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Category: Corporate

  • ITMinds, PPL sign deal for accounting services

    ITMinds, PPL sign deal for accounting services

    KARACHI: Pakistan Petroleum Limited (PPL) & ITMinds Limited (ITMinds), a wholly owned subsidiary of Central Depository Company of Pakistan Limited (CDCPL), have signed an agreement enabling ITMinds to provide Back Office Accounting Services for PPL’s Retirement Funds.

    This is a continuation of an earlier arrangement between ITMinds and PPL through which ITMinds had been successfully providing these BPO services to PPL, a statement said on Monday.

    Through this arrangement, ITMinds will facilitate PPL for the accounting and administration of PPL’s Retirement Funds, including Pension, Provident and Gratuity funds, allowing PPL to focus on its investment decisions by leveraging ITMinds’ state of the art back office system and IT infrastructure while reaping the benefits of economies of scale.

    Commenting on the occasion, Syed Rahat Hussain Naqvi, Senior Manager Finance-PPL, emphasized the importance of automation of back-office services for retirement funds for both process improvement as well as cost optimisation. He further appreciated how this arrangement with ITMinds in the last three years has helped to provide uninterrupted services, especially during the pandemic induced circumstances.

    Also commenting on the occasion, Iqleem-uz-Zaman Khan, CEO – ITMinds, said that considering this is an era of specialization, ITMinds’ BPO services of fund accounting and administration enable companies to outsource their back office functions to a competent and reliable BPO partner while achieving efficiency, scalability and transparency of processes.

    The event was also attended by, Shariq Jafrani CFO-CDC, Waqas Ashraf CFO- ITMinds, Muneer Hussain Manager Shared Services-PPL, M. Tarique Sheikh Senior Accountant-PPL and Salman Iqbal, Manager- ITMinds.

    ITMinds, InfraZamin sign pact for back-office services
  • Habib Bank declares Rs26.44 billion 9-month profit

    Habib Bank declares Rs26.44 billion 9-month profit

    KARACHI: Habib Bank Limited (HBL) on Friday announced Rs26.44 billion as profit after tax for nine month period ended September 30, 2021.

    The profit after tax of the bank was Rs24.98 billion in the same period of the last year.

    The earning per share of the bank was at Rs18.03 for the nine months period ended September 30, 2021 as compared with Rs17.03 EPS.

    Total income of the bank during January – September 2021 fell to Rs112 billion as compared with Rs113 billion n the same period of the last year.

    Net markup income of the bank fell to Rs90.01 billion during the period under review as compared with Rs92.96 billion in the same period of the last year. Non markup income increased to Rs22.02 billion as compared with Rs20 billion.

    Operating expenses were at Rs62.04 billion as compared with Rs62.77 billion.

    Provisioning and write-offs fell to Rs3.9 billion during January – September 2021 as compared with Rs7.28 billion in the same period of the last year.

    On a quarterly basis the bank declared a decline of 11.11 per cent in profit after tax (PAT) for the quarter ended September 30, 2021.

    According to financial statement, the bank recorded Rs8.96 billion as net profit for the quarter July – September 2021 as compared with Rs10.08 billion in the same quarter of the last fiscal year.

    Total income of HBL recorded 6.33 per cent decline to Rs40.40 billion for the quarter under review as compared with Rs43.13 billion in the same quarter of the last year.

    Net Markup Income of the bank posted a decline of 9.6 per cent to Rs32.28 billion for the quarter ended September 30, 2021 as compared with Rs35.71 in the same quarter of the last year.

    However, non-markup income registered a growth of 9.29 per cent to Rs8.11 billion as compared with Rs7.42 billion.

    Operating expenses of the bank grew to Rs23.161 billion for the quarter ended September 30, 2021 as compared with Rs22.612 billion in the same quarter of the last year.

    Similarly, the provisioning and write-offs fell to Rs1.75 billion for the quarter ended September 30, 2021 as compared with Rs3.04 billion in the same quarter of the last year.

    The earning per share for the quarter fell to Rs6.17 as compared with Rs6.85.

    HBL declares 108 percent growth in quarterly profit
  • PQGTL inks deal to promote Takaful products online

    PQGTL inks deal to promote Takaful products online

    KARACHI: Pak-Qatar General Takaful (PQGTL) has signed an agreement with Cometinsure (Online aggregator) to promote Takaful products online.

    Muhammad Raza (Head of Operations, PQGTL) and Muhammad Sufyan Bedi (Operations Manager, Cometinusre) signed the agreement along with senior officials of both companies.

