Karachi: EFG Hermes Pakistan Limited has released its financial results for the half-year ended June 30, 2024, indicating a notable recovery in its financial performance. The Board of Directors, who met on August 22, 2024, has decided against declaring any cash dividends, bonus shares, or rights shares at this time.

The meeting highlighted significant growth in operating revenues, which rose to Rs. 121.89 million in the first half of 2024, compared to Rs. 53.28 million in the corresponding period of the previous year. This increase is supported by gains on sale of investments, although these gains were lower than the year before.

According to information available from the Pakistan Stock Exchange (PSX), administrative and general expenses showed a slight decline, contributing to an operating profit of Rs. 29.57 million, compared to a loss in the prior year. Other income also rose, further bolstering profitability.

Despite high financial charges, the company reported a profit before taxation of Rs. 21.66 million, a significant turnaround from a loss before taxation of Rs. 53.43 million in the previous year. After accounting for taxation, the profit after taxation stood at Rs. 13.88 million.

The company's half-yearly report will be transmitted through PUCARS within the specified timeframe, providing stakeholders with a more detailed view of its financial health and operational status.

This financial disclosure indicates a period of recovery and potential growth for EFG Hermes Pakistan Limited, as reflected in its comprehensive income and improved earnings per share, which stood at Rs. 0.69.