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Chairman Statement

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Chairman’s Statement

On behalf of the Board of Directors, I present the 42nd audited financial statements of Saudi Pak Industrial and Agricultural Investment Company Limited, including consolidated accounts and the accompanying Auditors’ Report and Directors’ Report for the year ended December 31, 2023.

Saudi Pak’s commitment to responsible finance remains unwavering. The company continued to spearhead initiatives and transactions that contributed to development focused and impact driven outcomes. Key investment themes were financial inclusion, Fintech sukuk, tourism & community development, sustainable agriculture and equitable edtech. The year saw Saudi Pak enter into its first international partnership with The Islamic Corporation for Insurance of Investment & Export Credit (ICIEC) for promotion of trade and cross border investments.

During the year, the management focused on consolidating the balance sheet, recovering non-performing loans, strengthening corporate credit, diversifying product suite and establishing investment banking and strategic initiatives department. Our prudent risk management practices ensured the resilience of our business model, safeguarding the interests of our stakeholders.

Despite tough economic environment, the company booked fresh loans without compromising on credit quality and risk management. Substantial guarantee business was generated that provided a healthy fee-based income.The company adopted IFRS-9 and managed to book all the requisite provisions under ECL (first-time adoption) while remaining profitable despite a challenging year in terms of economic conditions. The credit quality and financial stability of the company were reconfirmed by the credit rating agency VIS, which maintained our long-term entity rating at AA+ and short-term rating at A-1+ with a stable outlook. Moving forward, the company will remain focused to capitalize on available opportunities with particular focus on development focused initiatives while closely monitoring the overall economic situation to mitigate the potential risks. The Board of Directors fully support the management’s plan and strategy. We acknowledge the support of our sponsors, the Kingdom of Saudi Arabia and the Islamic Republic of Pakistan, as well as the professional guidance of the State Bank of Pakistan and the Securities Exchange Commission of Pakistan. I am also thankful to the Board Members, management, and staff for their contributions to the company’s performance.

Thank you for your continued support.

Sultan Mohammed Hasan Abdulrauf
Chairman