. Qazi Ahmed Saeed

Chairman

Mrs. Shahina Khalid

Member

Mr. Nadeem Ul Haq Najmi

Member

HR & R COMMITTEE:

Mrs. Shahina Khalid

Chairperson

Mr. Qazi Ahmed Saeed

Member

Mr. Nadeem Ul Haq Najmi

Member

COMPANY SECRETARY:

M. Taha Ali Khan

CHIEF FINANCIAL OFFICER:

Syed Haseen Anwer

BANKERS:

Al Baraka Bank (Pakistan) Ltd.

Bank Al-Habib Ltd.

Bankislami Pakistan Ltd.

Bank Al-Falah Ltd.

Faysal Bank Ltd.

Habib Bank Ltd.

Meezan Bank Ltd.

National Bank of Pakistan

Summit Bank Ltd.

United Bank Ltd.

AUDITORS:

Clarkson Hyde Saud Ansari

Chartered Accountants

LEGAL ADVISOR:

Mukesh K. Sharma

INDEPENDENT SHARE REGISTRAR:

F. D. Registrar Services (SMC-Pvt.) Limited 17th Floor, Saima Trade Tower-A,

I. I. Chundrigar Road, Karachi.

REGISTERED OFFICE:

Regent Plaza Hotel, Mezzanine Floor, 195/2, Shahrah-e-Faisal, Karachi.

Financial Statements, September 30, 2023

3

Pakistan Hotels Developers Ltd.

DIRECTORS' REPORT

The Board of Directors of Pakistan Hotels Developers Ltd. is pleased to present the unaudited condensed interim financial statements of the company for the first quarter ended September 30, 2023.

The company has received an offer letter dated October 09, 2023 from SIUT Trust for the purchase of hotel "Regent Plaza" Karachi against Rs.14.50 billion. The Board of Directors in their meeting held on October 12, 2023, after considering the offer has proposed the same to the members for deliberation and consideration. The company vide its notice dated October 16, 2023 called an EOGM on November 06, 2023 for onward consideration on the offer letter.

The Board of Directors is committed to working to increase the wealth of shareholders and making operations viable to provide a stream of earnings to them. The disclosure of the offer has already been made to SECP and the Pakistan Stock Exchange for dissemination of information for all compliance.

The period under review witnessed multiple challenges such as high inflation rates, historical higher interest rates, low foreign reserves, devaluation in Pak Rupees and continue political uncertainties. Due to political crises, significant import curtailment and various inconsistent policies of the government in the country, business industries are not in a position to make long-term plan and their strategy.

Financial results for the 1st three months period under review are summarized as follows:

		For the three-months period ended
			30th September
		2023	2022
			............ (Rupees '000)
Revenue net		167,736	117,523
Gross profit			69,291	40,246
Profit/(loss) before taxation		21,204	(9,109)
Profit/(loss)	after taxation		16,852	(7,923)
Profit/(loss)	per share (rupees)		0.94	(0.44)

4	Financial Statements, September 30, 2023

Pakistan Hotels Developers Ltd.

By the grace of Almighty Allah during the three months period ended September 30, 2023, the company recorded a net revenue of Rs. 167.74 million as compared to Rs. 117.52 million registered in the corresponding period of the last year and witnessed growth of 43%. Gross profit for the period under report registered at Rs. 69.29 million as compared to Rs. 40.25 million of comparative period of the last year. The profit before tax is Rs. 21.20 million as compared to loss of Rs. 9.11 million of corresponding period of last year.

The earning per share of the company for the first quarter ended September 30, 2023 is Rs. 0.94 as compared to loss Rs. 0.44 during the same period of last year.

During the period, we paid in exchequer of Rs.31 million in terms of sales tax and other taxes.

Directors have not declared any interim dividend for the quarter ended September 30, 2023.

No casual vacancy was occurred in the directorship during the reporting quarter.

The Board of Directors express their appreciation to the entire team of the company, the esteemed guest, the valuable shareholders as well as all the other stakeholders for their confidence and support.

For and on behalf of the Board of Directors

Zubair Baweja	Muzaffar F.Baweja
Managing Director	Chief Executive Officer
Karachi: October 26, 2023

Financial Statements, September 30, 2023

5

Pakistan Hotels Developers Ltd.

2022	2023
117,523
167,736
40,246	69,291
(9,109)	21,204
(7,923)	16,852
(0.44)	0.94

69.2921.20

0.94

202326

6	Financial Statements, September 30, 2023

Pakistan Hotels Developers Ltd.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2023

Un-Audited	Audited
Note Sep. 30, 2023	Jun 30, 2023

NON CURRENT ASSETS

......... (Rupees in '000) .........

Property, plant and equipment

Long term deposits

CURRENT ASSETS

Stores and spares

Inventory - food and beverages Trade receivables

Advances, prepayments and other receivables Cash and bank balances

SHARE CAPITAL AND RESERVES

Share capital (ordinary shares 18,000,000 of Rs.10/- each)

Capital reserve

Surplus on revaluation of property, plant and equipment

Revenue reserve

Unappropriated Profit

NON CURRENT LIABILITIES

Deferred taxation

Security deposits

CURRENT LIABILITIES

Unpaid dividend

Unclaimed dividend

Trade and other payables

Contingencies and commitments

4

10,041,023

6,035

10,047,058

2,792

3,223

70,848

29,817

45,751

152,431

10,199,489

180,000

9,412,552

189,785

9,782,337

273,413

4,680

278,093

16,343

10,497

112,219

139,059

-

10,199,489

10,053,235

6,035

10,059,270

1,946

3,222

53,241

22,840

21,465

102,714

10,161,984

180,000

9,419,404

166,081

9,765,485

276,211

4,680

280,891

16,343

10,497

88,768

115,608

-

10,161,984

The annexed notes form an integral part of these condensed interim financial statements.

MUZAFFAR F. BAWEJA	ZUBAIR BAWEJA	SYED HASEEN ANWER
Chief Executive Officer	Managing Director	Chief Financial Officer
Karachi: October 26, 2023
Financial Statements, September 30, 2023		7

Jul-Sep

2022

Pakistan Hotels Developers Ltd.

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

for the Three-Months Period ended September 30, 2023

(Un-Audited)

Jul-Sep

2023

........ (Rupees in '000) ........

Revenue

Less: sales tax and other taxes

Less: cost of sales & services

Gross profit

Less: administrative, selling and general expenses

Add: other operating income

Operating profit / (loss)

Less: financial expenses

Profit / (loss) before taxation

TAXATION

Current

Prior period

Deferred

Net profit / (loss) after tax

Other comprehensive income

Total comprehensive income / (loss) for the period ended

Earning / (loss) per share basic and diluted - Rupees

192,950

(25,214)

167,736

(98,445)

69,291

(48,625)

20,666

538

21,204

-

21,204

(7,150)

-

2,798

(4,352)

16,852

-

16,852

0.94

132,824

(15,301)

117,523

(77,277)

40,246

(49,882)

(9,636)

527

(9,109)

-

(9,109)

(1,761)

-

2,947

1,186

(7,923)

-

(7,923)

(0.44)

The annexed notes form an integral part of these condensed interim financial statements.

MUZAFFAR F. BAWEJA	ZUBAIR BAWEJA	SYED HASEEN ANWER
Chief Executive Officer	Managing Director	Chief Financial Officer
Karachi: October 26, 2023
8		Financial Statements, September 30, 2023