H
RP
Habib Rice Products Ltd.
3rd Quarter
Unaudited Accounts
March 31, 2024
Contents
Page No | |
Company Information | 1 |
Chairman's Review / Directors' Report | 2 |
Condensed Interim Statement of Financial Position (Un-audited) | 3 |
Condensed Interim Statement of Profit or Loss (Un-audited) | 4 |
Condensed Interim Statement of Comprehensive Income (Un-audited) | 5 |
Condensed Interim Statement of Changes in Equity (Un-audited) | 6 |
Condensed Interim Statement of Cash Flows (Un-audited) | 7 |
Condensed Notes to the Financial Statements (Un-audited) | 8-12 |
COMPANY INFORMATION
BOARD OF DIRECTORS
Executive Directors
Mr. Owais G. HabibManaging Director
Mr. Tufail Y. Habib
Non Executive Directors
Mr. Gaffar A. HabibChairman
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. Gaffar A. Habib
Mr. Tufail Y. Habib
Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Adil Ahmed Chapra
NOMINATION COMMITTEE
Mr. Gaffar A. Habib
Mr. Owais G. Habib
Mr. Tufail Y. Habib
Ms. Fatemah G. Habib
RISK MANAGEMENT COMMITTEE
Mr. Gaffar A. Habib
Mr. Owais G. Habib
Mr. Tufail Y. Habib
Dr. Salma Habib
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 |
1 |
CHAIRMAN'S REVIEW / DIRECTORS' REPORT
3rd Quarter Ended March 31, 2024 (Unaudited)
Dear Shareholders,
This year has been full of challenges - the Rice had been sprayed on - making our Protein un-exportable.
Domestic market was flooded with cheap soya meal - meant for Afghanistan, at half the International price, was retained for local consumption - dealing a fatal blow to our Protein prices.
At the time of writing this report, the Government has come to realize this tainted activity and has set a minimum prices of this soya meal which hopefully will help us in liquidating our unsold Proteins.
Sui Gas price was more than doubled - and not available compelling our operations to use very expensive furnace oil and KE power.
Our attempt to pass on the higher cost, has not been accepted by our customers.
All these factors combined has resulted in a terrible bottom line.
In closing:-Please join me in my prayers to Allah the Beneficent, the Merciful, the Provider, to solve our problems and Bless our operations with Bounties as Befits His Glory, Aameen.
On behalf of the Board,
OWAIS G. HABIB | GAFFAR A. HABIB |
Chief Executive Officer | Chairman |
Karachi: April 29, 2024 |
2 |
H
RP
Habib Rice Products Ltd.
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024 (UN-AUDITED)
March 31, | June 30, | ||||
2023 | 2023 | ||||
(Un-audited) | (Audited) | ||||
ASSETS | Note | --------------- Rupees --------------- | |||
NON CURRENT ASSETS | |||||
Property, plant and equipment | 4 | 516,993,400 | 546,097,521 | ||
Right -of-use assets | 9,462,889 | 4,515,643 | |||
Long-term deposits | 27,282,370 | 26,892,370 | |||
Deferred tax | 7,846,859 | 14,215,514 | |||
CURRENT ASSETS | 561,585,518 | 591,721,048 | |||
Stores, spares parts and loose tools | 123,838,887 | 120,519,353 | |||
Stock in trade | 5 | 288,687,625 | 341,446,247 | ||
Trade debts | 6 | 3,263,732 | 37,707,519 | ||
Loan and advances | 9,343,065 | 4,766,535 | |||
Trade deposits, prepayments and other receivable | 3,281,298 | 5,944,555 | |||
Short - term investments | 7 | 257,132 | 195,804,425 | ||
