AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Popular Islamic Modaraba (PIM), a prominent Islamic financial institution, has disclosed its financial outcomes for the fiscal year ending June 30, 2024, showcasing a significant increase in profits and operational performance. The results, which have been approved by the Board of Directors, were shared in a document submitted to the Pakistan Stock Exchange.
The company reported a substantial growth in income, reaching PKR 45.69 million in 2024, up from PKR 27.72 million the previous year. This increase was supported by strong performance across its operations, with operating profit before management fees rising to PKR 28.71 million from PKR 9.18 million in 2023. According to information available from the Pakistan Stock Exchange (PSX), the net profit after taxes for 2024 stood at PKR 24.70 million, a remarkable growth compared to PKR 7.97 million in 2023.
The financial statement also highlighted a final cash dividend of PKR 1.00 per certificate, marking a 10.00% distribution, an indication of the company’s robust financial health and commitment to rewarding its investors.
Further, the company detailed upcoming corporate events, including an Annual Review Meeting scheduled for October 28, 2024, to discuss these financial results and strategic direction. The Certificate Transfer Books of the Modaraba will be closed from October 21 to October 28, 2024, to facilitate the transfer process.
These financial indicators not only reflect Popular Islamic Modaraba’s operational success but also its pivotal role in shaping the landscape of Islamic finance in Pakistan.