3RD QUARTER REPORT 2022 (Ended June 2022)
CONTENTS
Company Information
Directors' Report
Condensed Interim Statement of Financial Position
Condensed Interim Statement of Profit or Loss and other Comprehensive Income
Condensed Interim Statement of Changes in Equity
Condensed Interim Statement of Cash Flows
Notes to the Condensed Interim Financial Statements
COMPANY INFORMATION
Chairman | M Veqar Arif | ||
Board of Directors | Mujtaba Rahim | - | Chief Executive Officer |
Marcos Furrer | (Alternate: Irfan Chawala) | ||
Michel Zumstein | (Alternate: Naveed Kamil) | ||
Shahid Ghaffar | |||
Thomas Bucher | |||
Yasmin Peermohammad | |||
Audit Committee | Shahid Ghaffar | - Chairman | |
Michel Zumstein | (Alternate: Naveed Kamil) | ||
M Veqar Arif | |||
Irfan Lakhani | - | Secretary | |
Human Resources and | Yasmin Peermohammad | - Chairperson | |
Remuneration Committee | Michel Zumstein | - | (Alternate: Naveed Kamil) |
Mujtaba Rahim | |||
Irfan Lakhani | - | Secretary | |
Management Committee | Mujtaba Rahim | Naveed Kamil | |
Irfan Chawala | Qazi Naeemuddin | ||
Muhammad Altaf | |||
Chief Financial Officer | Irfan Chawala | ||
Company Secretary | Irfan Lakhani | ||
Bankers | Bank Al Habib Limited | ||
Habib Bank Limited | |||
Habib Metropolitan Bank Limited | |||
MCB Bank Limited | |||
Meezan Bank Limited | |||
National Bank of Pakistan | |||
Standard Chartered Bank (Pakistan) Limited | |||
Auditors | KPMG Taseer Hadi & Co. Chartered Accountants | ||
Legal Advisor | Fazleghani Advocates | ||
Share Registrar | FAMCO Associates (Pvt) Limited | ||
8-F, Next to Hotel Faran, Nursery | |||
Block-6, P.E.C.H.S., | |||
Shahra-e-Faisal, Karachi | |||
Registered Office | 1-A/1, Sector 20, | ||
Korangi Industrial Area, Korangi, Karachi | |||
Factories | Petaro Road, Jamshoro | ||
LX-10,LX-11, Landhi Industrial Area, Karachi | |||
Sales & Marketing Offices | Katar Bund Road, Off. Multan Road, | ||
Thokar Niaz Baig, Lahore | |||
P-277, Kashmir Road, Amin Town, Faisalabad | |||
B 157 Lalarukh, Wah Cantt | |||
Website | www.archroma.com.pk | ||
archroma.pakistan@archroma.com |
REPORT OF BOARD OF DIRECTORS
The Directors of your Company are pleased to present the financial report for the nine months ended 30 June 2022, together with the condensed interim financial information of the Company for the period ended 30 June 2022.
COMPOSITION OF BOARD
The composition of the Board is as follows:
a) Male members: | 6 |
b) Lady member: | 1 |
Out of the above: | |
a) Executive Director: | 1 |
- Non-ExecutiveDirectors: 4
- Independent Directors: 2
BUSINESS OVERVIEW
Pakistan's Textile exports continued to remain strong during the third quarter of the ongoing Financial Year 2022, which has also positively contributed to your Company's overall performance. However, local market Textiles' sales & construction activity further slowed down during the quarter under review, mainly due to higher energy & commodity prices and double-digit inflation in other costs.
Your Company achieved net sales of PKR 19,416 million during the nine months period ended 30 June 2022
On behalf of the Board
Mujtaba Rahim
Chief Executive Officer
against PKR 14,844 million in comparison to the same period last year. Contribution to this strong overall sales growth of 31% has come from positive contributions from all the businesses, i.e. Brand & Performance Textile Specialties, Coating Adhesives & Sealants, Packaging & Paper Specialties & New Markets.
Higher taxation, freight & logistics costs and significant devaluation of PKR against USD and other foreign currencies during the quarter has adversely impacted the bottom-line profitability which has come down to PKR 1,467 million in comparison to PKR 1,756 million in the same period last year.
FUTURE OUTLOOK
The ongoing Russia-Ukraine conflict, Global Energy and Commodities prices and availability situation, and consequential adverse Balance of Trade of Pakistan, may keep the outlook for Textiles Exports & Construction Industry, somewhat uncertain.
However, the Management is optimistic that with the available export orders with our customers and Archroma's strong projects in the pipeline to further increase its market share and successful business development in New Markets' Home Care business, your Company is expected to maintain profitable growth momentum in short to medium term.
Irfan Chawala
Director
Karachi: 27 July 2022
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Archroma Pakistan Ltd. published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 08:27:01 UTC.