    Muhammad Raza while speaking at the signing ceremony stated, “We are extremely delighted to join hands with Cometinsure as customers will benefit from searching Takaful products online and our reach will also increase to spread awareness about Takaful products. These kind of partnerships are very fruitful for offering convenience to customers.”

    Sufyan while expressing his views said, “We are very excited to partner with Pak-Qatar General Takaful in our urge to digitalize Insurance/Takaful distribution channel. This partnership will surely bring benefits to all the customers of Cometinsure and Pak-Qatar General Takaful by bringing ease of purchasing adequate Takaful coverage and swift claim processing.”

    Cometinsure being the most successful and fastest-growing insurance aggregator is taking some huge steps to satisfy their customers by providing suitable and befitting quotes in no time.

    A company originated in 2017 has now become a revolutionary platform that distributes the best Insurance/Takaful quotes by allying with the Top Rated Insurance Companies.

    Pak-Qatar Takaful, PakWheels ink pact for auto products
  • Engro Enfrashare signs Rs4.5 billion Islamic financing

    Engro Enfrashare signs Rs4.5 billion Islamic financing

    KARACHI: Engro Enfrashare, a wholly-owned subsidiary of Engro Corporation, has entered into an Islamic syndicate arrangement amounting to Rs4.5 billion, led by Meezan Bank and Faysal Bank, according to a statement issued on Tuesday.

    The proceeds raised through this Islamic syndication would be utilized to finance the development of tower sites for various mobile network operators (MNOs) operating in Pakistan.

    As per terms of the financing arrangement, the tenor of the financing will be seven years, including a grace period of two years. The syndicate includes Meezan Bank Limited, Faysal Bank Limited, National Bank of Pakistan, MCB Islamic Bank and Allied Islamic Bank.

    Last month, Engro had announced to enhance its total equity investment in the Telecom Infrastructure Vertical to Rs21.5 billion. The Telecom Infrastructure vertical was setup in 2019 to accelerate the development of connectivity infrastructure in Pakistan, thereby providing an opportunity for the people to be part of the new digital era.

    Engro Enfrashare is engaged in the acquisition and construction of shared telecom towers, provision of various telecommunication infrastructure and related services, including state-of-the-art network monitoring solutions.

    Since its inception, the Company has now established strong relationships with all MNOs active in Pakistan and is working closely with them to develop build-to-suit (B2S) sites across the country to serve their coverage and capacity requirements.

    According to Ghias Khan, President & CEO Engro Corporation: “Engro is committed to expanding its footprint in the Telecom Infrastructure vertical to power Pakistan’s progress in the digital era. With the support of banking partners like Meezan Bank, Engro Enfrashare will continue to work towards its purpose of making connectivity more accessible and affordable for everyone.”

    Irfan Siddiqui, Founding President & CEO, Meezan Bank, added that digitization would be a major element driving business success in the era we are entering into.

    Meezan Bank being not only the country’s leading Islamic Bank but also the Best Bank in Pakistan, not only understands the significance of telecom infrastructure but also encourages companies to build strong telecom infrastructure that would support their digitization initiatives and enable them to deliver a better customer experience.

    A signing ceremony of the agreement was signed at the Head Office of Engro Corporation, in the presence of Ghias Khan (President & CEO, Engro Corporation), Mazhar Hasnani (Chief Financial Officer, Engro Corporation), Faisal Sattar (CEO, Engro Enfrashare), Irfan Siddiqui (President & CEO, Meezan Bank), Ariful Islam (Deputy CEO of Meezan Bank), Yousaf Hussain (President & CEO, Faysal Bank) and other senior representatives of both institutions.

    Enfrashare, Telenor sign agreement to develop connectivity infrastructure
  • Gerry’s dnata awarded handling for Gulf Air in Pakistan

    Gerry’s dnata awarded handling for Gulf Air in Pakistan

    KARACHI: Gerry’s dnata, Pakistan’s leading ground services provider, has been awarded a multi-year contract by Gulf Air, the national carrier of the Kingdom of Bahrain.

    The partnership will see Gerry’s dnata provide quality and safe ground, passenger and cargo handling services to the airline at six airports in Pakistan, including Karachi, Lahore, Islamabad, Peshawar, Multan and Faisalabad.

    Syed Haris Raza, CEO of Gerry’s dnata, said: “We are proud to be the ground handler of choice for Gulf Air in Pakistan. We consistently invest in infrastructure, cutting-edge technologies and training to deliver the best possible services for our customers.

