Nine months ended Report
March 2024
CONTENTS
02
03
06
07
08
09
10
11
Company Information
Directors' Report
Condensed Interim Statement of Financial Position
Condensed Interim Statement Of Profit or Loss
Condensed Interim Statement Of Comprehensive Income
Condensed Interim Statement Of Changes In Equity
Condensed Interim Statement Of Cash Flows
Condensed Interim Notes To The Financial Statements
Nine months ended Report March 2024 | 01 |
COMPANY
INFORMATION
BOARD OF DIRECTORS
Mr. Abdus Samad Habib
Syed Najmudduja Jaffri
Mr. Kashif Habib
Mr. Ahsan Anis
Mr. Anna Samad
Mr. Abdul Qadir
Mr. Muhammad Siddiq Khokhar
AUDIT COMMITTEE
Mr. Abdul Qadir- CHAIRMAN
Mr. Kashif Habib
Mr. Ahsan Anis
HUMAN RESOURCES &
REMUNERATION COMMITTEE
Mr. Muhammad Siddiq Khokhar
Mr. Kashif Habib
Syed Najmudduja Jaffri
CHIEF FINANCIAL OFFICER
Mr. Imran Haque
COMPANY SECRETARY
Mr. Imran Haque
AUDITORS
RAHMAN SARFARAZ RAHIM IQBAL RAFIQ
CHARTERED ACCOUNTANTS
LEGAL ADVISOR | |
ADVOCATE AHSAN-UL-HAQ ADVOCATES AND | REGISTERED OCE |
CORPORATE COUNCIL | |
BANKERS AND FINANCIAL INSTITUTIONS | Plot # 1, Global Industry, |
Nusrat Bhutto Colony, North Nazimbad, | |
HABIB METROLPOLITAN BANK | Karachi, Pakistan. |
THE BANK OF PUNJAB | Tel: 92 345 2025369 |
BANK ISLAMI PAKISTAN LIMITED | www.safemixlimited.com |
BANK ALFALAH LIMITED | SHARES REGISTRAR |
SUMMIT BANK LIMITED | |
MEEZAN BANK LIMITED | THK Associates (Private) Limited |
02 Safe Mix Concrete Limited
Directors' Review Report
The Board of Directors of your Company are pleased to present their review report on the condensed interim financial and operational performance of your company for the nine-month ended March 31, 2024.
Nine Months | Nine Months | Quarter | Quarter | ||||||||||||
Particulars | Ended | Ended | Ended | Ended | |||||||||||
March 2024 | March 2023 | March 2024 | March 2023 | ||||||||||||
----------Rupees---------- | ----------Rupees---------- | ||||||||||||||
Net Sales | 946,599,190 | 1,077,757,975 | 384,668,876 | 420,705,220 | |||||||||||
Cost of sales | (731,582,587) | (829,993,764) | (303,205,730) | (331,464,358) | |||||||||||
Gross Profit / (Loss) | 215,016,603 | 247,764,211 | 81,463,146 | 89,240,862 | |||||||||||
Profit/(Loss) before Taxation | 125,444,561 | 185,641,765 | 50,196,908 | 65,423,830 | |||||||||||
Taxation | (39,166,838) | (57,593,379) | (14,228,918) | (15,648,830) | |||||||||||
Profit/(Loss) after Taxation | 86,277,723 | 128,048,836 | 35,967,990 | 49,775,286 | |||||||||||
Earnings / (Loss) Per Share-Basic | |||||||||||||||
and Diluted | 3.45 | 5.12 | 1.44 | 1.99 | |||||||||||
During the period under review your Company achieved sales of PKR 946.599 million as compared to PKR 1077.757 million over the corresponding period resulting in negative variance of 12.17%. This reduction in sale is mainly due to slow down of ongoing projects caused by increased interest rates. The cost of sales for the period remained at PKR 731.582 million as compared to PKR 829.993 million in the corresponding period depicting a 11.86 % reduction of cost which coincides with the reduction in current period sales. The Gross Margin of the Company for the current period is 22.71% as compared to 23.00% in the corresponding period. The administrative and selling expenses for the period stood at PKR 40.331 million as compared to PKR 34.591 million in the corresponding period.
