CONTENTS
Company Information | 2 |
Directors' Report | 3 |
Condensed Interim Statement of Financial Position | 6 |
Condensed Interim Statement of Profit or Loss | 8 |
Condensed Interim Statement of Comprehensive Income | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Statement of Cash Flows | 11 |
Notes to and Forming Part of the Condensed Interim Financial Statements | 12 |
1 FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk
COMPANY
INFORMATION
BOARD OF DIRECTORS | COMPANY SECRETARY | ||
Mr. Shazad Ghaffar | Chairman | Anum Ali | |
Mr. Najam Aziz Sethi | Chief Executive Officer | ||
Mr. Syed Mohammad Mehdi Mohsin | Non-Executive Director | AUDITORS | |
Ms. Umme Kulsum Imam | Non-Executive Director | Crowe Hussain Chaudhury & Co. | |
Mr. Aamir Amin | Independent Director | ||
Chartered Accountants | |||
Mr. Syed Manzar Hassan | Independent Director | ||
Mr. Rizwan Bashir | Independent Director | LEGAL ADVISORS | |
AUDIT COMMITTEE | Alliance Legal Services | ||
Mr. Rizwan Bashir | Chairman | Office No.7, L.G. Floor, Lahore Palace Building, | |
14-B, Temple Road, Lahore. | |||
Mr. Shazad Ghaffar | Member | ||
Mr. Aamir Amin | Member | BANKS | |
HUMAN RESOURCES & REMUNERATION COMMITTEE | Habib Bank Limited | ||
Askari Bank Limited | |||
Mr. Manzar Hassan | Chairman | Allied Bank Limited | |
Ms. Umme Kulsum Imam | Member | JS Bank Limited | |
Mr. Aamir Amin | Member | Bank Al Habib Limited | |
CHIEF FINANCIAL OFFICER
Badar M. Khan, FCA
SHARE REGISTRAR
Corplink (Private) Limited,
Wings Arcade, 1-K (Commercial),
Model Town, Lahore
Phone : (042) 35839182, 35887262,
Fax: (042) 35869037
CORPORATE OFFICE
72-FCC Gulberg IV, Lahore Phones: (042) 35872392-96, Fax: (042) 35872398 E-Mail: ho@mitchells.com.pk Website: www.mitchells.com.pk
FACTORY & FARMS
Renala Khurd, District Okara, Pakistan Phones: (044) 2635907-8, 2622908 Fax: (044) 2621416
E-Mail: rnk@mitchells.com.pk rsoc@mitchells.com.pk
REGIONAL SALES OFFICES
ISLAMABAD
Plot # 102, Street 7
Main China Road, Sector I-10/3 Islamabad
Phones: (051) 2707357
E-Mail: rson@mitchells.com.pk
KARACHI
Mehran VIP II, Ground Floor, Plot 18/3
Dr. Dawood Pota Road- Karachi
Phones: (021) 35212112, 35212712
-
35219675
Fax: (021) 35673588
E-Mail: rsos@mitchells.com.pk
FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk | 2 | |
DIRECTORS'
REPORT
The Directors of the company are pleased to present their report on the condensed interim financial statement (unaudited) of the Company for the third quarter ended March 31, 2024.
Key financial highlights for the subject period are as under:
PKR Millions
31 Mar 2024 | 31 Mar 2023 | |
Sales Revenue | 2,097.91 | 2,050.19 |
Gross Profit | 609.69 | 527.82 |
Net Profit before tax | 167.63 | 0.57 |
Net Profit/(Loss) after tax | 140.00 | (25.15) |
Profit/(Loss) Per Share | 6.12 | (1.10) |
For the third quarter in a row, the company has delivered resilient performance, driven by our strong operational performance, prudent financial management, and unwavering commitment to excellence. We are pleased to report the highest EPS for the company since 2014. Despite economic headwinds, we have achieved profits by focusing on making profitable sales and optimizing costs. Our continued focus on cost optimization measures, positively impacted our bottom line. Additionally, enhancing exports remained our priority resulting in a steady 27% growth in dollar terms during this period.
Throughout the year, we remained focused on enhancing operational efficiency and optimizing costs. We have implemented several initiatives aimed at streamlining our processes, improving productivity, and delivering better value to our customers.
The transaction of sale of land under board approval mentioned in the last half-yearly directors' report, completed in April 2024. The induction of the money from this sale has proved useful for the company's cash flows and towards reducing various costs including finance costs and ensuring a smooth flow of export sales.
Looking ahead, we anticipate continued challenges in the operating environment, especially with regard to smooth export shipments due to the ongoing war in the Gulf, which has extended the shipment time for vessels. However, we are confident in our ability to navigate through these challenges and capitalize on opportunities for growth. We continue to focus on strategic initiatives aimed towards enhancing operational efficiency and delivering sustainable value to our shareholders while maintaining our focus on operational excellence, innovation, and responsible business practices.
