Karachi: Pak-Gulf Leasing Company Limited has declared an interim cash dividend of 22 percent, equating to Rs. 2.2 per share, following a board meeting held on October 24, 2024, at its registered office. No bonus or right shares were announced. The company's financial results for the three months ending September 30, 2024, show a significant increase in net profit after taxation.

According to the financial statement released, the company reported a net profit after taxation of Rs. 39.76 million for the quarter, an increase from Rs. 20.21 million during the same period in 2023. This surge in profitability is reflected in the earnings per share, which rose to Rs. 0.80 from Rs. 0.41 in the previous year.

Income from financing operations amounted to Rs. 51.27 million, a decrease from Rs. 57.88 million a year earlier. However, the company saw an increase in income from other activities, with returns on investments rising to Rs. 19.68 million from Rs. 6.45 million and other income increasing to Rs. 3.96 million from Rs. 3.29 million. The total income for the quarter was Rs. 74.90 million, up from Rs. 67.62 million in 2023.

Expenses for administrative and operating costs were recorded at Rs. 15.15 million, slightly up from Rs. 14.05 million last year. The finance cost dropped to Rs. 15.13 million from Rs. 26.11 million in 2023, leading to an operating profit before provisions of Rs. 44.63 million, compared to Rs. 27.46 million in the previous year.

Notably, the company reported a reversal against lease receivables held under litigation amounting to Rs. 0.23 million and a reversal for potential lease and loan losses of Rs. 3.36 million. This resulted in a profit before tax of Rs. 47.76 million, up from Rs. 25.12 million last year.

Taxation for the period included a current tax of Rs. 8.30 million, down from Rs. 16.63 million, and a deferred tax credit of Rs. 0.30 million, compared to a deferred tax credit of Rs. 11.72 million in the previous year. According to information available from the Pakistan Stock Exchange (PSX), the company's share transfer books will remain closed from November 5, 2024, to November 7, 2024. Transfers received at Phase VII, Karachi, by the close of business on November 4, 2024, will be recognized for entitlement purposes.

The quarterly report for the period ended September 30, 2024, will be transmitted through PUCARS within the specified timeframe. The annexed notes from 1 to 24 are an integral part of these condensed interim financial statements.