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Category: Corporate

  • BlueEx partners with ABHI to facilitate earned wage access

    BlueEx partners with ABHI to facilitate earned wage access

    KARACHI: Logistics giant BlueEX partners with ABHI to offer the facility of earned wage access to all their employees across Pakistan, a statement said on Thursday.

    BlueEX joins hands with ABHI, Pakistan’s first financial wellness platform, to offer its employees the facility of Earned Wage Access, giving them the freedom to access their salaries whenever they want, saving them from financial distress.

    On a mission to financially empower salaried individuals, ABHI is changing the landscape of the payroll in Pakistan and how an average employee spends/receives their salary by introducing the Earned Wage Access facility in the country.

    On the other hand, BlueEX prioritizes its employees’ financial wellness and understands that increased productivity in the logistics industry of Pakistan is imperative to the country’s future growth. Therefore, this partnership will help enable this growth, while building the overall financially empowered ecosystem.

    In light of this collaboration, Omair Ansari – CEO & Co-founder of ABHI, explained: “ABHI’s ultimate goal is to provide financial wellness solutions to all employees. You can only live a happier, healthier, and more productive life when you are not stressed about finances, which is the core of ABHI’s existence.

    “This partnership with BlueEX to offer earned wage access to all its employees will bring some much-needed security and relief to them, enabling us to work towards a financially stress-free and productive Pakistan.”

    Founded in 2021, ABHI is Pakistan’s first financial wellness platform that lets you access your salary daily via app, SMS, or WhatsApp. Users can withdraw the accessible amount of their accrued salary instantaneously to any bank account or wallet. By helping employers to provide the option of advance salaries for employees, ABHI has helped reduce workloads on HR and finance departments, whilst facilitating their employees’ cash needs.

    BlueEX is a one-stop solution focusing on retail, logistics, e-commerce, digital & technology. Started operations with a single courier in 2011, to become Pakistan’s first Smart Logistics company today.

    At present, BlueEX has more than 3000 corporate customers and a network of more than 400 cities and towns in Pakistan. Some of the services it provides are, operations and logistics, cash on delivery, retail warehousing and successful order processing and fulfillment, etc.

  • FrieslandCampina Pakistan posts profit of Rs938 mn in 1HCY22

    FrieslandCampina Pakistan posts profit of Rs938 mn in 1HCY22

    KARACHI: FrieslandCampina Engro Pakistan Limited (FCEPL) registered a Profit After Tax (PAT) of Rs. 938 million in the first half of 2022 against Rs. 1,414 million for the same period last year.

    According to a statement issued on Thursday, the company registered significant growth despite steep increases in commodity costs due to soaring inflation, and the rapid, unprecedented devaluation of the Pakistani Rupee (PKR).

    The flagship brand, Olper’s, led the growth in the segment along with strengthening its market leadership position through consistent brand building and trade activities. The segment recorded growth of 23.4 per cent versus last year with a revenue of Rs. 26.4 billion.

    The significant expansion was witnessed in the retail footprint and E-Commerce channels during the period. The segment will continue to explore new channels and routes to market to serve its customers effectively and efficiently.

    In Q1 2022, Olper’s UHT new campaign expanding on the theme of “Happy Mornings” was launched, which is already resulting in strengthening the brand’s equity and accelerating conversion from loose milk.

    Olper’s Cream also launched a new copy refreshing its association with the morning occasion. The campaign not only focuses on Olper’s cream’s nutritional credentials as a morning spread but also highlights its versatility for other key occasions.

    The company continues to leverage FrieslandCampina’s global expertise to introduce new products and innovations as a key driver of future business growth. The Company is focusing its attention on exploring new opportunities to offer breakthrough products that fulfill its consumer needs particularly around the morning occasion.

    The company’s other products like Olper’s Flavored Milk, Olper’s full cream milk powder (FCMP), Olper’s Pro-Cal and Olper’s Cream have also gained a healthy market share in a short span of time despite strong competition from established players.

    The segment of Ice Cream and Frozen Desserts recorded a growth of 39 per cent versus last year with a revenue of Rs. 4.4 billion. This growth has been enabled by the segment’s investment behind season opening activities and expansion of the trade universe by inducting more assets in the market.

    FCEPL was recognised internationally for its sustainability initiatives when it won the Gold Standard Award 2022 for Corporate Citizenship (CSR and Sustainability) by the Public Relations & Communications Association Asia Pacific (PRCA APAC) at a ceremony in Singapore.

    The business environment remains challenging due to rising inflation and currency devaluation. However, with an agile business model in place, the company will continue to drive efficiencies across the value chain and deliver growth.

  • Hascol Petroleum announces rehabilitation plan

    Hascol Petroleum announces rehabilitation plan

    KARACHI: Hascol Petroleum Limited on Wednesday announced a rehabilitation plan for the company through settlement of liabilities.

