MARCH 31 | SAUDI PAK | ||
2 0 2 4 | |||
L E A S I N G | |||
3rd Quaterly Report
OUR VISION
To remain trust worthy to all stakeholders.
OUR MISSION
For our Customer
We will exert to add value for our all stakeholders by offering
them win-win solutions.
For Employees
We will provide our employees opportunities for self development
in healthy and result oriented friendly environment.
For our Shareholders
We will endeavor to restore the confidence of our shareholders by optimum utilization of our limited resources.
For our Society
We will maintain ethical standards and act as responsible
corporate citizens.
CORPORATE STRATEGY
The company is optimistic to honor its commitments to
stakeholders despite difficult business conditions and serve liquidity
crunch being faced due to default of debtors.
Third Quarterly Report March 31, 2024
TABLE OF CONTENTS
Corporate Information | 02 |
Director's Review | 03 |
Statement of Financial Position | 04 |
Statement Of Profit and Loss | 05 |
Statement of Comprehensive Income | 06 |
Statement of Changes In Equity | 07 |
Statement of Cash Flow | 08 |
Notes To The Financial Statement | 09 |
01
Third Quarterly Report March 31, 2024
Corporate Information
BOARD OF DIRECTORS | |
Mr. Syed Najmul Hasnain Kazmi | Chairman/Non-Execu�ve/ |
Independent Director | |
Mr. Niaz Ahmed Khan | Chief Execu�ve Officer/ |
Independent Elected Director | |
Mr. Muhammad Waqar | Independent Director |
Mr. Muhammad Naeem Khan | Independent Director |
AUDIT COMMITTEE
Mr. Muhammad Waqar | Chairman |
Mr. Syed Najmul Hasnain Kazmi | Member |
Mr. Muhammad Naeem Khan | Member |
HR & REMUNERATION COMMITTEE | |
Mr. Muhammad Naeem Khan | Chairman |
Mr. Niaz Ahmed Khan | Member |
Mr. Muhammad Waqar | Member |
CHIEF EXECUTIVE OFFICER / Managing Director
Mr. Niaz Ahmed Khan
COMPANY SECRETARY
Mr. Muhammad Im�az Ali
CHIEF FINANCIAL OFFICER
Mr. Muhammad Zahoor
HEAD OF INTERNAL AUDIT & COMPLIANCE
Mr. Haider Ali Khan
TAX CONSULTANT
M/s. UHY Hassan Naeem & Co
Chartered Accountants
AUDITORS
M/s. UHY Hassan Naeem & Co
Chartered Accountant
(appointed on 28-10-2021)
A member of UHY Interna�onal Independent Member
LEGAL ADVISOR
1)M/s. S&B Durrani Law Associates, House No. 5-A/11/11, Sunset Lane,DHA,
Phase - II (Ext.), Karachi
2)M/s. Zafar & Zafar Law Associates, Zafar Co�age, 25, Mason Road, Lahore
BANKS
MCB Bank Limited
Faysal Bank Limited
Samba Bank Limited
REGISTERED OFFICE
6TH Floor, Lakson Square Building # 1
Sarwar Shaheed Road, Saddar,
Karchi-74200
Tel: (021) 35655181-82-83
Fax: (021) 35210609
BRANCH
Office 337/338, 4th Floor,
JEFF HEIGHTS
Main Boulevard, Gulberg-III, Lahore Ph : 042 3576 4964 - 65 (Relocated in 2018)
CONTACT DETAILS
Website: www.saudipakleasing.com
Email : info@saudipakleasing.com
REGISTRAR AND SHARE TRANSFER OFFICE
Central Depository Company of Pakistan
Limited
CDC House, 99-B, Block - B
-
M. C. H. S., Main Shahrah-e-Faisal, Karachi Tel: (021) 111-111-500
Fax: (021) 34326031
02
Third Quarterly Report March 31, 2024
Directors' Review
The Directors of Saudi Pak Leasing Company Limited are pleased to present the Condensed Interim Financial Information (unaudited) of the Company for the nine months period ended March 31, 2024.
