Waves : Transmission of Annual Report for the Year Ended 31 December 2022

WAVES

Annual Report 2022

Waves Corporation Limited

Table of Contents

1.	CORPORATE INFORMATION	02
2.	CHAIRMAN'S REVIEW	04
3.	DIRECTORS REPORT TO THE SHAREHOLDERS	05
4.	CORPORATE VALUE STATEMENTS	18
5.	HISTORY OF WAVES CORPORATION LIMITED	23
6.	INDEPENDENT REVIEW REPORT OF AUDITORS	25
7.	STATEMENT OF COMPLIANCE STATEMENT	27
8.	NOTICE OF ANNUAL GENERAL MEETING	35
9.	FINANCIAL STATEMENTS	42
	a. Consolidated Accounts 2022
	b. Standalone Accounts 2022

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CORPORATION INFORMATION

BOARD OF DIRECTORS
1.	Mr. Muhammad Zafar Hussain	Chairman/Independent Director
2.	Mr. Tajammal Hussain Bokharee	Independent Director
3.	Mr. Khalid Azeem	Non-Executive Director
4.	Mr. Moazzam Ahmad Khan	Non-Executive Director
5.	Mrs. Nighat Haroon Khan	Non-Executive Director
6.	Mr. Hamza Ahmad Khan	Executive Director
7.	Mr. Haroon Ahmad Khan	Chief Executive Officer
AUDIT COMMITTEE
1.	Mr. Tajammal Hussain Bokharee	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. Muhammad Zafar Hussain	Chairman/Independent Director
2.	Mr. Khalid Azeem	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 AUDITOR	LEGAL ADVISOR
Mr. Usman Khalid	Law Wings Advocates & Solicitors
EXTERNAL AUDITORS	SHARE REGISTRAR
RSM Avais Hyder Liaquat Nauman	Corplink (Private) Limited
Chartered Accountants
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.waves.net.pk

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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	Silkbank 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:	042-35415421-5,042-35421502-4
Email:	[e-mail]
Web Site:	www.waves.net.pk

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Waves Corporation Limited

Chairman's Review

On behalf of the Board of Directors of Waves Corporation Limited (WAVES or the Company), Annual Report for the year ended 31 December 2022 (Consolidated and Standalone) is presented to our stakeholders.

We extend our appreciation to our partners, bankers, shareholders, strategic alliances, human capital and other stakeholders in our business who have shown continued trust in our Company. WAVES has a well-diversified and experienced Board members that have core competencies, knowledge, skills and experience relevant to the Company's businesses, that follows best practices relating to corporate governance and other related regulatory requirements. The Board held meetings during the year to review and approve periodic financial statements, annual business plan, demerger of home appliances business and other matters requiring Board attention. The committees also held regular sessions to perform their duties assigned under their respective terms of references by the Board. The detail of these meetings is stated in this Annual Report. The performance of the outgoing and incoming Board members has been commendable and together we steered the Company towards another year of success and good governance, despite the challenging post-pandemic economic environment.

The global Russia-Ukraine conflict that has substantially impacted economies in terms of high interest rates, energy prices, inflation etc., across the world including Pakistan. However, despite of these challenges, the Company's wholly owned subsidiary Waves Marketplace Limited (WML), formerly Electronic Marketing Company Limited has continued showing growth. The revenues of home appliances business undertaken by the Company's subsidiary Waves Home Appliances Limited (WHALE), showed slight dip as compared to previous year as the whole appliances industry was under pressure due to restrictions on import of its raw materials. However, WHALE was able to position itself to substantially rely on the local manufactured material vis-à-vis its competitors thus reducing production risks. Shifting to local raw material paved the way for growth of the local industry with new employment opportunities and reducing reliance on foreign exchange reserves. The Company' real estate development plans has been updated to include substantial commercial portion, which results in increased revenues and bottom line. Accordingly, the new timeline of soft launch fits well with the shifting of appliances operations to the new factory premises.

Over the years, WAVES leadership has strived to adapt a transparent and conducive business environment, by demonstrating respect and fairness in all our efforts. As we reflect, it is commendable the swiftness with which WAVES has adapted to the macro and micro economic challenges during the year 2022. We expect this trend to continue in the years to come. We would like to conclude by extending our gratitude and thanks to the Directors for their energy, knowledge, advice, and earnest contributions towards the advancement of the Company to achieve new heights in a socially responsible and ethical manner.

-Sd-

Chairman

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