    In a communication sent to Pakistan Stock Exchange (PSX), Hascol Petroleum said that the Board of Directors of the company, in its meeting held on August 23, 2022, approved the plan for rehabilitation of the company through restructuring and settlement of liabilities of the company as per proposal prepared by the management.

    READ MORE: Shell Pakistan stops aviation operations across country

    The board has also approved the draft of letter to be sent to all secured creditors/banks/financial institutions conveying the rehabilitation plan and the process intended to be followed by the company for implementing the same i.e. through a Scheme of Arrangement to be presented to the High Court of Sindh at Karachi.

    The board has further given the management a go-ahead to prepare the scheme on the basis of the rehabilitation plan in consultation with the transaction legal counsel and auditors/accountants engaged by the company for such purpose and present the same for approval of the board for submission before the relevant competent court.

    READ MORE: Businessmen express shock over petroleum price hike in Pakistan

    The scheme is, however, subject to its approval by the creditors and shareholders and sanction of the competent court as per requirement of the relevant law and requisite approvals to be obtained from competent authorities.

  • NetSol opens sales point in Dubai

    NetSol opens sales point in Dubai

    KARACHI: NetSol Technologies Limited on Wednesday announced opening of a sales and delivery center in Duabi, United Arab Emirates (UAE).

    In a communication sent to Pakistan Stock Exchange (PSX), the company said that the board of directors of NetSol Technologies Limited in its meeting held on August 23, 2022 decided to increase its footprints by opening up a further sales and delivery centre in Dubai, United Arab Emirates in any legal form.

    The company already has a strong presence worldwide.

    The United Arab Emirates is one of the highest-ranking countries in terms of ease of doing business and with a strong economy and innovative business licensing policies, the country is seen as a preferred location for business operations by many.

    The company has functioned over forty years in providing state-of-the-art solutions, cost-effective capabilities and consulting services to the global finance and leasing industry.

    The company claims to cater to companies with ever growing and diverse business requirements across the world.

  • National Bank announces 28% fall in net profit for 1HCY22

    National Bank announces 28% fall in net profit for 1HCY22

    KARACHI: National Bank of Pakistan (NBP) on Wednesday announced a sharp decline of 28 per cent in net profit for half year ended June 30, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the bank announced Rs12.24 billion as profit after tax during the first half (January – June) of calendar year 2022 as compared with Rs17.05 billion in the same half of the last year.

    The bank announced earnings per share (EPS) at Rs5.74 for the half year under review as compared with EPS Rs7.98 in the same half of the last year.

    READ MORE: Engro Corp declares increase in half year profit to Rs16.6 billion

    The massive decline in net profitability may be attributed to significant increase in payment of tax. NBP paid an amount of Rs21.87 billion for the half year ended June 30, 2022 as compared with Rs11.13 billion in the same half of the last year, showing about 97 per cent growth.

    The bank recorded an amount of Rs34.12 profit before tax (PBT) during the first half of CY 2022 as compared with Rs28.17 billion in the same half of the last year, showing a growth of 21.12 per cent.

    The profit after tax of the bank for the second quarter of calendar year 2022 ended June 30, 2022 recorded at Rs2.5 billion, depicting a decrease of 73 per cent Year on Year (YoY).

    Higher taxes dragged the profitability in the second quarter.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    Net Interest Income of the bank settled at Rs27 billion during 2QCY22, increasing 6 per cent YoY and Quarter on Quarter (QoQ), both. With this, the total Net Interest Income (NII) for the half year ended June 30, 2022 went up to Rs53 billion, marking a 12 per cent YoY jump. Interest expense registered a significant increase of 116 per cent YoY while interest income was up 68 per cent YoY on the back of policy rate hikes, in the out-going quarter.

    Non-Interest income too was up during the quarter, 7 per cent YoY | 24 per cent QoQ, taking 1HCY22’s total to Rs19.5 billion.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    Foreign exchange , Fee and Dividend incomes fueled the Net Fee Income (NFI), posting an increase of 33 per cent, 9 per cent and 37 per cent on YoY basis, respectively.

    In addition, the bank recorded Rs145 million in share of profit from joint venture, marking a 110 per cent YoY increase.

    During 2QCY22, provisioning significantly declined 85 per cent YoY | 59 per cent QoQ. This takes the overall provisioning of the bank to Rs2 billion in 1HCY22, -71 per cent YoY.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The bank’s operating expenses increased 16 per cent YoY in 2QCY22 clocking-in at Rs19.4 billion (1HCY22: Rs36.5 billion, 16 per cent YoY). With this, Cost/Income stood at 50.92 per cent in 2QCY22 against 46.38 per cent same period last year.

