Author: Faisal Shahnawaz

  • OGDCL declares over 63% net profit for 1HFY22

    OGDCL declares over 63% net profit for 1HFY22

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced financial results for the half year ended December 31, 2021.

    The company announced over 63 per cent growth in net profit to Rs69 billion for the first half (July – December) 2021/2022 as compared with Rs42.22 billion in the corresponding period of the last fiscal year.

    READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter

    The company announced earnings per share (EPS) at Rs16.02 for the half year ended December 31, 2021 as compared with Rs9.82 announced in the corresponding half of the last year.

    The board of directors of the company in their meeting held on February 23, 2022 approved an interim cash dividend for the quarter ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs1.75 per shre i.e. 17.50 per cent.

    READ MORE: OGDCL discovers huge gas deposits in Balochistan

    According to the financial results, the sales of the company registered a massive increase to Rs151.16 billion for the first half of the fiscal year 2021/2022 as compared with Rs110.97 billion in the corresponding half of the last fiscal year.

    Operating expenses of the company were flat at Rs34.37 billion in July – December 2021/2022 as compared with Rs33.3 billion in the same period of the last fiscal year.

    READ MORE: OGDCL announces gas discovery in KPK

    OGDCL paid an amount of Rs17 billion as royalty during the first half of the current fiscal year as compared with Rs12.9 billion in the corresponding half of the last fiscal year.

  • Equity market gains 121 points in volatile trading

    Equity market gains 121 points in volatile trading

    KARACHI: Pakistan equity market gained 121 points on Wednesday in a volatile trading during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,133 points as against previous day’s closing of 45,012 points, showing an increase of 1201 points.

    READ MORE: Stocks plunge 351 points on high international oil prices

    Analysts at Arif Habib Limited said that the market remained volatile today due to political unrest and higher commodity prices.

    Cement sector remained under pressure due to higher international coal prices.

    READ MORE: Equities shed 313 points in lackluster trading

    In banking sector, UBL remained in the limelight due to announcement of tremendous financial result beating market expectations.

    In the last trading hour, value hunting was observed which led the recovery in the market. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    READ MORE: Weekly Review: positive sentiments likely on PM Moscow visit

    Sectors contributing to the performance include Cement (+69.3 points), Banks (+48.0 points), Automobile Assembler (+19.1 points), Tobacco (+11.6 points) and Technology (+11.4 points).

    Volumes decreased from 227.2 million shares to 186.4 million shares (-18.0 per cent DoD). Traded value also decreased by 10.8 per cent to reach US$ 38.6 million as against US$ 43.3 million.

    Stocks that contributed significantly to the volumes include BOP, TELE, WTL, MLCF and TPLP.

    READ MORE: Stocks gain 235 points on declining crude oil prices

  • SBP issues KIBOR rates on February 23, 2022

    SBP issues KIBOR rates on February 23, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of February 23, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7410.24
    2 – Week9.7910.29
    1 – Month9.8910.39
    3 – Month10.2310.48
    6 – Month10.6010.85
    9 – Month10.6711.17
    1 – Year10.7411.24
  • Customers’ exchange rates on February 23, 2022

    Customers’ exchange rates on February 23, 2022

    Karachi, February 23, 2022: The State Bank of Pakistan (SBP) has published the official exchange rates for February 23, 2022, shedding light on the currency values against the Pakistani Rupee.

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  • PKR gains seven paisas to dollar in interbank

    PKR gains seven paisas to dollar in interbank

    KARACHI: The Pak Rupee (PKR) made a gain of 7 paisas to the dollar on Wednesday as easing prices of international oil.

    The rupee ended Rs176.16 to the dollar from previous day’s closing of Rs176.23 in the interbank foreign exchange market.

    READ MORE: Rupee plummets 48 paisas to dollar

    Currency experts said that the oil prices in the international market witnessed ease which helped the local currency to rebound against the dollar.

    The benchmark Brent crude fell to $76.25 per barrel after hitting $99.50 on Tuesday owing to Russia – Ukraine tensions.

    READ MORE: Dollar falls 11 paisas to PKR

    Pakistan is net importers of oil products to meet the local demand. The oil bill of the country surged by 107 per cent to $11.7 billion during the first seven months (July – January) of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: PKR slides 47 paisas to dollar on payment demand

    On the other hand, the scheduled repayment of foreign debt by the government was another reason for rupee depreciation.

    The liquid foreign exchange reserves of the country slipped by $231 million to $23.49 billion by the week ended February 11, 2022 as compared with $23.721 billion a week ago. Similarly, the official reserves of the State Bank of Pakistan (SBP) fell by $241 million to $17.096 billion by the week ended February 11, 2022 as compared with $17.337 billion a week ago.

    READ MORE: Rupee rallies 28 paisas to dollar as world oil prices slide

  • Bitcoin to Pak Rupee on February 23, 2022

    Bitcoin to Pak Rupee on February 23, 2022

    The exchange rate of Bitcoin (BTC) has witnessed a notable surge, reaching Rs 6,711,653.43 against the Pakistani Rupee (PKR) in the open exchange market as of February 23, 2022.

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  • Ripple to Pak Rupee on February 23, 2022

    Ripple to Pak Rupee on February 23, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs126.62 on February 23, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs121.90 on February 22, 2022.

    The rate of Ripple in US Dollar (USD) is $0.72 on February 23, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.69 on February 22, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • Dogecoin to Pak Rupee on February 23, 2022

    Dogecoin to Pak Rupee on February 23, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs23.22 on February 23, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs22.45 on February 22, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.13 on February 23, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.13 on February 22, 2022.

    Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.

