You are on page 1of 2

PAKISTAN LEASING

Year Book 2009

Askari Leasing Limited

Mr. Abdul Waheed


CEO

Board of Directors History, Background, the quality of its lease portfolio which
Principal Activities etc. not only resulted in recovering the past-
Lt. Gen. (R) Imtiaz Hussain due principal amount but also earned
Chariman past-due lease income. On the other
Askari Leasing Limited (the Company)
Mr. Abdul Waheed was incorporated and domiciled in hand, the management minimized the
CEO Pakistan as a Public Limited Company controllable general and administrative
on August 1, 1993. The company is expenses in order to ensure efficient
Maj. Gen, (R) Saeed Ahmad Khan controlled by Army Welfare Trust (AWT) use of scarce resources.
Director which owns 57.66% of the Company’s
shares. The Company is listed on the During the year under review, the return
Brig. (R) Syed Azhar Raza on the average lease investment
Director Karachi, Lahore and Islamabad stock
exchanges and principally carries on portfolio was 14.92% whereas the
Mr. Zafar Alam Khan Sumbal the business of leasing. same was 12.95% during the last year,
Director an increase of 15%. Conversely, the
The company has its sole focus on average cost of funds was 12.32%
Mr. Agha Ali Imam consumer auto leasing, corporate and which was 10.24% last year, an
Director unit level financing on stand alone basis increase of 20%. The volatile interest
and leasing of consumer goods. rate has always been a limiting factor
Mr. Manzoor Ahmad and bottleneck for the Leasing
Director Company has produced enough
resources to effectively finance its Companies however, the generation
Mr. Khawaja Muhammad Ilyas leasing operations, including funds of fixed rate COIs and better cash flow
Director through Bank Borrowings and management has invariably acted as
Certificate of Investment (COI), so as an effective hedge and shield for the
Ms. Nargis Ghaloo to mitigate the credit risk to minimal. Company.
Director These Funds have been deployed in
a well diversified lease portfolio. The Subsequent to the year end, the
Company is strongly committed to company has been granted approval
develop strong base through its lease by its shareholders to merge with and
products and to fulfill the need ranging into AKBL subject to approvals of SECP
across a multi-dimensional economy. and SBP, which are being awaited.

Performance Highlights
2008 – 2009
The financial results for the year ended
June 30, 2009 reveals the highest ever
profit and delivering maximum returns
to the shareholders despite of
threatening economic meltdown and
bigger challenges. The success of the
Company is attributable to the hard
work, clarity in vision, team work,
proactive attitude, out of box thinking,
the spirit to exploit the strengths and
overcoming challenges and last but
not the least the support and patronage
provided by the stakeholders through
the year.

During the year, the company disbursed


an aggregate amount of Rs. 3.343
billion in lease finance. The
management has been able to enhance

50
PAKISTAN LEASING
Year Book 2009
Balance Sheet Rs. in million
Balance Sheet Growth
Rs. in million
Equity Growth

30th June 2007 2008 2009 14000 1600


Reporting Period (Months) 12 12 12 1400
12000
EQUITY (Rupees in Millions) 1200
10000
Issued,subs.& Paid-up-Capital 428.49 449.91 517.40 1000
Reserve & Retained Earning 693.88 751.97 840.41 8000
800
Total Equity 1,122.37 1,201.89 1,357.81 6000
600
LIABILITIES 4000
400
Deferred Liabilities 336.05 380.35 431.94
Long Term Loans 666.02 453.33 371.64 2000 200
Long term accrued mark up on COI 8.94 14.74 25.50
0 0
Certificates of Investment 3,708.86 3,936.35. 3,763.64 2007 2008 2009 2007 2008 2009
Deposits on lease contracts 2,402.18 2,606.19 2,468.94
Total long term liabilities 7,122.05 7,390.97 7,061.67 Investment in Lease Cost Analysis (2008-09)
Short term borrowings 1,157.86 951.79 291.31 Rs. in million
S.T. Certificates of Investment 388.72 277.90 481.13 6000