The profit after taxation for the period arrived at PKR 86.278million as compared to profit after taxation of PKR 128.048 million in the corresponding period.
Future Outlook
Pakistan is still in the midst of significant economic and political challenges. More likely, it could continue to impact the markets of investment climate at least in the short term to medium term. The country's economic stability is contingent upon its ability to secure the new IMF program and reduction trend in interest rates. Upon relaxation in upcoming monetary policy, one can expect betterment in local Real Estate sector.
Your management is assessing the situation regularly and adopting the measures to keep the rising costs under control through extensive R&D and by adopting austerity measures in day-to-day operations.
Nine months ended Report March 2024 03
Acknowledgement
The Management of your Company would like to thank all the shareholders, financial institutions, customers, individuals and staff members who have been associated with the Company for their support and cooperation. Further, we would also like to thank SECP and management of PSX for their continue support and guidance.
For and behalf of the board
Samad Habib | Kashif Habib | |
` | Chief Executive & Director | Director |
04 Safe Mix Concrete Limited
CONDENSED INTERIM STATEMENT OF
FINANCIAL POSITION
As at March 31, 2024
ASSETS | Note |
Non-current assets |
Unaudited | Audited |
31 March | 30 June |
2024 | 2023 |
(Rupees)
Property, plant and equipment | 3 |
Intangibles | |
Long term deposits | |
Long term advances to employees | |
Deferred taxation - net | |
Current assets | 4 |
Stock-in-trade | |
Stores, spares and loose tools | 5 |
Trade debts | |
Loans and advances | 6 |
Prepayments and other receivables | 7 |
Taxation - net | 8 |
Cash and bank balances | |
Total assets | |
EQUITY AND LIABILITIES | |
Share capital and reserves | |
Authorized capital | |
35,000,000 (June 30, 2023: 35,000,000) ordinary share of Rs. 10 each | |
Issued, subscribed and paid up capital | |
Capital reserve | |
Share premium | |
Revenue reserve | |
Unappropriated profits | |
Non-current liabilities | 9 |
Long term financing - secured | |
Staff retirement benefits | |
Current liabilities | 10 |
Trade and other payables | |
Advance from customers | 9 |
Current maturity of long term financing | |
Loan from director | |
Accrued markup | |
Contingencies and commitments | 11 |
279,365,110
188,024
23,500
493,366
32,851,761
312,921,761
40,371,594
19,062,698
378,237,697
21,190,686
4,494,844
21,295,900
23,139,255
507,792,674
820,714,435
350,000,000
250,000,000
14,728,576
95,843,809
360,572,385
72,167,595
15,925,855
88,093,450
210,221,079
31,527,787
23,560,176
87,000,000
19,739,558
372,048,600
296,802,818
203,270
23,500
758,006
49,303,276
347,090,870
25,495,768
13,462,701
330,208,117
3,363,051
2,701,209
6,229,916
16,431,416
397,892,178
744,983,048
350,000,000
250,000,000
14,728,576
9,566,086
274,294,662
92,584,308
12,611,608
105,195,916
217,115,922
36,022,325
19,563,955
87,000,000
5,790,268
365,492,470
Total equity and liabilities |
820,714,435 744,983,048
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Samad Habib | Kashif Habib | Imran Haque | ||
CEO | Director | CFO |
06 Safe Mix Concrete Limited
CONDENSED INTERIM STATEMENT OF
PROFIT OR LOSS
For the Nine Months and quarter ended March 31, 2024 (unaudited)
Imran
Note |
Nine Month Ended
Unaudited | |
Unaudited | |
31 March | 31 March |
2024 | 2023 |
(Rupees)
Quarter ended
Unaudited | |
Unaudited | |
31 March | 31 March |
2024 | 2023 |
(Rupees)
Revenue - net | 12 |
Cost of revenue | 13 |
