Sardar Chemical Industries : Transmission of Quarterly Report for the Period Ended 31-12-2022

SARDAR CHEMICAL INDUSTRIES LIMITED

COMPANY INFORMATION
CHIEF EXECUTIVE	Sardar Mahmood Sadiq
DIRECTORS	Mr. Shahid Aziz (NIT Nominee)
	Mr. Niaz Ahmed Chughtai
	Mr. Fayyaz Ahmed Khan
	Mr. Aitzaz Ahmad Tarar
	Mrs. Tayybah Mahmood Sadiq
	Mrs. Reema Ayaz
Audit Committee	Mr. Aitzaz Ahmad Tarar
	Mrs. Tayybah Mahmood Sadiq
	Mr. Fayyaz Ahmed Khan
COMPANY SECRETARY	Mr. Niaz Ahmed Chughtai
AUDITORS	Aslam Malik & Co.,Chartered Accountants
HR & REMUNERATION	Mr. Aitzaz Ahmad Tarar
	Mrs. Tayybah Mahmood Sadiq
	Mr. Fayyaz Ahmed Khan
BANKERS	Allied Bank of Pakistan Ltd.
	Askari Commercial Bank Ltd.
LEGAL ADVISORS	Mr. Javaid Iqbal Malik, Advocate

HEAD OFFICE/SHARE DEPARTMENT 2-A, 2nd Floor, Canal Bank Road, Justice Sardar Iqbal Road, Aziz Avenue, Gulberg, Lahore.

Ph: (92-42) 35711154, 35710148, 35753402

Fax: [phone]

E-Mail:[e-mail]

	Website: www.sardarchemicals.com
REGISTERED OFFICE/ FACTORY	Plot. No. 29-B, Road No. 01,
	Gadoon Amazai, Industrial Estate,Topi,
	Ganduf Road, Swabi (KPK)
	Ph: [phone], 270439, 270539
	Fax: [phone]
REGISTRAR/TRANSFERAGENT	Corplink (Pvt.) Ltd, Wings Arcade,1-K,
	Commercial, Model Town, Lahore.
	Ph: 042-35916714,35916719 Fax: [phone]

SARDAR CHEMICAL INDUSTRIES LIMITED

DIRECTORS' REPORT TO THE SHAREHOLDERS

In the name of Allah, the most gracious, the most merciful.

The Board of Directors of SARDAR CHEMICAL INDUSTRIES LIMITED are pleased to present their report on the statement of accounts of the Company for the half year ended on December 31, 2022 along with un-audited financial statements, subject to limited review of the Auditors of the Company.

RESULTS FOR THE HALF YEAR ARE SUMMARIZED AS UNDER:

	2022	2021
	(Rupees in thousands)
Sales-Net	154,552	194,226
Cost & Expenditures	151,593	169,842
Profit/ (Loss) before taxation	2,959	24,384
Profit/ (Loss) after taxation	(75)	17,231
Earnings/ (Loss) per share (Rs.)	(0.01)	2.87

The net Sales decreased by about 20% as compared to the previous half year results ended on 31- 12-2021. Due to fluctuation in the foreign exchange rate, the market almost stopped accepting the increase in prices.

During the period the consumer sales continued to remain slow mainly due to unprecedented price hike and fluctuation in foreign exchange rate. Recovery of dues were hampered causing liquidity crunch.

Despite of the above challenging environments your Company was able to achieve net sales of Rs. 155 million during the half year ended 31-12-2022.

On the other hand, production cost has tremendously increased due to regular increase in utilities, fuel and transportation charges which hampered the profitability and sales of the Company.

FUTURE PROSPECTS

The Global Energy and Commodities prices, availability situation and consequential adverse Balance of Trade and Forex reserves' situation of Pakistan, may keep the outlook somewhat uncertain. However, local markets' business is expected to improve the overall business development of the Country from the new year.

The Company will continue to focus on quality products meeting with the international standards along with supply of products well in time to our valued customers' business place and remedial measures to keep control on cost of our products to get our share from the market.

ACKNOWLEDGMENT

We take opportunity to thank our valued business customers for their continued support, trust and assistance for the progress and prosperity of the Company. The Company also appreciates its staff and workers for their continuous dedication, commitment and support.

