PMEX Achieves Highest Ever Profit for FY23

Pakistan Mercantile Exchange Limited (PMEX), the only Multi-Commodity Futures Exchange in the country, has achieved its highest-ever profit after tax for the fiscal year ending on June 30, 2023 (FY23), since its inception in 2007. As per unaudited accounts, PMEX has achieved a net profit of PKR 207 million in FY23, a growth of 266 percent compared to the last fiscal year. During this fiscal year, the exchange’s operating income surged to PKR 673 million, representing an impressive growth of 80 percent compared to the previous year. The trading volume in FY23 reached a significant milestone of PKR 4.641 trillion, surpassing the PKR 3.867 trillion recorded in the corresponding period last year PMEX, on the basis of this year’s performance, has completely recovered its equity of PKR 313.6 million, which was negative PKR 192 million in FY11. Additionally, in achieving this phenomenal turnaround, PMEX has maintained a Settlement Guarantee Fund of around PKR 600 million over a period of time. Several crucial factors have contributed to PMEX’s outstanding financial performance in FY23. The exchange has successfully implemented strategic initiatives, including expanding the product portfolio, introducing new members and liquidity providers, streamlining the Direct Fund Model to facilitate direct deposit & withdrawal of funds for traders, extending trading hours, introducing digital account opening, improving customer support, and raising awareness about the advantages of futures trading on a regulated exchange. These endeavors have helped enhance operational efficiency, reduce costs, and significantly improve the overall trading experience for market participants. Mr. Ejaz Ali Shah, Managing Director – PMEX attributed the unrelenting support & guidance received from Securities and Exchange Commission of Pakistan (SECP) and the strategic direction provided by the PMEX Board of Directors as the key elements in achieving this feat. While commenting on this occasion, he said: “This exceptional financial performance reflects our unwavering pursuit of excellence, effective risk management practices, and the resilience of our market participants. As the leading commodity futures exchange in Pakistan, PMEX will continue to drive growth, promote transparency, and deliver value to our stakeholders.” He further added: “With over 55 million bank accounts, we see a great opportunity to create 2 to 5 million new Unique Identification Numbers (UINs) and facilitate pan Pakistan penetration. By expanding our reach, we aim to provide more individuals with access to our services and contribute to the overall economic growth of the nation.”