Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited, a joint venture of Saudi Arabia and Pakistan, maintained steady growth in its operations during first quarter of 2005. The company earned Rs 453.6 million in profit during January-March period of 2005, showing 132.2 percent rise in profit when compared with Rs 193.7 million profits realised in the same period of last year. It was noted with satisfaction in a meeting of the company's Board of Directors held in Karachi on Friday.
Dr Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Saudi Arabia, was in the chair, according to a Saudi Pak news release issued here on Saturday.
The Board expressed its satisfaction over the financial results of the company for the quarter ended March 31, 2005.
During the period under review, the company maintained steady growth in its operations, as total approvals of financing proposals increased to Rs 1,110 million, compared to Rs 1,045 million in the same period of the preceding year. Likewise, disbursements rose to Rs 1,157 million from Rs 639 million.
The increase in disbursements led to 16.9 percent rise in mark up/interest income at Rs 139.4 million in the quarter ended March 31, 2005 as compared to Rs 119.2 million in the corresponding period of the last year.
The Board also approved a total financing of Rs 597.5 million to 11 companies in manufacturing and financial sectors.