Saudi Pak Leasing : Transmission of Half Yearly Accounts for the Period Ended December 31, 2022

DEC 31	SAUDI PAK
2 0 2 2	L E A S I N G

HALF YEARLY 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 oering

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 condence 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

dicult business conditions and severe liquidity crunch being faced due to default

of debtors.

Half Yearly Report December 31, 2022

TABLE OF CONTENTS

Corporate Information	02
Directors' Review	03
Statement of Financial Position	06
Statement of Prot and Loss	07
Statement of Comprehensive Income	08
Statement of Changes In Equity	09
Statement of Cash Flow	10
Notes To The Financial Statements	11

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Half Yearly Report December 31, 2022

CORPORATE INFORMATION

Mr. Muhammad Waqar

Chairman

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Half Yearly Report December 31, 2022

DIRECTORS' REVIEW

The Directors of Saudi Pak Leasing Company Limited are pleased to present the condensed Interim Financial information of the company for Six months periods ended December 31, 2022 duly reviewed by the external auditors of the Company.

Operating and Financial Results:	December	December
	31,2022		31,2021
	--------------- (Rupees) ---------------
Income from Finance Lease	7,468,506		19,632,869
Other operating income	6,852,457		1,685,805
Total income	14,320,963		21,318,674
Finance cost	(22,955,220)		(18,200,127)
Administrative and other operating expenses	(21,394,721)		(23,435,445)
Wright-off against loans and leases	-		-
Operating (Loss) / Profit before provision	(30,028,978)		(20,316,898)
Reversal / (provision) against leases, loans, receivables and investment properties	4,364,284		1,950,164
(Loss) / Profit before taxation	(25,664,691)		(18,366,734)
(Loss) / Profit after taxation	(19,429,142)		(18,612,850)
(Loss) / Earnings per share - basic	(0.43)		(0.41)

The total loss earned during the half year ended December 31, 2022 registered a decrease of 33% when compared to income during corresponding period of 2021. The operating Loss before provision stood at Rs 30.029 million during periods under consideration (operating Profit of Rs 20.317 million in 2021).

The company has been facing serious challenges for recovery of non-performing loans/leases and is facing liquidity issues. No fresh leasing business has been undertaken since 2008 and the company is concentrating on recoveries through settlement and salvaging and investment only. The company has filed legal suit in the respective courts and is also making concerted efforts and where feasible opting for out of court settlements as far as possible.

The company has been able to substantially reduce its book size and maintain its operations with the help of internal resources. The company is making intensive effort to initiate negotiations for the settlements of its loan portfolio/other liabilities with the sole objective of seeking remissions write offs and long term deferment of payment to the creditors. The said restructuring and rescheduling is likely to bring much needed improvement in overall financial health of the company. The financial position of the company is expected to improve in the near future. It may kindly be noted that major shareholder SAPICO has decided to divest its shares to any new investor, who could resolve the problems faced by the company and their negotiation is at advance stage which is under the knowledge of SECP, the regulatory authority.

For & on behalf of the Board

Ahsanullah Khan

Director / CEO

Karachi: 15th February 2023

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