Habib Bank Limited (HBL), one of the largest banks in Pakistan, reported a strong financial performance for the first quarter ending March 31, 2023.
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OGDC’s profit jumps 42% YoY in 9MFY23
Oil and Gas Development Company Limited (OGDC) on April 27, 2023 announced its financial results for 9MFY23, reporting a profit after tax of PKR 159.64 billion (EPS: PKR 37.12) compared to PKR 112.04 billion (EPS: PKR 26.05) in 9MFY22, reflecting an increase of 42% YoY.
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PSO registers 58% decline in earnings for 3QFY23 amid higher finance costs
Pakistan State Oil (PSO), the largest oil marketing company in Pakistan, has reported a significant decline in earnings for its 3QFY23.
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Standard Chartered Bank (Pakistan) reports 30% jump in net profit for 1QCY23
Standard Chartered Bank (Pakistan) Limited Thursday reported a significant surge in its profit after tax for the first quarter of calendar year 2023.
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Indus Motors reports 142% increase in 3QFY23 profit
Indus Motors Company Limited (INDU), one of the largest automobile manufacturers in Pakistan, Wednesday recently released its financial results for the third quarter of FY23.
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Philip Morris Pakistan reports 67% decline in quarterly profit
Philip Morris (Pakistan) Limited announced a 67% decrease in quarterly profit on Wednesday, according to financial results sent to Pakistan Stock Exchange (PSX).
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Pak Suzuki extends automobile plant shutdown due to raw material shortage
Pak Suzuki Motor Company Limited has released a statement on Wednesday, announcing that it will continue the shutdown of its plant until May 9th, 2023.
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Pak-Qatar Group announces annual financial results for 2022
Pakistan’s leading Islamic financial conglomerate, Pak-Qatar Group, Thursday released its financial results for the year ending December 31, 2022.
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Engro Corp reports 41% profit decline in 1Q 2023, misses expectations
Engro Corporation (ENGRO) Thursday reported a 41% decline in profits for the first quarter of 2023, falling short of industry expectations.
According to analysts at Topline Securities, the company recorded earnings of Rs8.8 billion (Earning per share: Rs8.07), which is a decrease of 41% YoY and 43% QoQ. Despite the disappointing financial results, the company announced a bumper dividend of Rs40/share for 1Q2023, exceeding industry expectations of Rs10/share.
ENGRO’s subsidiaries, Engro Fertilizers Limited (EFERT) and Engro Polymer (EPCL), also saw declines in earnings. EFERT’s earnings were down 29% YoY to Rs4.4 billion due to the revision of gas prices based on fertilizer policy, higher PP12-based pricing, and higher transportation prices. Meanwhile, EPCL’s earnings were down 75% YoY to Rs1.2 billion due to lower PVC volumes, lower PVC Core Delta, and higher exchange losses.
On a standalone basis, ENGRO’s other operating expenses decreased by 82% YoY to Rs153 million in 1Q2023 mainly due to the absence of business development expenditure. Despite having Cash and Short Term Investments of Rs47.7 billion as of December 31, 2022, around Rs11.5 billion has been utilized for buyback, and around Rs21 billion will be used for dividend payouts, according to estimates.
While the company’s earnings report is below expectations, it is important to note that ENGRO’s financial performance is subject to many factors, including market volatility and economic conditions. The company’s upcoming initiatives and strategies could still yield positive results, and investors are advised to exercise caution and stay updated on ENGRO’s financial reports in the coming months.
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Meezan Bank reports strong 68% quarterly profit despite Pakistan’s economic challenges
Meezan Bank Limited, Pakistan’s largest Islamic bank, has announced a robust 68% increase in profit for the first quarter ended March 31, 2023, despite the economic challenges faced by the country.
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