Karachi: OLP Modaraba, managed by OLP Services Pakistan (Private) Limited, has announced its unaudited financial results for the three-month period ending September 30, 2024. The Board of Directors approved these results during their meeting on October 23, 2024.

The financials reveal that OLP Modaraba achieved a total comprehensive income of 33.69 million rupees for the quarter, a decrease from the 40.19 million rupees reported in the same period the previous year. This represents earnings per certificate at 0.73 rupees, down from 0.89 rupees year-over-year.

Revenue sources for OLP Modaraba included 175.05 million rupees from Ijarah rentals and 314.10 million rupees from diminishing Musharakah arrangements. Despite these revenues, the company's profitability was affected by significant operational costs and other expenses totaling 120.88 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial obligations also saw a notable increase. Financial and other charges amounted to 226.79 million rupees, with depreciation on Ijarah assets and reversals of impairment being significant contributors to the expenses.

Moreover, the management's remuneration was documented at 6.28 million rupees, alongside provisions for service sales tax and the worker's welfare fund, contributing to the operational expenditures.

Despite the challenges, OLP Modaraba reported no dividends, right certificates, or other entitlements/corporate actions during this quarter. This decision aligns with the company's financial strategy amidst varying economic conditions.