Saudi Pak Leasing Company Reports Substantial Increase in Profit for 2024 Amid Reduced Liabilities

Karachi: Saudi Pak Leasing Company Limited has experienced a significant increase in profits and a reduction in liabilities for the fiscal year ending June 30, 2024. The company reported a net profit of 107.18 million, up from 14.58 million in 2023, while total liabilities decreased from 1.38 billion to 1.18 billion. The finance sector company also saw a decrease in total assets from 811.58 million to 734.61 million year-over-year.

According to information available from the Pakistan Stock Exchange (PSX), the company’s earnings per share also showed a substantial improvement, with basic EPS rising from 0.32 in 2023 to 2.37 in 2024. This financial turnaround is primarily attributed to an increase in revenue from finance leases, which more than quadrupled from 32.44 million to 154.00 million. Additionally, a significant reversal of provision for non-performing exposures contributed 49.46 million to the operating profit, which totaled 143.81 million, a stark contrast to the previous year’s operating loss.

Operating expenses and finance costs for the company remained controlled; however, the total revenue from operating leases did not contribute this year. Saudi Pak Leasing managed to reduce its accrued mark-up by over 31.45 million and significantly decreased its current maturity of non-current liabilities by approximately 149.19 million. These figures reflect a strategic reduction in financial burdens and an improved balance sheet.

Despite the financial gains, the company continues to bear accumulated losses, now totaling 1.67 billion, down from 1.80 billion in 2023. The share capital remains constant at 2.00 billion, with no changes reported in issued, subscribed, and paid-up capital.

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