Amtex: Transmission of the quarterly report Period ended September 30, 2022


AMTEX LIMITED

First Quarterly Report

September 30, 2022

AMTEX

CONTENTS

COMPANY INFORMATION

DIRECTOR’S REPORT

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME CONDENSED INTERIM STATEMENT OF CASH FLOWS

INTERIM SUMMARY STATEMENT OF CHANGES IN EQUITY NOTES TO THE INTERIM SUMMARY FINANCIAL STATEMENTS

Company information

board of directors

Mr. Muhammad Ahsan

President

Mr. Khurram Iftikhar

Chief executive officer

Mr. Shahzad Iftikhar

Mr. Nadeem Iftikhar

Mr. Suhail Maqsood Ahmed

Mr. Gul Muhammad Naz

Ms Jawaria Ahsan

Financial director

Mr. Waheed Aslam

Company Secretary

Mr. Muhammad Raza Farooq

Audit Committee

Mr. Suhail Maqsood Ahmed

President

Mr. Muhammad Ahsan

Ms Jawaria Ahsan

Human Resources and Remuneration Committee

Mr. Gul Muhammad Naz

President

Mr. Suhail Maqsood Ahmed

Shahzad Iftikhar

Auditors

Zahid Jamil & Co.

Chartered Accountants

Jural advisor

Mr. Aamir Nawaz Bhatti

High Court Lawyer

Share Registrar’s Office

Vision Consulting Limited

3-C, LDA Apartments, Lawrance Road, Lahore

Registration desk

P-225 Tikka Gali #2 Montgomery Bazaar, Faisalabad

Project locations

Punj Pullian Daewoo Road Faisalabad

Processing and sewing unit

Website

www.amtextile.com

DIRECTORS’ REPORT

The board of directors of Amtex Limited attaches the directors’ report together with the unaudited financial information of the company for the period ended 30 September 2022.

Financial results

The financial results for the period under review with comparative figures for the previous period are presented below.

Quarter ended September 30

2022

2021

rupees

rupees

Sales

355 356 601

284 859 253

Cost of sales

281 049 180

262 241 676

Gross profit

74 307 421

22,617,577

Profit / (Loss) for the period

289 765 840

(24,752,270)

Earnings per share – Basic and Diluted

1.12

(0.10)

For 1st quarter under review, the company earned gross profit of Rs. 74.30 million compared to gross profit of Rs. 22.61 million in the corresponding period last year and net profit of Rs. 289, 76 million compared to a net loss of Rs. 24.75 million in the corresponding period last year. The sales volume has also increased from the previous corresponding period and the company’s total sales are Rs. 355.35 million in three months against sales of Rs. 284.85 million in the corresponding period of the year last.

As mentioned in note 1.3 and note 3.1.3 to these condensed interim financial statements, the auctioneers in the request for execution filed by the Bank of Punjab auctioned off the land and building of the spinning division of the company to 490 million rupees. While awaiting the petition for execution, the bank holding the decree, the company as well as other banks/financial institutions holding the first charge have reached a negotiated agreement and have agreed to withdraw the petitions to object to the auction of land and buildings and also agreed to the sale of Spinning Division. machinery to auction buyer (M/S Beacon Impex Private Limited) for Rs.315 million. Accordingly, the Honorable Court upheld the auction and ordered the distribution of the sale proceeds of Rs 490 million among the banks/financial institutions holding the first charge in proportion to the value of their charge. The entire proceeds from the sale of land, buildings and machinery of Rs 805 million has been adjusted against loans to the company by the banks/financial institutions involved. The gain on the auction of land and buildings and the sale of plant and machinery of the spinning division amounting to Rs 264.44 million is included in other operating income.

Certain banks/financial institutions have filed a claim against the Company for the recovery of its funding and markup and the Company has not provided any markup/cost of funds on said outstanding amounts. Based on the legal opinion, the company believes that after the lawsuit is filed, a financial institution is only entitled to the cost of funds if it is granted by the court in the event that the lawsuit is adjudicated against the society. The levy of the cost of funds and its amount will depend on the passing of the decree and the rate prescribed by the State Bank of Pakistan during the pending period of the claim and the cancellation of the decree, if passed by the court.

Future prospects

Mixed trend seen at the start of FY2022. Challenges of energy shortage, political instability, continuously rising fuel prices and steadily rising inflation remain major impediments to sustainable growth . Trade has been negatively affected due to the unreliability and inadequacy of the country’s electricity and gas supply system. The government must take immediate action to address the persistent problems of high financial cost, gas and electricity supply, otherwise they will continue to harm the textile industry in Pakistan. The management is well aware of the situation and has made efforts to maintain the upward trend in the volume of exports and to settle the disputes with the banks quite favorably. The company is focusing on key measures as outlined in the Textile and Apparel Policy, such as capacity building, lowering the cost of doing business, continuing DLTL/DDT programs for value-added product exports added. The company plans to take advantage of the above-mentioned measures and has set an ambitious export target that will not only help management achieve higher profitability, but also help settle disputes with banks.

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Disclaimer

amtex ltd. published this content on October 31, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on October 31, 2022 04:28:05 UTC.

Public now 2022

All news about AMTEX LIMITED

2022 sales 1,251 million
5.62 million
5.62 million
2022 net income 103M
0.47M
0.47M
Net debt 2022 8,383 million
37.7 million
37.7 million
PER 2022 ratio 1.40x
2022 return
Capitalization 145 million
0.65M
0.65M
EV / Sales 2021 7.94x
EV / Sales 2022 6.82x
# of employees 173
Floating 31.6%


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