Karachi: Saudi Pak Consultancy Company Limited, formerly known as Saudi Pak Leasing Company Limited, has disclosed its unaudited financial statements for the first quarter ending September 30, 2025, revealing continued financial challenges as it transitions from leasing to consultancy services. The company’s financial performance underscores ongoing concerns about its viability as a going concern, despite efforts to settle outstanding liabilities and recover overdue payments.

For the quarter ending September 30, 2025, the company reported total income of 1,418,900 Rupees, a significant decrease from the 14,480,486 Rupees recorded in the same quarter of the previous year. This decline in income is attributed to reduced earnings from finance leases and other operating income. The company incurred total expenses amounting to 22,129,048 Rupees, resulting in an operating loss of 20,710,148 Rupees. However, reversals and gains on the settlement of liabilities contributed 25,044,515 Rupees, leading to a profit before taxation of 4,334,367 Rupees.

The financial statements reflect a stark contrast in the company’s financial position compared to the previous year. The total assets as of September 30, 2025, stood at 668.51 million Rupees, down from 686.03 million Rupees as of June 30, 2025. Current assets saw a minor move with a decrease of 2.85% to 558.03 million Rupees, while non-current assets remained relatively stable at 110.48 million Rupees.

Liabilities continue to outweigh assets, with total liabilities recorded at 1.06 billion Rupees, slightly down from 1.09 billion Rupees in the prior quarter. The company’s net asset position remains negative, at (394.84 million Rupees), though showing a slight improvement from (399.18 million Rupees) as of June 30, 2025.

According to information available from the Pakistan Stock Exchange (PSX), Saudi Pak Consultancy Company’s issued, subscribed, and paid-up share capital remains unchanged, comprising 451.61 million Rupees in ordinary shares and 528.21 million Rupees in preference shares. The strategic shift in business operations from leasing to consultancy services, approved by shareholders in April 2024, is reflected in the company’s name change.

Saudi Pak Industrial & Agricultural Investment Company Limited (SAPICO) continues to hold a controlling interest, with 35.06% of the ordinary share capital and 63% of the preference share capital as of September 30, 2025.

Despite the financial setbacks, the company’s management remains optimistic about the future, citing ongoing efforts to settle outstanding recovery suits and negotiate settlements to improve cash flow. The company aims to conclude these settlements by the second quarter of the fiscal year, with any financial impact to be reflected in the half-yearly accounts ending December 31, 2025.

The company’s performance and ongoing restructuring efforts will be closely watched by investors and regulators as it navigates the challenges of transitioning its business model amidst financial constraints.