Towering
Strength
First Quarter Report
2024
TABLE OF
CONTENT
Company Profile
Parent, Subsidiaries and Associates
Company Information
Meet the Team
Directors' Report
Directors' Report (Urdu)
Unconsolidated Financial Statements
Consolidated Financial Statements
COMPANY
PROFILE
OLP Financial Services Pakistan Limited (OLP) was established in July 1986 as a joint venture between ORIX Corporation, Japan and local investors. The Company is listed on the Pakistan Stock Exchange.
OLP is headquartered in Karachi and has 36 branches situated in 33 cities. Its major shareholder is ORIX Corporation (ORIX) having 49.58% shareholding. Established in 1964, ORIX is one of Japan's leading integrated financial services groups with operations in 28 countries worldwide. The group has experience of 59 years of operations and has a total asset base of Yen (¥) 15,584 billion and equity of ¥ 3,643 billion as at June 30, 2023, which equates to US$ 108 billion and US$ 25 billion respectively.
OLP offers value-added financial products and innovative customized services to a wide array of customers under the umbrella of Investment Finance Services throughout Pakistan. The blend of international experience and local expertise acquired over the last 37 years provides OLP a distinctive competitive edge.
PARENT
SUBSIDIARIES &
ASSOCIATES
PARENT COMPANY
ORIX Corporation
Tokyo Headquarters, World Trade Center Building, 2-4-1,Hamamatsu-choMinato-ku, Tokyo 105-6135, Japan
Tel:(81)-3-3435-3145
Fax:(81)-3-3435-3163 www.orix.co.jp
SUBSIDIARIES
OLP Services Pakistan
(Private) Limited
Office 601, 6th Floor, Syedna Tahir Saifuddin Memorial Trust Building Civil Lines, Beaumont Road, Karachi, Pakistan
Tel: (021) 35930000
OLP Modaraba
Office 601, 6th Floor, Syedna Tahir Saifuddin Memorial Trust Building Civil Lines, Beaumont Road, Karachi, Pakistan
Tel: (021) 35930000 www.olpmodaraba.com
ASSOCIATED COMPANIES
Yanal Finance Company
(Formerly Saudi ORIX Leasing Company)
3612, Prince Fawaz Bin Abdul Aziz, Postal code 12813, Riyadh 7997, Kingdom of Saudi Arabia
Tel: (9661) 2997777 www.yanal.com
SAMA Finance SAE
(Formerly ORIX Leasing Egypt SAE)
5th Floor, Cairo Center Building, 2, Abd EI Kader Hamza Street, Garden City, Cairo 11461, Egypt Tel: (202) 27922757-9
Fax: (202) 27922760 www.samafinance.com
COMPANY
INFORMATION
Board of Directors
Mr. Khalid Aziz Mirza
Chairman and Independent
Non-Executive Director
Mr. Rashid Ahmed Jafer
Independent Non-Executive
Director
Ms. Mika Takeda
Non-Executive Director
Mr. Ramon Alfrey
Deputy Chief Executive Officer,
CFO and Executive Director
Mr. Yoshiaki Matsuoka
Non-Executive Director
Ms. Keiko Watanabe
Non-Executive Director
Mr. Shaheen Amin
Chief Executive Officer and Executive Director
Audit and Risk Committee
Mr. Rashid Ahmed Jafer - Chairman
Ms. Keiko Watanabe
Ms. Mika Takeda
Mr. Ramon Alfrey
Human Resource Nomination and Remuneration Committee
Mr. Khalid Aziz Mirza - Chairman
Mr. Yoshiaki Matsuoka
Mr. Shaheen Amin
Credit Committee
Mr. Yoshiaki Matsuoka - Chairman
Mr. Shaheeen Amin
Mr. Ramon Alfrey
Chief Financial Officer
Mr. Ramon Alfrey
Company Secretary
Mr. Haider Abbas Kalhar
Head of Internal Audit and Secretary to Audit Committee
Mr. Nadeem Amir Ali
Head of Compliance
Mr. Rashid Ahmed
Credit Rating by PACRA
Long term entity rating AA+
Short term entity rating A1+
Legal Advisors
M/s Mansoor Ahmad Khan & Co.
Auditors
A.F.Ferguson & Co.
Chartered Accountants
State Life Building No. 1-C, I.I.
