Category: Corporate

  • PQAMCL gets approval to launch investment schemes

    PQAMCL gets approval to launch investment schemes

    KARACHI: Pak-Qatar Asset Management Company Limited (PQAMCL) has announced to get approval for the launch of Shariah Compliant Collective Investment Schemes (Mutual Funds).

    In a statement PQAMCL said that the Securities and Exchange Commission of Pakistan (SECP) had accorded approval for the launch of the scheme.

    PQAMCL is going for Initial Public Offering (IPO) of its funds. The company obtained its license to operate as an Asset Management Company and Investment Advisor in December, 2021.

    It obtained approval to launch three (03) Shariah Compliant funds along with six (06) plans catering needs of masses. PQAMCL, being a group company having strong takaful arms will augment Takaful benefits with its investment plans.

    On the launching of the schemes, Farhan Shaukat, CEO, Pak-Qatar Asset Management Company Limited said: “We are pleased to announce obtaining approval to offer a wide variety of Shariah Compliant collective investment schemes with a flavor of Takaful which is unique in the existing market that allows our customers to diversify their investment portfolio.

    “We are also the second company that is exclusively offering the Shariah Compliant Collective Investment Schemes in Pakistan. We aim to encourage our customers to invest in our funds that are designed specifically for their investment needs. We are looking forward to providing the best investment solutions in the country to our customers.”

    PQAMCL has a vision to “improve people’s lifestyles through the right investments with Riba-free returns”. With our expertise, we aim to offer our valued customers with the best-in-class technology advanced investment solutions, mutual funds, and investment advisory services.

    Pak-Qatar Asset Management Company Limited is a part of the Pak-Qatar Group, which comprises of Pak-Qatar Family Takaful Limited (PQFTL), Pak-Qatar General Takaful Limited (PQGTL), and Pak-Qatar Investment Limited (PQIL).

     The Group has been operating in Pakistan since 2007 and has a rich and diverse experience of more than 15 years in providing protection and investment solutions through Takaful. PQAMCL is registered with and supervised by, the Securities and Exchange Commission of Pakistan (SECP). A Qualified Shariah Scholars certify all products and operations for Shariah compliance.

  • Murree Brewery annual tax payment increases 139%

    Murree Brewery annual tax payment increases 139%

    Murree Brewery Company Limited – Pakistan’s largest and oldest producer of alcoholic products – on Thursday announced financial results for the year ended June 30, 2022. The annual profit of the company remained flat at Rs1.29 billion as tax payment surged by 139 per cent.

    According to financial statement submitted to the Pakistan Stock Exchange (PSX), Murree Brewery posted after tax profit of Rs1.294 billion for the year ended June 30, 2022 as compared with Rs1.291 billion in the preceding year.

    The company paid an amount Rs899 million as tax for the year under review as compared with Rs376.38 million in the preceding year, showing a rise in tax payment by 139 per cent.

    The board of directors of the company met on September 22, 2022 and recommended a final cash dividend for the year ended June 30, 2022 at Rs10 per share i.e. 100 per cent. This is in addition to interim dividends already paid at Rs25 per share i.e. 250 per cent.

    The gross profit of the company increased to Rs3.54 billion for the year ended June 30, 2022 as compared with Rs2.97 billion in the preceding year.

    Net turnover increased to Rs15.23 billion for the year under review as compared with Rs11.68 billion in the preceding year.

    Operating profit of the company increased to Rs1.83 billion when compared with Rs1.44 billion.

  • PSX declares 43% fall in annual profit

    PSX declares 43% fall in annual profit

    Pakistan Stock Exchange (PSX) on Thursday announced a decline of 43 per cent in profit for year ended June 30, 2022.

    According to financial results for the year 2021/2022 released by the stock exchange, PSX declared a net profit of Rs399 million for the year ended June 30, 2022 as compared with Rs396 million in the preceding year.

    READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues

    The apex stock market in Pakistan announced earnings per share at 50 paisas for the year under review as compared with 87 paisas in the preceding year.

