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1St Quarterly Report Sept. 2020

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1St Quarterly Report Sept. 2020 Interim Report September 30, 2020 Company Information 2 Directors’ Review 3 Condensed Interim Statement of Financial Position 6 Condensed Interim Statement of Profit or Loss and Other Comprehensive Income 7 Condensed Interim Statement of Changes in Equity 8 Condensed Interim Statement of Cash Flows 9 Notes to the Condensed Interim Financial Statements 10 Directors’ Review Urdu 22 F E C T O C E M E N T L I M I T E D 1 Interim Report September 30, 2020 COMPANY INFORMATION BOARD OF DIRECTORS AUDIT COMMITTEE Mr. Aamir Ghani Chairman Mr. Jamil Ahmed Khan Chairman Mr. Mohammed Yasin Fecto Chief Executive Mr. Rohail Ajmal Ms. Saira Ibrahim Bawani Mr. Mohammed Anwar Habib Mr. Khalid Yacoob Mr. Mohammed Anwar Habib Mr. Jamil Ahmed Khan HUMAN RESOURCE & Mr. Rohail Ajmal (Nominee of Saudi Pak REMUNERATION COMMITTEE Industrial & Agricultural Investment Co. Ltd.) Mr. Jamil Ahmed Khan Chairman Mr. Khalid Yacoob Mr. Mohammed Anwar Habib CHIEF FINANCIAL OFFICER Mr. Abdul Samad, FCA AUDITORS Rahman Sarfaraz Rahim Iqbal Rafiq, COMPANY SECRETARY Chartered Accountants Mr. Abdul Wahab, FCA LEGAL ADVISOR SHARE REGISTRAR Mian Nisar Ahmed & Co. (MNACO) F. D. Registrar Services (SMC-Pvt) Ltd. 11-E/II, Main Gulberg 1705, 17th Floor, Saima Trade Tower-A Lahore I. I. Chundrigar Road Karachi-74000 Phone Nos. (+ 9221) 32271905-6 REGISTERED OFFICE FACTORY 35-Darul Aman Housing Society Sangjani, Islamabad Block 7/8, Shahrah-e-Faisal Phone Nos. (+ 9251) 2296065-8 Karachi Website: www.fectogroup.com Phone Nos. (+ 9221) 34530120-24 MARKETING OFFICE BANKERS 339, Main Peshawar Road Askari Commercial Bank Limited Chairing Cross Service Road Habib Metropolitan Bank Limited Westridge-1, MCB Bank Limited Rawalpindi National Bank of Pakistan Phone Nos. (+ 9251) 5467111-13 Silk Bank Limited 2 F E C T O C E M E N T L I M I T E D Interim Report September 30, 2020 DIRECTORS’ REVIEW Your directors are pleased to present before you their report together with the un-audited financial results of the company for the Three Months ended September 30, 2020. OVERVIEW During the period under review overall sales volume of cement industry witnessed a growth of 22% with total sales volume of 13.58 million tons as against the total sales volume of 11.13 million tons of same period last year. Local sales volume of the industry increased by 18.91% with dispatches of 10.84 million tons as against the sales volume of 9.12 million tons of same period last year, whereas exports of the industry increased by 35.99%with sales volume of 2.74million tons as against the sales volume of 2.01 million tons of same period last year. Overall sales volume of plants located in north part of the country increased by 17.94% out of which local sales volume increased by 20.43% whereas exports reduced by 9.80%. OPERATING PERFORMANCE The production and dispatches of the Company for the period under review were as follows: -------------TONS------------ 2020 2019 CHANGE IN% Production Clinker 188,994 154,159 22.60 Cement 175,339 150,672 16.37 Dispatches Local 162,250 124,147 30.70 Export 10,128 23,988 (57.78) Total 172,378 148,135 16.37 During the period under review, production of clinker and cement increased by 22.60% and 16.37% respectively as compared to same period last year. Overall sales volume of the Company increased by 16.37% during the period under review, out of which local sales volume increased by 30.70% whereas exports reduced by 57.78%. Local volume improved after resumption of economic activities post pandemic scenario and revival of construction activities. Exports from north remained low due to closure of border with Afghanistan, however, situation improved in last month of the quarter. F E C T O C E M E N T L I M I T E D 3 Interim Report September 30, 2020 FINANCIAL RESULTS SALES REVENUE During the period under review, Company achieved gross local sales revenue of Rs. 1,536 million as against Rs. 1,203 million of same period last year increasing by 27.68% as against increase in local sales volume by 30.70%. Prices in local markets improved during the period mainly due to resumption of economic and construction activities. Net local sales revenue increased by 37.99%as against increase in volume by 30.77% and reached to Rs. 1,023 million as against Rs. 741 million of same period last year. Exports sales on the other hand reduced to Rs. 59 million as against Rs. 155 million of same period last year registering decrease of 61.85% as against reduction in volume by 57.78%. Main reason for such reduction was of suspension of trade with Afghanistan due to closure of border due to COVID-19. PROFITABILITY Cost of sales during the period under review, increased by 15.20% as against increase in sales volume by 16.37%. Cost of fuel and power increased by 20.53% as against increase in production of clinker by 22.60% and cement production by 16.37%, increase in fuel and power cost was mainly due to increase