    Effective tax rate was significantly up during 2QCY22 at 86.05 per cent compared to 39.26 per cent last quarter. This higher taxation was on account of revised taxes including corporate and super tax.

    READ MORE: Meezan Bank posts 36% growth in half year profit

  • Shell Pakistan announces Rs7.47 billion profit for 1HCY22

    Shell Pakistan announces Rs7.47 billion profit for 1HCY22

    KARACHI: Shell Pakistan Limited on Wednesday announced Rs7.47 billion as after tax profit for the half year ended June 30, 2022.

    The Board of Directors of Shell Pakistan Limited (SPL) approved the company’s half year results on August 17, 2022.

    The Company posted a profit after tax of Rs7.47 billion compared to the profit of Rs2.15 billion made in the same period last year.

    READ MORE: Shell Pakistan stops aviation operations across country

    The encouraging turnaround is mainly driven by improved business performance focusing on strategic priorities such as differentiated fuels and lubricants, the positive change in pricing formula to pricing agency S&P Global Platts’ indexes by the government, and safe and efficient fuel operations.

    During this period, the Mobility business launched 13 new retail sites which will help deliver increased volume. Shell V-Power remains the market leader in the premium fuels category.

    Through successful dialogue with the government, we will see expansion of our network in Punjab, which will help us grow.

    Furthermore, the Company authored a book on Road Safety titled “Once upon a Road” with the aim of driving the behaviours in keeping roads safer in Pakistan.

    READ MORE: Businessmen express shock over petroleum price hike in Pakistan

    The book will be part of the Care Foundation school curriculum of sixth grade across Pakistan. The Company also announced its decision to discontinue its aviation operations across Pakistan.

    Presently, SPL carries out its aviation related operations at four locations. They are Jinnah Airport in Karachi, Quetta International Airport, Begum Nusrat Bhutto Airport in Sukkur and Nawabshah Airport.

    After due consideration, SPL has decided that it is no longer commercially viable to continue with its aviation business in Pakistan.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    Shell Pakistan remains committed to continuing all its other businesses and operations in Pakistan, which remain unaffected.

    The Company will actively work to minimize impact of current challenges and endeavour to capture opportunities to ensure the company plays a key role in developing Pakistan’s energy future.

  • Shell Pakistan stops aviation operations across country

    Shell Pakistan stops aviation operations across country

    KARACHI: Shell Pakistan Limited on Wednesday announced to discontinue its aviation operations across the country.

    In a communication submitted to Pakistan Stock Exchange (PSX), the company said that a meeting of board of directors held on August 17, 2022, had taken the decision to discontinue Shell Pakistan Limited (SPL) aviation operations across Pakistan.

    Presently, SPL carries out its aviation related operations on the following locations: (i) Jinnah International Airport (JIAP) (ii) Quetta International Airport (QIAP) (iii) Begum Nusrat Bhutto Airport (BNB) (Sukkur) and (iv) Nawabshah Airport (WNS).

    Following the expiry of the leases related to the above airports, the Pakistan Civil Aviation (CAA) has floated a joint-tender inviting participants to bid for the operations of six airports; including all four of the airports currently operated by SPL (listed hereinabove) as well as Skardu International Airport (KDU) and Gwadar International Airport (GDU).

    The company said that after due consideration of a wide range of factors, including legal compliance, financial and commercial consideration, SPL had taken the decision not to participate in the tender.

    SPL is committed to the safe handover of operations to the CAA and/or relevant stakeholder (as appropriate) at the airports at which it is currently operating. The final date of exit from these airports will be communicated after consultation with the CAA.

    “SPL remains committed to continuing its other businesses and operations in Pakistan, which remain unaffected,” the company added.

  • Engro Corp declares increase in half year profit to Rs16.6 billion

    Engro Corp declares increase in half year profit to Rs16.6 billion

    KARACHI: Engro Corporation on Wednesday massive increase in profit to Rs16.6 billion for the half year ended June 30, 2022.

    Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the first half of the year ending June 30, 2022.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    Engro Corporation’s standalone revenue increased from Rs8.6 billion in the first half year of 2021 to Rs16.6 billion in the first half of 2022, exhibiting a substantial growth of 92 per cent.

    Higher revenue was primarily due to higher dividends received from Engro Polymer and Chemicals Limited (EPCL) and Engro Fertilizers Limited (EFERT) which, in turn, were driven by strong underlying business performance.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    Resultantly, the Company achieved a 29 per cent higher profit after tax of Rs12.5 billion in the first half of 2022 against Rs9.7 billion in the same half of 2021, translating into an Earnings per share (EPS) of Rs21.66 per share (2021: Rs16.81 per share).