Gross profit
Administrative expenses
Selling and distribution expenses
Operating profit
Other expenses
Other income
Finance costs | 14 |
Profit before taxation
Taxation
Profit / (loss) after taxation
946,599,190
(731,582,587)
215,016,603
(38,228,961)
(2,101,381)
(40,330,342)
174,686,261
(13,230,723)
5,295,493
(7,935,230)
(41,306,470)
125,444,561
(39,166,838)
86,277,723
1,097,534,378
(829,993,764)
267,540,614
(33,083,885)
(1,507,737)
(34,591,622)
232,948,992
(20,414,445)
2,118,457
(18,295,988)
(29,011,245)
185,641,759
(57,593,379)
128,048,380
384,668,876
(303,205,730)
81,463,146
(17,197,427)
(539,523)
(17,736,950)
63,726,196
(2,641,943)
2,185,002
(456,941)
(13,072,347)
50,196,908
(14,228,918)
35,967,990
426,578,233
(331,464,358)
95,113,875
(16,300,030)
(274,361)
(16,574,391)
78,539,484
(5,289,837)
2,073,191
(3,216,646)
(9,899,008)
65,423,830
(15,648,544)
49,775,286
Earning / (loss) per share - basic and diluted
3.455.12
1.441.99
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Samad Habib | Kashif Habib | Imran Haque | ||
CEO | Director | CFO |
Nine months ended Report March 2024 07
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME
For the Nine Months and quarter ended March 31, 2024 (unaudited)
Nine Month Ended | Quarter ended | |||||||||||
Unaudited | Unaudited | |||||||||||
Unaudited | Unaudited | |||||||||||
31 March | 31 March | 31 March | 31 March | |||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
(Rupees) | (Rupees) | |||||||||||
Profit / (loss) after taxation | 86,277,723 | 128,048,380 | 35,967,990 | 49,775,286 | ||||||||
Other comprehensive income | - | - | - | - | ||||||||
Total comprehensive income / (loss) | ||||||||||||
for the period | 86,277,723 | 128,048,380 | 35,967,990 | 49,775,286 | ||||||||
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Samad Habib | Kashif Habib | Imran Haque | ||
CEO | Director | CFO |
08 Safe Mix Concrete Limited
CONDENSED INTERIM STATEMENT OF
CHANGES IN EQUITY
For the Nine Months and quarter ended March 31, 2024 (unaudited)
Issued | Loan from | Capital reserve | Revenue reserve | |||||||
subscribed | Total | |||||||||
and paid-up | related party | Share | Accumulated | |||||||
capital | premium | losses | ||||||||
(Rupees) | ||||||||||
Balance as at June 30, 2022 (audited) | 250,000,000 | 87,000,000 | 14,728,576 | (122,527,313) | 229,201,263 | |||||
Total comprehensive income for the year | ||||||||||
Nine Months Ended March 31,2023 | ||||||||||
- Profit after taxation | ||||||||||
- | - | - | 78,273,100 | 78,273,100 | ||||||
- Other comprehensive income | - | - | - | - | - | |||||
- | - | - | 78,273,100 | 78,273,100 | ||||||
Balance as at March 31, 2023 | 250,000,000 | 87,000,000 | 14,728,576 | (44,254,213) | 307,474,363 | |||||
(unaudited) | ||||||||||
Balance as at June 30,2023 (audited) | 250,000,000 | - | 14,728,576 | 9,566,086 | 274,294,662 | |||||
Total comprehensive income for the year | ||||||||||
Nine Months Ended March 31,2024 | ||||||||||
- Profit after taxation | - | - | - | 86,277,723 | 86,277,723 | |||||
- Other comprehensive income | - | - | - | - | - | |||||
- | - | - | 86,277,723 | 86,277,723 | ||||||
Balance as at March 31, 2024 | ||||||||||
(unaudited) | 250,000,000 | - | 14,728,576 | 95,843,809 | 360,572,385 | |||||
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Samad Habib | Kashif Habib | Imran Haque | ||
CEO | Director | CFO |
Nine months ended Report March 2024 09
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Safe Mix Concrete Ltd. published this content on 22 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2024 05:02:10 UTC.