in cost of power as the Government continued to pass on capacity payment charges to consumer in shape of quarterly tariff adjustment, coupled with, imposition of further charges in different categories. Cumulative effect of these charges was of Rs. 1.23 per KWH in cost of power. Stability in coal prices in international markets resulted reduction in coal cost. Increase in selling price in local markets coupled improved sales volume helped the Company to achieve gross profit of Rs. 61 million as against Rs. 12 million of same period last year. Reduction in distribution costs was due to lesser export sales volume; however, finance cost increased due to higher utilization of financing facilities and obtaining loan for payment of wages and salaries under SBP scheme. The Company suffered loss before tax of Rs. 22 million and loss after tax of Rs. 39 million respectively for the period as against loss before tax of Rs. 72 million and loss after tax of Rs. 54 of same period last year respectively. Loss per share for the period was of Rs. 0.78 per share as against loss per share of Rs, 1.06 of same period last year. In order to reduce ever increasing cost of electricity, the Board had approved the installation of 5 MW solar power plant as informed to the members in our report for the year ended June 30, 2020. The Company has signed the contract for the supply of equipment and requisite financing has also arranged under SBP financing scheme for renewable energy. Plant is expected to commence operation during current financial year and will help reduce not only electricity cost but will also provide cleaner energy. SUBSEQUENT EVENT The Honourable Lahore High Court on October 26, 2020 announced its judgment whereby it has upheld the establishment of Competition Commission of Pakistan as constitutional and power of the parliament to enact laws relating to competition. The Company intends to take appropriate legal course in the matter after consulting its legal advisors. 4 F E C T O C E M E N T L I M I T E D Interim Report September 30, 2020 FUTURE OUTLOOK Demand of cement in local markets has increased during first quarter and momentum of it is maintained subsequently as well. Construction package announced for the builders and developers is expected to create more demand for cement. Resumption of economic activities after lifting of lockdown has also helped industry to achieve optimal production. Excess capacity coupled with increasing cost of energy, high inflation and political uncertainty seen recently may hamper growth of the industry in days to come. ACKNOWLEDGEMENT The Board would like to place on record their appreciation to all employees of the Company for their dedicated work and for dealers for their continued support. We are also thankful to the lenders for their co operation and regulators for their guidance. On behalf of the Board MOHAMMED YASIN FECTO ROHAIL AJMAL CHIEF EXECUTIVE DIRECTOR Karachi: October 28, 2020 F E C T O C E M E N T L I M I T E D 5 Interim Report September 30, 2020 CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2020 Un-audited Audited 30 September 30 June 2020 2020 Note Rupees in thousand EQUITY AND LIABILITIES Share capital and reserves Authorized Capital 75,000,000 (June 30,2020: 75,000,000) ordinary shares of Rs. 10/- each 750,000 750,000 Issued, subscribed and paid up capital 50,160,000 (June 30,2020: 50,160,000) ordinary shares of Rs.10/- each 501,600 501,600 Revenue reserves 550,000 550,000 General reserve Accumulated profit 2,312,711 2,352,065 Surplus on revaluation of investment in unquoted shares 102,820 104,346 2,965,531 3,006,411 3,467,131 3,508,011 LIABILITIES Non-current liabilities Long term loan from a banking company 6 110,362 87,217 Liabilities against assets subject to lease 7 22,128 24,809 Deferred income - Government grant 8 16,078 10,476 Deferred taxation 9 34,116 33,430 182,684 155,932 Current Liabilities Trade and other payables 10 597,298 527,345 Short term borrowings 545,583 570,514 Accrued mark-up 10,937 14,313 Unclaimed dividend 14,418 14,418 Unpaid dividend 328 328 Current maturity of long term loan from a banking company 6 72,686 23,581 Current maturity of lease liabilities 7 16,484 19,364 1,257,734 1,169,863 Contingencies and commitments 11 Total equity and liabilities 4,907,549 4,833,806 ASSETS Non-current assets Property, plant and equipment 12 1,783,772 1,792,313 Right-of-use assets 45,987 51,730 Long term investments 13 282,400 284,350 Long term deposits 6,294 6,294 Long term loans and advances 9,434 10,756 2,127,887 2,145,443 Current assets Stores and spares 799,937 811,535 Stock-in-trade 14 1,485,886 1,276,269 Trade debts 14,040 24,892 Short term investments 15 117,765 117,422 Short term loan to a related party 16 59,395 90,000 Loans, advances, deposits, prepayments & accrued markup 28,676 30,665 Taxation - net 174,840 219,889 Cash and bank balances 99,123 117,691 2,779,662 2,688,363 Total assets 4,907,549 4,833,806 The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
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