Pakistan Cables: Transmission of the quarterly report for the period ended March 31, 2022

board of directors

Mr. Mustapha A. Chinoy Mr. Shoaib Javed Hussain Ms. Spenta Kandawalla Mr. Roderick Macdonald Mr. Akbar Ali Pesnani Mr. Ali H. ShiraziPresident

Mr. Mazhar Valjee Mr. Kamal A. Chinoy Mr. Fahd Kamal Chinoy

Chief executive officer

Financial director Mr. Waqas Mahmood

Company Secretary Ms Natasha Mohammad

Auditors

KPMG Taseer Hadi & Co. Chartered Accountants

Jural advisor

ASPIREAlawyers and corporate lawyers

Tax advisers

AF Fergusons & Co. Muhammad Bilal & Co.

bankers

Standard Chartered Bank (Pakistan) Limited Bank Al-Habib Limited

Habib Bank Limited Meezan Bank Limited MCB Bank Limited National Bank of Pakistan BankIslami Pakistan Limited Habib Metropolitan Bank Limited Soneri Bank Limited

Industrial and Commercial Bank of China Limited

Share Registrar

THK Associates (Pvt.) Limited

Plot No. 32-C, Commercial Street Jami 2,

DHA, Phase VII, Karachi-75500

Tel: 021-35310187-35310188

UAN: 021-111000322

Fax: 021-35310191

Email: [email protected]

Registration desk

B-21 Pakistan Cables Road Sindh Industrial Trading Estates Karachi -75700

Box 5050

Such. : +92-21-32561170-5 Fax: +92-21-32564614

Email: [email protected]

Website: www.pakistancables.com

Sales for the nine-month period ended March 31, 2022 amounted to Rs. 15.3 billion, which is 72% higher than the sales for the same period last year. The strong sales performance was supported by activity in the construction sector, as well as demand from industry and infrastructure. Gross profit for the nine-month period was recorded at Rs. 2,120.4 million.

Selling, marketing and administrative expenses and impairment on bad trade receivables are Rs. 770.8 million compared to Rs. 552.2 million in the same period last year. Financial cost for the new month’ period are Rs. 229.4 million compared to Rs. 154.0 million during the same period last year.

As a result of the above, your business ended with a post-tax profit of Rs. 724.7 million compared to a post-tax profit of Rs. 311.1 million during the same period of the year last. Earnings per share increased to Rs. 20.37 from Rs. 8.75 in the same period last year.

The business operating environment remained challenging during the nine-month period due to the depreciation of the rupee against the US dollar and rising commodity prices. Additionally, global supply chain issues have created various challenges, including the impact on the availability of raw materials. Despite this, your company has successfully navigated this environment by increasing sales and managing working capital and inventory.

The country plunged into a serious political crisis with the dismissal of the incumbent Prime Minister by a vote of no confidence.

the from the country External sector vulnerabilities increased with a widening current account deficit due to massive import growth, putting pressure on falling reserves and high interest rates and driving the currency to a historic low. The center

Bank sharply increased the key rate by 250 basis points to curb rising inflation. The new government will face several challenges in the coming months. Even if your Company has a reasonable order book, medium-term performance will depend on the political situation and the recovery of the economy.

We are pleased to inform shareholders that during the current quarter, your company received the 2022 Corporate Social Responsibility Award from the National Environment and Health Forum and the 9th FPCCI Excellence Award for the 3-acre urban forest at our Nooriabad factory, showing our continued commitment to supporting the environment and the communities around us.

The Directors wish to express their sincere appreciation for the hard work and dedication shown by the Management and employees of the Company during the period. On behalf of the board of directors and employees of the company, we express our gratitude and appreciation to all of our valued customers, distributors, dealers, bankers and all other stakeholders for the trust placed in the company.

On behalf of the Board of Directors

MUSTAPHA A. CHINOY

President

Karachi: April 28, 2022

Sales for the nine-month period ended March 31, 2022 amounted to Rs. 15.3 billion, which is 72% higher than the sales for the same period last year. The strong sales performance was supported by growing demand for wires and cables due to activity in the construction sector. Gross profit for the nine-month period was recorded at Rs. 2,120.4 million.

