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Category: Corporate

  • Saigols of KTML disclose availing amnesty scheme

    Saigols of KTML disclose availing amnesty scheme

    KARACHI: Kohinoor Textile Mills Limited (KTML) on Thursday shared information disclosing that its senior management has avail an amnesty scheme of undeclared foreign assets.

    A communication sent to Pakistan Stock Exchange (PSX) stated that the following shareholders of KTML informed that they had made to the Federal Board of Revenue (FBR) declarations of assets acquired/held outside Pakistan in July 2018 under the Foreign Assets (Declaration and Repatriation) Act, 2018 and intimated about their beneficial ownership of KTML.

    Following is shareholding detail prior to the declaration by virtue of the Declaration Act:

    01. Taufique Sayeed Saigol, Chief Executive Officer/Director, shareholding in KTML is 43,425,059, the percentage of paid up capital is 14.51 per cent.

    02. Mrs. Shehla Tariq Saigol, substantial shareholder, shareholding in KTML is 30,377,143, the percentage of paid-up capital is 10.51 per cent.

    Further, the above shareholders of KTML are indirectly ultimate beneficial owners in the proportion of 50 per cent each in the following two foreign companies which are also substantial shareholders of KTML as under:

    01. Mercury Management Inc., BVI (MMI), substantial shareholder, shareholding in KTML is 73,390,890, percentage of paid-up capital is 24.52 per cent.

    02. Hutton Properties Limited, BVI (HPL), substantial shareholder, shareholding in KTML is 49,639,992, percentage of paid-up capital is 16.59 per cent.

    Accordingly, it is notified that, pursuant to the Declarations made under the Declaration Act, their aggregate shareholding in KTML is as under:

    The shareholding of Taufique Sayeed Saigol, Chief Executive Officer / Director in KTML after including assets declared under amnesty scheme increased to 106,940,503 or percentage of share capital in KTML increased to 35.06 per cent.

    Similarly, the shareholding of Mrs. Shehla Tariq saigol, a substantial shareholder in KTML after including assets declared under the amnesty scheme increased to 91,892,587 or percentage of share capita in KTML increased to 30.70 per cent.

    The communication sent to the PSX, the company said: “In accordance with the highest legal ethical standards and acting out of abundant caution in a wholly precautionary way, the above-named shareholders have declared their proportionate shares of indirect shareholding ownership held in KTML through MMI and HPL managed by Saim Family Trust, a Settler Reserved Discretionary Trust.”

    Assets held and controlled by this Discretionary Trust would only be available to the beneficiaries at the discretion of the trustees, whenever distributed, it added.

    “It is clearly stated that such assets are not yet distributed by the Trustees.”

    FTO declares Car Amnesty Scheme illegal
  • Engro, BOP make arrangements for agri financing

    Engro, BOP make arrangements for agri financing

     KARACHI: Engro Fertilizers Limited and The Bank of Punjab (BOP) have made arrangements to provide financing to farmers through the bank’s branch network across Pakistan, a statement said on Thursday.

    Under this arrangement, progressive farmers under Engro Fertilizers Limited’s Shandaar Kissan program will be able to avail financing on easy terms and concessional markup rates from the BOP. These farmers will avail of this facility to invest in their infrastructure, mechanization, and working capital for yield improvements.

    This financing arrangement will help farmers to improve farm economics through better production and, thus, increase their income levels as well.

    The MoU signing ceremony, held at Engro Fertilizers Limited’s Head Office in Karachi, was attended by Amir Iqbal – Chief Commercial Officer and Imran Ahmed – Chief Financial Officer of Engro Fertilizers Limited, whilst the BOP was represented by Farid Ahmed Khan – Group Chief Corporate Investment Banking and  Asif Riaz – Group Head Retail & Priority Sectors Lending.

    In a joint statement, Amir Iqbal (Chief Commercial Officer, Engro Fertilizers Limited) and Mr. Asif Riaz (Group Head Retail & Priority Sector Lending, The Bank of Punjab) shared that, “Prioritizing financial inclusion and well-being of farmers is key to develop the agricultural sector, which in turn results in the progress of Pakistan. We are excited to partner on this initiative that has the potential to transform the country’s agricultural landscape by promoting improved agri practices, thereby, enabling better crop yields and food security for the nation.”

