ORIENT RENTAL MODARABA ANNOUNCES ANNUAL FINANCIAL RESULTS AND DIVIDEND FOR FY 2024

Karachi: Orient Rental Modaraba has declared its financial results for the fiscal year ended June 30, 2024. The board approved the financial statements and declared a final cash dividend of Rs. 1.2 per certificate, equating to a 12% dividend rate.

The company recorded a profit of Rs. 218.37 million for the year, up from Rs. 187.50 million the previous year, marking an increase in earnings per certificate from Rs. 2.50 to Rs. 2.91. According to information available from the Pakistan Stock Exchange (PSX), gross profit for the year stood at Rs. 577.78 million, compared to Rs. 488.63 million in the prior year. Operational expenses were reported at Rs. 1.54 billion, an increase from Rs. 1.27 billion in the preceding year.

The board recommended no issuance of bonus or right shares, and no other corporate actions were proposed. The company will hold its Annual Review Meeting on October 25, 2024, at its registered office in Karachi. The Certificate Transfer Books of the Modaraba will be closed from October 18 to October 25, 2024, for entitlement processing.

Orient Rental Modaraba, which operates in the rental and leasing sector, showed a significant growth in operational and maintenance income, which increased to Rs. 867.48 million from Rs. 682.53 million. Despite higher operating expenses, the improved gross profit and additional income streams contributed to the higher net profit for the year.

The financial results were detailed in the Statement of Profit and Loss, confirming the company’s robust performance and sound management practices. The Annual Report will be available to shareholders via the Pakistan Unified Corporate Reporting System (PUCARS) at least 21 days before the Annual Review Meeting.

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