KARACHI, Oct 23: Relying on the steadfast clientele, Pakistan Industrial Credit and Investment Corporation (PICIC), on Wednesday set a new record among the banks and Development Finance Institutions by declaring highest dividend of 33.5 per cent for the year ended June 30, 2002.

This was noted in the AGM of the PICIC held here with its chairman Khursheed K. Marker in the chair. This is the highest ever dividend pay off during the 45 years history of the corporation that includes 15 per cent dividend and issuance of bonus share @ 18.50 per cent. The meeting adopted the annual financial results and approved the dividend, recommended by the Board of Directors in their earlier meeting. The deputy chairman Mohammad Basheer Janmohammad and managing director Muhammad Ali Khoja were also present in the meeting.

Khoja informed the shareholders that the corporation was again trying its luck in Thursday’s bidding for Investment Corporation of Pakistan’s lot-B auction.

PICIC, during the year booked a post tax profit of Rs451 million, compared to Rs358 million earned last year, registering an increase of 26 per cent.

The chairman in his report, informed the shareholders that PICIC stood firm on its endeavour of steering recoveries and accomplished a formidable target of Rs3.8 billion during this year as compared to Rs3.3 billion of previous year. The total recovery, therefore in long- and short-term basis was enhanced to Rs19 billion in six years only, he added.

The meeting was informed that the corporation paid off 25 per cent dividend in the financial year 2000 and 27 per cent in 2001, reflecting gradual improvement in its various economic activities.

The net investment of the corporation which was Rs1.797 billion in 1996, registered a growth of 127 per cent at Rs4.080 billion in 2002, net profit went to Rs0.451 billion (up 141 per cent) by the end of the year while it suffered loss of Rs1.094 in 1996. The breakup value per share, which was Rs10.93, has hiked to Rs24.14 (up 121 per cent) by the end of June 30, 2002. Similarly the earning per share which was negative in 1996 at Rs17.07 (loss) moved to profit by 2002 at Rs 5.32, an improvement of 131 per cent.—APP