Operating and Financial Results | March | March | |||
31,2024 | 31,2023 | ||||
Rupees | |||||
Income from finance and operating leases | 61,818,118 | 63,377,430 | |||
Other operating income | 111,195,256 | 4,645,822 | |||
Total income | 173,013,374 | 68,023,252 | |||
Finance cost | (36,061,741) | (33,183,079) | |||
Administrative and other operating expenses | (30,786,907) | (32,383,966) | |||
Write-offs against loans and leases | - | - | |||
Operating (loss) / profit before provisions | 106,164,726 | 2,456,208 | |||
Reversal / (provision) against leases, loans, | |||||
receivables and investment properties | 21,819,004 | 5,360,170 | |||
(Loss) / Profit before taxation | 127,983,730 | 7,816,378 | |||
Taxation-Current | (2,855,989) | (994,024) | |||
Taxation-Deferred | 0 | 6,329,573 | |||
(Loss) / Profit after taxation | 125,127,832 | 14,051,927 | |||
(Loss) / Earnings per share - basic | 2.77 | 0.31 |
The total income for the nine-month period ending March 31, 2024, showed a substantial increase of 154.30% compared to the same period in 2023. The operating profit before provisions reached Rs 106,165 million, a significant rise from Rs 2.456 million in 2023.
The company continues to face challenges due to non-performing loans/leases and liquidity constraints. Notably, no new leasing business has commenced since 2008, and the company's license has been revoked.
Our focus has been on enhancing recoveries through settlements and salvaging investments. The company has pursued legal action, resulting in 85 decreed cases in its favor, totaling Rs 738.42 million. Management is actively engaging in out-of-court settlements for these decreed cases.
Despite these challenges, the company has managed to substantially reduce its book size and maintain operations using minimal internal resources and a reduced workforce. Intensive efforts are underway to negotiate the settlement of our loan portfolio and other liabilities, aiming for remissions and write-offs to mitigate negative equity and accumulated losses. The negative equity has decreased from Rs 573.576 million to Rs 445.742 million during the reported period. Anticipated future settlements are expected to further enhance the financial health of the company.
The company is committed to adhering to its Board-approved rehabilitation plan to meet the Minimum Equity Requirement (MER).
For and on behalf of the Board
Niaz Ahmed Khan
CEO & Managing Director
Karachi: 23 April 2024
03
Third Quarterly Report March 31, 2024
Statement of Financial Position (Un-audited)
March 31, | June 30, | ||||||||
2024 | 2023 | ||||||||
Rupees | Rupees | ||||||||
ASSETS | Note | (Un-audited) | (Audited) | ||||||
(Rupees) | |||||||||
Current assets | |||||||||
Cash and bank balances | 5 | ||||||||
92,759,131 | 27,576,426 | ||||||||
Short term loans | 6 | 75,800,300 | 120,530,176 | ||||||
Short term investments | 7 | 30,715,004 | 49,936,112 | ||||||
Trade deposits and short term prepayments | 1,460,848 | 1,061,280 | |||||||
Other receivables | 8 | 18,769,426 | 27,194,559 | ||||||
Current maturity of non-current assets | 9 | 393,677,811 | 464,280,605 | ||||||
Taxation - net | 3,454,467 | 3,354,569 | |||||||
Total current assets | 616,638,987 | 693,933,727 |
Non-current assets
Long-term loans | 10 |
Net investment in finance leases | 11 |
Investment properties | 12 |
Property, plant and equipment | 13 |
Total non-current assets | |
Total Assets | |
LIABILITIES | |
Current liabilities | |
Borrowings from financial institutions | 14 |
Certificates of investment | 15 |
Accrued mark-up | 16 |
Accrued expenses and other payables | 17 |
Current maturity of non-current liabilities | 18 |
Unclaimed dividend
Total current liabilities
Non-current liabilities
-
-
36,731,910
81,557,965
118,289,875
734,928,862
137,500,000
43,000,000
514,688,185
6,440,072
477,382,127
1,661,291
1,180,671,675
-
-
38,043,307
79,607,042
117,650,349
811,584,076
162,801,588
43,000,000
557,461,484
7,455,769
607,638,797
1,661,291
1,380,018,929
Certificates of investment | |
Deferred tax liability - net | |
Long term finances | 19 |
Security Deposits against Finance Leases | 20 |
Total non-current liabilities
Total liabilities
NET ASSETS
FINANCED BY Authorized Share Capital
100,000,000 (June 30, 2023: 100,000,000) ordinary shares of Rs. 10/-each
100,000,000 (June 30, 2023: 100,000,000) preference shares of Rs. 10/-each
Issued, subscribed and paid-up share capital - ordinary shares Issued, subscribed and paid-up share capital - preference shares Statutory reserves
Accumulated loss
Surplus on revaluation of property, plant and equipment - net of tax21 Unrealised gain/(loss) on re-measurement as at fair value through
other comprehensive income
Accumulated actuarial (loss) / gain on defined benefit plan-net of tax
CONTINGENCIES AND COMMITMENTS | 22 |
The annexed notes from 1 to 33 form an integral part of this condensed interim financial information.
