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  • Business leaders stress collaboration for Pakistan’s growth

    Business leaders stress collaboration for Pakistan’s growth

    Pakistan needs collaboration for economic growth, business leaders stressed this at the inaugural launch and dialogue of Marketing Association of Pakistan (MAP) on the theme of “Imagining the Unimaginable” a day earlier.

    Muhammad Azfar Ahsan, Former State Minister and Chairman Board of Investment (BOI), President Marketing Association of Pakistan (MAP) said the prevailing economic situation in the country is short-lived but it has to be revived in months to come considering the billions of dollar potential exist in every sector of economy.

    He said Pakistan is a very attractive market for foreign investors even in this situation which is evident that the Kingdom of Saudi Arabia (KSA) is willing to initiate a dialogue with Pakistan for exploring various venues of investment on a long-term basis.

    He said that MAP’s role is very meaningful in the contribution of the private sector and the economy of the country however it needs to enhance its footprint through various chapters and the new membership of experienced members and leaders including women professionals.

    Quoting a theme imagine the unimaginable, Faysal Bank Limited CEO & President Yousaf Hussain said the Faysal Bank has been converted to a full-fledged Islamic bank by the end of 2022, which was a dream of its board of directors eight years ago.

    The bank will enhance its presence with nearly 700 branches converted by the end of 2022 to be the second largest Islamic of the country with wide range of innovative products including a Sharia-compliant credit card.

    Muhammad Aurangzeb, President and CEO Habib Bank Limited and Chairman Pakistan Banks’ Association (PBA) said Pakistan’s exit from FATF’s grey list is the prime example of the benefits a united efforts by the policymakers, state institutions and the private secto can bring and this should be replicated with the same spirit for addressing the core macroeconomic issues.

    He added that the Charter of Economy is a workable idea at a national level to address the selected areas of the economy by all these key stakeholders on a sustainable basis.

    Ghias Khan, President Overseas Chamber of Commerce and Industry (OICCI) and Engro Corporation said the government should devise a comprehensive policy environment that can give a boost to productive sectors and industries rather than unproductive sectors like real estate.

    He also said that the government should also realize that the country’s economic growth is bound to regional growth like in the case of the GCC and ASEAN, hence, bilateral trade with neighboring countries should be promoted in the future. 

    Maheen Rahman, CEO InfraZamin said that Pakistan stands among the five most populous countries in the world but its contribution is negligible in the global economy whereas 60  per cent GDP of the world is contributed by 10 most populous countries and unfortunately we being part of this select group only contribute 0.4 per cent

    She highlighted that Pakistan can double its share in the global economy by doubling its GDP, labour productivity, and women’s participation in the workforce. In this regard, investment in human capital is indispensable mainly in the areas of health, education and skilled development. 

    Aamir Paracha, CEO Unilever Pakistan Limited said the government policy should also consider its focus from GDP growth rate to the development of Human Development Index (HDI), which we as a country stand among the lowest across the world.

    He further said that the government and NGOs could not fill the gap between society and the economy but the private sector should also take ownership for the development of the socio-economic situation of the country, he further said.

    Former Information Minister Javed Jabbar said Pakistan has immense potential to develop on the face of the world with various unique derivatives, lots of opportunities, and its geographical presence.

    The formation of Pakistan can also be attributed as imagining the unimagine as not only British Empire but congress and Muslim scholars were against Quad-e-Azam, the founder of Pakistan, he added.

    Country Manager SAP Pakistan was the moderator of the dialogue.

  • Manufacturing Panadol on negative margins unsustainable: GSK Pakistan

    Manufacturing Panadol on negative margins unsustainable: GSK Pakistan

    GlaxoSmithKline Pakistan on Friday declared force majeure due to negative margins for manufacturing of Panadol tablets in the country.

    The company in a statement said we are one of the few multinational companies left operating in the country.

    However, due to the challenges stated above, manufacturing of the Panadol range on negative margins is unsustainable, and despite exhaustive efforts of the Company to mitigate this matter through dialogue, the situation is now beyond our control.

    “We are thus forced to declare force majeure regarding the production of Panadol Tablets, Panadol Extra Tablets and Children’s Panadol Liquid Range.”

    The company said this is further to our several letters to various government stakeholders regarding the critical issue of extraordinary and rapid increase in paracetamol (raw material) prices in Pakistan, and our appeals to the Federal Government to accord approvals for the adjustments to the selling price(s) of the captioned Panadol range of products, all of which are Paracetamol based.

    We had obtained the approval in the 50th Drug Pricing Committee (DPC) of the Drug Regulatory Authority of Pakistan (DRAP), held on 12 January 2022 which were recommended by the DPC for the approval of the Cabinet. But, according to media reports, the same have been rejected after a prolonged delay by the latter without any intimation of reason(s) given to the Company.

