Table Of Content
Corporate Profile | |
Company Information | 02 |
Interim Director's Report | 04 |
Unconsolidated Financial Statements | |
Condensed Interim Statement of Financial Position | 06 |
Condensed Interim Statement of Profit and Loss | 07 |
Condensed Interim Statement Of Comprehensive Income | 08 |
Condensed Interim Statement of Changes in Equity | 09 |
Condensed Interim Statement of Cash Flow | 10 |
Notes to the Condensed Interim Financial Statements | 11 |
Consolidated Financial Statements | |
Condensed Interim Statement of Financial Position | 14 |
Condensed Interim Statement of Profit and Loss | 15 |
Condensed Interim Statement Of Comprehensive Income | 16 |
Condensed Interim Statement of Changes in Equity | 17 |
Condensed Interim Statement of Cash Flow | 18 |
Notes to the Condensed Interim Financial Statements | 19 |
www.octopusdtl.com
2 | Financial Statements 2024 | |
Company Information
Board of Directors
Director / Chairman
Tanveer Karamat
Director
Adeel Khalid
Director
Mohammad Shahid Mir
Director
Mohammad Arif Janjua
Director
Saleha Asif
Director
Faisal Nadeem Sheikh Ahsan Khalil
Company Secretary
Board Audit Committee
Mohammad Shahid Mir
Chairman
Member
Mohammad Arif Janjua
Member
Human Resource & Renumeration Committee
Mohammad Shahid Mir
Chairman
Member
Tanveer Karamat
Member
Auditors
BDO Ebrahim & Co.
Chartered Accountants
Bankers
Faysal Bank Limited, Pakistan
JS Bank Limited,
MCB Islamic Bank Pakistan
Dubai Islamic Bank
Standard Chartered Bank Pakistan
MCB Investment Mangement LTD.
Share Registrar
(Pvt.) Ltd
8-F, Next to Hotel Faran, Nursery, Block-6, P.E.C.H.S, Shahra-e-Faisal, Karachi. Phone: +92 (21) 3438 0101-5 Fax No: +92 (21) 3438 0106 www.famcosrs.com
Registered Office
The Avanceon Building
19-KM , Main Multan Road, Lahore 54660, Punjab, Pakistan Phone: +92 (42) 111 940 940 Fax No: +92 (42) 375 151 28 Email: support@octopusdtl.com
Legal Advisor
Chima & Ibrahim Advocates and Corporate Counsel
Web Presence
www.octopusdtl.com
www.avanceon.ae
www.avanceon.qa
Headquarters
Lahore, Punjab, Pakistan
The Avanceon Building
19-KM, Main Multan Road, Lahore, 54660 Punjab, Pakistan Phone: +92 (42) 111 940 940 Email: support@octopusdtl.com
Regional Headquarters
Karachi, Sindh, Pakistan
First Floor, Gizri Road Block 9,
Phone: +92 (21) 111 940 940
Email: support@octopusdtl.com
Regional Headquarters
- Middle East
Avanceon FZE - Dubai, UAE
N403, Jabel Ali Free Zone (North) Po Box: 18590 Dubai, U.A.E Phone: +971 4 88 60 277
Octopus Digital FZ LLC
DMC5 Dubai Media City, U.A.E. Phone: +971 4 88 60 277
Abu Dhabi, UAE
In Partnership with Ali & Sons
Ali & Sons Bldg., Zayed 2nd Street P.O. Box 915 Abu Dhabi, U.A.E. Phone: +971 4 88 60 277
Doha, Qatar
Engg. HO Building, P.O. Box 15976,
Fox Hills, Lusail, Doha, Qatar.
Phone: +974 4040 9835
Avanceon QFZ LLC
PA-WH-04, Unit 16
Ras Bufontas Free Zone Doha Qatar Phone: +974 4040 9835
Email: support@avanceon.qa
Avanceon Saudi for Energy Company 3141 Anas Ibn Malik-Al Malqa Dist. Unit no. 718, Riyadh 13521 - 8292 Kingdom of Saudi Arabia
Phone: +966 5674 16724
Email: support.mea@avanceon.ae
Trade Mark
www.octopusdtl.com
3
Interim Directors'Report
Directors of Octopus Digital Limited (the "Company") are pleased to present the Directors' Report for the 1st quarter ended March 31, 2024.
