Karachi: Pak-Gulf Leasing Company Limited has announced its financial results for the fiscal year ending June 30, 2024, during a board meeting at the company's registered office on September 20, 2024. The financial year concluded with significant income stability, though shareholders will see no cash dividends, bonus, or right shares as per the latest board resolutions.

According to information available from the Pakistan Stock Exchange (PSX), the company recorded a net income of Rs. 78.80 million for 2024, translating to earnings of Rs. 1.59 per share. This marks an improvement over the previous year's net profit of Rs. 56.64 million, or Rs. 1.14 per share. The financial stability is underscored by a robust income from financing operations amounting to Rs. 218.73 million, only slightly down from last year's Rs. 227.29 million.

The company's revenue streams also included Rs. 43.67 million from other activities and Rs. 18.95 million from returns on investments, reflecting an increase in non-core financial activities compared to the previous year. However, the fiscal year saw significant provisions including Rs. 135.19 million for potential lease and loan losses, which negatively impacted the overall financial outcomes.

Despite the stable income figures, the Board of Directors has opted not to distribute dividends or issue new shares this year, maintaining a conservative approach amid ongoing economic fluctuations. No bonus or right shares will be issued, marking a notable shift from more expansive policies in prior years.

The annual general meeting is scheduled for October 24, 2024, at the company’s office, with the share transfer books to remain closed from October 18 to 24, 2024. All transfers completed by October 17 at the close of business in Karachi will be eligible for any future entitlements.

Pak-Gulf Leasing remains a key player in the financial leasing sector, with their latest financial disclosures reinforcing their cautious yet stable market stance.