Lahore: Saudi Pak Leasing Company Limited disclosed its financial position as of June 30, 2024, revealing a detailed account of assets, liabilities, and shareholders’ equity in its latest statements. The firm’s current assets have seen a decline, alongside a reduction in liabilities, compared to the previous fiscal year.

The financial statements indicate that current assets totaled PKR 617.54 million, down from PKR 693.93 million in 2023. The significant items within current assets include a decrease in short-term loans from PKR 120.53 million to PKR 75.80 million and a reduction in current maturity of non-current assets, which now stand at PKR 384.89 million. Conversely, cash and bank balances have seen a notable increase from PKR 27.58 million to PKR 108.82 million.

According to information available from the Pakistan Stock Exchange (PSX), the adjustments in the asset portfolio are reflective of the company’s strategic responses to the prevailing economic conditions, impacting liquidity and asset management.

Liabilities have also shown a marked decrease, with current liabilities now at PKR 1.19 billion compared to PKR 1.38 billion in the previous year. This decrease is largely attributed to a substantial reduction in accrued mark-up and the current maturity of non-current liabilities. The total liabilities stand at PKR 1.18 billion, indicating a strategic reduction in financial obligations.

The net assets have improved slightly but remain in a deficit, indicating negative equity of PKR 459.74 million, which is an improvement from the PKR 568.43 million deficit recorded last year.

In the profit and loss account for the fiscal year ending on June 30, 2024, the company reported a significant turnaround, posting a profit after tax of PKR 107.18 million, compared to a modest PKR 14.58 million in the previous year. This change is primarily due to a substantial increase in revenue from finance leases, which jumped from PKR 32.44 million to PKR 154.00 million. This performance is juxtaposed against a backdrop of decreased administrative and operating expenses and lower finance costs.

This financial overview provides a glimpse into the operational adjustments and strategic management undertaken by Saudi Pak Leasing to navigate its fiscal challenges and reposition in the market.

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