Karachi: Digital Custodian Company Limited has reported a substantial rise in profit for the financial year ending June 30, 2024, marking a significant turnaround from the previous year. The company’s financial statements reveal a profit after taxation of 75.94 million rupees, a notable increase from 5.36 million rupees in 2023.
The company’s operating income for 2024 stood at 119.74 million rupees, up from 98.14 million rupees in 2023. This growth in income is complemented by a decline in operating and administrative expenses, which were recorded at 98.65 million rupees compared to 88.83 million rupees the previous year. Consequently, the operating profit saw a substantial rise to 21.10 million rupees from 9.31 million rupees.
A significant contributor to the company’s improved financial performance was the income from associates, which amounted to 32.68 million rupees, compared to a loss of 366,924 rupees in 2023. Additionally, the company reported other income of 46.78 million rupees, a significant increase from 9.21 million rupees in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), the finance cost increased to 2.42 million rupees from 1.16 million rupees in 2023. Despite this rise in finance costs, the profit before levy and taxation reached 98.14 million rupees, a considerable improvement from 17.29 million rupees in 2023.
The company’s earnings per share also saw a marked increase, recorded at 1.45 rupees, compared to 0.11 rupees in the previous year. This growth is reflective of the company’s overall improved financial health and operational efficiency.
The total comprehensive income for the year was 81.92 million rupees, up from 6.94 million rupees in 2023. This includes a post-tax share of other comprehensive income from associates amounting to 7.04 million rupees, offset by a deferred tax liability attributable to the share of income from associates of 1.06 million rupees.
The company’s total assets also increased to 630.65 million rupees from 562.65 million rupees in 2023, with non-current assets making up the majority. The investment in associates saw a notable rise to 216.65 million rupees from 85.33 million rupees in 2023, reflecting the company’s strategic focus on strengthening its investment portfolio.
Equity and liabilities for the company also saw changes, with shareholders’ equity rising to 600.12 million rupees from 522.53 million rupees. The balance sheet indicates a shift in revenue reserves from an accumulated loss of 133,951 rupees in 2023 to an unappropriated profit of 77.46 million rupees in 2024.
Despite the challenges faced in the previous year, Digital Custodian Company Limited’s financial results for 2024 highlight a significant recovery and strategic growth, positioning the company for potential future successes.