    On a consolidated basis, Engro Corporation’s revenue grew by 27 per cent to Rs177.5 billion in 1H 2022 from Rs139.3 billion in 1H 2021.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The company posted a profit after tax of Rs16.8 billion in 1H 2022, which is 42 per cent lower than Rs29.1 billion in 1H 2021. The profit after tax attributable to the shareholders is Rs7.4 billion, translating into an EPS of PKR 12.87 per share (1H 2021: Rs29.60 per share). Despite organic revenue growth, imposition of super tax on current and prior year earnings weighed on the conglomerate’s consolidated profitability. 

    Engro Corporation announced an interim cash dividend of Rs 11/- per share for the year. This is in addition to the Rs12/- per share dividend that has already been announced during the year, bringing the cumulative payout to Rs23/- per share.

    READ MORE: Meezan Bank posts 36% growth in half year profit

  • Allied Bank’s tax payment grows 121% in 1HCY22

    Allied Bank’s tax payment grows 121% in 1HCY22

    KARACHI: Allied Bank on Wednesday announced fall in profit by 23 per cent for half year ended June 30, 2022 mainly surge in tax payment by 121 per cent.

    According to financial results submitted to Pakistan Stock Exchange (PSX), Allied Bank declared profit after tax of Rs6.83 billion for the half year ended June 30, 2022 as compared with Rs8.88 billion in the same half of the last fiscal year.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    The bank paid an amount of Rs13.28 billion as taxes for the period January – June 2022 as compared with Rs6.01 billion in the same period of the last year.

    Earnings per share (EPS) of the bank fell to Rs5.96 as compared with EPS of Rs7.75 in the same half year of the last year.

    The board of directors of the bank in their meeting on August 17, 2022 approved an interim cash dividend for the quarter ended June 30, 2022 at Rs2 per share i.e. 20 per cent. This is in addition to interim Dividend already paid at Rs2 per share i.e. 20 per cent.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The bank declared total income of Rs38.25 billion for the half year ended June 30, 2022 as compared with Rs31 billion in the same half of the last year.

    Net mark-up / interest income increased to Rs27.51 billion for the period January – June 2022 as compared with Rs23 billion in the same half of the last year.

    On the other hand, the total non-mark up / interest income rose to Rs10.74 billion during the half year under review as compared with Rs7.93 billion in the same half of the last year.

    READ MORE: Meezan Bank posts 36% growth in half year profit

    The bank earned Rs4.29 billion as foreign exchange income during the half year ended June 30, 2022 as compared with Rs662 million in the same half of the last year.

    Operating expenses of the bank increased to Rs18.27 billion during January – June 2022 as compared with Rs16.16 billion in the same period of the last year.

    The bank declared sharp increase in profit before tax to Rs19.37 billion for the half year ended June 30, 2022 as compared with Rs14.4 billion in the same period of the last year.

    READ MORE: Philip Morris Pakistan declares 11% fall in half year profit

  • MCB Bank registers 71% decline in profit for 2QCY22

    MCB Bank registers 71% decline in profit for 2QCY22

    KARACHI: MCB Bank on Wednesday announced sharp decline of 71 per cent in profit for the second quarter ended June 30, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax of Rs2.29 billion for the quarter ended June 30, 2022 as compared with Rs7.87 billion in the same quarter of last year.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    MCB Bank declared earnings per share (EPS) at Rs1.93 for the quarter under review as compared with EPS of Rs6.64 in the same quarter last year.

    Analysts at KASB Research said that the result is below estimates of Rs2.2 per share. The deviation is mainly on account of higher than expected admin expense that increased by 19 per cent Year on Year (YoY)/ 10 per cent Quarter on Quarter (QoQ).

    READ MORE: Meezan Bank posts 36% growth in half year profit

    The result was accompanied with an interim cash dividend of Rs4.0 per share. This has taken the first half year ended June 30, 2022 payout to Rs9.0/share. Last year, the payout came in at Rs9.5/share.

    MCB posted strong Net Interest Income (NII) of Rs22.9 billion in second quarter with the reversal of interest rate. Net Fee Income (NFI) rose by 42 per cent YoY in the second quarter of 2022 where major support came from fee and foreign exchange income increasing by 29 per cent YoY and 3.6x YoY, respectively.

    READ MORE: Philip Morris Pakistan declares 11% fall in half year profit

    The bank recorded a provisioning expense of Rs71 million in the second quarter. The analysts think this is because of superior asset quality.

    Profit Before Tax (PBT) rose by 30 per cent YoY, however, Profit After Tax (PAT) saw a decline of 71 per cent YoY/ 75 per cent QoQ as the impact on 10 per cent super tax was recognized in the quarter under review.

    Consequently, ETR came in at 87 per cent. This along with higher than expected admin expense contained the profits.

    READ MORE: Lucky Cement posts record Rs36.42 billion profit