Karachi: Cordoba Logistics and Ventures Limited (CLVL) has announced a Corporate Briefing Session (CBS) scheduled for November 26, 2024, to discuss its financial performance for the fiscal year ended June 30, 2024. The session will be conducted via video conference, providing shareholders and analysts an opportunity to gain insights into the company's annual performance and future outlook.
The company has invited interested shareholders and analysts to register for the session by submitting their details and supporting documents to [email protected] by November 25, 2024. Video-link and login credentials for the CBS will be shared with those who have successfully registered.
For the fiscal year 2024, CLVL reported a standalone net profit of PKR 19.11 million, a decrease from the PKR 31.23 million recorded in the previous year. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) reached PKR 48.34 million, slightly up from PKR 46.41 million in fiscal year 2023. Revenue from logistics services and rental of commercial vehicles amounted to PKR 45.94 million, down from PKR 56.05 million in the prior year.
According to information available from the Pakistan Stock Exchange (PSX), the company made a further equity investment of PKR 7.50 million in Finox Pvt. Ltd., a significant increase from its initial investment of PKR 31.35 million for a 32.5% stake. Finox Pvt. Ltd.'s valuation has risen considerably, as evidenced by the latest investment round.
On a consolidated basis, CLVL reported a net profit of PKR 115.40 million for fiscal year 2024, a substantial increase from PKR 35.26 million in the previous year. The group achieved a total income of PKR 444.99 million, with PKR 399.05 million generated from its wholly-owned subsidiary, Cordoba Financial Services Ltd. (CFSL), previously known as Cordoba Leasing Ltd. This marks a significant rise from the PKR 116.16 million earned during the corresponding period last year.
The Securities and Exchange Commission of Pakistan (SECP) granted a license to CFSL on January 18, 2024, to operate as an Investment Finance Company, enabling it to undertake investment finance services.
Looking ahead, CLVL has further reinforced its financial position in the first quarter of fiscal year 2025 by investing PKR 20.50 million as a loan in CFSL and injecting PKR 425.00 million in equity to support leasing and investment finance services. The outstanding loan amounting to PKR 113.40 million was converted into equity after shareholder approval in an Extraordinary General Meeting held on August 27, 2024.
Pakistan's economy showed signs of improvement in Q1FY2025, with inflation dropping to single digits, increased industrial output, and growth in large exporting sectors. The current account deficit contracted, and the policy rate decreased by 200 basis points in September 2024, contributing to an optimistic economic outlook for the fiscal year 2025.