THE SEARLE COMPANY LIMITED Empowering minds, Inspiring souls
QUARTERLY REPORT MARCH 2024
Contents
02
03
06
07
08
Company Information
Directors' Review Report
Directors'
Review Report (Urdu)
Unconsolidated Condensed interim Statement of Financial Position
Unconsolidated Statement of Profit or Loss and Other Comprehensive Income
09
10
11
25
Unconsolidated Condensed interim Statement of Changes in Equity
Unconsolidated Condensed interim Statement of Cash Flows
Selected Notes to the Unconsolidated Condensed interim Financial Statements
Consolidated
Financial Statements
MARCH 2024 01
Company Information
BOARD OF DIRECTORS | LEGAL ADVISORS | |
Mr. Adnan Asdar Ali | Chairman | Mohsin Tayebaly & Co. |
Mr. Syed Nadeem Ahmed | Chief Executive Officer | |
Mr. Zubair Razzak Palwala | BANKERS | |
Mr. Munis Abdullah | Albaraka Bank (Pakistan) Limited | |
Ms. Faiza Naeem | Askari Bank Limited | |
Ms. Shaista Khaliq Rehman | Bank Al Habib Limited | |
Mr. Muhammad Zubair Haider Shaikh | Bank Alfalah Limited | |
Bank of Punjab | ||
Dubai Islamic Bank Pakistan Limited | ||
Faysal Bank Limited | ||
BOARD OF AUDIT COMMITTEE | Habib Bank Limited | |
Ms. Shaista Khaliq Rehman | Chairperson | Habib Metropolitan Bank Limited |
Mr. Adnan Asdar Ali | Member | Meezan Bank Limited |
Mr. Munis Abdullah | Member | National Bank of Pakistan |
Soneri Bank Limited | ||
BOARD OF HR & REMUNERATION | Summit Bank Limited | |
COMMITTEE | ||
Mr. Muhammad Zubair Haider Shaikh | Chairman | |
Mr. Adnan Asdar Ali | Member | |
Ms. Faiza Naeem | Member | |
REGISTERED OFFICE | ||
One IBL Centre, 2nd Floor, Plot # 1 | ||
CHIEF FINANCIAL OFFICER | Block 7 & 8, D.M.C.H.S, Tipu Sultan | |
Road Off Shahra-e-Faisal, Karachi | ||
Mr. Mobeen Alam | ||
COMPANY SECRETARY | ||
Mr. Zubair Razzak Palwala | SHARE REGISTRAR | |
CDC Share Registrar Services Limited | ||
Head Office, CDC House, 99-B, Block |
'B' S.M.C.H.S., Main Shahrah-e-Faisal
Karachi - 74400
AUDITORS
A. F. Ferguson & Co.
02 QUARTERLY REPORT
Directors' Report to the Members
We are pleased to present the unconsolidated interim financial information of the company for the nine months ended March 31, 2024. These financial statements have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - 'Interim Financial Reporting'. The directors' report is prepared in accordance with section 227 of the Companies Act, 2017 and Chapter XII of the Listed Companies (Code of Corporate Governance) Regulations, 2019.
Financial highlights
The company witnessed a growth of 12.48% in revenue compared to the previous year for the same period, largely driven by price increases. This resulted in a healthier gross profit margin of 47.87%, marking an improvement from the 45.69% margin in the preceding period.
However, despite these positive strides, the company experienced a decline in its profit after tax, which decreased by 82.6% to Rs 111.28 million. This decline can be primarily attributed to two key factors: the depreciation of the Pakistani currency and a consequential increase in the company's finance costs.
This combination of currency depreciation and heightened finance costs significantly impacted the company's bottom line, contributing to the substantial decline in profit after tax.