For the 1st Quarter ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | |
----- (Rupees in '000) ----- | ||
OPERATING RESULTS (CONSOLIDATED) | ||
Revenues | 313,859 | 94,446 |
Profit before tax | 134,725 | 262,428 |
Provision for taxa�on | (10,951) | (19,213) |
Profit a�er taxa�on | 123,697 | 243,215 |
For the 1st Quarter ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | |
----- (Rupees in '000) ----- | ||
OPERATING RESULTS (STANDALONE) | ||
Revenues | 219,902 | 94,446 |
Profit before tax | 50,437 | 262,428 |
Provision for taxa�on | (10,951) | (19,213) |
Profit a�er taxa�on | 39,486 | 243,215 |
EARNINGS PER SHARE (CONSOLIDATED) FOR THE 1st QUARTER ENDED March 31, 2024
The basic earnings per share after tax is Rs. 0.84 (2023: Rs. 1.64)
EARNINGS PER SHARE (STANDALONE) FOR THE 1st QUARTER ENDED March 31, 2024
The basic earnings per share after tax is Rs. 0.27 (2023: Rs. 1.64)
OPERATING RESULTS COMMENTARY
We hereby present the unaudited condensed interim financial statements for the 1st Quarter ended March 31, 2024, on behalf of the Board of Directors of the Company.
The consolidated PAT and standalone PAT closed at Rs 123.7M and Rs 39.5M respectively. This amounts to a decrease of 49.1% and 83.7%. The major reason for this has been the stability of the rupee against the dollar. With exchange rates holding stable this quarter, there was no exchange gain recorded on foreign receivables. Disregarding the exchange gain of Rs 237M recorded in the previous year, the company has improved its performance in Q1 significantly.
On the overall cost side there is a sharp increase mainly attributed to the hiring of senior sales and technical / software team as well as procurement of software and IT services, required for the fulfillment
www.octopusdtl.com
4 | Financial Statements 2024 | |
of IPs development as was disclosed in the corporate plan at the start of previous year.
Management is confident to achieve the aggressive targeted PO generation for the subscription business and aftermarket support business both in Pakistan and abroad.
COMMUNICATION
Effective communication with our valued shareholders stands as an utmost priority for us. To this end, we meticulously ensure the swift dissemination of financial reports in strict adherence to the prescribed timelines set forth in the Companies Act of 2017.
Furthermore, our commitment to transparency and timeliness is the key for real-time updates concerning the company's operations and the latest financial reports. Moreover, real-time updates on the company's ongoing activities and up-to-date financial reports are available on the company's web site www.octopusdtl.com. On behalf of the Board, the Company would like to take the opportunity to thank all stakeholders for their continued trust and belief in the Company.
for and on behalf of the BOARD OF DIRECTORS | |
April 30, 2024 | Tanveer Karamat |
Lahore, Pakistan | Chief Executive Officer |
Asmar Ahmed Atif
Director
www.octopusdtl.com
5
Octopus Digital Limited
Condensed Standalone
Interim Financial Statements
for the first quarter ended March 31, 2024
www.octopusdtl.com
6 | Financial Statements 2024 | |
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2024
Note
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital - 250,000,000 @ Rs. 10 each
Issued, subscribed and Paid up Capital
157,262,502 (2023: 157,262,502) ordinary shares @ Rs. 10 each Share premium
Emplyee Op�ons Reserve
Accumulated (loss)/profit
NON CURRENT LIABILITIES
Long-term Diminishing Musharika
CURRENT LIABILITIES
Trade and other payables
Current por�on of Long-term Diminishing Musharika
Contract Liabili�es
Taxa�on - net
CONTINGENCIES AND COMMITMENTS | 5 |
The annexed notes from 1 to 7 form an integral part of these financial statements.