    Also, although the company has received a routine Consumer Price Inflation (CPI) adjustment for the year 2022 from DRAP on 25 August 2022, the same is not commensurate with the debilitating increase in the prices of the raw material of Paracetamol.

    The Company has been an integral part of the pharmaceutical / industrial sector and has made substantial contributions to the economic growth and stability of Pakistan. We have created thousands of jobs, pay taxes, and save Pakistan foreign exchange through import substitution or earned for Pakistan as a result of the exports of its products.

    The Company is proud to supply reliable, efficacious and high-quality products with an established safety profile, which have become household names, with the captioned Panadol range being no exception. As a responsible corporate citizen, the Company holds the trust of its patients, consumers, healthcare practitioners, shareholders and all other stakeholders in the highest of regard. During the last twelve (12) months, the Company produced nearly 5,400 million tablets of Panadol 500mg and Panadol Extra to serve its customers, consumers and patients in need.

    The Company has played a critical, consumer / patient focused and responsible role during the COVID-19 pandemic, dengue fever crisis and floods across Pakistan, by ensuring continuous supplies of the Panadol range; this despite incurring heavy financial losses on the production of the said Panadol range due to an increase in the price of Paracetamol raw ingredients and in the absence of due approval by the Federal Government of the recommendation of the DPC / DRAP.

    We remain keen to meet you to resolve the situation – so that we can continue to deliver everyday healthcare to Pakistani people. We urge the Federal Government to take urgent action to rationalise the prices of the impacted Panadol range commensurate with the increase in the price of the impacted raw material and as recommended by the Drug Pricing Committee of the Drug Regulatory Authority of Pakistan, so as to enable the Company to continue supporting the government to ensure an ongoing supply to all patients and consumers in need.

  • Allied Bank’s profit declines in 9MCY22 as tax payment surges by 129%

    Allied Bank’s profit declines in 9MCY22 as tax payment surges by 129%

    KARACHI: Allied Bank of Pakistan (ABL) has declared fall in net profit to Rs12.63 billion during nine months period ended September 30, 2022 as tax payment of the bank surged by 129 per cent.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday, the bank declared Rs12.63 billion profit after tax during January – September 2022 as compared with Rs13.07 billion in the same period of the last year.

    The fall in profit may be attributed to massive increase in tax liability during the period. Allied Bank paid an amount of Rs20.39 billion as income tax for the nine months period ended September 30, 2022 as compared with Rs8.90 billion in the corresponding months of the last year.

    As per the unconsolidated results, the bank announced earnings per share at Rs11.03 for the nine months period ended September 30, 2022 as compared with Rs11.41 in the same period of the last year.

    The board of directors of Allied Bank Limited met on October 20, 2022 and approved an interim cash dividend for the quarter ended September 30, 2022 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs4 per share i.e. 40 per cent.

    The net mark-up/interest income of the bank rose to Rs45.44 billion during January – September 2022 as compared with Rs34.68 billion in the same period of the last year.

    Total non mark-up/interest income grew to Rs16.33 billion for the period under review as compared with Rs11.73 billion in the corresponding period of the last year. Out of this, the foreign exchange income massively increased to Rs7.14 billion as compared with Rs1.11 billion.

    Operating expenses of the bank grew to Rs28.47 billion during first nine months of the current year as compared with Rs24.42 billion in the same period of the last year.

    The bank declared Rs33 billion as profit before tax for nine months ended September 30, 2022 as compared with Rs21.97 billion in the corresponding months of the last year.

  • Suzuki Pakistan announces plant shutdown on inventory shortage

    Suzuki Pakistan announces plant shutdown on inventory shortage

    KARACHI: Pak Suzuki Motor Company Limited on Thursday announced a temporary plant shutdown due to shortage of inventory after conditions imposed by the central bank.

    In a communication sent to Pakistan Stock Exchange (PSX), the company stated that the State Bank of Pakistan (SBP) had introduced a mechanism for prior approval for importer under HS Code 8703 category, including CKDs through a circular No. 09 issued on May 20, 2022.

    READ MORE: Suzuki Motors extends plant shutdown in Pakistan

    “Restriction had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” it added.

    Therefore, due to shortage of inventor level, the management of the company has decided to shut down automobile plant for period extending from October 24, 2022 to October 26, 2022. “However, motorcycle plant will remain operative,” it said.

    READ MORE: Suzuki Motor Pakistan continues plant shutdown

    The company for the last several months is making similar announcement due to shortage of inventory and raw material for the locally manufactured cars.

