( U n - A u d i t e d )
Shadab Textile Mills Limited
CONTENTS | ||
Company Information | 3 | |
Directors' Report | 4 | |
Directors' Report (Urdu) | 5 | |
Independent Auditors' Report to the | 6 | |
Members on Review of Condensed Interim | ||
Financial Statements | ||
Condensed Interim Statement of | 7 | |
Financial Position | ||
Condensed Interim Statement of | 8 | |
Profit or Loss | ||
Condensed Interim Statement of | 9 | |
Comprehensive Income | ||
Condensed Interim Statement of | 10 | |
Changes in Equity | ||
Condensed Interim Statement of | 11-12 | |
Cash Flows | ||
Selected Notes to the Condensed | ||
Interim Financial Information | 13-16 | |
Shadab Textile Mills Limited
COMPANY INFORMATION
CHIEF EXECUTIVE | Mian Aamir Naseem | |
BOARD OF DIRECTORS | Mian Farrukh Naseem | Chairman/Non Executive Director |
Mr. Saad Naseem | Non Executive Director | |
Mr. Yasir Naseem | Executive Director | |
Mr. Hamza Naseem | Non Executive Director | |
Mrs. Fatima Aamir | Female - Non Executive Director | |
Mr. Fahad Shafiq | Independent Director | |
Mr. Ghazanfer Feroz | Independent Director | |
AUDIT COMMITTEE | Mr. Fahad Shafiq | Chairman |
Mian Farrukh Naseem | Member | |
Mr. Hamza Naseem | Member | |
HUMAN RESOURCE & | Mr. Fahad Shafiq | Chairman |
REMUNERATION | Mr. Ghazanfer Feroz | Member |
COMMITTEE | Mr. Saad Naseem | Member |
CHIEF FINANCIAL OFFICER | Mr. Muhammad Aslam | |
COMPANY SECRETARY | Mr. Muhammad Adeel Anwar Khan | |
AUDITORS | M/s. Fazal Mehmood & Company, | |
Chartered Accountants | ||
SHARE REGISTRAR | Corplink (Pvt) Limited | |
Wings Arcade, 1-K, Commercial, | ||
Model Town, Lahore. | ||
Ph: 042-35887262, 35839182 | ||
Fax: 042-35869037 | ||
BANKERS | Bank Al-falah Limited | |
Bank Al- Habib Limited | ||
REGISTERED OFFICE | A-601/A, City Towers, | |
6-K Main Boulevard, | ||
Gulberg-II,Lahore | ||
Ph: No. 042-35788714-16 | ||
WEBSITE ADDRESS | www.shadabtextile.com | |
MILLS | Unit # 1: Nasimabad, Shahkot, | |
District Nankana Sahib. |
Unit # 2: Habibabad, Pattoki,
District Kasur
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Shadab Textile Mills Limited
DIRECTORS' REPORT
Dear Shareholders,
We are pleased to present un-audited financial statements of the Company for the half year ended December 31, 2022 reviewed by the auditors of the Company.
During the period under review, the Company sustained loss after tax of Rs.27.647 million as compared to profit after tax of Rs.142.682 million of the corresponding period of previous year. Total sales were made amounting to Rs.2822.510 million as compared to corresponding period of previous year sales of Rs.2487.721 million showing increase of Rs.334.789 million i.e 13.46% against previous year period. Earning per share is Rs.(1.67) as compared to Rs.8.60 per share.
The textile industry has probably never been in such a dire situation. Many units are closed during the period being no longer economically viable under the prevailing circumstances. Performance of textile sector overall remain depressed. During the period under review, the financial results of the company mainly affected due to the market conditions is very slow down because of unfortunately heavy flood came in Pakistan and overall recession period in the world. In this situation the company reduced its production capacity by 10% and operated at 90% of its production capacity and sustained all fixed cost of the company. During the period the prices of raw material remained on higher side due to huge devaluation in Pak Rupees, increase in energy cost, very higher mark-up rates and other input costs.
The textile industry has probably never faced such a depressing operating environment and still passing through severe crises. At present time due to decline in foreign reserve with State Bank of Pakistan and Commercial Bank, we are facing too much problems for opening of Letters of Credit & retirements of documents for raw materials. Besides, according to IMF conditions the Government has decided to withdraw subsidy in energy for export oriented sectors w.e.f 01.03.2023. In these circumstances, it is very difficult task to compete with the other countries. The above stated factors have negative impacts on the textile sector along with other businesses. The government should have to take further well planned concrete steps to uplift the economy and textile industry especially for spinning sector which is the core industry of Pakistan. Despite adverse factors your management is making best efforts to improve the financial results of the company.
The board avails the opportunity to appreciate the devoted work done by the executives, officers, staff and workers of the company.
For and on behalf of the Board
MIAN AAMIR NASEEM | MIAN FARRUKH NASEEM |
(Chief Executive) | (Chairman/Director) |
Lahore: February 22, 2023 |
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Shadab Textile Mills Limited
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Shadab Textile Mills Ltd. published this content on 27 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2023 06:40:01 UTC.