Un-audited | Audited | ||||
Mar 31, 2024 | Dec 31, 2023 | ||||
(Rupees | in '000) | ASSETS | |||
NON CURRENT ASSETS | |||||
2,500,000 | 2,500,000 | ||||
Property, plant and equipment | |||||
1,572,625 | 1,572,625 | Long term investments | |||
(294,791) | (294,791) | Deferred Tax Asset | |||
9,264 | 9,264 | Intengible Assets | |||
1,322,864 | 1,283,378 | Long term advances and deposits | |||
2,609,962 | 2,570,476 | ||||
CURRENT ASSETS | |||||
11,102 | 11,102 | ||||
Stock in trade | |||||
Trade debts | |||||
215,427 | 180,338 | Contract Assets | |||
2,588 | 2,588 | Short term Investment | |||
14,448 | 12,043 | Other Assets and Prepayments | |||
61,761 | 50,810 | Cash and bank balances | |||
294,224 | 245,778 | ||||
2,915,288 | 2,827,356 | ||||
Un-audited | Audited |
Mar 31, 2024 | Dec 31, 2023 |
(Rupees in '000)
24,948 | 28,534 | |
447,893 | 447,893 | |
21,056 | 21,056 | |
312,772 | 262,064 | |
100 | 100 | |
806,769 | 759,646 |
930624
1,495,400 1,490,622
116,688102,638
15,56310,119
368,547434,349
111,39029,359
2,108,519 2,067,710
2,915,288 2,827,356
Chief Execu�ve Officer | Chief Financial Officer | Director |
www.octopusdtl.com
7
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFFIT OR LOSS (UN-AUDITED) FOR THE QUARTER ENDED MARCH 31, 2024
Sales | # |
Cost of goods sold | # |
Gross profit | |
Administra�ve and selling expenses | # |
Other expense | |
Other income | |
Profit / (Loss) from opera�ons | |
Finance costs | # |
Profit / (Loss) for the period | |
Income tax expense | |
Profit / (Loss) for the period a�er tax | |
Earnings/(Loss) per share - basic | |
Earnings/(Loss) per share - Diluted |
for the quarter ended
Mar 31, 2024 | Mar 31, 2023 | ||
(Rupees in '000) | |||
219,202 | 94,446 | ||
(100,106) | (47,152) | ||
119,096 | 47,294 | ||
54% | 50% | ||
(69,269) | (35,839) | ||
(9) | - | ||
619 | 250,991 | ||
(68,659) | 215,152 | ||
50,437 | 262,445 | ||
- | (17) | ||
50,437 | 262,428 | ||
(10,951) | (19,213) | ||
39,486 | 243,215 | ||
Restated | |||
0.27 | 1.64 | ||
0.26 | 1.64 |
The annexed notes from 1 to 7 form an integral part of these financial statements.
Chief Execu�ve Officer | Chief Financial Officer | Director |
www.octopusdtl.com
8
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE QUARTER ENDED MARCH 31, 2024
for the quarter ended | |||||
Mar 31, 2024 | Mar 31, 2023 | ||||
(Rupees | in '000) | ||||
Profit /(loss) for the period | 39,486 | 243,215 | |||
Other comprehensive income | - | - | |||
Total comprehensive income / (loss) for the period | |||||
39,486 | 243,215 | ||||
The annexed notes from 1 to 7 form an integral part of these financial statements.
Chief Execu�ve Officer | Chief Financial Officer | Director |
www.octopusdtl.com
9 | Financial Statements 2024 | |
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED MARCH 31, 2024
Share Capital | |
Balance as on January 01, 2023 | 1,367,500 |
Net (loss)/profit for the year ended | - |
Employee Share Compensa�on Reserve-ESOS | - |
15% bonus share issue for the period ended December 31, 2022 | 205,125 |
Balance as on December 31, 2023 | |
1,572,625 | |
Net (loss)/profit for the period | - |
Dividend Announced for the period | - |
Employee Share Compensa�on Reserve-ESOS | - |
Balance as on March 31, 2024 | |
1,572,625 | |
Capital Reserve | |||||||
Share | Group | Un-appropriated | |||||
Compensa�on | Restructuring | Share Premium | |||||
Profit / (Loss) | |||||||
Reserve | Reserve | ||||||
--------------------------- | Rupees in '000--------------------------- | ||||||
- | (1,084,000) | 789,209 | 972,695 | ||||
- | - | - | 515,808 | ||||
9,264 | - | - | - | ||||
- | - | - | (205,125) | ||||
9,264 | (1,084,000) | 789,209 | 1,283,378 | ||||
- | - | - | 39,486 | ||||
- | - | - | - | ||||
- | - | - | - | ||||
9,264 | (1,084,000) | 789,209 | 1,322,864 | ||||
Total
2,045,404
515,808
9,264
-
2,570,476
39,486
-
-
2,609,962
The annexed notes from 1 to 7 form an integral part of these financial statements.
Chief Execu�ve Officer | Chief Financial Officer | Director |
www.octopusdtl.com
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
Octopus Digital Ltd. published this content on 16 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2024 06:59:03 UTC.