Treet : Transmission of Quarterly Report for the Period Ended 31December 2022

HALF YEARLY REPORT

FOR THE PERIOD ENDED DECEMBER 31, 2022

2

CONTENTS

GOVERNANCE

Company information	02
Directors' review	03

UNCONSOLIDATED

FINANCIAL STATEMENTS

Independent Auditors' Review Report	05
Condensed interim statement of	06
financial position (Unaudited)
Condensed interim statement of	07
profit or loss (Unaudited)
Condensed interim statement of	08
comprehensive income (Unaudited)
Condensed interim statement of	09
Changes in equity (Unaudited)
Condensed interim statement of	10
Cash flows (Unaudited)
Notes to the condensed interim	12
Financial statements

CONSOLIDATED FINANCIAL STATEMENTS

Condensed interim consolidated	23
statement of financial position
(Unaudited)
Condensed interim consolidated	24
statement of profit or loss account
(Unaudited)
Condensed interim consolidated	25
statement of Comprehensive income
(Unaudited)
Condensed interim consolidated	26
statement of changes in shareholders
equity (Unaudited)
Condensed interim consolidated	27
statement of cash flows (Unaudited)
Notes to the consolidated condensed	29
interim financial statements

(Unaudited)

Company Information

Board of Directors	Bankers
Mr. Imran Azim	Habib Bank Limited
Non-Executive Director/Chairman)	Al-Baraka Bank Pakistan Limited
	Allied Bank Limited
Syed Shahid Ali	Askari Bank Limited
(Chief Executive Officer)	Bank Alfalah Limited
	BankIslami Pakistan Limited
Syed Sheharyar Ali	The Bank of Punjab
(Executive Director)	Habib Metropolitan Bank Limited
	JS Bank Limited
Dr. Haroon Latif Khan	MCB Bank Limited
(Independent Director)	MCB Islamic Bank Ltd.
	Meezan Bank Limited
Dr. Salman Faridi	National Bank of Pakistan
(Independent Director)	Samba Bank Limited
	Silk Bank Limited
Ms. Sidra Fatima Sheikh	The Soneri Bank Limited
(Independent Director)	The Sindh Bank Limited
	United Bank Limited
Mr. Munir Karim Bana	Faysal Bank Limited
(Non-Executive Director)	Dubai Islamic Bank Pakistan Limited
Officers	Pakistan Kuwait Investment Company (Private) Limited
	Registered Office
Chief Executive Officer	72-B, Industrial Area, Kot Lakhpat, Lahore
Syed Shahid Ali
	Tel: [phone] & 35122296
Group Chief Financial Officer	Fax: [phone] & 35215825
Mr. Mohammad Mohtashim Aftab	E-Mail: [e-mail]
Group Company Secretary	Home Page: www.treetonline.com
& Head of Legal
Ms. Zunaira Dar
Group Head of Internal Audit
Mr. Muhammad Ali
Auditors
M/s Yousuf Adil
Chartered Accountants Lahore
Legal Advisors
Chima & Ibrahim Advocates and Corporate Counsel
Legal Advisors
Corplink (Private) Limited
Wing Arcade, 1-K Commercial, Model Town, Lahore
Tel: [phone]
Fax: [phone]

2

Half yearly Report 2022

Directors' Review

It is our pleasure to present the half yearly financial statements (reviewed) for the period ended December 31st, 2022.

SUMMARY OF COMPARATIVE FINANCIAL RESULTS

					(Rupees in million)
	Half Year	Half Year	% Change
	December 31, 2022	December 31, 2021
	Treet	Consolidated	Treet	Consolidated
Sales (net)	4,898	11,148	3,905	7,757	25.4%		43.7%
Gross Profit	1,535	2,145	1,251	1,503	22.7%		42.7%
Operating Profit	791	978	756	735	4.6%		33.1%
Profit before Taxation	313	101	509	509	(38.5%)		(80.2%)
Net Profit after taxation	254	15	394	341	(35.5%)		(95.6%)
EPS (in Rupees)	1.42	0.08	2.25	1.95	(36.9%)		(95.9%)

6,000

5,000

4,000

3,000

2,000

1,000

0

TREET FINANCIAL RESULTS (Rs in millions)

4,898

3,905

	1,535					509
	1,251	791
						254
				756	313			394
					Operating
Sales (net)	Gross Profit			Profit/(Loss)	before	Net Profit/(Loss)
Profit/(Loss)	Taxation	after taxation
		Treet Dec-22		Treet Dec-21

CONSOLIDATED FINANCIAL RESULTS (Rupees in millions)

11,148

12,000
10,000
7,757
8,000
6,000
4,000					1,503	978
				2,145		735	101		341
									509
2,000												15
0
		Sales (net)		Gross Profit	Operating Profit/(Loss) Profit/(Loss) before	Net Profit/(Loss) after
									Taxation	taxation
						Consolidated Dec-22	Consolidated Dec-21

BUSINESS REVIEW - GROUP RESULTS

For the six-month period, the Group's turnover was Rs. 11,148 million, registering an increase of Rs. 3,391 million over the same period of previous year. The increase reflects upside in sales both in terms of value and volume in all segments.

Segment wise sales is as follows:

				(Rupees in million)
			Sales
	Segment	Half Year	Half Year		+/-
	December 31,	December 31,		%
		2022	2021
Blades		4,897	3,887		26%
Soap		452	256		76.6%
Corrugation		1,437	1,051		36.7%
Trading		1	18		(94.4%)
Pharmaceutical - Renacon		490	301		62.8%
Bike		44	31		41.9%
Battery		3,827	2,213		72.9%
Total		11,148	7,757		43.7%

SEGMENT SALES DEC 22 (Rupees in millions)

Battery, 3,827, 34%

Blades, 4,897,

44%

Bike, 44, 0%

Pharmaceutical - Renacon, 490, 5%

Trading, 1, 0%

Corrugation, 1,437,13%

Soap, 452, 4%

SEGMENT SALES DEC 21 (Rupees in millions)

Battery, 2,213, 29%

Bike, 31, 0%

Blades, 3,887, 50%

Pharmaceutical - Renacon, 301, 4%

Trading, 18, 0%

Corrugation, 1,051,14%

Soap, 256, 3%

3