Taxation-net | 84,648,359 | 71,119,847 | |||
Cash and bank balances | 8 | 82,028,937 | 191,015,449 | ||
595,349,035 | 968,323,930 | ||||
EQUITY AND LIABILITIES | 1,156,934,553 | 1,560,044,978 | |||
SHARE CAPITAL AND RESERVES | |||||
Authorised capital | 300,000,000 | 300,000,000 | |||
Issued,subscribed and paid-up capital | 200,000,000 | 200,000,000 | |||
Reserves | 601,224,563 | 901,847,270 | |||
NON-CURRENT LIABILITIES | 801,224,563 | 1,101,847,270 | |||
Lease liabilities | - | 274,711 | |||
Provision for Gas Infrastructure | |||||
Development Cess | 10 | - | 3,187,351 | ||
CURRENT LIABILITIES | - | 3,462,062 | |||
Trade and other payables | 9 | 96,994,895 | 160,281,487 | ||
Current maturity of lease liabilities | 781,097 | 561,670 | |||
Current maturity of Gas Infrastructure | |||||
Development Cess | 10 | 216,387,175 | 212,070,073 | ||
Provision for gas rate revision | 11 | 16,438,682 | 46,089,704 | ||
Unclaimed and unpaid dividend | 25,108,141 | 35,732,712 | |||
355,709,990 | 454,735,646 | ||||
1,156,934,553 | 1,560,044,978 | ||||
CONTINGENCIES AND COMMITMENTS | 12 | ||||
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
OWAIS G. HABIB | JAMSHED ALI KHAN |
Chief Executive Officer | Chief Financial Officer |
Karachi: April 29, 2024
GAFFAR A. HABIB
Chairman
3 |
H
RP
Habib Rice Products Ltd.
CONDENSED INTERIM STATEMENT OF
PROFIT OR LOSS
FOR THE 3RD QUARTER ENDED 31 MARCH 2024 (UN-AUDITED)
9 Months ended | Quarter ended | |||||||||
Note | March 31, | March 31, | March 31, | March 31, | ||||||
2024 | 2023 | 2024 | 2023 | |||||||
------------------------------------- | Rupees ------------------------------------- | |||||||||
Turnover - net | 1,903,427,519 | 1,902,762,273 | 507,673,953 | 729,894,567 | ||||||
Cost of sales | (1,937,649,537) | (1,415,555,217) | (573,293,869) | (496,093,139) | ||||||
Gross profit / (loss) | (34,222,018) | 487,207,056 | (65,619,916) | 233,801,428 | ||||||
Distribution costs | (130,856,995) | (92,906,238) | (51,303,153) | (41,845,868) | ||||||
Administrative expenses | (106,900,669) | (87,820,493) | (32,251,339) | (30,170,771) | ||||||
Other expenses | (618,287) | (34,447,542) | 551,558 | (22,240,831) | ||||||
Other income | 67,860,011 | 37,087,798 | 20,125,030 | 20,783,888 | ||||||
Finance costs | (16,594,213) | (13,915,691) | (1,785,525) | (1,457,225) | ||||||
(221,332,171) | 295,204,890 | (130,283,345) | 158,870,621 |
Gain on discounting of provision for GIDC
Profit / (Loss) before taxation
Taxation
- Current
- Prior Year
- Deferred
Profit / (Loss) for the period
11,694,161 | 7,379,905 | - | - | |||
(209,638,010) | 302,584,795 | (130,283,345) | 158,870,621 | |||
(23,660,878) | (39,059,243) | (6,719,394) | (19,656,630) | |||
(955,164) | - | (955,164) | - | |||
(6,368,655) | (2,946,876) | (4,665,011) | (1,705,998) | |||
(30,984,697) | (42,006,119) | (12,339,569) | (21,362,628) | |||
(240,622,707) | 260,578,676 | (142,622,914) | 137,507,993 | |||
Earning / (Loss) per | ||||
share - basic and diluted | (6.02) | 6.51 | (3.57) | 3.44 |
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
OWAIS G. HABIB
Chief Executive Officer
Karachi: April 29, 2024
4 |
JAMSHED ALI KHAN | GAFFAR A. HABIB |
Chief Financial Officer | Chairman |
H
RP
Habib Rice Products Ltd.
