AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: First Paramount Modaraba has reported its financial outcomes for the fiscal year ending June 30, 2024, noting substantial revenue growth but facing restrictions on dividend distributions, as indicated in their latest filing with the Pakistan Stock Exchange.
On October 3, 2024, the Board of Directors of Paramount Investments Limited convened to finalize the year’s financial results, highlighting a robust performance despite economic challenges. The results showed a dramatic increase in income from trading operations, which surged to PKR 88.98 million from PKR 37.79 million in the previous year. This significant growth was supported by gains in murabaha and musharaka financing, which also saw considerable increases.
However, the management reported that due to directives issued by the Securities & Exchange Commission of Pakistan on August 15, 2022, the company is unable to distribute dividends for this financial period. According to information available from the Pakistan Stock Exchange (PSX), the constraints are part of broader regulatory measures affecting financial distributions within the sector.
Administrative and operating expenses for the company rose to PKR 105.15 million, up from PKR 62.71 million, underscoring increased operational costs. Despite these costs, First Paramount Modaraba managed to post a profit before income tax of PKR 40.66 million and a net profit of PKR 28.54 million for the year, marking improvements from the previous year’s PKR 11.79 million and PKR 6.54 million, respectively.
The earnings per certificate for shareholders stood at PKR 2.07, significantly up from PKR 0.47 in 2023, reflecting the company’s resilient performance amidst the financial restrictions imposed.
Looking forward, First Paramount Modaraba has scheduled its Annual Review Meeting for October 28, 2024, at the PECHS Community Hall in Karachi. The company’s certificate transfer books will remain closed from October 22, 2024, to October 28, 2024, to facilitate preparations for this meeting.