    READ MORE: Suzuki Motor announces further plant shutdown in Pakistan

    According to latest data of locally assembled car sales, Pak Suzuki witnessed sharp decline during the first quarter (July – September) of fiscal year 2022/2023. The car sales of Pakistan Suzuki fell to 16,639 units during the first quarter of the current fiscal year as compared with 38,431 units in the same quarter of the last fiscal year.

    READ MORE: New prices of Suzuki cars in Pakistan from August 16, 2022

  • UBL announces 18% decline in net profit on huge tax payment

    UBL announces 18% decline in net profit on huge tax payment

    KARACHI: United Bank Limited (UBL) has posted 18 per cent decline in net profit to Rs18.76 billion for the nine months period ended September 30, 2022.

    The profit after tax of the bank was Rs22.76 billion in the same months of the last year, according to financial results of the bank submitted to the Pakistan Stock Exchange (PSX).

    Bank has declared earnings per share for the period at Rs15.33 as compared with EPS of Rs18.59 in the nine months period ended September 30, 2021.

    The decline in net profit may be attributed to massive surged in payment of income tax during the period. The bank paid an amount of Rs31.89 billion for the period January – September 2022 when compared with Rs16.56 billion in the same period of the last year.

    Board of directors of the bank met on Wednesday October 19, 2022 to approve the financial results for the nine months ended September 30, 2022. The board approved an interim cash dividend for the nine months ended September 30, 2022 at Rs4 per share i.e. 40 per cent. This is in addition to interim dividend already paid at Rs9 per share i.e. 90 per cent.

    According to the financial results, the bank recorded an increase in net mark-up/interest income to Rs72.77 billion during first nine months of the current year as compared with Rs53.68 billion in the same months of the last year.

    Total non mark-up / interest income also increased to Rs22.12 billion as against Rs17.28 billion. Out of non mark-up/interest income the bank made huge gain of Rs7.63 billion as foreign exchange income during first nine months of the current year as compared with Rs2.56 billion in the same period of the last year.

    Total income of the bank rose to Rs94.89 billion when compared with Rs70.97 billion.

    Operating expenses of the bank grew to Rs37.77 billion from Rs31.2 billion. The bank recorded profit before tax at Rs50.65 billion during January – September 2022 as compared with Rs39.32 billion in the same period of the last year.

  • Meezan Bank posts sharp growth of 46% in 9MCY22

    Meezan Bank posts sharp growth of 46% in 9MCY22

    KARACHI: Meezan Bank Limited has posted massive 46 per cent growth in net profit for the nine months period ended September 30, 2022.

    According to unconsolidated financial results for quarter and nine- month period ended September 30, 2022 submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank posted after tax profit of Rs28.59 billion for the period January – September 2022 as compared with Rs19.56 billion in the corresponding period of the last year.

    The bank announced Rs15.97 as earnings per share for the nine months period ended September 30, 2022 as compared with the EPS of Rs10.93 in the same period of the last year.

    Board of directors of the bank on October 19, 2022 recommended an interim cash dividend for the quarter and nine months ended September 30, 2022 at Rs2 per share i.e. 20 per cent. This is an addition to interim dividend already paid at Rs3.5 per share i.e. 35 per cent.

    Total earnings of the bank jumped to Rs77.15 billion for the nine months period ended September 30, 2022 as compared with Rs48.52 billion in the same period of the last year.

    Foreign exchange income of the bank increased to Rs3.86 billion for the period under review as compared with Rs2.15 billion in the corresponding period of last year.

    This brings the total income of the bank to Rs92.19 billion during January – September 2022 as compared with Rs 58.78 billion in the same period of the last year.

    Operating expenses of the bank increased to Rs32.7 billion for the period under review as compared with Rs24.85 billion in the same period of the last year.

    Provisions and write-offs for the period grew to Rs1.73 billion as against Rs553 million in the last year.

    The bank paid an amount of Rs27.76 billion as taxes during first nine months of year 2022 as compared with Rs13.08 billion in the same period of the last year.

  • Bank Alfalah posts PKR 14.28 billion profit after tax for 9MCY22

    Bank Alfalah posts PKR 14.28 billion profit after tax for 9MCY22

    KARACHI: Bank Alfalah has posted massive PKR 14.28 billion profit after tax for period of nine months (January – September) 2022, showing a growth of 33 per cent in the corresponding months last year.

    (more…)
  • Mari Petroleum plans first offshore drilling by 4QFY23

    Mari Petroleum plans first offshore drilling by 4QFY23

    KARACHI: Mari Petroleum Company has planned to drill first well at offshore block in fourth quarter of the current fiscal year.

    The management of the company on Friday while commenting on the Abu Dhabi offshore block, disclosed that the company planned to drill first well in 4QFY23 with the consortium. “For this, company has invested $10 million which will bear drilling expenditures,” according to Insight Research.