    This initiative is yet another milestone for both organizations in their journey to create a meaningful impact in the agri landscape of Pakistan. Last year, Engro Fertilizers Limited and the BOP had also partnered to deliver accessible warehouse receipt financing to farmers, traders, and processors, for the winter maize and basmati rice crop.

    Under the Shandaar Kissan program, Engro Fertilizers Limited has registered more than 2500 selected farmers and provided them Seed to Harvest solutions to improve their farm productivity. On the other hand, the BOP continues to provide financial assistance under its vast range of agri products and SBP schemes.

  • Indus Motors announces 152% growth in annual profit

    Indus Motors announces 152% growth in annual profit

    KARACHI: Indus Motor Company Limited on Friday announced 152 per cent increase in profit after tax for the year 2020/2021.

    The company declared Rs12.83 billion as profit after tax for the year 2020/2021 as compared with Rs5.08 billion in the preceding year.

    The company declared Rs163.21 as earnings per share for the year under review as compared with EPS Rs64.66 of the last year.

    Indus Motors announced Rs103.50 as dividend per share for the year as compared with Rs30 in the preceding year.

    According to analysts at Arif Habib Limited, Net sales of the company increased by 108 per cent YoY to Rs179 billion in FY21 attributable to volumetric growth of 102 per cent YoY to 57,236 units (Yaris 28,295 units, Corolla 18,355 units, Fortuner 3,543 units, Hilux 7,043 units) vs. 28,378 units (Corolla 22,140 units, Yaris 1,327 units, Fortuner 1,163 units, Hilux 3,748 units) in FY20.

    Revenue during 4QFY21 increased by 364 per cent YoY to Rs 48 billion. This is primarily owing to surge in sale of cars by 373 per cent YoY during 4QFY21 (14,566 vs. 3,078 units).

    Gross margins settled at 12.28 per cent in the quarter, up by 307bps QoQ due to appreciation of Rs against green back.

    Other income increased by 94 per cent YoY to Rs 1,686 million on account of significant jump in short term investment (government securities), and cash and bank balance.

    Effective tax rate during 4QFY21 was set at 30.75 per cent in contrast to 47.32 per cent in 4QFY20.

    Indus Motors posts 67% decline in half-year profit
  • PIA shows 46% revenue decline in half year

    PIA shows 46% revenue decline in half year

    KARACHI: Pakistan International Airlines Corporation Limited on Friday announced 46 per cent decline in net revenue for the half year ended June 30, 2021.

    The airline recorded net revenue of Rs27.64 billion for the half year (January – June) 2021 as compared with Rs51.47 billion in the same half of the last year.

    However, the losses of the company reduced sharply during the period. The net losses of the airline came down to Rs25 billion for the half year ended June 30, 2021 as compared with Rs36.536 billion in the corresponding half of the last year.

    The airline said the cost of services reduced to Rs36.84 billion for the half year under review as compared with Rs55.7 billion in the same half of the last year.

    Out of cost of services, the cost on aircraft fuel fell to Rs7.63 billion as compared with Rs14.65 billion.

    Meanwhile, other costs of services, including salaries, wages and allowances also came down to Rs29.21 billion in the first half of 2021 as compared with Rs41 billion in the same half of the last year.

    Administrative expenses fell to Rs2.59 billion when compared with Rs3.09 billion.

    The airline made an exchange gain of Rs1.32 billion as compared with loss of Rs9.76 billion in the same half of the last year.

  • Philip Morris declares 37% growth in half year net profit

    Philip Morris declares 37% growth in half year net profit

    KARACHI: Philip Morris (Pakistan) Limited on Friday declared over 37 per cent growth in net profit for the half year ended June 30, 2021.

    Philip Morris (Pakistan) Limited is one of the largest manufacturers of cigarettes in the country.

    The company posted a profit after tax at Rs1.72 billion for the six months period ended June 30, 2021 as compared with Rs1.25 billion in the same period of the last year.

    According to the half yearly report issued by the company, Pakistan’s economy has started gaining momentum and we appreciate the Government’s efforts in this regard especially towards ease of doing business, growth in large scale manufacturing, strengthening of governance, widening tax net etc.

