Condensed Interim
Financial Statements
for the quarter ended
September 30 2022
CONTENT
Company Information | 02 |
Directors' Report to the Shareholders | 03 |
Condensed Interim Statement of Financial Position | 07 |
Condensed Interim Statement of Profit or Loss Account | 08 |
Condensed Interim Statement of Comprehensive Income | 09 |
Condensed Interim Cash Flow Statement | 09 |
Condensed Interim Statement of Changes in Equity | 10 |
Notes to the Condensed Interim Financial Satements | 11 |
01
BOARD OF DIRECTORS | Mr. Muneer Nawaz | Chairman |
Mr. M. Naeem | Chief Executive | |
Mr. Abid Nawaz | ||
Mr. Aamir Amin (NIT) | ||
Mr. Farooq Hassan | ||
Mr. Syed Nadeem Ali Kazmi | ||
Mr. Toqueer Nawaz | ||
Mrs. Sadia Mohammad | ||
Mr. Muhammad Usman Khalid | ||
Lt. Col. (Retd.) R.D. Shams | ||
COMPANY SECRETARY | Mr. Jamil Ahmad Butt, FCMA | |
AUDIT COMMITTEE OF THE BOARD | Mr. Aamir Amin | Chairman |
Mr. Muneer Nawaz | Member | |
Mr. Toqueer Nawaz | Member | |
Mr. Muhammad Usman Khalid | Member | |
Mr. Jamil Ahmad Butt, FCMA | Secretary | |
HUMAN RESOURCE AND | Mr. Farooq Hassan | Chairman |
REMUNERATION COMMITTE OF | Mr. Muneer Nawaz | Member |
THE BOARD | Mr. M. Naeem | Member |
Mr. Toqueer Nawaz | Member | |
Mrs. Sadia Muhammad | Member | |
Mr. Jamil Ahmad Butt, FCMA | Secretary | |
AUDITORS | Yousuf Adil. | |
Chartered Accountants. | ||
Cavish Court, A-35, Block 7 & 8 KCHS, | ||
Shahrah-e-Faisal, Karachi 75350. | ||
BANKS | Bank Alfalah Limited | |
United Bank Limited | ||
Meezan Bank Ltd. | ||
The Bank of Punjab | ||
MCB Bank Limited | ||
Faysal Bank Limited | ||
National Bank of Pakistan | ||
LEGAL ADVISOR | Mr. Ras Tariq Chaudhary | |
30-Mall Mansion | ||
The Mall | ||
Lahore. | ||
HEAD OFFICE | Shahnawaz Building, 19-Dockyard Road, | |
West Wharf, Karachi-74000 | ||
Ph: 32313934-8, 32312834, 32310973 | ||
Fax: 32205723, 32310623 | ||
Website: www.shahtaj.com | ||
REGISTERED OFFICE | 27-C Abdalian Co-oporetive | |
Hosing Society, Lahore, | ||
Ph: (042) 35313891-92,35301596-99 | ||
Fax: (042) 35301594 | ||
MARKETING OFFICE | 27-C Abdalian Co-oporetive | |
Hosing Society, Lahore, | ||
Ph: (042) 35313891-92,35301596-99 | ||
Fax: (042) 35301594 | ||
FACTORY | 46 K.M. Lahore/Multan Road | |
Chunian Industrial Estate | ||
Bhai Pheru, Distt. Kasur, Punjab. | ||
Ph: (049) 4540430-32, 4540133, 4540234 | ||
Fax: (049) 4540031 | ||
SHARE REGISTRAR | Jwaffs Registrar Services (Pvt.) Ltd. | |
Suite # 407,408, 4th Floor, Al-Ameera Centre, | ||
Shahrah-e-Iraq, Near Passport Office, | ||
Saddar Karachi. | ||
Tel: 35662023-24 Fax: 35221192 |
02
DIRECTORS' REPORT TO THE SHAREHOLDERS
Directors are pleased to present un-audited Condensed Interim Financial Statements of the Company for the First Quarter ended on September 30, 2022.
By the grace of Allah, in spite of difficult market conditions, operating results of the Company have been positive and Company has earned after tax profit of Rs. 47.940 million with an EPS of Rs 4.96 in comparison to Rs 8.97 reported during the same period last year. Net Sales revenue for the quarter is Rs. 2.317 billion compared to Rs. 1.894 billion showing increase of about 22% over the corresponding period of last year which is due to combination of price increase as well as volume increase. However, GP rate dropped significantly from 10.59% to 7.09% mainly due to drastic increase in power cost.
Administration cost for the period is higher than previous corresponding period due to inflationary effect. Finance cost for the period increased significantly mainly because of more short-term borrowing due to high inventory levels and trade receivables and massive increase in interest rates which has almost doubled as compared to same period of last year.
Other income increased significantly mainly because of exchange gain due to currency devaluation
Our customers have in stock high level of inventories and are reluctant to commit further business resulting in drop in demand and pressure on fabric prices. Economic factors such as increasing interest rates, twin digit inflation and uncertainties of exchange rate are creating serios hurdles in business planning. Apart from political instability, natural and climate disasters further challenged Pakistan's economy by destroying crops posing a serious threat of cotton shortage in coming periods. All these factors had intensive impact on the business of first quarter and expected to continue for the financial year 2022-23.
Efforts will continue as always for more improvement.
Board and its Committees
The total number of directors is ten as per the following:
a) Male: 9
b) Female: 1
Category | Names |
Independent Directors | Mr. Aamir Amin (NIT) |
Mr. Farooq Hassan | |
Mr. Syed Nadeem Ali Kazmi | |
Mr. Muneer Nawaz | |
Other Non-Executive Directors | Mr. Toqueer Nawaz |
Mr. Muhammad Usman Khalid | |
Mr. Abid Nawaz | |
Female Non-Executive Director | Mrs. Sadia Muhammad |
Executive Directors | Mr. Muhammad Naeem |
Lt. Col(Retd.) Rashiduddin Shams | |
03
The Board has formed committees comprising of members as below:
a) Audit Committee
- Mr. Aamir Amin (Chairman)
- Mr. Muneer Nawaz
- Mr. Toqueer Nawaz
- Mr. Muhammad Usman Khalid
- Mr. Abid Nawaz
b) HR and Remuneration Committee
- Mr. Farooq Hassan (Chairman)
- Mr. Muneer Nawaz
- Mr. Muhammad Naeem
- Mr. Toqueer Nawaz
- Mrs. Sadia Muhammad
Appreciation
Directors acknowledge with thanks the hard work put in by all employees of the Company.
for and on behalf of the Board of Directors
Karachi | (M. Naeem) | (Aamir Amin) |
October 26, 2022 | Chief Executive | Director |
04
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Shahtaj Textile Ltd. published this content on 26 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2022 09:57:02 UTC.