Waves : Ransmission of Quarterly Report for the Period Ended

First Quarter Accounts 2022

Condensed Interim Financial Statements for the

Three Months Period Ended 31 March 2022 (Unaudited)

Corporate Information

BOARD OF DIRECTORS
1.	Mr. Muhammad Adnan Afaq	Chairman/Independent Director
2.	Mr. Shoaib Dastgir	Independent Director
3.	Mr. Tajammal Hussain Bukharee	Independent Director
4.	Mr. Muhammad Zafar Hussain	Non-Executive Director
5.	Mr. Haroon Ahmad Khan	Chief Executive Officer
6.	Mrs. Nighat Haroon Khan	Non-Executive Director
7.	Mr. Moazzam Ahmad Khan	Non-Executive Director
AUDIT COMMITTEE
1.	Mr. Shoaib Dastgir	Chairman/Independent Director
2.	Mr. Moazzam Ahmad Khan	Member/Non-Executive Director
3.	Mrs. Nighat Haroon Khan	Member/Non-Executive Director
4.	Mr. Ahmad Bilal Zulfiqar	Secretary
HR & REMUNERATION COMMTTEE
1.	Mr. Shoaib Dastgir	Chairman/Independent Director
2.	Mr. Muhammad Zafar Hussain	Member/Non-Executive Director
3.	Mr. Moazzam Ahmad Khan	Member/Non-Executive Director
4.	Mr. Haroon Ahmad Khan	Member/ Executive Director
5.	Mr. Ahmad Bilal Zulfiqar	Secretary
CHIEF FINANCIAL OFFICER	COMPANY SECRETARY
Mr. Arslan Shahid Butt	Mr. Ahmad Bilal Zulfiqar
HEAD OF INTERNAL AUDIT	LEGAL ADVISOR
Mr. Usman Khalid	Law Wings Advocates & Solicitors
EXTERNAL AUDITORS	SHARE REGISTRAR
RSM Avais Hyder Liaqat Nauman	Corplink (Private) Limited
Chartered Accountants
H.No.136-B, Street 43, F/10, Islamabad

RESISTERED OFFICE/PLANT	COMPANY REGISTRATION NO.
Factory: 9-KM Multan Road, Lahore	CUIN 0001286
PH. No. 042-35415421-5,35421502-4	Email: [e-mail]
UAN: 042-111-31-32-33	Website: www.wavessinger.com

BANKERS
Al Baraka Bank (Pakistan) Limited	National Bank of Pakistan
Askari Bank Limited	Pak Brunei Investment Company Limited
Bank Al Falah Limited	Pak Libya Holding Company Limited
Dubai Islamic Bank Pakistan Limited	Pak Oman Investment Company Limited
Faysal Bank Limited	Samba Bank Limited
First Prudential Modaraba	Silk Bank Limited
Habib Bank Limited	Sindh Bank Limited
Habib Metropolitan Bank Limited	The Bank of Khyber
Industrial & Commercial Bank of China	The Bank of Punjab

Contact Information:

Registered Office:	UAN: 042-111-31-32-33,
	042-35415421-5,042-35421502-4
Email:	[e-mail]
Web Site:	www.waves.net.pk

Corporate Value Statements

Vision	To be an innovative company that is driven by modern
Statement	ideas, committed to constantly strive for surpassing
	customer expectations in Quality and Value for Money and
	to be a leading Group engaged in home appliances, real
	estate and retail business in Pakistan.
Mission	To inspire the Consumer with our innovative products &
Statement	designs through R&D, improve the standard of life by
	offering high-quality products and services at affordable
	prices and create the Future.

Core Values

Waves Corporation Limited

Directors' Review Report to the Shareholders

On behalf of the Board of Directors of Waves Corporation Limited, formerly Waves Singer Pakistan Limited (WAVES or the Company), we are obliged to submit the Directors' Review Report on condensed interim consolidated statement (un-audited) for the period ended 31 March 2022, wherein financial results of standalone financial statements are also provided therein:

OPERATING RESULTS

Consolidated Operating Results

		For 3 months	For 3 months
		31 March 2022	31 March 2021
		Rs. in '000	Rs. in '000
Sales - net of sales return	4,050,163	3,090,904
Sales tax and trade discount	(752,316)	(450,448)
Sales Net	3,297,847	2,640,456
Cost of Sales	(2,582,742)	(2,056,212)
Gross Profit	715,105	584,244
Marketing, Selling and Distribution	(302,639)	(237,752)
Administrative Expenses	(140,427)	(123,752)
Other Expenses	(4,382)	(42,671)
Other Income	15,585	14,521
Profit from operations	283,241	219,175
Earned carrying charges	94,355	81,669
Finance Costs	(227,677)	(161,842)
		(133,321)	(80,173)
Profit before taxation	149,920	139,002
Taxation	(42,358)	(35,386)
Profit after taxation	107,562	103,386
Attributable to:
Owners of the Group	104,522	103,616
Non-Controlling interests	3,040	-
		107,562	103,616
Earnings Per Share - Basic & Diluted (Rs.)	0.38	0.37