PMEX Posts Highest Ever Profit for the FY17-18
Karachi: Pakistan Mercantile Exchange Limited (PMEX), the country’s only multi-commodity futures exchange, has posted the highest profit after tax in FY17-18, since commencement of operations in 2007.
The Exchange earned profit after tax of PKR 41 million for the FY17-18. The operating income of the Exchange grew to PKR 264.6 million for FY17-18 from PKR 202.9 for FY16-17, posting an increase of over 30 percent whereas administrative and operating expenses registered an increase of 1.72 percent. The trading volume for FY17-18 was recorded at PKR 1.442 trillion as compared to PKR 1.303 trillion for FY16-17. Resultantly, the average daily trading volume increased by 11 percent to PKR 5.591 billion from PKR 5.051 billion.
This outstanding performance of the Exchange is the outcome of several initiatives undertaken during FY17-18. These included expansion of product suite, induction of new members and liquidity providers, introduction of world renowned trading terminal – MetaTrader 5 and creation of awareness about the benefits of futures trading at a regulated exchange.
Commenting on the financial performance, Mr. Ejaz Ali Shah, Managing Director, PMEX, said, “We are delighted to share the financial results for FY17-18. We would like to thank Securities & Exchange Commission of Pakistan (SECP) and Board of Directors of PMEX for their continued guidance and support.”
Talking about the future outlook of the Exchange, he said, “We have embarked upon an ambitious but achievable multifarious plan that includes, extending outreach, diversifying product suite and providing state-of-the-art technology platform. Our special focus is on linking the Exchange with the local economy of the country by bringing trading of indigenously produced agricultural commodities at the Exchange. The Exchange is confident that these initiatives would go a long way in achieving the desired goal of creating a robust, transparent and efficient trading platform for international as well as local agricultural commodities of the country.”