BECO Steel : Transmission of Quarterly Report for the Period Ended December 31, 2023

CONDENSED INTERIM FINANCIAL STATEMENTS HALF YEAR ENDED

31 DECEMBER

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COMPANY INFORMATION

BOARD OF DIRECTORS
1.	Mr. Muhammad Zain-ul-Afaq	ChairPerson/Non-Executive Director
2.	Mr. Muhammad Ali Shafique Chaudhry	Chief Executive Officer
3.	Ms. Afifa Shafique	Executive Director
4.	Mr. Muhammad Hashim Tareen	Independent Director
5.	Mr. Mahmood Aslam	Independent Director
6.	Mrs. Shabana Shafique	Non-Executive Director
7.	Miss. Eman Shafique	Non-Executive Director
AUDIT COMMITTEE
1.	Mr. Muhammad Hashim Tareen	Chairman/Independent Director
2.	Mrs. Shabana Shafique	Member
3.	Miss Eman Shafique	Member
HR & REMUNERATION COMMITTEE
1.	Mr. Muhammad Hashim Tareen	Chairman/Independent Director
2.	Mr. Muhammad Ali Shafique Chaudhry	CEO/Member
3.	Miss Eman Shafique	Member
4.	Mrs. Shabana Shafique	Member
CHIEF FINANCIAL OFFICER	COMPANY SECRETARY
Miss. Afifa Shafique	Mr. Abdul Shakoor
INTERNAL AUDITOR
Saleem Murawat
Abdul Moiz
EXTERNAL AUDITORS	SHARE REGISTRAR
M/s. Sheikh and Chaudhri	Hameed Majeed Associates (Private)
Chartered Accountants	Limited

REGISTERED OFFICE

79 - Peco Road Badami Bagh Lahore Pakistan

COMPANY'S BANKER

Soneri Bank Limited

JS Bank Limited

Habib Metropoliton Bank Limited

Meezan Bank Limited

Bank Alfalah Limited

Askari Bank Limited

Bank of Punjab Limited

BECO STEEL LIMITED (ANNUAL REPORT 2023)	1

DIRECTORS' REVIEW REPORT

Dear Members

The directors of the company are pleased to present the unaudited financial statements for the half year ended 31 December 2023.

A brief summary of the financial results as on 31 December 2023 is as follow:

(Amount in Rupees)

	Half year ended December 31	Variance
Financial highlights	2023	2022
Net Sales	1,838,710,139	3,227,640,251	(43%)
Gross Profit	51,154,104	77,424,910	(34%)
Profit before taxation	(154,659)	8,064,868	(102%)
Taxation	22,983,877	40,345,503	(43%)
Profit for the period	(23,138,535)	(32,280,635)	(28%)
Earnings per share - Basic & Diluted	(0.93)	(1.29)

Business, Financial & Operational review

The turnover of the period is reported as Rs. 1,838.71 million with gross profit for the period is Rs.

51.15 million and net loss Rs. 23.14 million (2023: Rs.32.28 million). Earnings per share (EPS) for the period is negative Rs. 0.93. The management is actively engaged in a thorough review of our

operations, aiming to identify areas for improvement and implement strategic adjustments to address the issues contributing to the current loss. Our focus is on stabilizing operations, optimizing costs, and exploring avenues for recovery.

Future Outlook

Our strategic initiatives include a comprehensive review of our product offerings, exploring partnerships and collaborations, and adopting innovative technologies to enhance our operational efficiency. We are also evaluating market trends and customer preferences to align our offerings with the evolving demands of the industry.

Acknowledgment

We would like to appreciate our customers, suppliers, shareholders, employees and executives for their support and cooperation to the company.

Interim financial statements along with auditors' review report thereon are attached herewith for members' kind perusal and record.

For and on behalf of the Board

Muhammad Ali Shafique Chaudhry	Zain Afaq
Chief Executive Officer	Director/Chairperson

Lahore

February 28, 2023