    The board of directors of PSX met on September 21, 2022 and approved the annual audited financial statement for the year ended June 30, 2022.

    READ MORE: Pakistan stocks extend losses on PKR free-fall to dollar

    According to the results, revenue of the exchange was flat at Rs1.43 billion for the year ended June 30, 2022 as compared with Rs1.46 billion in the preceding year.

    Out of the revenue, the PSX received an amount of Rs682 million as listing fee and Rs607 million from exchange operations during the year.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    Administrative cost of the exchange increased to Rs1.42 billion for the year ended June 30, 2022 when compared with Rs1.37 billion in the preceding year.

    The PSX paid an amount of Rs61.43 million as tax for the year under review as compared with Rs26.2 million in the preceding year.

    READ MORE: Weekly Review: PKR free fall to haunt stock market

  • National Foods donates PKR 60 million for flood relief activities

    National Foods donates PKR 60 million for flood relief activities

    KARACHI: ATC Holdings and its subsidiary National Foods Limited have announced to donate PKR 55 million for flood relief activities. Additionally, the group has created a dedicated account for employee contribution, leading to additional collection of PKR 8 million so far, taking the tally to over PKR 60 million.

    “Pakistan contains more glacial ice than any other country outside the polar regions. This combined with heavy rains has severely impacted Pakistan in terms of climate change. In the spirit of being truly National, I urge both local and international communities to come together and help the nation in this unprecedented crisis,” said CEO ATC Holdings & Chairman National Foods, Zahid Majeed.

    The group is executing relief efforts through partnerships with multiple organizations including Karachi Relief Trust (KRT), Hisaar Foundation, TCF & ChildLife Foundation.

    The Group aspires to reach all affected communities of our country. Immediate response included supplies to communal kitchens in the province of Sindh; namely Sukkur, Sakrand, Mirpurkhas, Nawabshah, Mehrabpur, Khairpur and providing ration packs, household goods in Balochistan.

    We are collaborating with experts to support the medical camps set up for affectees. Equipment and insecticides for tackling the immediate danger from mosquitoes have also been donated.

  • Amreli Steels extends shutdown of production plants

    Amreli Steels extends shutdown of production plants

    KARACHI: Amreli Steels Limited on Monday announced to continue its shutdown of production plants up to September 30, 2022.

    “The company will resume its production from October 01, 2022,” according to a communication received by the Pakistan Stock Exchange (PSX).

    It further said that the company had sufficient stocks in hand to meet its customers’ demand during the period of shutdown.

    READ MORE: Amreli Steels stops all production facilities

    Previously, on August 31, 2022 the company decided to shut down its plants for twenty days owing to low demand of steel bars in the country due to unprecedented monsoon rains and flash floods witnessed across the country.

    Therefore, the company decided that no manufacturing would take place from August 31, 2022 to September 19, 2022.

    Through the latest communication, the company decided to shut down the plant for further 10 days as sufficient stocks were available to meet demands.

  • GSK confirms raid related to Panadol shortage

    GSK confirms raid related to Panadol shortage

    KARACHI: GlaxoSmithKline (GSK) on Friday confirmed that government authorities raided one of its warehouses related to shortage of Panadol.

    According to information received by Pakistan Stock Exchange (PSX), the company confirmed the raid to one of its warehouses. “We firmly reject the claims related to the hoarding of Panadol intentionally to create shortage,” said Farhan Muhammad Haroon, Chief Executive Officer of GSK.

    GSK said that the stocks at the warehouse were intended to be released and distributed in the country in the normal course of business. As GlaxoSmithKline Consumer Healthcare Pakistan Limited (member of the Haleon Group), we are led by our purpose of delivering everyday health with humanity, the company added.

    It further said that this has been shown through our commitment to the people of Pakistan throughout challenging times. “We continue to supply Panadol products in the country and have adjusted our production capacity to ensure some product availability, despite market obstacles,” it added.

