The company was incorporated as a private limited company in October 1965. In November 1993, the company was converted into a public limited company. Its shares are quoted on Karachi and Islamabad stock exchanges.
Searle Pakistan Limited is principally engaged in manufacturing of pharmaceutical products and low calorie sweetner and it is also engaged in the sale of food and consumer items. The company also provides services for production of pharmaceutical products.
The company has long-term investment in a wholly owned subsidiary company viz IBL Healthcare Private Ltd this investment amounts to Rs 20 million in the fully paid ordinary shares of Rs 10 each. The breakup value of the share at March 31, 2005 works out to Rs 10.82 per share (June 30 2004: Rs 10.52 per share). The Company had passed a special resolution in its AGM of November 20, 2003 to dispose of its investment in the subsidiary.
The company's net sales for the first nine months of Rs 1,486.92 million were 8.48% higher than amount of same period last year (SPLY). The key brands of Searle Pakistan are Hydrillin, Tramal, Metodine, Sustac, Nuberol, Arthrotec, Canderel. These brands as well as new products introduced during the last periods achieved consistently good growth.
The gross margin for the period works out to 33.75 percent compared to 38.14 percent in SPLY. The decrease was mainly due to general increase in raw and packing material import costs which was direct effect of the devaluation of the rupee against major European currencies and US dollar and incremental depreciation of Rs 9 million charged to cost of sales. During the period, the company posted net profit after taxation at Rs 66.47 million (9M 2003-04: Rs 91.20 million) showing substantial shortfall compared to net profit of SPLY.
The share in the company is trading at Rs 35.90 per share which is more than 3.5 times of the par value. During the last one year the share's price ranged between Rs 34 and Rs 52.50 per share.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2005 2004
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Share Capital-Paid-up: 200.09 190.56
Reserves: 311.91 236.80
Shareholders Equity: 512.00 427.36
Surplus on Revaluation of
Fixed Assets: 411.94 430.11
L.T. Debts: 103.88 140.66
Deferred Income: 3.10 4.05
Deferred Liabilities: 113.11 108.16
Current Liabilities: 961.54 835.35
Fixed Assets: 696.34 655.42
Intangible Assets: 54.71 61.67
L.T. Investments in Subsidiary: 200.00 200.00
L.T. Loans: 4.48 3.68
L.T. Deposits: 7.03 5.97
Current Assets: 1,143.01 1,018.95
Total Assets: 2,105.57 1,945.69
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Profit & Loss A/c for Nine Months Ended
March 31 2005 2004
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Sales-Net: 1,486.92 1,370.74
Gross Profit: 501.88 522.78
Operating Profit: 162.09 216.93
Other Income: 6.44 3.23
Financial (Charges): (52.55) (66.49)
Profit Before Taxation: 106.32 141.60
Profit After Taxation: 66.47 91.20
Earnings Per Share (Rs): 3.32 4.56
Share Price (Rs) on 25/07/05: 35.90 -
Price/Earning Ratio: 10.81 -
Book Value of Share (Rs): 25.60 22.43
Debt/Equity Ratio: 10:90 14:86
Current Ratio: 1.19 1.22
Gross Profit Margin (%): 33.75 38.14
Net Profit Margin (%): 4.47 6.65
R.O.A. (%): 3.16 4.69
R.O.E. (%): 12.98 21.34
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COMPANY INFORMATION: Chairman: Company Information: Chairman: Rashid Abdullah; Chief Executive: Tariq Ismail; Chief Financial Officer & Company Secretary: Muhammad Ali; Registered Office: NIC Building, Abbasi Shaheed Road Karachi; Web Address: Not Reported; Factory: F-319, S.I.T.E. Karachi.
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