GLAXOSMITHKLINE PAKISTAN LIMITED EMPOWERING TOMORROW,
T GETHER
FIRST QUARTER REPORT MARCH 2024
CORPORATE INFORMATION
Quarter Report March 2024
As at March 31, 2024
Board of Directors
Ms. Lai Kuen Goh
Chairperson
Ms. Erum Shakir Rahim
Chief Executive Officer
Mr. Hasham Ali Baber
Chief Financial Officer
Ms. Maheen Rahman
Independent Director
Mr. Muneer Kamal
Independent Director
Mr. Mehmood Mandviwalla
Non-Executive Director
Mr. Simon Foster
Non-Executive Director
Audit Committee
Mr. Muneer Kamal
Chairman
Ms. Lai Kuen Goh
Member
Mr. Simon Foster
Member
Mr. Mehmood Mandviwalla
Member
Ms. Maheen Rahman
Member
Mr. Ovais Farooq
Secretary
Human Resource
- Remuneration Committee
Ms. Maheen Rahman
Chairperson
Mr. Mehmood Mandviwalla
Member
Ms. Lai Kuen Goh
Member
Mr. Simon Foster
Member
Ms. Erum Shakir Rahim
Member
Mr. Paul Banks
Secretary
Disclosure Committee
Ms. Erum Shakir Rahim
Chairperson
Ms. Lai Kuen Goh
Member
Agha Salman Taimur
Member
Mr. Hasham Ali Baber
Secretary
Management Committee
Ms. Erum Shakir Rahim
Chief Executive Officer
Mr. Hasham Ali Baber
Chief Financial Officer
Hina Mir*
Legal Director
Dr. Tariq Farooq
Director Business Unit 1
Syed Nasir Farid
Director Business Unit 2
Dr. Naved Masoom Ali
Director Business Unit 3 & CTC
Mr. Rafay Ahmed
Director Commercial Operations
Dr. Gohar Nayab Khan
Head of Regulatory Affairs
Ms. Sumera Naveed
Director Communication &
Government Affairs
Mr. Faisal Ahmed
Country Ethics & Compliance Head
Dr. Yousuf Hasan Khan
Director Medical
Syed Nabigh Raza Alam
Tech Head
Ms. Mariam Siraj
Interim Country Head - HR
Mr. Yasir Rehman
Head of Transformation
Mr. Khurshand Iqbal
Site Director - F/268
Mr. Muhammad Kashif Ayub
Site Director - West Wharf
Mr. Masood Khan
Interim Site Director - Korangi
Company Secretary
Agha Salman Taimur
Chief Financial Officer
Mr. Hasham Ali Baber
Chief Internal Auditor
Mr. Ovais Farooq
Bankers
Standard Chartered Bank (Pakistan) Ltd
Citibank NA Pakistan
Deutsche Bank A.G. Pakistan Operations
Habib Bank Limited
Meezan Bank Limited
Auditors
Yousuf Adil Chartered Accountants
Legal Advisors
Hashmi & Hashmi
Faisal, Mahmood Ghani and Co
Legal Consultancy Inc.
Registered Office
35 - Dockyard Road, West Wharf, Karachi - 74000.
Tel: 92-21-111-475-725(111-GSK-PAK)
Website: www.pk.gsk.com
Share Registrar
CDC Share Registrar Services Limited CDC House, 99 - B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal Karachi - 74400, Pakistan
Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275) Fax: (92-21) 34326053
Email: info@cdcsrsl.com
Website: www.cdcsrsl.com
GSK First
* Ms. Hina Mir appointed as Legal director as at March 08, 2024.
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GROUP OWNERSHIP STRUCTURE | |
GSK Plc* (100%) | |
GlaxoSmithKline | |
Holdings Limited (100%) | |
GSK Finance Plc (100%) | |
GSK International Holding Finance | |
B.V (82.59%)** | |
(Formerly S.R One International B.V) | |
GlaxoSmithKline Pakistan Limited | |
3 | GSK First Quarter Report March 2024 |
3
GSK First Quarter Report March 2024
Directors' Report to Shareholders
GSK First Quarter Report March 2024
The Directors of GlaxoSmithKline Pakistan Limited (the "Company") are pleased to present the un-audited financial information of your Company for the three months period ended March 31, 2024. This financial information is submitted in accordance with Section 227 of the Companies Act, 2017.
Business environment and challenges:
Post the democratic elections in Pakistan and subsequent formation of Government, the macroeconomic indicators are yet to show any improvement. The exchange rate has remained consistent since the past few quarters and the interest rate has remained at the same level but is expected to reduce. The consumer price index has reduced from the previous quarter.
