Quice Food Industries : Transmission of Quarterly report for the period ended March 2023

NINE MONTHS

ACCOUNTS 2022-23

Contents

Company Information	02
Directors' Review - English	03
Directors' Review - Urdu	04
Condensed Interim Statement of Financial Position	05
Condensed Interim Profit or Loss Account	06
Condensed Interim Statement of Comprehensive Income	07
Condensed Interim Cash Flow Statement	08
Condensed Interim Statement of Changes in Equity	09
Notes to the Condensed Interim Financial Statements	10

Nine Months Accounts 2022-23

Quice Food Industries Limited

01

Company Information

Board of Directors
Mr. Muhammad Atif	Chief Executive Ocer
Mr. Muhammad Siraj	Director
Mr. Salman Haroon	Independent Director
Ms. Hina Fayaz	Independent Director
Ms. Saba Irfan	Independent Director
Mr. Muhammad Riaz	Director
Mr. Qazi Muhammad Imran	Director
Company Secretary
Mr. Iqbal Shahid
Audit Committee
Mr. Salman Haroon	Chairman
Mr. Muhammad Siraj	Member
Ms. Hina Fayaz	Member
HR & Remuneration Committee
Mr. Salman Haroon	Chairman
Mr. Muhammad Siraj	Member
Mr. Muhammad Riaz	Member
Legal Advisor
M/s. Ahmed & Qazi
Advocates & Legal Consultants
Bankers
Allied Bank Limited
Habib Bank Limited
Meezan Bank Limited
United Bank Limited
Bank Al Falah Limited
MCB Bank Limited
Habib Metro Bank Limited
Auditors
M/s. Aslam Malik & Co.
Chartered Accountants
Share Registrar
M/s. F.D. Registrar Services	Registered Oce
(SMC-Pvt.) Ltd.
Oce No. 1705, 17th Floor, Saima	WS7, Mezanine Floor, Madina Palace
Trade Tower-A, I.I Chundrigar Road,	Faran Co-operative Housing Society
Karachi.	Dhoraji Colony, Karachi

02

Nine Months Accounts 2022-23

Quice Food Industries Limited

Directors' Review

For the third quarter and nine months ended March 31, 2023

The Directors of Quice Food Industries Limited "the Company" are pleased to submit theun-audited condensed interim financial report and financial information of the Company for third quarter and nine months period ended March 31, 2023.

Business Performance Overview

By the grace of the Almighty, your Company booked an after-tax profit of PKR, 14.34 million as a result of increase in Sales. Local and exports sales coupled with increase in sales price, to absorb inflationary eect, resulted in revenue of PKR. 642.32 million (March 2022: PKR. 308.36 million). Gross profit has been booked at PKR. 117.32 million (March 2022: 67.58 million). Cost of sales as a percentage of sales 82% as compared to 78% of the corresponding period majorly due to increase in variable costs and increased fixed costs too, which reduced the Gross margin.

Financial highlights

The summary of financial performance follows (compared with last year):

	March' 2023	March' 2022
	Rupees "000"	Rupees "000"
Net sales	642,320	308,360
Gross profit	117,032	67,558
Pre-tax-profit	21,716	20,733
After-tax-profit	14,346	17,126

Future Prospects

Though PKR has substantially devalued as compared to USD and no concrete measures have yet been announced by the Government to rectify the current economic conditions, and there is an uncertainty about political and socio-economic stability in the near future, yet we are hopeful that your company would perform better in the days to come as a result of increase in our products' demand in the foreign and local markets. Further management is committed to keep improving the product quality and to capitalize on the process eciencies for price control in this hyper inflationary economic environment.

We would like to express our gratitude to shareholders who have always shown their confidence in the Company and for the commitment, dedication and innovative thinking demonstrated by each member and are confident that they will continue to do so in the future.

Chief Executive

Director

Karachi

April 29, 2023

Nine Months Accounts 2022-23

Quice Food Industries Limited

03