The company posted a net profit after tax of Rs 899.3 million as compared to Rs 1,163.3 million during the year 2003. The Board recommended cash dividend of 15 percent for the year 2004.
Further, the Board also approved a total financing of Rs 706.2 million to 11 (eleven) companies in manufacturing, communications and financial sectors. The companies in the manufacturing sector belong to energy, textile, cement, petroleum products, cables & wire and construction industries. The financing will facilitate expansion of the existing production facilities besides setting up new projects. The projects financed by Saudi Pak will generate new employment opportunities and add value to gross domestic product.
Since inception Saudi Pak has provided financing facilities of Rs 27,979.4 million, which includes direct equity investment of Rs 2,445.9 million, and term financing of Rs 22,807.3 million. In addition the underwriting of public issues of shares and guarantees has also been provided for a total amount of Rs 2,726.2 million.
Saudi Pak, a joint venture of Kingdom of Saudi Arabia and Islamic Republic of Pakistan, is playing an important role in promoting brotherly relations between the people of the two countries.
It is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector.
Its financing is spread over all the key economic sectors including chemicals, engineering, textile, cement, petroleum and communications etc. The projects financed by Saudi Pak are located throughout the country.
The paid up capital of the company is Rs two billion held in equal proportion by Kingdom of Saudi Arabia and the Government of Pakistan.
The Board expressed satisfaction over the role performed by Saudi Pak in promoting growth of industrial sector in Pakistan.