ISLAMABAD: Finance Minister Ishaq Dar has been informed in a meeting that Saudi-Pak Industrial and Agriculture Investment Company Limited Chief Executive Kamaluddin announced that the company’s pre-tax profit was Rs1.4 billion in 2014.
After-tax profit stood at Rs1.15 billion in 2014 compared with Rs764.6 million in the previous year, posting a growth of over 51%. However, one of the main factors behind the surge in income was gain on the sale of government securities. It gained Rs405.4 million on the sale, which pushed overall earnings significantly up.
He claimed that the firm’s management succeeded in turning around it in a span of three years. He briefed Finance Minister Ishaq Dar about the financial health of the company.
A Ministry of Finance press release quoted Kamaluddin as saying, “From an insolvent position in 2011 with mounting financial problems, it rose to become a top performer in 2014.”
The company’s turnaround and a substantial improvement in its financial condition had been recognised by the credit rating agency JCR-VIS through an upgrade in the long-term entity rating from ‘AA’ to ‘AA+’, the chief executive said.