  • Lucky Cement installs 25.3 MW solar energy plant at Karachi

    Lucky Cement installs 25.3 MW solar energy plant at Karachi

    KARACHI: Lucky Cement Limited on Wednesday announced a signing of an agreement for installation of a 25.3 megawatts captive solar power project at an estimated cost of Rs3 billion.

    In a communication sent to Pakistan Stock Exchange (PSX), Lucky Cement informed that it had entered into an arrangement with Orient Energy System (Private) Limited for the supply and installation of a 25.3 MW captive solar power project at its Karachi plant.

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

    The estimated cost of the project is Rs3 billion and the company is in the process of establishing LCs for import of equipment which is subject to receiving approval from the State Bank of Pakistan (SBP).

    The project is expected to be completed in approximately eight months after the establishment of the LC.

    The company further said that the information is in addition to the earlier announced 34 MW captive solar project with a 5.589 MW Reflex energy storage at the company’s plant in Pezu, Lakki Marwat.

    READ MORE: Lucky Cement announces Rs26.53 billion 9M profit

    Sustainability and adoption of clean energy has remained a cornerstone of the company’s strategy and it was one of the first cement companies to install waste heat recovery (WHR) units at both its plant sites.

    The company’s initiative for investment in renewable energy projects will play a key role in cost savings as well as reduction of the country’s reliance on imported fuel.

    READ MORE: Lucky Cement installs 34MW solar power project

  • ekaterra donates 100 tons of tea to flood victims

    ekaterra donates 100 tons of tea to flood victims

    ISLAMABAD: ekaterra, world renowned company, has donated 100 tons of tea to one million families displaced by the devastating floods, according to a statement issued on Tuesday.

    As part of the national plan of providing maximum relief to over 33 million flood-affected people across Pakistan, the company pledged to donate 100 tons of tea to one million families displaced by the devastating floods.

    The relief assistance will be provided through its partner NGOs, Indus Hospital, The Citizens Foundation Al-Khidmat Foundation, and Roshan Academy, ekaterra said in a press release issued here on Tuesday.

    Tea is not only a part of the staple diet in Pakistan but also it’s an essential item that helps people get a sense of community. It is a ritual to have tea and sit together in open spaces, reminiscing the good times.

    “The flood devastation in Pakistan is of an unimaginable magnitude: almost 20 per cent of the world’s 5th most populous country is submerged under water. Pakistan emits less than 1 per cent of the greenhouse gases in the world and yet it is still reeling from the effects of intense climate change. It’s not a matter of “if” but “when” we’ll all be affected for mistreating Mother Earth,” said Farheen Salman Amir, President BSPAN and GM Pakistan, ekaterra, while announcing the tea donation.

    She said that Ekaterra believes in giving back more than it takes from nature. “We’re announcing our commitment to the flood affected by donating 100 tons of tea to one million displaced families, that’s 100% of the displaced families as per the latest UNHCR data.”

    Pakistan continues its relentless battle against the floods triggered by the heavy monsoon rains which have claimed 1,400 lives and injured over 2,000 people. Over 33 million have been affected and one million families have been displaced, while over 218,000 houses have been destroyed, and a further 500,000 damaged. More than 750,000 livestock, which is the most critical source of sustenance and livelihood, have died and around 2 million acres of crops have been impacted.

  • PSX announces top 25 companies for year 2021

    PSX announces top 25 companies for year 2021

    KARACHI: Pakistan Stock Exchange (PSX) on Monday announced top 25 Companies Award for the year 2021.

    In a statement the stock exchange said that every year, the PSX announces the names of the twenty-five (25) leading, publicly traded companies which have been adjudged in accordance with a comprehensive Selection Criteria approved by the PSX Board of Directors.

    Continuing with its tradition, the Pakistan Stock Exchange is pleased to announce the winners of the prestigious Top 25 Companies Award for the year 2021.

