OLP Modaraba Approves 20% Cash Dividend for Fiscal Year 2023

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Karachi, The Board of Directors of OLP Services Pakistan (Pvt.) Limited, formerly known as ORIX Modaraba, convened on September 14, 2023, in Karachi to deliberate on the financial performance of OLP Modaraba for the fiscal year ending June 30, 2023. The board members reached several significant decisions and released the financial results, including a substantial cash dividend for investors.

The board announced a final cash dividend of PKR 2.00 per certificate, equivalent to 20% of the investment, for the year ending June 30, 2023. This news is bound to bring cheer to shareholders who have been eagerly awaiting the Modaraba’s performance results.

Additionally, the board meeting reported that there would be no bonus certificates, right certificates, or any other entitlement or corporate actions. Furthermore, no price-sensitive information was disclosed during the meeting.

In terms of financial performance, OLP Modaraba reported the following key figures for the fiscal year ending June 30, 2023:

Ijarah rentals earned: PKR 976,425,361

Income on diminishing musharika arrangements: PKR 830,825,293

Dividend income: PKR 28,069,036

Income on deposits with banks: PKR 61,525,261

Profit for the year before taxation: PKR 403,244,968

Profit for the year after taxation: PKR 409,741,326

Total comprehensive income for the year: PKR 218,290,562

The certificate transfer books will be closed from October 19, 2023, to October 26, 2023, (both days inclusive) for the purpose of ascertaining entitlement to the cash dividend. Shareholders are encouraged to take note of these dates.

Furthermore, the annual review meeting (ARM) of OLP Modaraba is scheduled to take place on October 26, 2023, via video link in Karachi, where a more comprehensive discussion of the company’s performance and future prospects is expected to take place. Shareholders and stakeholders are encouraged to participate in this important event.

With the approval of the cash dividend and the release of the financial results, OLP Modaraba continues to demonstrate its commitment to creating value for its investors and maintaining transparency in its operations.

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