Quice Food Industries : Transmission of Quarter Account for the period ended Sept. 30, 2023

First Quarter Accounts 2023-24

Contents

Company Information	- 03
Directors' Review	- 04
Directors' Review - Urdu	- 05
Balance Sheet	- 07
Profit & Loss Account	- 08
Statement of Comprehensive Income	- 09
Cash Flow Statement	- 10
Statement of Changes in Equity	- 11
Notes to the interim financial information	- 12

Quice Food Industries Limited

02

Information

Board of Directors

Mr. Muhammad Atif	Chief Executive	Company Secretary
Mr. Muhammad Siraj	Director	Mr. Iqbal Shahid
Mr. Salman Haroon	Director
Mr. Muhammad Riaz	Director	Audit Committee
Mr. Qazi Muhammad Imran	Director	Ms. Hina Faiyaz	Chairperson
Ms. Hina Faiyaz	Independent Director	Mr. Muhammad Siraj	Member
Ms. Saba Irfan	Independent Director	Ms. Saba Irfan	Member
HR & Remuneration Committee
Ms. Saba Irfan	Chaiperson
Ms. Hina Faiyaz	Member
Mr. Muhammad Riaz	Member
Bankers
United Bank Limited		Legal Advisor
Habib Bank Limited		M/s. Ahmed & Qazi
Meezan Bank Limited		Advocates & Legal Consultants
Bank AL Falah Limited
Muslim Commercial Bank
Habib Mertopolitan Bank
Auditors
M/s. Aslam Malik & Co.
Chartered Accountants,
Share Registrar		Registered Office
M/s. F.D. Registrar Services (Pvt.) Ltd.	WS7, Mezanine Floor, Madina Palace
Office No. 1705, 17th Floor, Saima Trade Tower-A,	Faran Co-operative Housing Society
I.I Chundrigar Road, Karachi.		Dhoraji Colony, Karachi

03

Quice Food Industries Limited

Directors' Review

The Directors of Quice Food industries Limited (the "Company") are pleased to submit unaudited Interim Financial Information of the Company for the quarter ended September 30, 2023.

FINANCIAL HIGHLIGHTS

Description	September 30, 2023	September 30, 2022
	Rupees	in million
Sales - Net	110.912	143.264
Gross profit	22.254	26.325
Depreciation	7.533	5.284
Loss before taxation	(2.470)	(5.642)
Loss after taxation	(3.629)	(7.201)
Loss per share - Rupees	(0.037)	(0.073)

Sales revenue of the Company fell by 22.58%, over the preceding period last year. This decrease was mainly due to unprecedented reduction in consumer purchasing power due to rising inflation in the Country.

Further, economic activity has fallen in the country due to high borrowing costs, high energy prices, increase in Federal Excise duty, political uncertainty and declining foreign reserves have further compounded the situation for the Country and the industry.

In spite of aforementioned, due to increasing in costs of production and rising cost push inflation in the Country has adversely affected profitability of the Company, still your Company managed to reduce Loss after taxation by 50.00% when compared with corresponding period. This was largely possible as we upheld our growth momentum in exports and achieved reasonable growth during the quarter under review.

Similarly, the Loss per share of your Company for the first quarter ended 30 September 2023 is Rs. 0.037as compared to Re. 0.073 during the same period last year.

FUTURE OUTLOOK

Whilst, the Pakistani Rupee has shown some signs of recovery, the Company continues to face challenges of inflation, rising costs of production, energy and fuel prices. Notwithstanding, your Company remains cognizant of the challenges and would continue to make all efforts to mitigate adverse impact through productivity and cost containment initiatives.

ACKNOWLEDGEMENT

We would like to thank our Board of Directors for continued support and guidance. We are also thankful to our team for their dedicated efforts to make the company operationally sustainable.

We are confident with the dedicated team efforts that we will meet expectation of all stake holders i.e., Shareholders, Customers, Suppliers, etc.

FOR AND ON BEHALF OF THE BOARD OF DIRECTORS

Chief Executive

Chairman

Date: 26 October, 2023

Karachi.

