Pak-Qatar Family Takaful Limited (PQFTL), a prominent provider of Shariah-compliant family Takaful solutions in Pakistan, has recently disclosed its financial performance for the fiscal year ending December 31, 2023. This announcement comes amidst a backdrop of strategic initiatives and industry challenges, showcasing PQFTL’s resilience and growth in the Islamic financial sector.
Meeting Highlights
The board meeting, chaired by Sheikh Ali bin Abdullah bin Thani al-Thani, Chairman of Pak-Qatar Group, convened in Doha, Qatar, to deliberate on the company’s financial outcomes for 2023 and outline strategic objectives for 2024. Notable attendees included esteemed directors such as M/s. Said Gul, Abdul Basit Ahmad al-Shaibei, Ali Ibrahim Al Abdul Ghani, Zahid Hussain Awan, and Muhammad Kamran Saleem.
Financial Performance
Turnover and Profitability
In 2023, Pak-Qatar Family Takaful Limited achieved a commendable turnover of PKR 16.30 Billion. Despite industry challenges, the Shareholders Fund reported a net profit after tax of PKR 156.30 Million, translating to an earnings per share (EPS) of PKR 1.20. Equally impressive was the performance of the Participants’ Takaful Fund (Waqf Fund), which generated a surplus of PKR 37.5 Million before distribution.
Investment and Growth
One of the key highlights of PQFTL’s financial report was its robust balance sheet growth, attributable to substantial advancements in its investments and financing portfolio. This growth underscores PQFTL’s strategic foresight and prudent financial management in navigating market dynamics.
Future Outlook
Looking ahead to 2024, PQFTL remains steadfast in its commitment to excellence and innovation. The company’s strategic roadmap includes initiatives aimed at enhancing customer value, expanding market reach, and reinforcing its position as a leader in Shariah-compliant financial services.
Conclusion
Pak-Qatar Family Takaful Limited’s 2023 financial results reflect not only financial stability but also strategic agility in a dynamic economic environment. With a strong foundation and a forward-looking approach, PQFTL is poised for continued success in delivering value to stakeholders and customers alike.