    READ MORE: Mari Petroleum stops production from Zarghun, Bolan fields

    Mari Petroleum conducted corporate briefing to discuss financial results and future outlook of the company.

    The Insight Research highlighted key takeaways from the briefing.

    During fiscal year 2021/2022, MARI posted highest net sales and profit after tax of PKR 95 billion and PKR 33 billion with PKR 247.80 Earning Per Share (EPS), up by 30 per cent and 5 per cent Year on Year (YoY), respectively.

    The increase in earnings is attributable to higher realized gas prices led by elevated oil prices and PKR devaluation coupled with higher gas production.

    Company’s production has crossed the mark of 100K BOEPD first time in history due to export of undrawn volumes towards SNGPL network and addition of new wells.

    To highlight, company has exported 45bcf gas towards SNGPL network under 3rd party pipeline access to sell gas.

    The company has planned a CAPEX of $200 million for a period of FY23-FY24, however, materialization of this development hinges on various factors, including security conditions, operational disruptions etc.

    As part of company’s aggressive strategy to acquire new exploration sites, company has won 11 blocks in 2 years (FY21 and FY22), taking cumulative blocks to 29.

    According to management, gas reserves estimate for Bannu west-1 is 55 mmcfd, whereas it will take 7-8 months to come online depending upon on the security situation.

    As per company, average production of Habib Rahi Limestone (HRL) is 630 mmcfd in which company is entitled to receive incremental pricing based on PP-12 on production above 525 mmcfd.

    In recent development, company has successfully completed and tested its first ever horizontal development well in HRL reservoir at a gas rate of around 21mmcfd with a well head pressure of 426 Psi.

  • Pakistan Petroleum discovers gas in Sindh

    Pakistan Petroleum discovers gas in Sindh

    KARACHI: Pakistan Petroleum Limited (PPL) on Wednesday announced discovery of gas from its well located in District Sanghar, Sindh province.

    The company in a communication sent to Pakistan Stock Exchange (PSX), announced a gas and condensate discovery from exploration well Shahpur Chakar North X-1, in Block 2568-18 (Gambat South), located in District Sanghar, Sindh Province.

    READ MORE: Pakistan may sharply cut petroleum prices from Oct 16, 2022

    Block 2568-18 (Gambat South) EL is operated by Pakistan Petroleum Limited (PPL) with 65 per cent working interest (WI) along with its Joint Venture Partners Government Holdings Private Limited (GHPL) and Asia Resources Oil Limited (AROL) with 25 per cent and 10 per cent WI, respectively.

    READ MORE: OGDCL announces gas discovery in KPK

    The exploration well Shahpur Chakar North X-1 was drilled to a depth of 3,560 m to test the hydrocarbon potential of Massive Sand of Lower Goru Formation. Based on the wire line logs, potential hydrocarbon bearing zones were identified inside the target reservoirs. Initial testing in the Massive Sand (Deep) interval of Lower Goru Formation flowed 15.2 Million Cubic Feet per Day (MMSCFD) of gas along with condensate of 321 Barrels per Day (BPD) at a Flowing Wellhead Pressure (FWHP) of 3,061 psig on a 32/64″ choke.

    READ MORE: OGDCL announces gas discovery at Sial-1 Well in Sindh

    This discovery will add hydrocarbon reserves of PPL and joint venture partners, contribute in reducing the energy demand and supply gap in the country, and will save significant foreign exchange for the country through indigenous hydrocarbon production

  • Uber halts operation in major cities of Pakistan

    Uber halts operation in major cities of Pakistan

    KARACHI: Uber announced to halt operations in Karachi, Multan, Faisalabad, Peshawar and Islamabad. The subsidiary brand of Uber, Careem will continue to operate in these cities. The Uber services will be continued in Lahore.

    The press release issued by Uber stated that we have made the decision to no longer operate the Uber App in Karachi, Multan, Faisalabad, Peshawar and Islamabad as of October 11, 2022. Riders and driver partners may use the Careem app in these five cities.

    The Uber app will continue to be available in Lahore with new product launches to support earners during these difficult times.

    We will communicate with riders and driver partners who use the Uber app in Karachi, Multan, Faisalabad, Peshawar and Islamabad about how they can use the Careem app in their city.

    READ MORE: Careem customers donate Rs10.3 million

    When we acquired Careem, it was always our belief that the two companies could come together to complement each other’s strengths and better serve the region through tailored experiences.  

    We know this is a difficult time for the teams who have worked incredibly hard to build this business over the past few years.

    We greatly appreciate everyone’s contributions and our priority is to minimize the impact to our employees, drivers, riders, and Hero partners who use the Uber app during this change in Karachi, Islamabad, Faisalabad, Multan and Peshawar.

    READ MORE: SBP issues electronic money license to Careem Pay