H
RP
Habib Rice Products Ltd.
43rd Annual Report
for the year ended
June 30, 2023
Contents
Page No | |
Company Information | 2 |
Chairman's Review / Directors' Report | 3 |
Company's Contribution to the Economy | 5 |
Statement on Corporate and Financial Reporting Framework | 6 |
Six Years at a Glance | 7 |
Pattern of Shareholding | 8 |
Statement of Compliance with listed Companies (Code of Corporate | |
Governance) Regulation, 2019 | 10 |
Independent Auditors' Review Report | 12 |
Independent Auditors' Report on Financial Statements | 13 |
Statement of Financial Position | 17 |
Statement of Profit or Loss | 18 |
Statement of Other Comprehensive Income | 19 |
Statement of Changes in Equity | 20 |
Statement of Cash Flows | 21 |
Notes to the Financial Statements | 22 |
Notice of Annual General Meeting | 49 |
Proxy Form |
COMPANY INFORMATION
BOARD OF DIRECTORS | |
Executive Directors | |
Mr. Owais G. Habib | Managing Director |
Mr. Tufail Y. Habib | |
Non Executive Directors | |
Mr. Gaffar A. Habib | Chairman |
Dr. Howard J. Synenberg | |
Ms. Fatemah G. Habib | |
Dr. Salma Habib | |
Mr. Adil Ahmed Chapra | |
Mr. Asad R. Premjee |
BOARD OF AUDIT COMMITTEE
Mr. Gaffar A. Habib
Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Asad R. Premjee
BOARD OF HR AND REMUNERATION COMMITTEE
Mr. Tufail Y. Habib
Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Adil Ahmed Chapra
CHIEF EXECUTIVE OFFICER
Mr. Owais G. Habib
CHIEF FINANCIAL OFFICER
Mr. Jamshed Ali Khan
COMPANY SECRETARY
Mr. Ali Asghar Rajani
AUDITORS
Grant Thornton Anjum Rahman
Chartered Accountants
SHARE REGISTRAR
M/s. CDC Share Registrar Services Ltd.
CDC House, 99-B,Block-B,
S.M.C.H.S., Main Sharah-e-Faisal, Karachi.
REGISTERED OFFICE | ADMINISTRATIVE OFFICES & FACTORY | ||
2nd Floor, UBL Building | Ahmad Habib Boulevard, | ||
I.I. Chundrigar Road, | Hub - 90250 | ||
Karachi - 74000, Pakistan. | Pakistan. | ||
Telephone | : (021) 32411887 | Telephone : (0853) 363963-5 | |
Fax | : (021) 32414581 | Fax | : (0853) 363819 |
2 |
CHAIRMAN'S REVIEW / DIRECTORS' REPORT
Dear Shareholders,
We bow our heads in gratitude to Allah the Beneficent, the Merciful, the Provider, for the Blessing He continues to bestow on us which are partly reflected in the Company's performance for the year ended 30 June 2023.
During the year, the Board of the Company comprised of:
Mr. Gaffar A. Habib | Chairman, Non-Executive Director |
Mr. Owais G. Habib | Chief Executive Officer |
Dr. Howard J. Synenberg | Independent Director |
Mr. Tufail Y. Habib | Executive Director |
Ms. Fatemah G. Habib | Non-Executive Director |
Dr. Salma Habib | Non-Executive Director |
Mr. Asad R. Premjee | Independent Director |
Mr. Adil Ahmed Chapra | Independent Director |
The Financial Highlights and the Directors' proposed appropriations are as follow:
RUPEES in '000 | ||||
2023 | 2022 | |||
Profit before Tax | 370,048 | 121,851 | ||
Provision for Tax (Net) | (36,984) | (37,767) | ||
Net Profit after Tax | 333,064 | 84,084 | ||
Un-appropriated Profit Brought Forward | 668,783 | 584,699 | ||
Total Available for Appropriations | 1,001,847 | 668,783 | ||
Proposed Appropriations: | ||||
Final Dividend @ 30% (2022: 40%) | 60,000 | 80,000 | ||
Interim Dividend 40% (2022: Nil) | 80,000 | - | ||
Un-Appropriated Profit Carried Forward | 861,847 | 588,783 | ||
Earnings per Share (EPS) -Net of Tax | 8.33 | 2.21 | ||
Interim Dividend per Share of Rs. 5 each | 2.00 | - | ||
Final Dividend per Share of Rs. 5 each | 1.50 | 2.00 |
3 |
H
RP
Habib Rice Products Ltd.
The Year In Review
During the year under review, Dollar constraints forced our feed mills to turn their attention to locally available products.
This allowed us to liquidate our long accumulated inventory - giving us a boost in our bottom line.
With gas supplies depleting, and our plant at the tail end of the gas pipe line, we have had to resort to furnace oil and KE for our energy requirement. Due to our continuous process operation, solar power is not an option. However cogen is a possible solution.
While we are working towards finding an affordable solution, the present offers that we have received to date puts the investment out of our reach. The offers received so far cost is in the two million dollars range.
At present interest rates, this level of investment is completely out of the question we are working towards two possible solutions:-
- Get Sui Gas to deliver as per the contracted agreement.
- Build up our own resources to self finance the required investment for co-generation.
If all industries were in the same position in their energy requirements as ours - there would be no problem, as the market would adjust for the higher cost.
Not all industries are hurting - some have even expanded and are receiving their expanded requirements.
Thus the problem.
In closing, please join me in my prayers to Allah the Beneficent, the Merciful, the Provider, to Bless our operation with the Bounties as Befits His Glory, Aameen.
On behalf of the Board,
OWAIS G. HABIB | GAFFAR A. HABIB |
Chief Executive Officer | Chairman |
Karachi: 13 September 2023
4 |
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Habib Rice Products Ltd. published this content on 04 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2023 05:25:14 UTC.