The pharma industry continued advocacy building, to have a more enabling business environment, by creating the understanding of the issues faced by the industry at levels of the government. As a result, recent SRO was issued by Government on deregulation of non-essential pharmaceutical products and approved the pending hardship cases for essential products. We are grateful for this welcome development and remain committed to working towards the betterment of healthcare in Pakistan.
Review of Operating Results:
For the period ended March 31, 2024, the Company achieved net sales of Rs. 15.6 billion. The total net sales also include Haleon Pakistan Limited (Haleon) of Rs.
0.45 billion as compared to Rs. 0.39 billion in the same period last year. The sale to Haleon Pakistan Limited is on account of products manufactured by the Company for which market authorization rights remain with GlaxoSmithKline Pakistan Limited. The underlying sales growth, excluding sales to Haleon, is 38% The growth is driven by sharpened execution, robust HCP engagement, use of digital channels, and price increase versus same period last year. Resulting in key brands showing double digit growth.
The gross margin of the Company for the year was 14.5% showing a increase of 5% from last year. The higher gross profit percentage this year is due to price increase offset by increase in cost due to devaluation of currency and inflation.
During the quarter, the Company continued to prudently invest behind key business drivers to deliver competitive
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growth and higher return on investment. As a result, operating expenses as a percentage of sales decreased by 2% vs same period LY.
Earnings per share for this quarter increased from Rs. 1.35 to Rs. 1.78.
Future Outlook
Establishing a conducive business environment in Pakistan is crucial for upholding the highest standards of quality and safety in our products. We believe that collaboration between the government, regulatory bodies and industry stakeholders is vital in tackling this issue and safeguarding the health of the population. We aim to work with the relevant stakeholders to create a robust regulatory framework that promotes the production and distribution of safe and effective medicines, ultimately benefiting patients across the country.
Furthermore, we recognize the value of investing in our human capital. We will continue to foster a caring culture that encourages collaboration, creativity, and innovation. By nurturing our talented employees and providing them with the support and resources they need, we can drive positive outcomes for both our company and the patients we serve.
Acknowledgment:
The Board of Directors would like to take this opportunity to express its deep appreciation of the commitment, resilience, courage, and dedication of its employees. We would also like to acknowledge the continued support and cooperation received from our esteemed customers, suppliers, bankers, shareholders and thank them for their confidence in our Company and products.
By order of the Board
Erum Shakir Rahim | Hasham Ali Baber |
Chief Executive Officer | Director |
Karachi
April 26, 2024
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GSK First Quarter Report March 2024
GSK First Quarter Report March 2024
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2024
Un-audited | Audited | |||||||||
March 31, | December 31, | |||||||||
Note | 2024 | 2023 | ||||||||
ASSETS | ---------------Rupees in '000 ------------- | |||||||||
Non-current assets | 4 | 12,190,201 | 11,700,561 | |||||||
Property, plant and equipment | ||||||||||
Intangibles | 955,742 | 955,742 | ||||||||
Long-term loans to employees | 78,857 | 83,809 | ||||||||
Long-term deposits | 50,147 | 50,147 | ||||||||
Current assets | 13,274,947 | 12,790,259 | ||||||||
Stores and spares | 244,296 | 225,107 | ||||||||
Stock-in-trade | 12,687,029 | 11,568,858 | ||||||||
Trade receivables | 1,373,875 | 1,028,474 | ||||||||
Loans and advances | 1,151,124 | 1,182,679 | ||||||||
Trade deposits and prepayments | 258,209 | 218,946 | ||||||||
Refunds due from Government | 1,242,846 | 1,242,846 | ||||||||
Other receivables | 6,854,169 | 6,262,973 | ||||||||
Cash and bank balances | 3,073,029 | 3,610,757 | ||||||||
26,884,577 | 25,340,640 | |||||||||
Total assets | ||||||||||
40,159,524 | 38,130,899 | |||||||||
EQUITY AND LIABILITIES | ||||||||||
SHARE CAPITAL AND RESERVES | ||||||||||
Share capital | 3,184,672 | 3,184,672 | ||||||||
