Dadex Eternit : Transmission of Quarterly Report for the Period Ended 30 September 2022

COMPANY INFORMATION

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Board of Directors	Mr. Shahzad M. Husain - Chairman	(Non - Executive Director)
	Mr. Sikander Dada	(Chief Executive / Director)
	Mr. Abu Talib H.K. Dada	(Non - Executive Director)
	Mr. Maqbool H.H. Rahimtoola	(Non - Executive Director)
	Syed Shahid Ali Bukhari	(Independent Director)
	Mrs. Amber Ahmed Motiwala	(Independent Director)
	Mrs. Ayesha Tariq Allawala	(Independent Director)

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Chief Financial Officer	Mr. Muhammad Yousuf
Company Secretary	Mr. Faisal Saeed Khan
Head of Internal Audit	Mr. Irfan Aziz

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Board Audit Committee	Syed Shahid Ali Bukhari	- Chairman
	Mr. Shahzad M. Husain	- Member
	Mr. Maqbool H.H. Rahimtoola	- Member
	Mrs. Amber Ahmed Motiwala	- Member

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Human Resource and Remuneration	Mrs. Ayesha Tariq Allawala	- Chairperson
Committee	Mr. Abu Talib H.K. Dada	- Member
	Mr. Maqbool H.H. Rahimtoola	- Member

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Management Team	Mr. Sikander Dada	- Chief Executive Officer
	Mr. Tanveer Saleem	- Chief Operating Officer
		(Technical & Operations)
	Mr. Muhammad Yousuf	- Chief Financial Officer
	Lt. Cdr. (Retd.) Saeed Ahmed Khan	-General Manager Admin & HR
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Auditors	BDO Ebrahim & Co., Chartered Accountants

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Bankers	National Bank of Pakistan
	Bank Islami Pakistan Limited
	Habib Metropolitan Bank Limited
	Bank AlBaraka
	MCB Bank Limited
	Sindh Bank Limited
	The Bank of Punjab
	United Bank Limited (UBL Ameen)
	Standard Chartered Bank (Pakistan) Limited
	Faysal Bank Limited
	Habib Bank Limited
	Askari Bank Limited
	Meezan Bank Limited
	Dubai Islamic Bank Pakistan Limited

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Legal Advisor	Abrar Hasan & Co.
	9 Mezzanine Floor, Beaumont Plaza,
	near PIDC House, Karachi.

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Registered Office	Dadex House, 34-A/1, Block 6, P.E.C.H.S.,
	Shahrah-e-Faisal, Karachi- 75400
	Tel: [phone]
	Fax: [phone]
	Email:[e-mail]

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Share RegistrarM/s. JWAFFS Registrar Services (Private) Limited

407 - 408, Al-Ameera Centre, Shahrah-e-Iraq, Saddar Karachi

Phone: [phone]

Fax: [phone]

Email:[e-mail]

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Websitewww.dadex.com

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Directors' Review

On behalf of the Board of Directors we take pleasure in presenting the unaudited accounts of the company for the first quarter ended September 30, 2022.

The period under review has been extremely challenging. Increasing inflation, devaluation of the rupee, high interest rates, rising fuel and energy prices, and political instability in the country are the greatest concerns for the Company, which have caused our input costs to rise, and providing major challenges for management.

The Company's gross sales volume was 443.34 million rupees, an increase of 9.50 percent compared to the same period of last year, when gross sales revenue was 404.914 million rupees. Gross Profit improved by 42.77 percent. The company's operating loss increased to Rs. 14.690 million (Sep 2021: Rs. 13.205 million) due to heavy exchange losses caused by the devaluation of the Pakistani rupee against the US dollar and rising energy prices. Financial cost increased by 27.98 percent compared to the prior-year period, contributed to a net loss before taxation of Rs. 52.093 million (Sep 2021: Rs. 42.430 million), resulting in a loss per share of Rs 5.44. (Sep 2021: Earning per share of Rs. 4.50)

Management is always searching for new sources of raw materials and strictly manages working capital. The management team has focused on broadening its customer base and exploring new markets to achieve positive results. Because of the strong brand reputation, the company is aiming to achieve continued success in the coming months.

The Board of Directors would like to thank the management team and acknowledge the continued support and dedication of stakeholders and all cadres of employees of the Company and expect them to put in extra efforts in coming quarters to help the Company to achieve a profitable year.

On behalf of the Board

Director	Chief Executive
Shahzad M. Husain	Sikander Dada

Karachi: November 25, 2022

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DADEX ETERNIT LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT SEPTEMBER 30, 2022
		September 30,		June 30,
		2022	2022
		(Un-audited)		(Audited)
	Note	(Rupees in '000')
ASSETS
NON - CURRENT ASSETS
Property, plant and equipment
Operating fixed assets	7	746,037	760,674
Capital work in progress	8	3,033		1,932
		749,070	762,606
Intangible assets		95	117
Investment property		28,552	29,186
Long-term investment	9	-	-
Long-term loans and advances		1,320	915
Long-term security deposits		20,081	20,081
Deferred tax asset		199,053		199,053
		998,171	1,011,958
CURRENT ASSETS
Stores, spare parts and loose tools		44,125		42,966
Stock in trade	10	282,264		386,121
Trade debts	11	162,981		113,407
Loans and advances		88,622		97,232
Trade deposits and short term prepayments		74,885		58,620
Other receivables		8,351		198,452
Income tax refund due from Government		129,838		129,838
Taxation - net		100,073		84,308
Cash and bank balances		48,535		60,450
Non-current assets held for sale		723,205		723,205
		1,662,879		1,894,599
TOTAL ASSETS		2,661,050	2,906,557
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
12,000,000 (June 30, 2022: 12000,000) ordinary shares of Rs. 10 each		120,000	120,000
8,000,000 (June 30, 2022: 8000,000) 'B' class ordinary shares of Rs. 10 each		80,000		80,000
		200,000	200,000
Issued, subscribed and paid-up capital	12	107,640	107,640
Reserves		(417,315)	(361,295)
Surplus on revaluation of property, plant and equipment		1,052,368	1,054,892
		742,693		801,237
NON - CURRENT LIABILITIES
Long term financing		-		-
Liabilities against assets subject to finance lease		-		2,915
Deferred income		-		-
GIDC payable		-		-
		-	2,915
CURRENT LIABILITIES
Trade and other payables	13	995,210		1,072,486
Accrued markup		29,236		26,375
Short-term borrowings	14	825,376		925,567
Current portion of deferred income		-		421
Current portion of liabilities against assets subject to finance lease		11,893		12,899
Current portion of long-term financing		14,950		22,965
Loan from directors		25,000		25,000
Unclaimed dividend		16,692		16,692
		1,918,357	2,102,405
CONTINGENCIES AND COMMITMENTS	15
TOTAL EQUITY AND LIABILITIES		2,661,050	2,906,557

The annexed notes from 1 to 26 form an integral part of these condensed interim financial information.

CHIEF EXECUTIVE

DIRECTOR

CHIEF FINANCIAL OFFICER

Sikander Dada

Shahzad M. Husain

Muhammad Yousuf