For and on behalf of the Board

Dated: February 23rd, 2023	SARDAR MAHMOOD SADIQ	FAYYAZ AHMED KHAN
Place: Gadoon Amazai	Chief Executive	Director

SARDAR CHEMICAL INDUSTRIES LIMITED

SARDAR CHEMICAL INDUSTRIES LIMITED

SARDAR CHEMICAL INDUSTRIES LIMITED

INTERIM CONDENSED BALANCE SHEET (UN-AUDITED)

SARDAR CHEMICAL INDUSTRIES LIMITED

AS AT DECEMBER 31, 2022

	(Un-audited)		(Audited)
	Dec 31, 2022		June 30, 2022
	Rupees		Rupees
CAPITAL AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised:
10,000,000 (2021: 10,000,000) Ordinary
Shares of Rs. 10/- each.	100,000,000	100,000,000
Issued, Subscribed and Paid-up:
6,000,000 (2021: 6,000,000) Ordinary
shares of Rs.10/-each fully paid in cash	60,000,000	60,000,000
Share premium	30,000,000	30,000,000
Un-appropriated Profit	137,428,762		137,503,886
NON-CURRENT LIABILITIES	227,428,762	227,503,886
Obligation under finance lease	14,255,137	14,413,905

CURRENT LIABILITIES

ASSETS

NON-CURRENT ASSETS

Property: Plant and Equipment

Deferred taxation

Long term deposit

CURRENT ASSETS

Stores, spares & loose tools Stock in trade

Trade debts

(Un-audited)

Dec 31, 2022

Rupees

32,563,057

845,620

5,863,430

39,272,107

670,778

104,474,866

127,974,230

(Audited)

June 30, 2022

Rupees

35,245,588

1,171,795

5,863,430

42,280,813

687,048

93,994,777

140,895,363

Current maturity of long term obligation

Short term finance Markup Accrued

Creditors, accrued and other liabilities Unclaimed Dividend

2,425,247

46,000,000

2,971,386

27,164,566

2,310,219

80,871,418

4,482,109

46,000,000

--

23,041,585

2,310,220

75,833,914

Advances, deposits, prepayments & other receivables

Taxation-net

Cash & bank balances

1,925,476

23,478,105

24,759,754

283,283,209

1,600,002

17,040,305

21,253,397

275,470,892

322,555,317

317,751,705

322,555,317

317,751,705

The annexed notes form an integral part of these financial statements.

Chief Executive

Chief Financial Officer

Director

SARDAR CHEMICAL INDUSTRIES LIMITED

INTERIM CONDENSED PROFIT OR LOSS ACCOUNT FOR THE HALF-YEARENDED DECEMBER 31, 2022 (UN-AUDITED)

	Half Year Ended		Quarter Ended
	31 Dec.		31 Dec.		31 Dec.		31 Dec.
	2022	2021	2022	2021
	Rupees		Rupees		Rupees		Rupees
Sales	154,552,387	194,226,262	88,988,956	119,289,630
Cost of Sales	(115,308,525)		(143,003,105)		(62,944,695)		(90,791,181)
Gross Profit	39,243,862	51,223,157	26,044,261	28,498,449

OPERATING EXPENSES

SARDAR CHEMICAL INDUSTRIES LIMITED

INTERIM CONDENSED STATEMENT OF COMPREHENSIVE INCOME

FOR THE HALF-YEAR ENDED DECEMBER 31, 2022

(UN-AUDITED)

	Half Year Ended		,Quarter Ended
	31 Dec.		31 Dec.		31 Dec.		31 Dec.
	2022	2021	2022	2021
	Rupees		Rupees		Rupees		Rupees
Profit/ (Loss) after	(75,124)	17,231,338	2,287,195	7,224,299
Taxation
Other Comprehensive	--	--	--	--
Profit
Total Comprehensive	(75,124)	17,231,338	2,287,195	7,224,299

Administrative and General Selling and distribution

Operating Profit/(Loss) for The period

Other Operating Income Other Operating Expenses

Finance Cost

Profit/ (Loss) before taxation Taxation

Profit/ (Loss) for the period

Earnings per share

(23,912,379)

(7,765,316)

(31,677,695)

7,566,167

163,200

(2,094)

(4,768,165)

2,959,108

(3,034,232)

(75,124)

(0.01)

(21,298,320)

(4,990,433)

(26,288,753)

24,934,405

294,526

(19,511)

(825,184)

24,384,235

(7,152,897)

17,231,338

2.87

(12,945,568)

(4,521,686)

(17,467,254)

8,577,007

--

(2,094)

(4,236,937)

4,337,976

(2,050,781)

2,287,195

0.38

(11,719,108)

(2,750,758)

(14,469,866)

14,028,583

--

(1,790,648)

(301,305)

11,936,630

(4,712,331)

7,224,299

1.20

Profit/ (Loss) for the

Period

The annexed notes form an integral part of these financial statements.

Chief Executive Chief Financial Officer

Director

Chief Executive

Chief Financial Officer

Director