KARACHI, April 8: Jahangir Siddiqui & Company Limited — the listed securities brokerage and financial services firm — announced results for the quarter ended March 31, 2002 within six days of the close of the quarter. That is ahead of all other companies.

Appreciable as it is, the company also at the same time, was able to hold the meeting of the board and unveil financial figures of all of its half a dozen subsidiaries and the consolidated accounts of the group for the third quarter as well as nine months to end-March 2002. The preparation and transmission of the results have been in compliance with the November 5, 2001 directive of the Securities and Exchange Commission of Pakistan (SECP), which requires all listed companies to prepare and transmit — within one month of the close of every quarter of their year of account — financial statement of that quarter, audited or otherwise. It is the requirement of International Accounting Standards applicable to Pakistan, that the consolidated accounts should be part of company’s published audited and un-audited financial statements, beginning June 30, 2000.

For the quarter ended March 31, 2002, Jahangir Siddiqui & Company Limited (JSCL) posts pre-tax profit of Rs89.7 million, which is more than twice the pre-tax profit of Rs41.3 million earned in the same period of last year. Much of it attributable to the strength of the Pakistan’s equity market and the firm’s ability to have seized the opportunity. The KSE-100 index had climbed from 1,322 points on January 1 to around 1,800 points by the end of March, showing a phenomenal 45 per cent rise — outperforming almost all other markets of the world.

Operating revenue at JSCL, jumped by 354 per cent to Rs68.7 million, from Rs15.1 million. The company also earned Rs26.8 million as “net capital gain on investments”. The operating revenue over the nine-month (July 2001-March 2002) period grew 159 per cent to Rs169.8 million, from Rs65.6 million in the corresponding period of the previous year. Operating expenses, on the other hand, could be reduced by 22 per cent to Rs65.0 million, from Rs83.9 million in the similar period of previous year.

Financial charges also stood trimmed by 34 per cent to Rs29.7 million for the latest three-quarters, from Rs45.2 million in the similar period of the earlier year.

JSCL boasts as the first securities brokerage firm in Pakistan’s financial market that had a Wall Street pedigree (through its former joint-venture partner Bear Stearns). Over the past few years, the firm has expanded into diverse activities in the financial services sector. The firm acquired 61.2 per cent sponsors’ shares along with management in Citicorp Investment Bank (listed in 1993) from Citibank Overseas Investment Corporation (COIC) and the bank got eventually to be renamed as Jahangir Siddiqui Investment Bank. The Bank reports pre-tax profit of Rs12.6 million for the quarter ended March 31, 2002, up from Rs7.6 million in the similar period of last year.

Financial results of the other subsidiaries for nine months to end March 31, 2002 are also impressive. ABAMCO — management company of the BSJS Balanced Fund and Unit Trust of Pakistan (both listed) — reports pre-tax profit of Rs101.5 million, double the profit of Rs50.2 million earned in the same period last year. ABAMCO Limited was formed in early 1995 as the first asset management company in the private sector in Pakistan. As of August 1, 2000, JSCL holds 55 per cent shares in ABAMCO. The stock market listed Security Stock Fund posts profit of Rs12.5 million for the period ended March 31, 2002. JSCL has 52.8 per cent stake in its management company, acquired on October 2001. The firm has also bought over 43 per cent of listed Confidence Mutual Fund Limited (merged with BSJS Balanced Fund).

Consolidated balance sheet of Jahangir Siddiqui & Co. Limited at March 31, 2002, showed fixed assets at Rs55.4 million; long-term investment in shares Rs220.1 million; investment in TFCs Rs203.1 million; marketable securities Rs1.1 billion; short-term investments at Rs1.0 billion and the balance sheet footing at Rs3.3 billion.