Reserves | 19,056,450 | 18,491,169 | ||||||||
Total equity | ||||||||||
22,241,122 | 21,675,841 | |||||||||
LIABILITIES | ||||||||||
Non-current liabilities | ||||||||||
Staff retirement benefits | 629,042 | 593,709 | ||||||||
Deferred taxation | 1,064,658 | 1,180,595 | ||||||||
Lease liabilities | 109,399 | 116,035 | ||||||||
Current liabilities | 1,803,099 | 1,890,339 | ||||||||
Trade and other payables | 5 | |||||||||
15,476,365 | 14,187,716 | |||||||||
Taxation - provision less payments | 6 | 304,819 | 68,689 | |||||||
Provisions | 156,773 | 138,332 | ||||||||
Current portion of lease liabilities | 43,742 | 35,935 | ||||||||
Unclaimed dividend | 133,604 | 134,047 | ||||||||
16,115,303 | 14,564,719 | |||||||||
Total liabilities | ||||||||||
17,918,402 | 16,455,058 | |||||||||
Total equity and liabilities | ||||||||||
40,159,524 | 38,130,899 | |||||||||
Contingencies and commitments | 7 |
The annexed notes 1 to 15 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
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CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the quarter ended March 31, 2024 (Unaudited)
March 31, | March 31, | ||||
2024 | 2023 | ||||
Note | ---------------Rupees in '000 ------------- | ||||
Revenue from contracts with customers - net | 8 | 15,616,126 | 11,399,120 | ||
Cost of sales | (13,347,268) | (10,286,273) | |||
Gross profit | 2,268,858 | 1,112,847 | |||
Selling, marketing and distribution expenses | 9 | (1,116,675) | (1,061,572) | ||
Administrative expenses | (528,195) | (438,816) | |||
Other operating expenses | (91,065) | (59,151) | |||
Other income | 10 | 477,440 | 1,798,279 | ||
Operating profit | |||||
1,010,363 | 1,351,587 | ||||
Financial charges | (50,458) | (688,345) | |||
Profit before taxation | 959,905 | 663,242 | |||
Taxation - net | (394,624) | (232,680) | |||
Profit after taxation | 565,281 | 430,562 | |||
Other comprehensive income | - | - | |||
Total comprehensive income | |||||
565,281 | 430,562 | ||||
Earnings per share - basic and diluted | 11 | Rs. 1.78 | Rs. 1.35 | ||
The annexed notes 1 to 15 form an integral part of this condensed interim financial statements.
Chief Executive Officer | Chief Financial Officer | Director |
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GSK First Quarter Report March 2024
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
For the quarter ended March 31, 2024 (Unaudited)
Reserves | |||||||||||||
Capital reserve | Revenue reserves | ||||||||||||
Share | Total | Total | |||||||||||
Reserve arising | General reserve | Unappropriated | |||||||||||
capital | on schemes of | profit | Reserves | ||||||||||
--------------------------------------- | arrangements | Rupees in '000 | |||||||||||
Balance as at January 1, 2023 | 3,184,672 | 1,126,923 | 3,999,970 | 12,741,542 | 17,868,435 | 21,053,107 | |||||||
Total comprehensive income for the | |||||||||||||
quarter ended March 31, 2023 | - | - | - | 430,562 | 430,562 | 430,562 | |||||||
Balance as at March 31, 2023 | |||||||||||||
3,184,672 | 1,126,923 | 3,999,970 | 13,172,104 | 18,298,997 | 21,483,669 | ||||||||
Balance as at January 1, 2024 | 3,184,672 | 1,126,923 | 3,999,970 | 13,364,276 | 18,491,169 | 21,675,841 | |||||||
Total comprehensive income for | |||||||||||||
quarter ended March 31, 2024 | - | - | - | 565,281 | 565,281 | 565,281 | |||||||
Balance as at March 31, 2024 | |||||||||||||
3,184,672 | 1,126,923 | 3,999,970 | 13,929,557 | 19,056,450 | 22,241,122 | ||||||||
The annexed notes 1 to 15 form an integral part of this condensed interim financial statements.
GSK First Quarter Report March 2024
Chief Executive Officer | Chief Financial Officer | Director |
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March 31, | |||||||
March | 31, | ||||||
2024 | 2023 | ||||||
------------Rupees in | '000 ------------- | ||||||
753,037 | (1,557,578) | ||||||
(40,225) | (25,000) | ||||||
(274,431) | (584,312) | ||||||
4,952 | 271 | ||||||
443,333 | (2,166,619) | ||||||
(803,912) | (341,058) | ||||||
34,853 | 55,418 | ||||||
49,474 | 154,070 | ||||||
(719,585) | (131,570) | ||||||
(7,855) | (2,642) | ||||||
(443) | - | ||||||
(8,298) | (2,642) | ||||||
(284,550) | (2,300,831) | ||||||
3,037,824 | 4,470,382 | ||||||
2,753,274 | 2,169,551 | ||||||
Director
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GSK First Quarter Report March 2024
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GSK - GlaxoSmithKline Pakistan Ltd. published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 06:19:43 UTC.