    “Our new contract is a vote of confidence in our quality offering, and a testament to our team’s hard work and commitment to safety and service excellence. We look forward to a long-standing partnership with the airline.”

    In recent years Gerry’s dnata has significantly invested in facilities, equipment, training and technology, while continually expanding its operations in Pakistan.  Gerry’s dnata’s investments include a state-of-the-art import cargo centre at Jinnah International Airport (KHI) in Karachi. The 72,000 square feet facility is equipped with the latest technologies ensuring safe and efficient handling and storage of all types of cargo. Offering uncompromised temperature-controlled handling and storage solutions to airline customers, the GDP-certified facility has played a key role in the safe handling of COVID-19 vaccines, rapid test kits and other essential goods.

    Gerry’s dnata also expanded its operations at Allama Iqbal International Airport in Lahore (LHE) and opened a new export cargo terminal. The expansion nearly tripled the company’s cargo handling capacity in Lahore, supporting customers and their customers in increasing fruit export from the region.

    The excellent quality of Gerry’s dnata’s services is underpinned by the constant growth of its customer base. Having won over 10 new contracts in the past 18 months, Gerry’s dnata now serves over 30 scheduled and unscheduled airline customers at seven Pakistani airports.

    PIA transports 5.9 million new batch of COVID vaccines
  • K-Electric profit surges five times

    K-Electric profit surges five times

    KARACHI: The annual profit of K-Electric, the utility company providing electricity to Karachi city, has surged by five times to Rs12 billion for the year ended June 30, 2021.

    According to financial results approved by the board of directors on Monday, the profit of the company sharply increased to Rs12 billion for the year 2020/2021 as compared with the loss of Rs3 billion in the preceding fiscal year.

    Sale of energy increased to Rs255 billion for the year under review as compared with Rs193.87 billion in the preceding year.

    The company claimed tariff adjustment of Rs70 billion for the year 2020/2021 as compared with Rs95 billion in the preceding year.

    Cost of sales recorded at Rs265.85 billion for the year ended June 30, 2021 as compared with Rs245 billion in the preceding year.

    The company declared gross profit of Rs59.19 billion for the fiscal year 2020/2021 as compared with Rs44 billion in the preceding fiscal year.

    Expenses of the company for the year under review increased to Rs32.7 billion as compared with Rs26.79 billion during the preceding fiscal year.

    Tax rates on electricity consumption during 2021-2022
  • Carrefour, McDonald’s introduce new retail experience

    Carrefour, McDonald’s introduce new retail experience

    KARACHI: Carrefour, owned and operated by Majid Al Futtaim in Pakistan, signed an MoU with McDonald’s Pakistan to introduce a new retail experience to its customers, according to a statement issued on Tuesday.

    Both entities have agreed to host each other’s retail spaces at suitable locations, offering both their customers a dual shopping and out-of-home dining experience at the same location.

    Carrefour Pakistan plans to expand its retail network by opening a standalone store, which will host a McDonald’s restaurant at its premises.

    This exciting partnership will introduce customers to a new experience where they can shop for their groceries and instantly purchase a McDonald’s meal all in one place.

    The collaboration will benefit both entities as they work towards expanding their customer outreach and retail offering through modern retail infrastructure.

    Speaking about the initiative, Umer Lodhi, Country Manager of Carrefour Pakistan at Majid Futtaim Retail, said: “As a leading retail brand in Pakistan, we are committed to modernizing the country’s retail infrastructure by introducing unique customer experiences for all our customers. The latest partnership with McDonald’s reflects our vision to constantly deliver exceptional value to all our shoppers by creating a unique experience and great moments for them.”

    Jamil Ahmed Mughal, the Chief Operating Officer of McDonald’s in Pakistan, also added: “We are pleased to join hands with Carrefour Pakistan as this collaboration will play a strong role in stimulating customer experience, giving them an added benefit of shopping for their grocery needs and satisfying their hunger.”

    Both Carrefour and McDonald’s in Pakistan will manage and represent their identities independently at these shared ventures while exploring further collaborative opportunities with each other that will upgrade the shopping experience for a broader group of customers.

    Foodpanda to deliver medicines through pandago
  • Foodpanda to deliver medicines through pandago

    Foodpanda to deliver medicines through pandago

    LAHORE: Enhancing the e-commerce avenues, Foodpanda has partnered with Servaid Pharmacy to deliver medicines and other pharmaceutical products via pandago, a rider on demand service.

