Karachi: OLP Financial Services Pakistan Limited has reported a significant rise in their annual profits for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company's net profit after taxation climbed to Rs. 1.55 billion, marking a 20% increase from the previous year's Rs. 1.29 billion. This improvement is attributed to substantial growth in income from operations and effective cost management.
The company's total income for the year surged to Rs. 10.13 billion, up from Rs. 8.70 billion in 2023, driven by a notable increase in mark-up on finances and loans which jumped to Rs. 5.24 billion from Rs. 3.85 billion. The income from other activities also rose, totaling Rs. 2.10 billion, compared to Rs. 1.97 billion in the preceding year.
Expenses for the year were managed at Rs. 7.41 billion, an increase from Rs. 6.39 billion in 2023. However, the company saw a decrease in direct costs and a reversal in provision for potential lease and other loan losses, which contributed to the profitability.
The earnings per share also showed improvement, rising from Rs. 6.81 to Rs. 8.09.
In addition to financial results, the company announced a final cash dividend of Rs. 3 per share, which is a 30% payout, adding to the interim dividend of Rs. 2 per share already paid earlier in the year.
The 38th Annual General Meeting (AGM) of the company is scheduled to be held on October 25, 2024, at the Institute of Chartered Accountants of Pakistan and through video conference. The Share Transfer Books of the Company will be closed from October 18, 2024, to October 25, 2024.