BECO Steel : Transmission of Quarterly Report for the Period Ended 31.03.2023

2023

CONDENSED INTERIM FINANCIAL STATEMENTS QUARTER ENDED 31 MARCH 2023 (UN-AUDITED)

www.becosteel.com

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COMPANY INFORMATION

BOARD OF DIRECTORS
1.	Mr. Muhammad Zain-ul-Afaq	Chairperson/Non-Executive Director
2.	Mr. Muhammad Ali Shafique Chaudhry	Chief Executive Officer
3.	Ms. Afifa Shafique	Executive Director
4.	Mr. Muhammad Hashim Tareen	Independent Director
5.	Mr. Mahmood Aslam	Independent Director
6.	Mrs. Shabana Shafique	Non-Executive Director
7.	Miss. Eman Shafique	Non-Executive Director
AUDIT COMMITTEE
1.	Mr. Muhammad Hashim Tareen	Chairman/Independent Director
2.	Mrs. Shabana Shafique	Member
3.	Miss Eman Shafique	Member
HR & REMUNERATION COMMITTEE
1.	Mr. Muhammad Hashim Tareen	Chairman/Independent Director
2.	Mr. Muhammad Ali Shafique Chaudhry	CEO/Member
3.	Miss Eman Shafique	Member
4.	Mrs. Shabana Shafique	Member
CHIEF FINANCIAL OFFICER	COMPANY
Ms. Afifa Shafique	SECRETARY
		Mr. Abdul Shakoor
EXTERNAL AUDITORS
M/s. Sheikh and Chaudhri
Chartered Accountants
REGISTERED OFFICE	SHARE REGISTRAR
79-Peco Road Badami Bagh Lahore	Hameed Majeed Associates (Private)
Pakistan.	Limited

COMPANY'S BANKER

Soneri Bank Limited

JS Bank Limited

Habib Metropolitan Bank Limited

Meezan Bank Limited

Samba Bank Limited

Bank Al-Falah

DIRECTORS' REVIEW REPORT

Dear Members

The directors of the company are pleased to present the unaudited financial statements for the

period ended 31 March 2023.

A brief summary of the financial results as on 31 March 2023 is as follow:

Business, Financial & Operational review

Throughout the period, the Company's overall performance was affected by political tensions, flooding, heavy rainfall, a current account deficit, currency depreciation, challenges with foreign exchange reserves, increasing inflation, elevated discount rates, a substantial rise in energy costs, and a decline in sale prices.

Future Outlook

Looking ahead, the Company's performance will still be influenced by import reductions and a higher base discount rate. Anticipated growth in construction activities following the floods is expected to boost demand for long-rolled products, contingent upon raw material imports.

Acknowledgment

We would like to appreciate our customers, suppliers, shareholders, employees and executives for their support and cooperation to the company.

Interim financial statements along with auditors' review report thereon are attached herewith for members' kind perusal and record.

For and on behalf of the Board

Muhammad Ali Shafique Chaudhry	Muhammad Zain ul Afaq
Chief Executive Officer	Director

Lahore

September 18, 2023

BECO STEEL LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

AS AT 31 MARCH 2023

EQUITY AND LIABILITIES	Note
Share capital and reserves

Authorised share capital:

31-Mar-202330-June-2022

RupeesRupees

150,000,000 (30 June 2021: 150,000,000) ordinary shares of Rs.10 each

Issued, subscribed and paid up capital

25,000,000 (30 June 2021: 25,000,000) ordinary shares of Rs.10 each

Share Premium

Loan from directors5 Revenue reserve

Accumulated( losses)/profit

Non current liabilities

Current liabilities

Trade and other payable

Accrued mark up

Unclaimed dividend

Provision for taxation

Contingencies and commitments

6

ASSETS

Non current assets

Property, plant and equipment

Long term deposits

Deferred tax asset

Current assets

Stock in Trade

Stores, spares and loose tools Trade debts

Loan and advances

Income tax due from Government

Trade deposits and short term prepayments

Short term investment7 Cash and bank balances

1,500,000,000

1,249,625,100

1,999,250,200

182,330,200

9,000,000

(380,607,018)

3,059,598,482

-

1,689,209,864

850,000

1,073,917

(42,219,240)

1,648,914,541

-

4,708,513,023

2,959,830,076

450,000

49,119,289

49,569,289

3,009,399,365

538,763,682

136,338

1,006,476,366

-

54,792,133

38,104,715

1,103,997

59,736,427

1,699,113,658

4,708,513,023

1,500,000,000

1,249,625,100

1,999,250,200

217,072,420

9,000,000

(113,808,140)

3,361,139,580

-

1,105,942,115

850,000

1,034,090

79,297,005

1,187,123,210

-

4,548,262,790

3,014,759,336

450,000

49,119,289

49,569,289

3,064,328,625

458,151,183

819,832

901,779,197

-

86,587,437

160,000

1,103,997

35,332,519

1,483,934,165

4,548,262,790

The annexed notes from 01 to 12 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

BECO STEEL LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE PERIOD ENDED 31 MARCH 2023

Nine Month ended

Quarter ended

Note

Sales

Cost of Sales8 Gross profit

Distribution and selling expenses Administrative and general expenses Other operating expenses

Operating profit /(loss)

Other income

Profit from operations

Finance cost

Profit before taxation

Taxation

Profit after taxation

31-Mar-2023

Rupees

3,377,539,277

(3,526,040,978)

(148,501,701)

-

(72,179,197)

-

(72,179,197)

(220,680,898)

-

(220,680,898)

(3,898,740)

(224,579,638)

(42,219,240)

(266,798,878)

31-Mar-2022

Rupees

3,700,088,851

(3,477,266,707)

222,822,144

(14,385,616)

(19,768,193)

(2,217,846)

(36,371,655)

186,450,489

23,727

186,474,216

(7,570)

186,466,646

(46,251,110)

140,215,536

31-Mar-2023

Rupees

149,899,026

(375,825,637)

(225,926,611)

-

(6,701,570)

-

(6,701,570)

(232,628,181)

-

(232,628,181)

(16,325)

(232,644,506)

(1,873,737)

(234,518,243)

31-Mar-2022

Rupees

1,416,506,265

(1,321,971,275)

94,534,990

(5,295,835)

(8,966,942)

(987,321)

(15,250,098)

79,284,892

-

79,284,892

-

79,284,892

(17,706,328)

61,578,564

Earning per share- basic and diluted

(5.93)4.77

(9.38)2.10

The annexed notes from 01 to 12 form an integral part of these financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER