Grays Leasing Limited Reports Increase in Yearly and Quarterly Profits Despite Market Challenges

Lahore: Grays Leasing Limited (GLL), a Non-Banking Finance Company listed on the Pakistan Stock Exchange, has announced a significant rise in both annual and quarterly profits, according to a recent corporate briefing. The Lahore-based company highlighted its financial achievements for the year ended June 30, 2024, and for the quarter ending September 30, 2024, showcasing resilience and strategic growth amidst economic fluctuations.

The company reported a substantial increase in its yearly income from lease operations, which escalated to Rs. 27.18 million in 2024 from Rs. 21.12 million in 2023. This rise contributed to a total revenue of Rs. 30.51 million in 2024, up from Rs. 23.90 million the previous year. Profit before taxation more than doubled to Rs. 14.77 million, while profit after taxation also saw a healthy increase, reaching Rs. 7.76 million.

For the quarter ending September 30, 2024, Grays Leasing continued its positive trajectory, with revenue from lease operations growing to Rs. 6.28 million from Rs. 5.64 million in the same quarter the previous year. The quarter’s total revenue stood at Rs. 6.96 million, and the company posted a profit after taxation of Rs. 2.38 million.

According to information available from the Pakistan Stock Exchange (PSX), the company’s operational results reflect strategic financial management and robust performance despite challenges such as rising interest rates and shifting market conditions. The report also noted that the company’s provision for potential lease losses saw a reversal, further bolstering its financial position.

In terms of operational highlights, Grays Leasing sanctioned and recovered amounts significantly higher this year, with disbursements amounting to Rs. 162.77 million, up from Rs. 48.51 million in 2023. This has had a notable impact on the company’s gross and net investments in finance leases, which have remained robust despite economic pressures.

The company’s future outlook remains optimistic, with plans to capitalize on internal cash generation and strategic recoveries to drive further growth. Management is confident about the prospects of improvement in the coming year, buoyed by favorable market conditions and operational strategies.

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