Karachi: OLP Financial Services Pakistan Limited has reported an increase in profitability for the fiscal year ending June 2024, driven by higher income from operations and improved financial management, according to a corporate briefing session held recently. On June 30, 2024, the company recorded a profit after tax of 1,393 million PKR, marking a significant increase from the previous year’s 1,211 million PKR.
The company’s income from operations rose to 6,885 million PKR, up from 5,904 million PKR in the previous fiscal year. Other income also grew to 959 million PKR, compared to 774 million PKR in June 2023. The total income for the year stood at 7,984 million PKR, an increase from 6,796 million PKR the prior year. Finance costs saw a slight increase, reaching 3,876 million PKR from 3,158 million PKR.
According to information available from the Pakistan Stock Exchange (PSX), the company’s financial position remained stable, with total assets amounting to 31,954 million PKR, nearly unchanged from the previous year’s 31,953 million PKR. The net investment in finance lease, finances, and loans increased to 16,772 million PKR from 14,191 million PKR.
OLP Financial Services reported total borrowings of 18,865 million PKR, a slight decrease from 19,293 million PKR in June 2023. Equity rose to 10,471 million PKR from 9,794 million PKR, reflecting a strengthened financial position.
The corporate briefing also highlighted sectoral data for September 2024, indicating changes in individual and goods transport services, trading, fuel and energy, public transport, construction, and other sectors. Goods transport services increased to 8,799 million PKR from 8,568 million PKR in June 2024, while trading grew to 1,833 million PKR from 1,779 million PKR.
The company’s performance reflects a focus on enhancing operational efficiency and managing financial risks, contributing to its improved profitability and stable asset base.