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The 46th Annual General Meeting (AGM) of Pakistan Industrial Credit and Investment Corporation (Picic), held on Tuesday, approved bonus shares and interim cash dividends for the year 2004. The meeting, which also approved accounts for the period ended 31st December 2004, was chaired by Chairman Picic, Khursheed K. Marker. It may be noted that the Picic had announced 30 percent bonus shares and 25 percent interim cash dividend making a total of 55 percent for the period ended 31st December 2004.
Speaking on the occasion, Picic managing director, Muhammad Ali Khoja said that the corporation has obtained license for opening of 14 new branches.
He said that the ratio of non-performing loans has declined to 4 percent which is negligible. He informed the AGM that Picic has planned to raise the paid-up capital of Picic Asset Management Company from Rs 3 billion to Rs 5 billion.
Muhammad Ali Khoja told the meeting that a dedicated mutual fund in the name of Energy Fund would be launched soon by Picic Management Company (Picic AMC).
Replying to a question, he said that the Picic would emerge as one of the largest banks in the country after merger with Picic Commercial Bank. He said that the Picic is paying 2.50 percent of its profits to the non-profit organisations including health, education and social sector institutions.
Stating the operating results. Khoja said that the total income increased by 41 percent from Rs 2,211 million in 2003 (January-December) to Rs 3,110 million in 2004 whereas the total expenses reduced by 4 percent from Rs 1,258 million to Rs 1,204 million during the same period.
Profit before taxation improved by 98 percent, from Rs 962 million in 2003 to Rs l,902 million in 2004. Profit after tax increased by 81 percent from Rs 902 million in 2003 to Rs l,636 million in 2004. EPS has increased by 71 percent from Rs 5.17 million in 2003 to Rs 8.83 million in 2004. The paid up capital mw increased by 82 percent from Rs 1,155 million in 2003 to Rs 2,104 million in 2004.
The equity of the Corporation has increased by 105 percent from Rs 3,273 million in 2003 to Rs 6,702 million in 2004. He added that in order to boost income from advances, the Picic has introduced various products of advances/leasing viz. Small Business/Investment Loans, CNG Station Financing, Picic Power for Generator Financing and Picic Tourism. Khoja informed that break-up value of Picic was Rs 28.34 per share in 2003, which improved to Rs 31,85 per share in 2004.
The shareholders appreciated the financial results of the corporation as well as the high pay out for 2004 and the future plans.-PR

Copyright Business Recorder, 2005

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