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

2023

CALCORP LIMITED

CONDENSED INTERIM FINANCIAL INFORMATION FOR THE HALF YEAR ENDED DECEMBER 31, 2023 (UN-AUDITED)

CALCORP LIMITED | D-131, Block 4, Clifton, Karachi

	CALCORP LIMITED
	CONTENTS
PARTICULARS		Page #
Corporate Information		2
Auditors' Review Report		3
Directors' Report (English)		5
Directors' Report (Urdu)		7
Condensed Interim Financial Statements		10

CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

1

CALCORP LIMITED

CORPORATE INFORMATION

Board of Directors:	Mr. Saad Saeed Faruqui	(Chairman)
	Mr. Haider Ali Hilaly	(Chief Executive Officer)
	Mr. Muhammad Danish Hussain
	Mr. Shahrukh Saeed Faruqui
	Ms. Sana Shahzad
	Ms. Sadia Hamid
	Mr. Yousuf Muhammad Farooq
Audit Committee:	Ms. Sadia Hamid	(Chairperson)
	Mr. Shahrukh Saeed Faruqui	(Member)
	Mr. Muhammad Danish Hussain	(Member)
HR & Remuneration Committee:	Mr. Yousuf Muhammad Farooq	(Chairman)
	Mr. Haider Ali Hilaly	(Member)
	Mr. Shahrukh Saeed Faruqui	(Member)
Chief Executive Officer:	Mr. Haider Ali Hilaly
Chief Financial Officer:	Mr. Syed Wajahat Alam
Company Secretary:	Mr. Muhammad Zafar lqbal
Head of Internal Audit:	Mr. Muhammad Zafar lqbal
Registrar & Share Transfer Office:	F. D. Registrar Services (Pvt.) Limited.
	17th Floor, Saima Trade Tower-A, 1. 1. Chundrigar Road Karachi.
	Tel: [phone]; Fax [phone]
Auditors:	Baker Tilly Mehmood Idrees Qamar,
	Chartered Accountants.
Legal Advisor:	Mr. Muhammad Raees
Bankers:	JS Bank Limited.
Registered Office	D-131/A, Black 4, Clifton, Karachi.
	Tele: [phone]
	E-mail: [e-mail]
	Web: www.calcorp.com.pk

CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

2

CALCORP LIMITED

AUDITORS' REVIEW REPORT TO THE MEMBERS ON

REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS

Introduction

We have reviewed the accompanying condensed interim statement of financial position of CALCORP LIMITED (the Company) as at December 31, 2023 and the related condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flow together with the notes forming part thereof (herein -afterreferred to as the "condensed interim financial statements") for the six months period then ended. The Management of the Company is responsible for the preparation and the presentation of the condensed interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review. The figures of the condensed interim statement of profit or loss and other comprehensive income for the quarters ended December 31, 2023 and December 31, 2022 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended December 31, 2023.

Scope of review

We conducted our review in accordance with the International Standards on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

3

CALCORP LIMITED

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements as at December 31, 2023 are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the review resulting in this independent auditor's review report is

Mehmood A. Razzak.

Baker Tilly Mehmood Idrees Qamar

Chartered Accountants

Karachi.

Date: 29 February 2024

UDIN: RR202310151eUFw3xLXa

CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

4

CALCORP LIMITED

DIRECTORS' REPORT

The Baord of Directors of CALCORP Limited is pleased to present the un-audited condensed interim financial information for the half year ended December 31, 2023.

Financial Highlights

CALCORP LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED DECEMBER 31, 2023 (UN-AUDITED)

Income

Income from vehicle plying for hire - net

Loss on sale of investments

Other income

Unrealised appreciation on re-measurement of investments classified as financial assets at fair value through profit or loss - net

Expenses

Administrative and operating expenses

Financial charges

Profit before taxation

Taxation

Profit after taxation

Other comprehensive income

Total comprehensive income

SIX MONTHS PERIOD ENDED

Jul 23 to	Jul	22 to Dec
Dec 23	Rupees	22
--------------	------------
11,021,699	5,655,826

• (28,242,091)
  14,917,4779,456,674

25,939,176 (13,129,591)

• 34,194,711
  25,939,176 21,065,120

(9,204,474) (12,059,299)

(1,669) (4,280,102)

(9,206,143) (16,339,401)

16,733,033 4,725,719

(4,920,209) (382,518)

11,812,824 4,343,201

--

11,812,8244,343,201

Earnings per share	1.10	0.40

CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

5

CALCORP LIMITED

During the period, the Company has generated revenue of Rs. 25.9mm compared to revenues of Rs.21.1mm in the corresponding period of 2022. The profit before tax for the period was Rs. 16.7mm compared to a profit before tax of Rs. 4.7mm in the corresponding period of 2022. The net profit after tax for the period was Rs. 11.8mm compared to a profit of Rs 4.3mm in the corresponding period of 2022. Earnings per share of Rs 1.10 rupee for the half year ended December 31, 2023 was substantially higher than the earnings of Rs. 0.40 rupee per share in the corresponding period of 2022.

ACKNOWLEDGEMENT We owe special gratitude to our shareholders and clients for their continuous support. We take this oppurtunity to thank the Securities and Exchange Commission of Pakistan, Pakistan Stock Exchange Limited and other regulatory bodies for their support.The Directors wish to place on record their appreciation for the hard work put in and dedication displayed by the staff in performance of their duties.

Post Balance Sheet Date Events

As notified to the Pakistan Stock Exchange dated February 20, 2024, Mr. Asif Ali Sheikh, through his appointed Manager to Offer, JS Global Capital Limited, (the "Buyer") made a public announcement of their interest to acquire 83.96% shares in the Company held by Optimus Limited ("parent company"). The completion of this transaction is subject to the execution of binding agreement between the Buyer and the parent company, securing relevant regulatory approvals and necessary statutory process.

Future Outlook

We believe that the outlook for the next quarter is dependent on the stability of the economy and the outlook for interest rates. In addition, we are also cognizant of the value that Calcorp has as a listed entity to provide an opportunity for other entities to take advantage of its capitalization and prospects. Nevertheless, we will continue to pursue our current line of business until such time as we find a better alternative to maximize the value for the Company's shareholders.

The management intends to remain vigilant and protect the value of the Company in these turbulent times.

For and on behalf of the Board of Directors of CALCORP Limited

___________________	___________________________
Haider Ali Hilaly	Shahrukh Saeed Faruqui
Chief Executive Officer	Director

Date: 29 February 2024

Place: Karachi

CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

6

CALCORP LIMITED

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CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

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CONDENSED INTERIM FINANCIAL INFORMATION, DECEMBER 2023

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