Jahangir Siddiqui and Co. Reports Mixed Financial Results for First Half of 2024

Karachi: The Board of Directors of Jahangir Siddiqui and Co. Ltd. (JSCL) convened on August 28, 2024, in Karachi, where they approved the un-audited financial statements for the half-year ended June 30, 2024. The financial outcomes reflect varied performance indicators, with significant fluctuations noted in both revenue streams and profitability metrics.

According to information available from the Pakistan Stock Exchange (PSX), JSCL disclosed both consolidated and unconsolidated financial results, providing a detailed view of the company’s financial health over the period. The un-audited unconsolidated profit after taxation stood at 306.04 million rupees for the half-year ended June 30, 2024, a decrease from 470.04 million rupees in the same period last year. Similarly, the consolidated profit after taxation was reported at 10.07 billion rupees, down from 3.39 billion rupees year-over-year.

The income from investments showed a robust growth, with the unconsolidated figures rising to 696.88 million rupees from 540.80 million rupees in the previous year’s corresponding period. However, operating and administrative expenses also saw a significant increase, underscoring the company’s heightened expenditure to support its operations.

In terms of other comprehensive income, the company faced setbacks with an unconsolidated unrealised loss on revaluation of investments recorded at 343.86 million rupees, a stark contrast to a gain of 1.16 billion rupees in the previous year. This indicates volatility in investment valuations affecting the overall financial standing.

These financial results are encapsulated in the company’s quarterly reports, which will be disseminated through PUCARS, ensuring compliance with regulatory disclosure requirements.

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