The project belongs to the sponsors of Herald Publication, the publishers of daily Dawn.
The "Company Profile" page of its website emphasises that the blending plant of the company is equipped with all modern facilities and controlled through a strict-procedure.
It is ensured that the Base Oil, received from National Refinery Limited does not have any contamination and impurities.
Chemicals and additives of highest quality from world's renowned producers are used in blending of lubricants.
The financial year 2003-04, accumulative three quarters (9M 2003-04) production of the company stood at 2,851 metric tons as against 2,550 metric tons recorded for the corresponding period last year.
During 9M 2003-04, its sales in terms of value grew at 11.41% but gross profit registered sharp decline by 10.25% over the gross profit recorded in the corresponding period last year.
Administrative expenses were contained at the level of preceding year's corresponding period. Selling and distribution expenses were higher by a million rupees while financial charges were lesser by Rs 2.4 millions.
Other income were also more than Rs 0.7 millions. Even then at the bottom line the profitability figure trailed behind the figure of the corresponding period last year.
Earning Per Share (EPS) had shortfall of 66 paisas. At the prevailing market price of its share at Rs 115/share the Price/Earning Ratio (PER) is a multiple of 63, exhibiting strong confidence of the investors in the enterprise.
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Performance Statistics (Million Rupees)
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Balance Sheet -As At-
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March 31 June 30
2004 2003
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Share Capital-Paid-up: 8.00 8.00
Revenue Reserves: 22.45 20.99
Shareholders Equity: 30.45 28.99
L.T Debts: 7.51 8.48
Current Liabilities: 53.82 45.19
Tangible Fixed Assets: 24.17 26.74
Intangible Assets: 0.19 0.25
Investments in Property: 2.55 2.75
L.T Loans & Deposits: 4.02 3.90
Deferred Tax: 2.75 2.91
Current Assets: 58.10 46.11
Total Assets: 91.78 82.66
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Profit & Loss A/c
For the Nine Months Ended March 31 2004 2003
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Sales: 177.75 159.54
Gross Profit: 30.55 34.04
Operating Profit: 3.27 6.70
Other Income: 3.00 2.34
Financial (Charges): (2.74) (5.15)
Profit Before Taxation: 3.27 3.60
Profit After Taxation: 1.46 1.99
Earnings Per Share (Rs): 1.83 2.49
Share Price (Rs) on 08.07.2004: 115.00 -
Price/Earning Ratio: 62.84 -
Book Value of Share (Rs): 38.06 36.24
Debt/Equity Ratio: 20:80 23:77
Current Ratio: 0.69 1.02
Gross Profit Margin (%): 17.19 21.33
Net Profit Margin (%): 0.82 1.25
R.O.A (%): 1.59 2.41
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COMPANY INFORMATION: Chairperson: Amber H. Saigol; Chief Executive: Imran Azim; Company Secretary & Chief Financial Officer: Abdul Aleem Rafiq; Registered Office: 11-Dockyard Road West Wharf Industrial Area, P.O. Box No 4992 Karachi-74000; Web Address: www.haroonoils.com; Branch Office: Regency Plaza, 120-P Mini Market Gulberg II, Lahore.