Selling, marketing and administrative expenses and impairment on bad trade receivables are Rs. 770.8 million compared to Rs. 552.2 million in the same period last year. Financial cost for the new month’ period are Rs. 229.4 million compared to Rs. 154.0 million during the same period last year.

As a result of the above, your business ended with a post-tax profit of Rs. 724.7 million compared to a post-tax profit of Rs. 311.1 million during the same period of the year last. Earnings per share rose to Rs. 20.37 from Rs. 8.75 in the same period last year.

The business operating environment remained challenging during the nine-month period due to the depreciation of the rupee against the US dollar and rising commodity prices. Additionally, global supply chain issues have created various challenges, including the impact on the availability of raw materials. Despite this, your company has successfully navigated this environment by increasing sales and managing working capital and inventory.

The country plunged into a serious political crisis with the dismissal of the incumbent Prime Minister by a vote of no confidence. the from the country External sector vulnerabilities increased with a growing current account deficit due to massive import growth, putting pressure on falling reserves and high interest rates and driving the currency to an all-time low. The Central Bank raised the policy rate sharply by 250 basis points to curb the rise in inflation. The new government will face serious challenges in the coming months. Even if your Company has a reasonable order book, the performance in the short and medium term will depend on the political situation and the recovery of the economy.

We are pleased to inform shareholders that during the current quarter, your Company received the Corporate Social

Responsibility Award 2022 from the National Forum of Environment and Health and the 9th FPCCI Achievement Award for the 3-acre urban forest at our Nooriabad plant, which shows our continued commitment to supporting the environment and the communities around us.

The Directors wish to express their sincere appreciation for the hard work and dedication shown by the Management and employees of the Company during the period. On behalf of the board of directors and employees of the company, we express our gratitude and appreciation to all of our valued customers, distributors, dealers, bankers and all other stakeholders for the trust placed in the company.

On behalf of the Board of Directors

MUSTAPHAR A. CHINOY

President

INTERIM CONDENSED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2022

ASSETS Non-current assets

To note

Fixed assets 4 Right-of-use assets

Intangible assets

Investment in an associate Long-term loans receivable Long-term deposits

Current assets Stores and spare parts

Commercial property 5

Trade debts 6

Short-term loans and advances 7

Short-term deposits and installments 8

Other receivables 9 Withholding tax – net of provision

Cash and bank balances ten

Total assetsEQUITY AND LIABILITIES Share capital and reserves

Authorized share capital 50,000,000 (30 June 2021: 50,000,000) ordinary shares of Rs. 10 eachCapital issued, subscribed and paid up Capital reserves

Share premium reserve

Capital gain on revaluation of buildings (land and construction) – net of tax Revenue reserves

General reserve

Unallocated profit

Total equity

Non-current liabilities

Long-term borrowings 11 Rental debts

Deferred liability for employee gratuities Other long-term employee benefits

Deferred tax liability – net 12

Current liabilities

Current portion of long-term borrowings 11 Current portion of rental debts

Suppliers and other creditors 13

Short-term loans from banking companies 14 Contract liabilities

Unclaimed dividend

Accrued mark-up on bank loans

Total responsibilities

Contingencies and Commitments 15

Total equity and liabilities

1,595,139 1,595,139

1,592,274 1,599,394

1,575,000 1,268,000

The accompanying notes from 1 to 28 form an integral part of these condensed interim financial statements.

(Unaudited)

(Checked)

March, 31st

June 30th

2022

2021

(Rupees in ‘000)

6,408,797 4,778,649

35,200 51,584

14,160 12,617

75,506 120,977

5,466 7,780

6,220 6,200

6,545,349

4,977,807

14,050,926

11,031,915

500,000 355,779

500,000 355,779

584,303 5,702,495

530,386 5,348,698

8,348,431

5,683,217

14,050,926

11,031,915

______________________

_________________

_____________________

Chief executive officer

President

Financial director

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