For and on behalf of the Board of Directors
Najam Aziz Sethi | Shazad Ghaffar |
Chief Executive Officer | Chairman |
April 24, 2024 |
3 FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk
ٹروپر زرٹکیرئاڈ
ٹڈآ ریغ( نایب یتایلام یروبع ڈسنیڈنک ےک ینپمک ےیل ےک یہام ہس یرسیت یلاو ےنوہ متخ وک 2024 چرام 31 زرٹکیرئاڈ ےک ینپمک ۔ےہ یشوخ ےئوہ ےترک شیپ ٹروپر ینپا رپ )ہدش
:ںیہ لیذ ہجردنم تاکن یلام مہا ےیل ےک تدم ہدوجوم | ||
ںیم ےپور نیلم | ||
2023 چرام 31 | 2024 چرام 31 | |
2,050.19 | 2,097.91 | وینویر زلیس |
527.82 | 609.69 | عفانم یعومجم |
0.57 | 167.63 | ےلہپ ےس سکیٹ )ناصقن(/عفانم صلاخ |
)25.15( | 140.00 | دعب ےک سکیٹ )ناصقن(/عفانم صلاخ |
)1.10( | 6.12 | صصح یف )ناصقن(/عفانم |
یتایلام رادھجمس ،یگدرکراک لنشیرپآ طوبضم یرامہ وج ،ےہ یک شیپ یگدرکراک ہدمع ےن ینپمک ،نارود ےک یہام ہس یرسیت راتاگل علاطا یک EPS ہدایز ےس بس ےیل ےک ینپمک ےس دعب ےک 2014 ںیمہ ۔ےہ ےس ہجو یک مزع لزلزتم ریغ ےیل ےک یگدمع روا ،ماظتنا دیزم ۔ایک رثاتم رپ روط تبثم وک نئلا یلچن یرامہ ےن ہجوت لسلسم یرامہ رپ تامادقا ےک ےنانب رتہب وک تگلا ۔ےہ یشوخ ےئوہ ےتید ومن لسلسم یک دصیف 27 ےس ظاحل ےک رلاڈ نارود ےک ےصرع سا ںیم ےجیتن ےک سج یہر حیجرت یرامہ اناھڑب وک تادمآرب ،ںآرب ۔یئوہ
ےنپا دصقم اک نج ںیہ ےیک ذفان تامادقا یئک ےن مہ ۔ےہر زوکرم رپ ےنانب رتہب وک تگلا روا ےناھڑب وک یگدرکراک لنشیرپآ مہ ،رھب لاس ۔ےہ انرک مہارف تمیق رتہب وک نیفراص ےنپا روا انانب رتہب وک تیحلاص یراوادیپ ،انرک راومہ وک لمع
لیرپا ،ےہ ایگ ایک ںیم ٹروپر یک زرٹکیرئاڈ یہامشش ہتشزگ ہرکذت اک نید نیل ےک تخورف یک نیمز تحت ےک یروظنم یک ڈروب مک وک تاجارخا فلتخم تیمس تاجارخا یتایلام روا ؤاہب دقن ےک ینپمک تیلومش یک مقر ےس تخورف سا ۔اوہ لمکم ںیم 2024 ۔ےہ یئوہ تباث دمآراک ےیل ےک ےنانب ینیقی وک ؤاہب راومہ ےک تخورف یدمآرب ہولاع ےک ےنرک
ےس ہجو یک گنج یراج ںیم جیلخ رپ روط صاخ ،ںیہ ےترک عقوت یک ںوجنلیچ لسلسم ںیم لوحام گنٹیرپآ مہ ،ےئوہ ےتھکید ےگآ یقرت روا ےنرزگ ےس ںوجنلیچ نا ںیمہ ،مہات ۔ےہ اید اھڑب تقو اک لیسرت یک ںوزاہج ےن سج ،ےس ےلاوح ےک لیسرت یدمآرب راومہ ردق رادیئاپ وک ناگتفای صصح ےنپا روا ےناھڑب وک یگدرکراک لنشیرپآ مہ ۔ےہ نیقی رپ تیحلاص ینپا یک ےناھٹا ہدئاف ےس عقاوم ےک یرابوراک ہناراد ہمذ روا یزارط تدج ،یگدمع لنشیرپآ ےئوہ ےترک زوکرم ہجوت رپ تامادقا کجٹیرٹس ےس دصقم ےک ےنرک مہارف ۔ںیہ ےتھکر رارقرب ہجوت ینپا رپ ںوقیرط
ےس بناج یک سا روا ےیل ےک زرٹکیرئاڈ فآ ڈروب | |
رافغ دازہش | یھٹیس زیزع مجن |
نیمرئیچ | ٓ |
رسیفا وٹکیزگیا فیچ | |
2024 ،لیرپا 24 |
FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk | 4 | |
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5 FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk
Condensed Interim Statement of Financial Position
As At March 31, 2024 (Un-audited)
Note
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
March 31 | June 30 |
2024 | 2023 |
Rupees | Rupees |
(Un-audited) | (Audited) |
40,000,000 (June 30, 2023: 40,000,000) ordinary shares of Rs. 10 each
Issued, subscribed and paid up capital 22,875,000 (June 30, 2023: 22,875,000) ordinary shares of Rs. 10 each
Reserves
NON CURRENT LIABILITIES
400,000,000
228,750,000
54,998,167
283,748,167
400,000,000
228,750,000
(85,003,937)
143,746,063
Deferred liabilities
CURRENT LIABILITIES
154,233,494 141,008,335
Creditors, accrued and other liabilities Finances under markup arrangements
Loan from shareholders - unsecured5 Accrued finance cost
Unclaimed dividend
Contingencies and Commitments | 6 |
869,078,169
257,582,398
216,000,000
51,464,195
1,912,754
1,396,037,516
-
1,834,019,177
668,555,256
302,002,267
316,000,000
47,309,572
1,912,754
1,335,779,849
-
1,620,534,247
The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.
FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk | 6 | |
March 31 | June 30 | |||
2024 | 2023 | |||
Rupees | Rupees | |||
Note | (Un-audited) | (Audited) | ||
ASSETS | ||||
NON CURRENT ASSETS | ||||
Property, plant and equipment | 7 | 582,159,340 | 622,300,506 | |
Intangible assets | 25,820,797 | 30,350,731 | ||
Biological assets | 2,444,402 | 2,444,402 | ||
Long term deposits | 1,224,780 | 1,224,780 | ||
611,649,319 | 656,320,419 | |||
Current Assets | ||||
Stores, spares and loose tools | 51,740,769 | 57,571,705 | ||
Stock in trade | 493,625,674 | 520,738,674 | ||
Trade debts - unsecured | 367,722,380 | 191,854,393 | ||
Advances, deposits, prepayments and other receivables | 126,426,436 | 64,123,643 | ||
Income tax recoverable from the Government | 112,171,801 | 108,613,307 | ||
Short Term Investments | 30,000,000 | - | ||
Cash and bank balances | 40,680,466 | 21,312,106 | ||
1,222,367,526 | 964,213,828 | |||
Assets Held for Sale | 8 | 2,332 | - |
1,834,019,177 1,620,534,247
Shazad Ghaffar
7 FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk
Condensed Interim
Statement of Profit or Loss
For the Three-Months & Nine Months Period Ended March 31, 2024 (Un-audited)
Nine-months period ended | Quarter Ended | |||||||
March 31 | March 31 | March 31 | March 31 | |||||
2024 | 2023 | 2024 | 2023 | |||||
Note | Rupees | Rupees | Rupees | Rupees | ||||
Revenue | 10 | 2,097,918,460 | 2,050,195,736 | 692,762,049 | 725,168,371 | |||
Cost of revenue | 11 | (1,488,221,745) | (1,522,369,369) | (466,294,774) | (538,855,278) | |||
Gross Profit | 609,696,715 | 527,826,367 | 226,467,275 | 186,313,093 | ||||
Administrative expenses | (151,069,192) | (154,306,097) | (49,963,320) | (53,414,834) | ||||
Distribution and marketing | 12 | (227,139,245) | (324,554,125) | (78,398,602) | (84,823,505) | |||
expenses | ||||||||
Other operating expenses | (15,663,534) | (81,806,134) | (8,468,966) | (63,383,530) | ||||
Other Income | 30,948,667 | 89,576,402 | 2,495,371 | 78,463,418 | ||||
Finance cost | (79,139,151) | (56,162,153) | (22,259,802) | (21,325,005) | ||||
Profit before Taxation | 167,634,260 | 574,260 | 69,871,956 | 41,829,637 | ||||
Taxation | (27,632,156) | (25,732,113) | (8,349,268) | (9,388,805) | ||||
Net Profit / (Loss) for the period | 140,002,104 | (25,157,853) | 61,522,688 | 32,440,832 | ||||
Earning / (Loss) per share - | ||||||||
basic and diluted | 6.12 | (1.10) | 2.69 | 1.42 | ||||
The annexed notes 1 to 17 form an integral part of these condensed interim financial statements.
Shazad Ghaffar
FOR THE 3RD QUARTER ENDED MARCH 31, 2024 | www.mitchells.com.pk | 8 | |
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Mitchell's Fruit Farms Ltd. published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 08:11:06 UTC.