The Saudi-Pak Industrial and Agricultural Investment Company (Private) Limited registered a net profit of Rs 591 million for the first half of 2004, which is 60 percent higher than Rs 369 million in the corresponding period of the preceding year.
The Saudi-Pak maintained steady growth in operations from January to June. The amount of financing approved by the company amounted to Rs 2,859 million during the last six months of this year, which is 34 percent higher than Rs 2,132 million in the previous year for same period.
The approvals of financing covered a wide range of industries including telecommunication, construction, cement, oil and gas. Major portion of financing was approved in the form of long-term loans.
In the first six months period of this running year, the disbursement of funds against approved financing increased to Rs 1,429 million from Rs 1, 392 million during the previous year.
As a result of the increasing loan portfolio in the wake of favourable investment climate and buoyancy on the stock market, revenues of the company rose by 27 percent to Rs 857 million for first six months period from Rs 675 million during same period last year.
Net profit-making provisions for doubtful loans and taxes surged to Rs 591 million from Rs 368 million.
The strong operation performance and financial results led to increase in shareholders equality to Rs 5,605 million for the first six months period.
The Saudi-Pak Industrial and Agricultural Investment Company (Private) Limited - a joint venture of Saudi Arabia and Pakistan - is committed to accelerate industrial development in Pakistan. It has stakes in Saudi-Pak Commercial Bank Limited and Saudi-Pak Leasing Company Limited.