Following is the summary of financial results for the nine months ended March 31, 2024:
March 31, | ||
2024 | 2023 | |
(Rupees in thousand) | ||
Revenue | 19,109,412 | 16,988,562 |
Cost of sales | (9,961,288) | (9,226,724) |
Gross Profit | 9,148,124 | 7,761,838 |
Operating expenses | (6,229,193) | (5,332,516) |
Other operating expenses | (31,186) | (63,996) |
Other income | 149,504 | 753,760 |
Profit from operations | 3,037,249 | 3,119,086 |
Finance cost | (2,670,199) | (2,340,660) |
Profit before tax | 367,050 | 778,426 |
Income tax expense | (255,774) | (139,005) |
Profit after taxation | 111,276 | 639,421 |
MARCH 2024 03
EARNINGS PER SHARE
Basic earnings per share after taxation for the period is Rs. 0.22 (March 2023: Rs. 1.25). There is no dilution effect on the basic earnings per share of the Company, as the Company had no convertible dilutive potential ordinary shares outstanding as at March 31, 2024.
FUTURE OUTLOOK
At Searle Pharmaceuticals, we're deeply committed to societal welfare, not just market growth. With a steadfast belief in the well-being of our communities, we strive to make a positive impact beyond business metrics.
Despite prevailing socio-economic challenges, we're dedicated to expanding our market share with integrity. Our enduring commitment to ethical practices ensures that every step we take is aligned with our core values and principles.
While facing hurdles such as exchange rate volatility, inflation, and rising commodity prices, we remain resilient. Our team's perseverance and commitment to our values drive us forward, inspiring innovative solutions to overcome obstacles.
Challenges are opportunities for innovation. With determination, we'll navigate these obstacles, emerging stronger and brighter. Together, we'll shape a better future for Searle and our communities.
For and on behalf of the Board
Ahmed | Zubair Razzak Palwala |
Chief Executive Officer | Director |
Karachi: April 30, 2024 |
04 QUARTERLY REPORT
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2023 | ن | 2024 | ||||
ی | ہ | |||||
(م ںورار� پےور نیکستااپ�) | ||||||
16,988,562 | 19,109,412 | نیمدٓا | ||||
خ | خ ف | |||||
(9,226,724) | (9,961,288) | تجاار�ا کے �ور� | ||||
ت | ||||||
7,761,838 | 9,148,124 | نیمدٓا عیمجمو | ||||
تجاار�ا �یپرٓا | ||||||
(5,332,516) | (6,229,193) | خ | نٹ | |||
تجاار�ا �یپرٓا�رد | ||||||
(63,996) | (31,186) | خ | نٹ | ی | ||
نیمدٓا�رد | ||||||
753,760 | 149,504 | ی | ||||
نش | ||||||
3,119,086 | 3,037,249 | نیمدٓا سے�رپرٓا | ||||
نی | ||||||
خ | ||||||
(2,340,660) | (2,670,199) | تجاار�ا تیایلما | ||||
ٹ | ||||||
� زا قبل فعمنا | ||||||
778,426 | 367,050 | ی | ٹ | |||
تجاار�ا � نکما | ||||||
(139,005) | (255,774) | خ | ی | |||
ٹ | ||||||
� زا بعد فعمنا | ||||||
639,421 | 111,276 | ی |
06 QUARTERLY REPORT
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As at March 31, 2024
(Un-audited) | (Audited) | ||
March 31, | June 30, | ||
ASSETS | 2024 | 2023 | |
Note | (Rupees in '000) | ||
Non-current assets |
Property, plant and equipment | 5 |
Investment properties - at cost | |
Intangible assets | |
Long-term investments - subsidiaries | 6 |
Long-term loans | |
Long-term deposits | |
Current assets | |
Stock-in-trade | |
Trade receivables | 7 |
Loans and advances | 8 |
Trade deposits and short-term prepayments | |
Other receivables | 9 |
Short-term investment - at amortised cost | |
Taxation - payments less provision | |
Tax refunds due from Government - Sales Tax | |
Cash and bank balances | 0 |
Total assets | |
EQUITY AND LIABILITIES | |