Quice Food Industries Limited

04

						ر
						ہزئاج اکزٹکیرئاڈ
ہدش ٹڈآ ئغے	ی	ی	ر		ی	ر
کی نپمک یل کے ہیام ہس لیاو پوہ متخ وک 2023 ئمتسر	30 زئکیرئاڈ کے )"نپمک"( ڈٹیمل زیئسڈنا ڈوف سئوک
		ے		ر	ی	ی
			۔یہ شوخ پوہ پارک عمج تامولعم تایلام یروبع
			ے

2022

2023

"000"پور

"000"پور

ے

ے

143.264

110.912

26.325

22.254

عفانم لک

5.284

7.533

(5.642)

(2.470)

(7.201)

(3.629)

(0.073)

(0.037)

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ی

پور - ناصقن ئیش ف

ے

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ی

یمے کلم رپ روط یداینب میک ہی ۔ہے یمے لےباقم کے تدم ہقباس کی لاس لےھچپ وج ،توہ عقاو میک کی دصیف 22.58 یمے وینویر زلیس کی نپمک

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۔توہ سے ہجو کی میک لیومعم ئغے یمے

دیرخ توق کی یفراصے

سے ہجو کی تاگنہم توہ نھڑب

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ئغے پوہ پرگروا لاحتروص نیقی ئغے سیایس ،ہفاضا یمے

تویڈ زئاسکیا لرڈیف ،ںوتمیق چنوای کی تاناوت ،تاجارخا ہدایز کے نیل ضرق ،دیزم

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۔ہ اید رک ہدیچیپ دیزم وک لاحتروص کی تعنص روا کلم ن سج ،یہے نگرگ ںایمرگسر سیاعم یمے کلم سے ہجو کیرئاخذ کیلم

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ی ر

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رھپ ،ہ ایکرثاتم حرط یرب وک عفانم کے نپمک ن تاگنہم توہ نھڑب کی تگلا روا فاضا یمے تگلا یراوادیپ یمے کلم دوجواب کے لااب ہروکذم

ے

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اھت نکمم کت دح یڑب ہی ۔ہیر بایماک یمے پرک مکوک ناصقن دعب کے سکیٹ دصیف 50.00% یمے

لےباقم کے تدم سیا نپمک کی پآ ھیب

ی

ی

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۔کی لصاح ومن لوقعم نارود کے ہیام ہس ہزئاج ریز روا اھکر رارقرب وکراتفر کی فرت نپا یمے

تادمآرب ن مہ ہکنویک

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30 ،حرط سیا

ہتشزگ )0.037( یمے لےباقم کے ۔ہ پور ناصقن ئیش ف اک نپمک کی پآ یل کے ہیام ہس لیہپ لیاو پوہ متخ وک2023 ئمتسر

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۔)0.073( نارود کے تدم سیا کی لاس

کل ٹؤآ اک لبقتسم

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زجنلیچ کے فاضا یمے

ںوتمیق کی نھدنیا روا تاناوت ،تگلا یراوادیپ ،رز طارفا وک نپمک ،یہے ناھکد راثآ ھچک کے لیاحب ن پور تاتسکاپ ہکبج

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ے

تارثا فنم عےیرذ کے تامادقا کے پاپ وباق رپ تگلا روا تیراوادیپ روا ہ فقاو توخب سے ںوجنلیچ نپمک کی پآ ،دوجواب کے سا ۔ہ انماس اک

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۔کی ےھکر یراج یششوکے

مامت یل کے پرک مکوک

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فاٹعا

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کی نا یل کے نانب رادیئاپ رپ روط لنشیرپآ وک نپمک ۔کے یہاچے

انرکادا ہیرکش اکزئکیرئاڈ فآ ڈروب نپا یل کے تامنہر روا نواعت لسلسم مہ

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۔یہےرازگرکش ھیب کے میٹ نپا مہ یل کے ںوششوکراشسر

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۔کے ںیرتا اروپ رپ تاعقوت کی ہئغوے زرئلاپس ،زرمٹسک ،زرڈلوہ ئیش نعی زرڈلوہ کیٹسا مامت مہ ہک ہے یقیے سے ںوششوکراشسر کی میٹ یمہے

05

Quice Food Industries Limited

ر

سے بناج کی سا روا یل کے زٹکیرئاڈ فآ ڈروب

ے

ن	ر		وٹیکیزگیا فیچ
یمٹیچ
ے

2023 ربوتکا 26 :خیرات ۔یچارک

Quice Food Industries Limited

06

QUICE FOOD INDUSTRIES LIMITED BALANCE SHEET - Unaudited

AS AT SEPTEMBER 30, 2023

Note

ASSETS

NON-CURRENT ASSETS

Fixed Assets

Unaudited Audited Sep-30, 2023 June-30, 2023

- - - - Rupees - - - -

Property Plant and Equipment	5
Long term deposits
CURRENT ASSETS
Stores and spares
Stock-in-trade	6