Chundrigar Road, P.O.Box 4716,
Karachi - 74000, Pakistan
Registrar and Share Transfer Office
FAMCO Associates (Pvt.) Limited
8-F, Near Hotel Faran, Nursery, Block-6, P. E. C. H. S., Shahra-e-Faisal, Karachi. Tel: (92-21)34380101-5,34384621-3
Shariah Advisor
Al Hamd Shariah Advisory Services (Pvt.) Limited
Banks and Lending Institutions
- Allied Bank Limited
- Askari Bank Limited
- Bank Al Habib Limited
- Bank Alfalah Limited
- Faysal Bank Limited
- Habib Bank Limited
- Habib Metropolitan Bank Limited
- JS Bank Limited
- Karandaaz Pakistan
- MCB Bank Limited
- Meezan Bank Limited
- SCB (Pakistan) Limited
- Telenor Microfinance Bank
- United Bank Limited
Registered and Head Office
OLP Building, Plot No.16, Sector No.24,
Korangi Industrial Area, Karachi-74900,
Pakistan.
MEET
THE TEAM
Mr. Shaheen Amin
Chief Executive Officer
Mian Faysal Riaz
Chief Operating Officer
Mr. Waqas Ahmed Khwaja
Head - Marketing
Mr. Fahad Shahzad Memon
Head - Consumer Auto Division
Mr. Shah Suleman Fareed
Head - Term Finance and
Insurance Division
Mr. Shafiq Ur Rehman
Head - Credit Risk
Management
Mr. Ramon Alfrey
Deputy Chief Executive Officer and CFO
Mr. Imtiaz Chaudhry
Group General Manager
Mr. Tahir Ali Shah
Head - Commercial
Vehicle Division
Ms. Aseya Qasim
Head - Micro Finance
Division
Mr. Abid Hussain Awan
Head - Group Strategy and Planning
Mr. Hamood Ahmed
Head - Business Control
Mr. Haider Abbas Kalhar
Company Secretary
Mr. Mashooque Ali Bhatti
Head - HR
Mr. Muhammad Ikram
Head - Information Systems
Ms. Fauzia Noorani
Head - Legal
Mr. Nadeem Amir Ali
Head - Internal Audit
Mr. Muhammad Aslam
Head - Special Asset Management
Mr. Rashid Ahmed
Head - Compliance
Mr. Mamoon Ishaq
Head - Administration
Directors' Review Report
For the quarter ended September 30, 2023
The Board of Directors of OLP Financial Services Pakistan Limited (OLP / the Company) is pleased to present the unaudited condensed interim financial statements for the first quarter ended September 30, 2023.
Economic Review
Economic conditions of the Country remained volatile in the first quarter of the new fiscal year. During the quarter, rising electricity and fuel prices contributed to average inflation increasing to 29% as compared to 25% in the same period last year. Large scale manufacturing sector, which contracted by 10.3% in FY2023, showed slight improvement in the first two months of the new fiscal year. However, growth was experienced in few sectors while others, like automobile and textile sectors, showed negative growth.
The rupee showed a turnaround since start of September 2023 when it touched Rs. 308 against US Dollar. Since then it has appreciated to Rs. 276 per USD and remained the best performing currency in the month of September 2023. The effects of currency appreciation have already been felt as the Government has decreased fuel prices by cumulative Rs. 48 in October 2023. This decrease is expected to reduce inflationary pressure in coming months.
The State Bank of Pakistan (SBP) kept the policy rate unchanged at 22% in its meeting held in September 2023. In anticipation of a rate hike, the 3-month Karachi Interbank Offer Rate (KIBOR) had reached 24.04% on September 14, 2023. However, the SBP, in its monetary policy meeting on that date, kept the policy rate unchanged at 22%. Consequently, KIBOR reverted to 22.4%.
Financial Highlights and Business Review
Quarter ended | |||
September | September | ||
2023 | 2022 | ||
--------------Rupees-------- | |||
------ | |||
Profit before taxation | 620,120,520 | 404,593,810 | |
Taxation | 241,483,935 | 138,611,786 | |
Net profit for the period after taxation | 378,636,585 | 265,982,024 | |
Earnings per share - basic and diluted | 2.16 | 1.52 |
OLP has reported profit before tax (PBT) of Rs. 620 million for the first quarter of FY2023; 53% higher than the PBT of Rs. 405 million for the same period last year. The higher profit was mainly due to higher revenue of Rs. 1,983 million, up by 33% from revenue of Rs. 1,489 million
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OLP Financial Services Pakistan Ltd. published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 10:59:47 UTC.