-
-
-
-
-
1,180,671,675
(445,748,813)
1,000,000,000
1,000,000,000
2,000,000,000
451,605,000
528,208,500
179,549,025
(1,678,004,476)
43,479,823
30,418,981
(999,666)
(445,742,813)
-
-
-
-
-
1,380,018,929
(568,434,853)
1,000,000,000
1,000,000,000
2,000,000,000
451,605,000
528,208,500
179,549,025
(1,804,651,714)
44,999,229
32,854,773
(999,666)
(568,434,853)
___________________ | ___________________ | ___________________ |
Chief Executive | Director | Chief Financial Officer |
04
Third Quarterly Report March 31, 2024
Condensed Interim Profit and Loss Account (Un-audited) For the period ended March 31, 2024
Nine Months period ended | Three months period ended | |||||||||||||
March 31, | March 31, | March 31, | March 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Revenue | Note | -------------------------- (Rupees) -------------------------- | ||||||||||||
Income from: | 92,962 | |||||||||||||
Finance leases | 23 | 61,818,118 | 63,377,430 | 55,908,921 | ||||||||||
Other operating income | 25 | 111,195,256 | 4,645,822 | 39,935,158 | (2,206,634) | |||||||||
TOTAL INCOME | 173,013,374 | 68,023,252 | 40,028,120 | 53,702,287 |
Expenses
Finance cost | 26 |
Administrative and operating expenses | 27 |
Operating Profit / (Loss) before provisions
Reversals / (Provisions) for doubtful
Profit / (Loss) before taxation
Taxation
- Current
- Deferred
Profit / (Loss) for the period
Earnings / (Loss) per share - basic | 30 |
(36,061,741)
(30,786,907)
(66,848,648)
106,164,726
21,819,004
127,983,730
(2,855,898)
-
(2,855,898)
125,127,832
2.77
(33,183,079)
(32,383,966)
(65,567,045)
2,456,208
5,360,170
7,816,378
(94,024)
6,329,573
6,235,549
14,051,927
0.31
(11,355,313) | 10,227,859 |
(9,326,628) | 10,989,695 |
(20,681,941) | 21,217,554 |
19,346,179 | 32,484,733 |
- 995,886
19,346,179 | 33,480,619 | |
(1,247,771) | (94,094) | |
- | ||
(1,247,771) | (94,094) | |
18,098,408 | (33,386,525) | |
0.40 | 0.74 |
The annexed notes form an integral part of this condensed interim financial information.
___________________ | ___________________ | ___________________ |
Chief Executive | Director | Chief Financial Officer |
05
Third Quarterly Report March 31, 2024
Statement of Comprehensive Income (Un-audited)
For the period ended March 31, 2024
Nine months period ended | Three months period ended | ||||||||||
March 31, | March 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
---------------------- (Rupees) ---------------------- | |||||||||||
Profit / (Loss) after taxation | 125,127,832 | (14,051,927) | 18,098,408 | 33,386,595 | |||||||
Other comprehensive income | |||||||||||
Re-measurement of investments - FVTOCI | (1,519,406) | 8,243,675 | (1,012,940) | 8,243,675 | |||||||
Surplus recognized on revaluation of office premises | 123,608,426 | 21,826,114 | 17,085,468 | - | |||||||
Deferred tax on above surplus | - | (6,329,573) | - | - | |||||||
- | 15,496,541 | - | - | ||||||||
Total comprehensive income for the year | 123,608,425 | 37,792,142 | 17,085,468 | 41,630,270 |
The annexed notes from an integral part of this condensed interim financial information.