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME
FOR THE 3RD QUARTER ENDED 31 MARCH 2024 (UN-AUDITED)
9 Months ended | Quarter ended | |||||
March 31, | March 31, | March 31, | March 31, | |||
2024 | 2023 | 2024 | 2023 | |||
------------------------------------- | Rupees ------------------------------------- | |||||
Profit / (Loss) after | ||||||
taxation | (240,622,707) | 260,578,676 | (142,622,914) | 137,507,993 | ||
Other comprehensive | ||||||
income | - | - | - | - |
Total comprehensive
income / (loss) (240,622,707) 260,578,676 (142,622,914)137,507,993
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
OWAIS G. HABIB | JAMSHED ALI KHAN |
Chief Executive Officer | Chief Financial Officer |
Karachi: April 29, 2024
GAFFAR A. HABIB
Chairman
5 |
6 |
H
RP
Habib Rice Products Ltd.
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE 3RD QUARTER ENDED 31 MARCH 2024 (UN-AUDITED)
Reserves | ||||||
Issued, | Capital | Revenue reserves | Total | Total | ||
Particulars | Subscribed | Reserve | ||||
And Paid-up | reserves | equity | ||||
Share | General | Unappropriated | ||||
Capital | Premium | Reserve | Profit | |||
------------------------------------------------------- Rupees -------------------------------------------------
Balance as at 01 July 2022
Final dividend @ 40% for the year ended 30 June 2022
Interim dividend @ 40% for the year ended 30 June 2023
Net Profit
Other comprehensive income Total comprehensive income
Balance as at 31 March 2023
Balance as at 01 July 2023
Final dividend @ 30% for the year ended 30 June 2023
Net Profit / (Loss)
Other comprehensive income Total comprehensive income
Balance as at 31 March 2024
200,000,000 | 10,000,000 | 50,000,000 | 668,783,376 | 728,783,376 | 928,783,376 | |||
- | - | - | (80,000,000) | (80,000,000) | (80,000,000) | |||
- | - | - | (80,000,000) | (80,000,000) | (80,000,000) | |||
- | - | - | 260,578,676 | 260,578,676 | 260,578,676 | |||
- | - | - | - | - | - | |||
- | - | - | 260,578,676 | 260,578,676 | 260,578,676 | |||
200,000,000 | 10,000,000 | 50,000,000 | 769,362,052 | 829,362,052 | 1,029,362,052 | |||
200,000,000 | 10,000,000 | 50,000,000 | 841,847,270 | 901,847,270 | 1,101,847,270 | |||
- | - | - | (60,000,000) | (60,000,000) | (60,000,000) | |||
- | - | - | (240,622,707) | (240,622,707) | (240,622,707) | |||
- | - | - | - | - | - | |||
- | - | - | (240,622,707) | (240,622,707) | (240,622,707) | |||
200,000,000 | 10,000,000 | 50,000,000 | 541,224,563 | 601,224,563 | 801,224,563 | |||
H
RP
Habib Rice Products Ltd.
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
OWAIS G. HABIB | JAMSHED ALI KHAN | GAFFAR A. HABIB | |
Karachi: April 29, 2024 | Chief Executive Officer | Chief Financial Officer | Chairman |
H
RP
Habib Rice Products Ltd.
