Qudsia Bano

Allied Rental Modaraba’s Ijarah rental climbed 24% to PKR3.2 billion in the nine months ending March 31, 2022 compared with PKR 2.6 billion in the corresponding period of the previous year, reports WealthPK.

Similarly, the operations and maintenance income of the company grew by 3% during the nine months of FY2022 to PKR 106 million from PKR102.5 million in the corresponding period of the previous year.

The gross profit increased 91% to PKR1 billion compared with PKR548 million in the corresponding period the previous year. The net profit also increased 48% to PKR 410.8 million during the nine months of FY2022.

As of June 30, 2021, directors, chief executive officers and their spouses and minor children owned 4% of the company’s shares, associated companies owned 91%, executives 0.1%, mutual fund & others 0.3%, and general public 5%.

Financial performance

During the Fiscal Year 2020-21, the Ijarah rental increased 8% to PKR3.6 billion as against PKR3.3 billion in 2019-2020. The gross profit for the year 2020-21 was PKR854 million, 2% down from PKR869 million the previous year. Profit after taxation for the year was PKR532 million with an increase of 134% compared to a profit of PKR227 million in the corresponding period of the previous year, reports WealthPK.

The EPS of the company witnessed a mix of trends during the recent years. In 2018, the EPS stood at PKR1.89 and then dropped to PKR1.03 in 2020; however, in 2021 the EPS registered a remarkable growth and jumped to PKR2.42.

Allied Rental Modaraba is run by Allied Engineering Management Company (Private) Limited (the Modaraba Management Company) – a fully owned subsidiary of Allied Engineering and Services (Private) Limited.

It was established in accordance with the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, and the Rules framed thereunder. It is a perpetual Modaraba, and its main activities include renting out, operating, and maintaining caterpillars and other equipment, including generators, forklifts, and compactors.

Credit : Independent News Pakistan-WealthPk