Other Current Liabilities 2,417.04 2,561.32 2,637.91


5000
Total Current Liabilities 3,963.62 3,791.01 3,410.36
Total Liabilities 11,085.67 11,181.98 10,472.02 4000
Plant & Machinery
Total Liabilities & Equity 12,208.05 12,383.86 11,829.83
3000
ASSETS Vehicles-Private
%
Property and equipment 58.34 71.90 70.11 2000
Vehicles-Commer. Operating Expenses 22.26
Net Investment In Lease Finance 7,023.62 6,906.64 6,076.72 Financial Expenses 73.73
Long-term Investment 154.47 735.83 705.99 1000
Provision for Potential 4.01
Other Long-term Assets 30.36 30.23 11.65 Equipments Lease Losses
0
Total Loang Term Assets 7,266.79 7,744.59 6,864.46
Current Portion of Lease Finance 3,572.13 4,026.39 4,453.26 Revenue Analysis (2008-09) Sector Wise Exposure (2008-09)
Financing against deposits 10.02 33.21 27.26 %
Investments 822.76 111.98 15.56 Consumer facilities 62.74
Other Current Assets 343.16 373.14 319.42 Transport & Communication
Energy Oil & Gas
5.87
5.19
Cash & Bank Balances 193.19 94.56 149.87 Chemical, pharmaceutical
and fertilizers 3.88
Total Current Assets 4,941.26 4,639.27 4,965.37 Textile and allied industries 3.46
Glass and ceramics 1.26
Food, tobacco and beverages 1.83
Total Assets 12,208.05 12,383.86 11,829.83 Construction 3.45
Steel, engineering and automobiles 2.00
SIGNIFICANT RATIOS Health Care 0.71
Hotel 0.31
Net working capital (Rs.) 977.64 848.26 1,555.01 Sugar and allied industries 0.05
Cement 0.07
Capital Ratio (X) 0.09 0.10 0.11 Paper and board 0.22
Gearing (X) 6.36 5.66 4.28 Electrical and electrical goods 0.11
Leather and footwear 0.14
Leverage Ratio (X) 7.21 6.45 5.02 %
Banaspati and allied industries 0.10
Current Ratio ( X ) 1.25 1.22 1.46 Lease Income 88.64 Dairy and poultry 1.43
Mark-up Income 7.72 Financial institutions 0.02
Total Assets / Net worth ( X ) 10.88 10.30 8.71 Other Income 3.63 Security services 0.18
Total financing / Net worth ( X ) 8.91 8.27 7.48 Miscellaneous 6.99
Debt Leverage ( X ) 9.29 8.65 7.40
Break up Value ( Rs.) 26.19 26.71 26.24
Investment in Lease Finance ( %) 26.19 26.71 62.18 The Askari Leasing Limited Team
Income
30th June
Statement 2007 2008 2009
Mr. Abdul Waheed Mr. Ali Safdar Naqvi
Chief Executive Officer V.P - Chief Financial Officer
Reporting Period (Months) 12 12 12 & Company Secretary
INCOME (Rupees in Millions) Mr. Khaled Qayum
S.V.P - Risk Management Mr. Tariq Mahmood
Lease income 988.83 1,036.14 1,141.29 V.P - Operations
Mark up Income 95.58 90.60 99.42 Syed Zarrar Hussain
Non-Mark up Income 10.16 6.17 – V.P - Treasury Mr. Syed Nadeem-ul-Hassan
Capital Gain on Investments 8.91 5.81 – A.V.P-Recovery
Other income 28.33 34.04 46.80 Mr. Qaseem Ahmed Khan
Total Income 1,131.81 1,172.77 1,287.51 V.P - Management Information System
EXPENSES
Operating Expenses 181.38 219.35 234.77
Financial Expenses 751.62 713.86 777.67 Commenced Business On : November, 1993
Allowance for Potential Lease Losses 16.27 47.48 42.27
Prov. For Dimn. in value of Investment – – –
Impairment loss on available Head Office : 5th Floor, AWT Plaza, The Mall,
for sale investment – – 17.50 Rawalpindi Cantt
Company Information

Total Expenses 949.27 980.68 1,072.21


Tel/Fax # : (92-051) 9272368-78 / 9272148
Share of Profit from Associated Company 6.65 2.65 (4.77)
Profit before Taxation 182.54 192.09 215.30 E-mail : info@all.com.pk
Taxation 40.50 41.55 50.47
Net Profit 148.69 153.19 160.06 Offices at : Karachi, Lahore Shami Road &
APPROPRIATION Faisal Town, Islamabad,
Proposed cash dividend – – – Peshawar, Sialkot, Multan,
Proposed issue of bonus shares 21.42 67.49 – Faisalabad, Gujranwala and
Statutory Reserve 28.41 30.64 32.01 Rawalpindi.
Other Reserve 45.00 70.00 95.00
SIGNIFICANT RATIOS Staff Strength : 220
Book Value per share (X) 26.19 26.71 26.24
Financial charges / Total Expenses (%) 79.18 72.79 73.73 Listed at : Karachi, Lahore, Islamabad stock
Times Interest Earned (X) 1.25 1.27 1.27
Earning per share (X) 3.30 3.41 3.09 exchanges
Earning Per Face Value (%) 34.70 34.05 30.94
Return on Average assets (%) 1.29 1.25 1.32 Auditors : KPMG Taseer Hadi & Co.
Return on Equity (%) 14.30 13.18 12.51 Chartered Accountants
Debt Equity Ratio (X) 9.29 8.65 7.40
Cash Dividend per share (%) 10.00 – –
Stock dividend (%) 5.00 15.00 – Legal Advisor : Hassan Kaunain Nafees

51

You might also like