    01. Fauji Fertilizer Company Limited

    02. Engro Corporation Limited

    03. Systems Limited

    04. Ferozsons Laboratories Limited

    05. Engro Fertilizers Limited

    06. Security Papers Limited

    07. Dawood Hercules Corporation Limited

    08. Habib Bank Limited

    09. TRG Pakistan Limited

    10. Meezan Bank Limited

    11. The Hub Power Company Limited

    12. MCB Bank Limited

    13. Cyan Limited

    14. EFU Life Assurance Limited

    15. Pakistan Oilfields Limited

    16. Bank Alfalah Limited

    17. Jubilee Life Insurance Company Limited

    18. International Industries Limited

    19. Engro Polymer & Chemicals Limited

    20. Mari Petroleum Company Limited

    21. Gadoon Textile Mills Limited

    22. International Steels Limited

    23. Pakistan Cables Limited

    24. Packages Limited

    25. Adamjee Insurance Company Limited

    The following are the salient benchmarks of the Selection Criteria of 2021:

    (i) Profitability Ratios,

    (ii) Liquidity Ratio,

    (iii) Dividend Related Ratios,

    (iv) Solvency Ratios,

    (v) Free-Float of Shares,

    (vi) Turnover of Shares,

    (vii) Corporate Social Responsibilities,

    (viii) Reporting on Sustainable Development Goals,

    (ix) Diversity and Inclusion,

    (x) Corporate Governance & Investor Relations

    (xi) Compliance with Listing of Companies & Securities Regulations.

    The PSX congratulated the Board of Directors and the Senior Management of the Top Companies for their commendable performance and wish them continued success in the future.

  • Total company registration increases to 176,329 in Pakistan

    Total company registration increases to 176,329 in Pakistan

    ISLAMABAD: Total registration of companies in Pakistan has increased to 176,329 by end of August 2022, according to official statement issued on Monday.

    Securities and Exchange Commission of Pakistan (SECP) said it registered 2,362 new companies in August 2022, raising the total number of registered companies to 176,329.

    “This shows an increase of 16 per cent as compared to corresponding period last year,” the SECP said.

    Total capitalization (paid-up capital) with regard to the newly incorporated companies for the current month stood at Rs4.9 billion.

    READ MORE: SECP’s company registration goes up to 169,919 till May 2022

    SEC Pakistan said foreign investment had been reported in 70 new companies. These companies have foreign investors from China, Czech Republic, Egypt, Germany, Hong Kong, Iran, Korea South, Malaysia, Maldives, Mongolia, Morocco, the Netherlands, Nigeria, Poland, Portugal, Singapore, Somlia, Spain, Sri Lanka, Syria, Thailand, Turkey, UAE, UK, Ukraine, the US, Vietnam, and Yemen.

    READ MORE: SECP, FBR integration brings 2,365 companies under tax net

    In August, about 59 per cent companies were registered as private limited companies, while 38 per cent were registered as single member companies. Three per cent were registered as public unlisted companies, not for profit associations, foreign companies and limited liability partnership (LLP).

    About 99.8 per cent companies were registered online, while 94 foreign users were registered from overseas.

    READ MORE: RDA: SECP exempts banks from obtaining license

    The real estate development and construction sector took the lead with incorporation of 418, trading with 318, information technology with 307, services with 234, tourism with 97, food and beverages with 91, ecommerce with 84, education with 78, marketing and advertisement with 69, textile with 65, engineering with 58, power generation with 44, transport with 43, corporate agricultural farming with 39, mining and quarrying with 35, chemical with 34, healthcare with 31 and 317 companies were registered in other sectors.

    READ MORE: SEC Pakistan amends regulations to facilitate startups

    As a result of integration of SECP with the Federal Board of Revenue (FBR) and various provincial departments, 1796 companies were registered with the FBR for generation of National Tax Number (NTN), 78 companies with Employees Old-age Benefit Institution (EOBI), 46 companies with PESSI/SESSI and 50 companies with excise and taxation department.