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE 3RD QUARTER ENDED 31 MARCH 2024 (UN-AUDITED)
March 31, | March 31, | |||||
2024 | 2023 | |||||
(Un-audited)(Un-audited) | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | Note | --------------- Rupees --------------- | ||||
Profit / (Loss) before taxation | (209,638,010) | 302,584,795 | ||||
Adjustments for non cash Items: | ||||||
Depreciation on operating fixed assets | 4.1 | 37,329,012 | 40,701,428 | |||
Depreciation on right-of-use assets | 9,707,169 | 8,755,821 | ||||
Profit on term deposits receipts and | ||||||
interest on savings accounts | (38,972,811) | (29,068,368) | ||||
Dividend income on mutual fund units | (3,287,956) | (1,278,427) | ||||
Dividend income - BAHL | - | (5,293,953) | ||||
Gain on disposal of operating fixed assets | (4,188) | (20,616) | ||||
Unrealised fair value gain / loss on | ||||||
short-term investments | (8,631,238) | 11,767,701 | ||||
Gain on remeasurement of provision for GIDC - net | (11,694,161) | (7,379,905) | ||||
Finance costs | 16,594,213 | 13,915,691 | ||||
Operating profit before working capital changes | (208,597,970) | 334,684,167 | ||||
Working capital changes | 13 | (10,968,012) | (74,062,905) | |||
Cash generated from operations | (219,565,982) | 260,621,262 | ||||
Taxes refunded / paid | (38,144,554) | (33,231,757) | ||||
Finance costs paid | (3,221,713) | (2,420,828) | ||||
Long term deposits - net | (390,000) | (401,500) | ||||
Net cash generated from operating activities | (41,756,267) | (36,054,085) | ||||
(261,322,249) | 224,567,177 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Capital expenditure | (8,299,696) | (24,045,394) | ||||
Short term investments - net | 202,410,552 | 99,885,570 | ||||
Profit on term receipts and interest on | ||||||
saving accounts received | 40,995,240 | 28,560,664 | ||||
Dividend income received - Mutual funds | 3,287,956 | 1,278,427 | ||||
Dividend income received - BAHL | - | 5,293,953 | ||||
Proceeds from disposal of operating fixed assets | 78,993 | 82,000 | ||||
Net cash generated from / (used in) investing activities | 238,473,045 | 111,055,220 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Dividend paid | (70,624,571) | (163,024,486) | ||||
Lease rentals paid | (15,258,287) | (4,078,344) | ||||
Net cash used in financing activities | (85,882,858) | (167,102,830) | ||||
Net (increase) / decrease in cash and cash equivalents | (108,732,062) | 168,519,567 | ||||
Cash and cash equivalents at beginning of the period | 191,015,449 | 109,083,841 | ||||
Cash and cash equivalents at end of the period | 8 | |||||
82,283,387 | 277,603,408 | |||||
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
OWAIS G. HABIB | JAMSHED ALI KHAN |
Chief Executive Officer | Chief Financial Officer |
Karachi: April 29, 2024
GAFFAR A. HABIB
Chairman
7 |
H
RP
Habib Rice Products Ltd.
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS
FOR THE 3RD QUARTER ENDED 31 MARCH 2024 (UN-AUDITED)
- THE COMPANY AND ITS OPERATIONS
Habib Rice Products Limited (the Company) is a public listed company limited by shares incorporated in Pakistan on July 10, 1980 and is listed on the Pakistan Stock Exchange. The registered office of the Company is situated at 2nd Floor, UBL Building I.I. Chundrigar Road, Karachi. The Company is engaged in the production of rice based starch sugar and proteins. The Company's primary production facility is located at its industrial complex in Hub Industrial Area, District Lasbela, Baluchistan.
- BASIS OF PREPARATION
2.1 These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
- These condensed interim financial statements do not include all the information and disclosures required in annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended 30 June 2023. These condensed interim financial statements are unaudited.
- The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended 31 March 2024 and 31 March 2023 and notes forming part thereof have not been reviewed by the auditors of the Company, as they have reviewed the cumulative figures for the half years ended 31 December 2023 and 31 December 2022.
- These condensed interim financial statements are presented in the Pakistani rupees which is also the Company's functional currency
-
ACCOUNTING POLICIES, ESTIMATES, JUDGEMENTS AND FINANCIAL RISK POLICIES
The accounting policies, estimates, judgements and financial risk policies used in these condensed interim financial statements are the same as those applied in the preparation of annual financial statements for the year ended 30 June 2023.
8 |
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Habib Rice Products Ltd. published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 07:10:37 UTC.