EQUITY | |
Share Capital | 0 |
Issued, subscribed and paid-up capital | 10 |
Capital Reserves | |
Share premium | |
Revaluation surplus on property, plant and equipment | |
Revenue reserves | |
General reserve | |
Unappropriated profit | |
Total equity | |
LIABILITIES | |
Non-current liabilities | |
Deferred tax liabilities | |
Employee benefit obligations | |
Long-term borrowings | 11 |
Lease liabilities | |
Current liabilities | |
Trade and other payables | 12 |
Short-term borrowings | 13 |
Unpaid dividend | 14 |
Unclaimed dividend | |
Current portion of lease liabilities | |
Total liabilities | |
Contingencies and commitments | 15 |
Total equity and liabilities |
6,374,515
2,907,585
29,523
26,066,718
179
7,396
35,385,916
2,221,513
10,295,929
1,517,284
151,498
975,525
100,000
2,174,429
194,612
113,268
17,744,058
53,129,974
5,114,945
9,085,133
3,592,917
280,251
13,916,041
31,989,287
433,259
56,699
4,189,449
75,430
4,754,837
6,882,725
9,274,737
183,472
37,041
7,875
16,385,850
21,140,687
53,129,974
6,604,610
2,864,868
40,399
18,816,311
117
7,396
28,333,701
2,716,235
11,570,051
1,071,375
156,539
4,524,797
100,000
1,934,114
196,712
196,782
22,466,605
50,800,306
3,900,659
6,049,419
3,717,069
280,251
13,721,361
27,668,759
238,725
57,567
5,917,063
78,702
6,292,057
6,519,048
10,092,552
183,736
37,526
6,628
16,839,490
23,131,547
50,800,306
The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.
Chief | Director | Chief Financial Officer |
MARCH 2024 07
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the period ended March 31, 2024 - Unaudited
Quarter ended | Nine months period ended | ||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Note | --------------------------(Rupees in '000)------------------------- | ||||||||||||||
Revenue from contracts with customers | 16 | 5,786,361 | 6,135,976 | 19,109,412 | 16,988,562 | ||||||||||
Cost of sales | (2,948,884) | (3,316,731) | (9,961,288) | (9,226,724) | |||||||||||
Gross profit | 2,837,477 | 2,819,245 | 9,148,124 | 7,761,838 | |||||||||||
Distribution costs | (1,736,582) | (1,479,616) | (5,143,213) | (4,337,464) | |||||||||||
7.74% | 22.70% | ||||||||||||||
Administrative expenses | (340,270) | (357,029) | (1,085,980) | (995,052) | |||||||||||
1.87% | 5.21% | ||||||||||||||
Other expenses | 10,781 | (21,086) | (31,186) | (63,996) | |||||||||||
0.11% | 0.33% | ||||||||||||||
Other income | 17 | 30,896 | 54,692 | 149,504 | 753,760 | ||||||||||
0.29% | 3.94% | ||||||||||||||
Profit from operations | 802,302 | 1,016,206 | 3,037,249 | 3,119,086 | |||||||||||
-5.32% | -16.32% | ||||||||||||||
Finance cost | (862,563) | (852,741) | (2,670,199) | (2,340,660) | |||||||||||
4.46% | 12.25% | ||||||||||||||
Profit before income tax | (60,261) | 163,465 | 367,050 | 778,426 | |||||||||||
Taxation | 0 | (49,550) | (66,429) | (255,774) | (139,005) | ||||||||||
40.64% | 17.86% | ||||||||||||||
Profit for the period | (109,811) | 97,036 | 111,276 | 639,421 | |||||||||||
Other comprehensive income | - | - | - | - | |||||||||||
Total comprehensive income | (109,811) | 97,036 | 111,276 | 639,421 | |||||||||||
(Re-stated) | (Re-stated) | ||||||||||||||
Earnings per share - basic and diluted | 18 | (0.21) | 0.19 | 0.22 | 1.25 | ||||||||||
The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.
Chief | Director | Chief Financial Officer |
08 QUARTERLY REPORT
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Searle Company Ltd. published this content on 03 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2024 03:38:09 UTC.