  • EFP organizes women empowerment seminar in Dubai

    EFP organizes women empowerment seminar in Dubai

    The representative body of Employer’s in the region, the Employer’s Federation of Pakistan (EFP) has organized its Women Empowerment Seminar in the Dubai Expo 2020- Pakistan Pavilion.

    The purpose of the imperial event, is to showcase the success stories of different Female Entrepreneurs in the region of Pakistan that have inspired and empowered many to stay committed to their core goals.

    EFP in its advocacy for women entrepreneurship and inclusion has been actively working for gender-based equality in the industry and supporting female led SMEs.

    READ MORE: EOBI to launch self assessment scheme for employers

    Zaki Ahmed Khan, Vice President EFP, in his welcome remarks said that “EFP has been working on different fronts to promote women empowerment in Pakistan. A significant achievement has been the active participation of females in the agricultural sector of Pakistan, particularly in interior Sindh and Punjab region of the area. Today, we share the success stories of different women entrepreneurs who have inspired many”.

    The event featured Guest Speakers sessions by Ms. Jehan Ara, Founder and CEO of Katalyst Labs, and Ms. Naila Naqvi, Founder and CEO of Pie in The Sky. The Session covered personal journey of Ms. Naqvi who currently runs one of the largest business chains in Pakistan, while Ms. Jehan Ara shared stories of female entrepreneurs who are changing the startup landscape of Pakistan.

    READ MORE: Employers criticize increase in key policy rate

    To recognize and appreciate the contribution made by employers to support inclusion of women in the workforce, EFP also featured corporate success stories of K-Electric and Mobilink Microfinance Bank to promote spirit of responsible practices by corporations.

    K-Electric’s Roshni Baji safety ambassadors – Abeera Almas and Zara Afshan were also invited to share their remarkable journey towards leading a massive behavioral shift in the society. The ambassador program is winner of various national and international accolades including the 23rd S&P Global Platts Energy Awards.

    READ MORE: Employers flay new tax ordinance

    Speaking at the occasion, Ghazanfar Azam, President & CEO MMBL said, “We strongly believe women’s participation in the formal economy is crucial for Pakistan’s economic progress. That is why we strive to engender an enabling environment where women have both the opportunity and the financial means to grow and prosper.  Our customized financial products and services ecosystem and special initiatives such as Women Inspiration Network (WIN) continue to make a difference for women both in and outside our organization”.

    Ismail Suttar, President EFP, greatly admired the contribution made by the guest speakers. He further commented that EFP has a crucial role to play to make Pakistan a more progressive economy with high women participation across all sector and industry.

    Suttar said, “We cannot move forward if half our population is not active, therefore, the efforts made by EFP are very important and soon we will see how Pakistan will have higher women ratio in workforce because we can’t afford to have only the men to work and earn a living”.

  • Engro Fertilizers highlights food security at Dubai Expo

    Engro Fertilizers highlights food security at Dubai Expo

    KARACHI: Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, hosted an insightful dialogue at Expo 2020 Dubai to highlight the food security situation in the Gulf and the potential partnership opportunities with Pakistan to overcome the regional food security challenges.

    The panel comprised global agricultural and industry experts including Dr. Abdul Rashid (IFA Laureate), Charles Schneider (International Finance Corporation), Ayman Alwadhy (The Corporate Group, UAE), Wasim Halabi (Foodco National Foodstuff Co PJSC), Fredric Favre (MAS Seeds, France) and Khusrau Nadir Gilani (Engro Fertilizers).

    The event was also graced by Hussain Dawood (Chairman of Engro Corporation and Dawood Corporation), Shahzada Dawood (Vice Chair, Engro Corporation), Ghias Khan (President & CEO of Engro Corporation) and Nadir Salar Qureshi (CEO of Engro Fertilizers), along with other members of the Engro leadership team.

    The expert panel pointed out that food security in the Gulf region is a growing challenge due to high dependence on food imports, increasing water scarcity, climate change and supply chain interruptions.

    In 2020, the region’s share of the acutely food insecure global population was 20 per cent, which is disproportionately high compared to its 6 per cent share of the population. By forging partnerships in the agricultural sector with large established sustainable agri-base countries, like Pakistan, the region can benefit from enhanced agricultural output to overcome its food security challenge.

    There is significant potential to increase Pakistan’s agricultural output with focus on modern technology, seed quality, balanced use of fertilizers, and uplift of infrastructure across the agri value chain. It was noted that if average farmer yields are brought at par with those of progressive farmers within the country, Pakistan will see a dramatic increase in wheat and rice production serving not only the needs for domestic consumption, but also create significant surpluses for exports to the Gulf-Region.

    The Government of Pakistan was also applauded for its efforts to improve water provision and farm economics, resulting in an increase of approximately 1.6 million hectares in area under cultivation with further growth anticipated with large irrigation projects underway.

    According to Nadir Qureshi, “To bridge the agri yield gap and enrich crops with essential nutrients, Engro Fertilizers has introduced innovative products and seed-to-harvest solutions, farmer upskilling programs, access to expert advice by leveraging technology, and free of cost soil testing laboratories. We hope that this dialogue will serve as an initial step to encourage Pakistan, Engro and Gulf entities to work together to jointly develop innovative solutions and explore the scope for international partnerships in the agri space.”

    The panel discussion concluded that the food and agriculture sector can be an engine of economic growth for both the Gulf region and Pakistan. Through the adoption of technological innovation and sustainable practices, the agricultural sector of Pakistan can be transformed to reduce dependence on food imports, create surpluses to drive significant exports and meet the Gulf regions’ dietary nutrition requirements.