Trade debts

Advances, deposits, prepayments & other receivables

Taxation - net

Cash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized share capital

105,100,000 (30 June 2023: 105,100,000) ordinary shares of Rs 10 each

Issued, subscribed and paid up share capital and reserves

98,461,828 (June 2023 : 98,461,828) ordinary shares of Rs.10 each Reserves

Surplus on revaluation of property, plant and equipment

Total equity

315,039,524

2,738,250

317,777,774

53,400,918

804,382,343

30,332,603

115,246,463

13,328,423

2,203,357

1,018,894,107

1,336,671,881

1,051,000,000

984,618,280

(544,760,353)

27,989,664

467,847,591

322,573,099

1,935,290

324,508,389

54,140,041

843,106,802

53,763,859

116,719,830

10,200,662

3,143,018

1,081,074,212

1,405,582,601

1,051,000,000

984,618,280

(542,053,379)

28,773,960

471,338,861

LIABILITIES NON-CURRENT LIABILITIES Deferred liabilities Security deposit payables

CURRENT LIABILITIES Trade and other payables

12,027,369 11,131,468

144,500,000 144,500,000

156,527,369 155,631,468

712,296,921

778,612,272

TOTAL EQUITY AND LIABILITIES	1,336,671,881	1,405,582,601

The annexed notes form an integral part of this condensed interim financial information.

_____________________	'_______________________	____________________
Chief Executive Officer	Director	Chief Financial Officer

-

Quice Food Industries Limited

07

QUICE FOOD INDUSTRIES LIMITED

PROFIT AND LOSS ACCOUNT - Unaudited

FOR THE PERIOD ENDED SEPTEMBER 30, 2023

Quarter Ended

Sep-30, 2023 Sep-30, 2022

- - - - Rupees - - - -

SALES

Cost of Sales

GROSS LOSS

Distribution Cost Administrative Expenses

Operating Loss

Other Operating Income

Finance Cost

LOSS BEFORE TAXATION

Taxation

LOSS AFTER TAXATION

110,912,474

(88,657,916)

22,254,558

(13,852,218)

(11,435,471)

(25,287,689)

(3,033,131)

568,284

(2,464,847)

(4,796)

(2,469,643)

(1,159,584)

(3,629,227)

143,263,601

(116,938,909)

26,324,692

(16,729,097)

(15,662,243)

(32,391,340)

(6,066,648)

436,647

(5,630,001)

(11,639)

(5,641,640)

(1,559,729)

(7,201,369)

LOSS PER SHARE

(0.037) (0.073)

The annexed notes form an integral part of this condensed interim financial information.

_____________________	___________________	____________________
Chief Executive Officer	Director	Chief Financial Officer

Quice Food Industries Limited

08

QUICE FOOD INDUSTRIES LIMITED

STATEMENT OF COMPREHENSIVE INCOME - Unaudited

FOR THE PERIOD ENDED SEPTEMBER 30, 2023

	Quarter Ended
	Sep-30, 2020		Sep-30, 2019
	- - - - Rupees - - - -
LOSS AFTER TAXATION	(3,629,227)	(7,201,369)
Other comprehensive income that cannot be
classified through profit and loss	-	-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD	(3,629,227)		(7,201,369)

The annexed notes form an integral part of this condensed interim financial information.

_____________________	___________________	____________________
Chief Executive Officer	Director	Chief Financial Officer

Quice Food Industries Limited

09

QUICE FOOD INDUSTRIES LIMITED

CASH FLOW STATEMENT - Unaudited

FOR THE PERIOD ENDED SEPTEMBER 30, 2023

Quarter Ended

Sep-30, 2023 Sep-30, 2022

- - - - Rupees - - - -

CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation

Adjustment for non cash items:

Depreciation

Provision for gratuity

Net cash used in from operations before working capital changes

Working capital changes

(Increase) / decrease in current assets

Stores and spares Stock-in-trade Trade debts

Advances, deposits, prepayments & other receivables

Increase / (decrease) in current liabilities

Trade and other payables

Net working capital changes

Income tax paid

Net cash flow from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash flow from financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

(2,469,643)

7,533,575

1,143,598

8,677,173

6,207,530

739,123

38,724,459

23,431,256

1,473,367

64,368,205

(66,315,351)

(1,947,146)

(4,397,085)

(136,701)

-

-

-

-

(802,960)

(939,661)

3,143,018

2,203,357

(5,641,640)

5,283,605

361,250

5,644,855

3,215

(17,359,468)

4,979,321

79,012,110

(1,443,672)

65,188,291

(69,857,236)

(4,668,946)

(2,865,069)

(7,530,800)

-

(776,498)

(776,498)

-

-

(8,307,298)

10,805,222

2,497,924

The annexed notes form an integral part of this condensed interim financial information.

_____________________	________________	____________________
Chief Executive Officer	Director	Chief Financial Officer

Quice Food Industries Limited

10