Waves : Ransmission of Quarterly Report for the Period Ended
September 16, 2022 at 01:00 pm IST
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First Quarter Accounts 2022
Condensed Interim Financial Statements for the
Three Months Period Ended 31 March 2022 (Unaudited)
Corporate Information
BOARD OF DIRECTORS
1.
Mr. Muhammad Adnan Afaq
Chairman/Independent Director
2.
Mr. Shoaib Dastgir
Independent Director
3.
Mr. Tajammal Hussain Bukharee
Independent Director
4.
Mr. Muhammad Zafar Hussain
Non-Executive Director
5.
Mr. Haroon Ahmad Khan
Chief Executive Officer
6.
Mrs. Nighat Haroon Khan
Non-Executive Director
7.
Mr. Moazzam Ahmad Khan
Non-Executive Director
AUDIT COMMITTEE
1.
Mr. Shoaib Dastgir
Chairman/Independent Director
2.
Mr. Moazzam Ahmad Khan
Member/Non-Executive Director
3.
Mrs. Nighat Haroon Khan
Member/Non-Executive Director
4.
Mr. Ahmad Bilal Zulfiqar
Secretary
HR & REMUNERATION COMMTTEE
1.
Mr. Shoaib Dastgir
Chairman/Independent Director
2.
Mr. Muhammad Zafar Hussain
Member/Non-Executive Director
3.
Mr. Moazzam Ahmad Khan
Member/Non-Executive Director
4.
Mr. Haroon Ahmad Khan
Member/ Executive Director
5.
Mr. Ahmad Bilal Zulfiqar
Secretary
CHIEF FINANCIAL OFFICER
COMPANY SECRETARY
Mr. Arslan Shahid Butt
Mr. Ahmad Bilal Zulfiqar
HEAD OF INTERNAL AUDIT
LEGAL ADVISOR
Mr. Usman Khalid
Law Wings Advocates & Solicitors
EXTERNAL AUDITORS
SHARE REGISTRAR
RSM Avais Hyder Liaqat Nauman
Corplink (Private) Limited
Chartered Accountants
H.No.136-B, Street 43, F/10, Islamabad
RESISTERED OFFICE/PLANT
COMPANY REGISTRATION NO.
Factory: 9-KM Multan Road, Lahore
CUIN 0001286
PH. No. 042-35415421-5,35421502-4
Email: cs@waves.net.pk
UAN: 042-111-31-32-33
Website: www.wavessinger.com
BANKERS
Al Baraka Bank (Pakistan) Limited
National Bank of Pakistan
Askari Bank Limited
Pak Brunei Investment Company Limited
Bank Al Falah Limited
Pak Libya Holding Company Limited
Dubai Islamic Bank Pakistan Limited
Pak Oman Investment Company Limited
Faysal Bank Limited
Samba Bank Limited
First Prudential Modaraba
Silk Bank Limited
Habib Bank Limited
Sindh Bank Limited
Habib Metropolitan Bank Limited
The Bank of Khyber
Industrial & Commercial Bank of China
The Bank of Punjab
Contact Information:
Registered Office:
UAN: 042-111-31-32-33,
042-35415421-5,042-35421502-4
Email:
cs@waves.net.pk
Web Site:
www.waves.net.pk
Corporate Value Statements
Vision
To be an innovative company that is driven by modern
Statement
ideas, committed to constantly strive for surpassing
customer expectations in Quality and Value for Money and
to be a leading Group engaged in home appliances, real
estate and retail business in Pakistan.
Mission
To inspire the Consumer with our innovative products &
Statement
designs through R&D, improve the standard of life by
offering high-quality products and services at affordable
prices and create the Future.
Core Values
Waves Corporation Limited
Directors' Review Report to the Shareholders
On behalf of the Board of Directors of Waves Corporation Limited, formerly Waves Singer Pakistan Limited (WAVES or the Company), we are obliged to submit the Directors' Review Report on condensed interim consolidated statement (un-audited) for the period ended 31 March 2022, wherein financial results of standalone financial statements are also provided therein:
OPERATING RESULTS
Consolidated Operating Results
For 3 months
For 3 months
31 March 2022
31 March 2021
Rs. in '000
Rs. in '000
Sales - net of sales return
4,050,163
3,090,904
Sales tax and trade discount
(752,316)
(450,448)
Sales Net
3,297,847
2,640,456
Cost of Sales
(2,582,742)
(2,056,212)
Gross Profit
715,105
584,244
Marketing, Selling and Distribution
(302,639)
(237,752)
Administrative Expenses
(140,427)
(123,752)
Other Expenses
(4,382)
(42,671)
Other Income
15,585
14,521
Profit from operations
283,241
219,175
Earned carrying charges
94,355
81,669
Finance Costs
(227,677)
(161,842)
(133,321)
(80,173)
Profit before taxation
149,920
139,002
Taxation
(42,358)
(35,386)
Profit after taxation
107,562
103,386
Attributable to:
Owners of the Group
104,522
103,616
Non-Controlling interests
3,040
-
107,562
103,616
Earnings Per Share - Basic & Diluted (Rs.)
0.38
0.37
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Waves Singer Pakistan Ltd. published this content on 16 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2022 07:29:03 UTC.
Waves Corporation Limited, formerly Waves Singer Pakistan Limited, is a Pakistan-based holding company. The Company is principally engaged in the manufacturing and assembly of domestic consumer appliances along with retailing and trading of the same and other light engineering products. The Companyâs products include Deep Freezers, Refrigerator, Water Heater, Washing Machine, Split AC, and Microwave Oven. Its subsidiaries include Waves Builders and Developers (Private) Limited, which is engaged in the sale, distribution and marketing of consumer appliances being a trading concern; Waves Marketplace Limited, which carries out distribution/wholesale/retail business of all kinds of electronic appliances, its components, and accessories; and Waves Home Appliances Limited, which is engaged in the manufacturing, assembly and wholesale of domestic consumer appliances and other light engineering products.