    A signing ceremony took place in Lahore, attended by Raafay Munir, Head of New Verticals foodpanda, and Tahir Abbas, Chief Commercial Officer Servaid.

    Under the strategic partnership, foodpanda’s wide network of more than 50,000 riders will enable Servaid to deliver medicines and other pharmaceutical products in real time through pandago which is a logistics-as-a-service solution for businesses.

    Raafay Munir, Head of New Verticals foodpanda, while sharing his views on the partnership said, “We are delighted to be partnering with Servaid as our strategic partner for pandago. With foodpanda’s strong logistical network, pandago will allow Servaid to grow their business while ensuring seamless deliveries by requesting a rider via pandago.

    “We are committed to ensure the well-being of our communities, their health and safety and this partnership will definitely benefit the end user, especially amidst such testing times.” 

    He added further: “While speed and convenience have become top priorities of customers in changing times, we aim to bring forth enhanced accessibility and value by drastically reducing the delivery duration per order to under 30 minutes.” 

    Tahir Abbas, Chief Commercial Officer Servaid stated, “We are excited to partner with foodpanda and reach out to a wider customer base as our deliveries are being taken care of. This strategic collaboration is in-line with our vision of serving the customers in these testing times and prioritising their health and well-being, delivering lifesaving medicines to their doorstep real-time.”

    Foodpanda is stepping up response to provide value added services through e-commerce by partnering with companies such as Servaid who share a common vision of serving the customers in a fast paced environment with little to no avenue unturned.

    CCP initiates probe against Foodpanda for discriminatory practices
  • Pak-Qatar Takaful, PakWheels ink pact for auto products

    Pak-Qatar Takaful, PakWheels ink pact for auto products

    KARACHI: Pak-Qatar General Takaful has signed a Memorandum of Understanding (MoU) with PakWheels.com to promote auto Takaful products to its customers.  

    Mehmood Arshad, Country Head – Marketing Pak-Qatar General Takaful and Suneel Sarfaraz Munj, Chairman PakWheels.com signed the Memorandum of Understanding along with senior officials, said a statement on Monday.

    Since its inception in 2003, PakWheels.com has helped millions of Pakistanis buy and sell automobiles, read automotive reviews and news, check automotive prices and find solutions to all of their automotive needs. 

    PakWheels.com gets over 25 million visitors annually who view more than 250 million pages on the website. Last year alone, close to 50 per cent of Pakistan’s internet population visited PakWheels.com to buy and sell over 400,000 vehicles.

    While speaking at the signing ceremony, Mehmood Arshad stated: “It is indeed great honor for us to join hands with PakWheels.com as this partnership will bring fruitful results for both business partners. Also, masses will benefit from seeking protection for their vehicles in case of any untoward incident.” 

    Suneel Sarfaraz Munj, Chairman PakWheels.com commented: “We are glad to sign this Memorandum of Understanding with Pak-Qatar General Takaful as we are hopeful that our customers will benefit from Motor Takaful coverage offered by PQGTL.

    I am confident that such kind of partnerships will further offer convenience to online customers.”

    Pak Qatar Family Takaful to offer products, services through digital media
  • SECP warns against investing in fraudulent schemes

    SECP warns against investing in fraudulent schemes

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Thursday warned the general public against investing in any fraudulent investment schemes, which promise hefty profits and unrealistic incentives.

    The SECP has been constantly clarifying that mere registration of a company, does not authorize it to solicit deposits from the general public or offer investment schemes.

    It has been observed recently that a company namely “Econex Sales and Marketing (Private) Limited” is offering various packages to attract the public to its unlawful business activities of multi-level marketing (MLM) and referral marketing.

    The said company is using its registration status with SECP to win public confidence, deceptively implying that such activities are being undertaken through SECP’s regulated platform.

    As clearly provided in the explanation of section 301 of the Companies Act, 2017, raising unauthorized deposits from the general public, indulging in referral marketing, MLM, Pyramid, and Ponzi Schemes are unlawful activities in terms of explanation of section 301 of the Companies Act, 2017.

    The SECP, in accordance with the provisions of the Companies Act, has initiated necessary legal action against M/s Econex Sales and Marketing (Private) Limited.

    In view of the foregoing, the general public is hereby expressly advised in their own interest to be careful, not to invest their hard-earned money or indulge in illegal schemes launched by this company, actively being propagated through social media accounts and pages.

    The same caution may be exercised in the case of any other company involved in any illegal deposit-taking, unauthorized investment, or MLM schemes.

    Probe in Hascol financials underway: SECP