___________________ | ___________________ | ___________________ |
Chief Executive | Director | Chief Financial Officer |
06
Chief | ||||||||||
Executive | ||||||||||
Subscribed and paid-up share capital | Reserves | |||||||||
Ordinary | Non-redeemable | Statutory | Re-measurement | Accumulated | Accumulated | Revaluation | ||||
of | actuarial gain / | Surplus | Total | |||||||
Shares | Preference shares | reserves | investment | loss | ||||||
loss | PPE | |||||||||
FVTOCI | ||||||||||
----------------------------------------------------------------------- | Rupees ---------------------------------------------------------------------------------- | |||||||||
07 | Director |
Chief Financial Officer
Balance as at July 1, 2022 | 451,605,000 | 528,208,500 | 179,549,025 | 19,995,654 | (999,666) | (1,821,135,601) | 31,228,670 | (611,548,418) | ||||
Loss for the period | - | - | - | - | - | 14,051,927 | - | 14,051,927 | ||||
Transfer from surplus on account of | incremental depreciation | - | - | - | - | - | ||||||
- net of deferred tax | 653,059 | (653,059) | - | |||||||||
Unrealized loss on remeasurement of available | - | - | - | - | - | 15,496,541 | ||||||
for sale investments | (3,376) | (15,493,165) | ||||||||||
- | - | - | (3,376) | - | 14,704,986 | 14,843,482 | 29,545,092 | |||||
Balance as at December 31, 2022 | 451,605,000 | 528,208,500 | 179,549,025 | 19,992,278 | (999,666) | (1,806,430,615) | 46,072,152 | (582,003,326) | ||||
Balance as at July 1, 2023 | 451,605,000 | 528,208,500 | 179,549,025 | 44,999,229 | (999,666) | (1,804,651,714) | 32,854,773 | (568,434,853) | ||||
Profit for the period | ||||||||||||
- | - | - | - | - | 125,127,832 | - | 125,127,832 | |||||
Transfer from surplus on account of incremental depreciation | ||||||||||||
- net of deferred tax | - | - | - | (1,519,406) | - | 1,519,406 | (2,435,792) | (2,435,792) | ||||
- | - | - | (1,519,406) | - | 126,647,238 | (2,435,792) | 122,692,040 | |||||
Balance as at 31 March 2024 | 451,605,000 | 528,208,500 | 179,549,025 | 43,479,832 | (999,666) | (1,678,004,476) | 30,418,981 | (445,742,813) |
The annexed notes form an integral part of this condensed interim financial information.
_________________________________________________________
Third Quarterly Report March 31, 2024
Condensed Interim Cash Flow Statement (Un-audited) For the period ended March 31, 2024
Note |
Quarter ended
March 31, | March 31, |
2024 | 2023 |
---------- (Rupees) ----------
CASH FLOWS FROM OPERATING ACTIVITIES | 28 |
Finance cost paid | |
Taxes paid | |
Interest receivable from Govt. Securities - T-Bills | |
Decrease in net investment in finance leases |
Net cash flows from operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment
Short term investments - net
Interest Income Received / Others
Dividend received
Net cash (used in) / from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Loan form Financial Institutions
Term Finance Certificates
Certificates of Investment
Net cash used in financing activities
Net decrease in cash and cash equivalents during the period
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
59,675,927
(32,104)
(2,855,898)
-
108,377,496
111,201,290
170,859,217
(5,242,100)
19,219,108
13,507,123
7,528,341
35,012,472
(95,061,505)
(1,627,478)
(44,000,000)
(140,688,983)
65,182,706
27,576,426
92,759,131
41,569,042
(28,384)
(478,148)
29,267
37,247,488
36,770,222
78,339,264
(659,200)
10,558,684
-
7,424
9,906,908
(61,999,999)
-
-
(61,999,999)
26,246,173
253,806
26,499,979
The annexed notes form an integral part of this condensed interim financial information.
___________________ | ___________________ | ___________________ |
Chief Executive | Director | Chief Financial Officer |
8
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Saudi Pak Leasing Company Ltd. published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 05:04:09 UTC.