Nimir Resins : Transmission of Quarterly Report for the Period Ended - March 31, 2023

Quarterly Report March 2023 1

COMPANY INFORMATION

Board of Directors
Sheikh Amar Hameed	- Chairman
Mr. Zafar Mahmood	- Chief Executive Officer
Mr. Khalid Mumtaz Qazi
Mr. Muhammad Yahya Khan
Mr. Osman Hameed
Mr. Khalid Siddiq Tirmizey
Mr. Pervaiz Ahmad Khan
Mrs. Nazia Qureshi
Chief Financial Officer
Syed Sajid Nasim

Company Secretary

Mr. Muhammad Inam-ur-Rahim

Head of Internal Audit

Mr. Nabeel Ahmad Khan

Auditors

Crowe Hussain Chaudhury & Co.

Chartered Accountants

Audit Committee
Mr. Pervaiz Ahmad Khan	- Chairman
Mrs. Nazia Qureshi	- Member
Mr. Osman Hameed	- Member

Human Resources &

Remuneration Committee

Mr. Khalid Siddiq Tirmizey	- Chairman
Sheikh Amar Hameed	- Member
Mr. Zafar Mahmood	- Member

Share Registrar

Corplink (Pvt.) Limited

Wings Arcade, 1-K Commercial,

Model Town, Lahore. Pakistan.

Tel: [phone] & 19

Fax: [phone]

www.corplink.com.pk

Legal Advisors

M/s Hassan & Hassan

Advocates

Bankers

Al Baraka Bank (Pakistan) Limited

Askari Bank Limited

Bank Alfalah Limited

Bank Islami Pakistan Limited

Habib Bank Limited

Habib Metropolitan Bank Limited

JS Bank Limited

MCB Bank Limited

Meezan Bank Limited

Pak Brunei Investment Company Limited

Soneri Bank Limited

The Bank of Punjab

Registered Office / Plant - 1

14.5 Km, Lahore-Sheikhupura Road, Lahore, Pakistan.

Tel : [phone]

Fax: [phone]

Plant - 2

14.8 Km, Sheikhupura-Faisalabad Road, Bhikhi, Dist. Sheikhupura. Pakistan.

Tel : [phone] - 7

Fax: [phone]

Head Office

122-B, New Muslim Town,

Lahore, Pakistan.

Tel : [phone]

Fax: [phone]

Karachi Office

607, Progressive Centre, Block-6,

PECHS, Shahrah-e-Faisal, Karachi.

Tel : [phone]

Web Site

www.nimir.com.pk

2 Nimir Resins Limited

DIRECTORS' REVIEW REPORT

On behalf of the Board of Directors of Nimir Resins Limited, we are pleased to present directors' review report on the un- audited interim financial results for the nine months ended March 31, 2023. The synopsis of the results for the period is as under:

	Nine Months Period Ended
	March 31,	March 31,
	2023	2022
	PKR Million
Revenue from Sales	8,441	7,167
Gross Profit	816	758
Operating Profit	659	635
Profit before Taxation	345	426
Profit after Taxation	230	304

The sales revenue during the year under review witnessed an increase of 18% driven mainly by rising commodity prices. Sales revenue in third quarter showed only 13% growth but overall volume growth remains negative mainly because of State Bank's restrictions on opening new letters of credits. In view of limited availability of feedstock, our focused remained on increasing margins. Hence the company witnessed sharp recovery in profitability in third quarter and surpassed the performance in all areas that resulted into an increase of 44% in the after-tax profit for the quarter.

Despite better performance in third quarter, overall gross and operating profits for year to-date could grow by 6% and 4% mainly due to high input costs in first half of the year. High interest cost which jumped from PKR 135 million to PKR 299 million (i.e. 122%) further squeezed the margin. As a result of this the profit before taxation for nine months has gone down to PKR 345 million from PKR 426 million with a decrease of 19%. The profit after taxation has reduced to PKR 230 million showing a decrease of 24%. Basic Earnings Per Share of the Company remained at PKR 1.63 (2022: Rs.2.15).

Going forward, the fear of global economic recession in the world due to high inflation and deteriorating economic situation in Pakistan which is facing acute shortage of foreign exchange has made the continuous availability of raw materials a herculean task. Despite these challenges, your Company remains focused on minimizing the negative impact of political instability and IMF Programme, we are committed to continued improvement in the financial results in the final quarter of the year, Insha Allah.

The Directors of your Company take pleasure in expressing their sincere gratitude and appreciation for the contribution by its shareholders, employees, valued customers and bankers and for their continued faith and reliance placed in the Company.

		For and on the behalf of the Board
Lahore	Khalid Mumtaz Qazi			Zafar Mahmood
April 26, 2023	Director			Chief Executive Officer
			Quarterly Report March 2023	3

4 Nimir Resins Limited

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2023 (UN-AUDITED)

	Note
EQUITY AND LIABILITIES
Share Capital and Reserves
Authorized share capital
150,000,000 (June 30, 2022: 150,000,000) Ordinary
shares of Rs. 10 each (June 30, 2022: Rs.10 each)
Issued, subscribed and paid up share capital
Share deposit money
Sponsors' interest free loans
Surplus on revaluation of property, plant and equipment
Reserves
Non Current Liabilities
Long term financing	5
Lease liabilities
Post employment benefits obligation
Deferred tax liability
Current Liabilities
Trade and other payables
Unclaimed dividends
Accrued mark up
Short term borrowings	6
Current portion of diminishing musharaka finance
Current portion of long term financing
Current portion of deferred income - Government grant
Current portion of lease liabilities
Provision for taxation
Contingencies and Commitments	7
Total Equity and Liabilities
ASSETS
Non Current Assets
Property, plant and equipment	8
Intangible assets
Long term deposits

Current Assets

Stores and spares

Stock in trade

Trade debts

Loans and advances

Short term prepayments

Other receivables

Tax refunds due from government

Cash and bank balances

Total Assets

March

31, 2023

(Un-audited )

Rs '000'

1,500,000

1,413,211

9,391

107,000

651,354

813,345

2,994,301

100,000

34,024

36,150

79,770

249,944

521,991

293

70,445

1,274,314

-

76,413

-

7,241

187,873

2,138,570

-

5,382,815

1,504,697

43,351

27,066

1,575,114

28,638

1,309,357

2,013,242

99,377

4,536

45,837

232,043

74,671

3,807,701

5,382,815

June

30, 2022 (Audited) Rs '000'

1,500,000

1,413,211

11,391

107,000

416,755

484,248

2,432,605

141,956

35,768

30,857

50,925

259,506

391,499

293

56,148

2,483,518

525

87,979

1,513

6,603

243,228

3,271,306

-

5,963,417

1,154,785

37,469

26,337

1,218,591

23,663

2,291,377

2,003,965

44,557

2,295

29,185

325,135

24,649

4,744,826

5,963,417

The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements (un-audited).

CHIEF FINANCIAL OFFICER

Quarterly Report March 2023 5