    However, the spread of new variants (locally and globally) amidst the ongoing fourth wave of the pandemic might pose a risk to this growth trajectory. While dealing with the pandemic our priority remained the safety of our employees and stakeholders.

    In line with the Government directives, the company encouraged the employees for vaccination and the Company’s offices across the Country are operational with relevant SOPs in place with the close monitoring of the pandemic situation.

    No change in excise rates on cigarettes during federal budget 2020/2021 proved to be positive for Government Revenue and the Company’s contribution to the National Exchequer during fiscal year (July’20-Jun’21) in the form of excise duty, sales tax and other government levies, which stood at PKR 24,052 million (higher by 18.7 per cent compared to the previous fiscal year July’19-Jun’20). No change in excise rates during the fiscal year 2020/21 also led to consumer price stability of the legitimate cigarette brands.

    However, the issue of non-tax paid illicit cigarettes continues to have a detrimental effect with a market share of approximately 40% (which in 2013 was 23%) resulting in an annual loss of PKR 70-77 billion (estimated) to the national exchequer. The past decade has witnessed a growth of local cigarette manufacturers across Pakistan (including AJK) manufacturing over 100+ brands, selling at a lower price than the minimum price prescribed under tax laws for the purposes of levy and collection of federal excise duty i.e. PKR 63 per pack.

    Such products can be found in the market being sold between PKR 25 to PKR 38 per pack. In addition to violating the tax laws, these manufacturers continue to advertise and incentivize cigarette smokers to purchase their brands by offering cash prizes, gifts and travel opportunities, which is a violation under tobacco advertisement control guidelines issued by the Federal Ministry of National Health Services Regulations and Coordination.

    During the six months ended June 30, 2021, despite all the challenges above, the Company’s net turnover stood at PKR 9,224 million reflecting an increase of 4.7% versus the same period last year. During the six months, the Company’s contribution to the National Exchequer, in the form of excise duty, sales tax and other government levies, stood at PKR 14,435 million (higher by 15.5% compared to the same period last year) reflecting 60% of half-yearly Gross Turnover.

    The Company recorded Profit After Tax of PKR 1,720 million for the six months ended Jun 30, 2021 (compared to Profit After Tax of PKR 1,253 million for the same period last year) equivalent to 7.2% of half-yearly Gross Turnover.

    Distribution & Marketing expenses showed an increase over the prior year reflecting our continued commitment to allocating resources for initiatives behind building brands and route to market activities whilst remaining compliant with applicable laws that can earn the best returns coupled with lower expenses in Q2’20 driven by COVID 19 lockdown measures.

    Further, the company continues to find efficiencies in Administrative Expenses to ensure the increase remains under inflation.

    During the period, we continued our efforts to engage with the Government highlighting concerns towards the illicit sector and lack of a level playing field. The announcement of the Federal Budget 2021/22 in Jun’21 saw unaltered excise rates on cigarettes which can continue to support Government Revenues during the ongoing fiscal year and the stability of the consumer prices of legitimate cigarettes brands.

    Further, in the Finance bill 2021/22 a requirement to obtain brand registration certificates for specified sectors was also tabled and is now being formalized with the issuance of Sales Tax General Order (STGO) dated August 3, 2021 which requires manufacturers of specified goods including tobacco to obtain brand registration certificates.

    Furthermore, the Company is pleased to observe that the Government has made strides in creating checks and balances for goods coming in from the Azad Jammu & Kashmir (AJ&K) trade route to ensure proper taxation of goods arriving in Pakistan. We also continue to support the introduction of the Track and Trace system and strongly urge the Government for its sooner implementation as it will be an effective tool to supplement enforcement efforts against tax evasion.

  • Bank Alfalah announces 21% growth in half year profit

    Bank Alfalah announces 21% growth in half year profit

    KARACHI: Bank Alfalah Limited on Wednesday announced 21 per cent growth in earnings for the half year ended June 30, 2021.

    The net profit of the bank was at Rs7.02 billion for the first half as compared with net profit of Rs5.78 billion in the same half of the last year.

    The bank declared Rs3.94 as earnings per share (EPS) for the first half of 2021 as compared with the EPS of Rs3.25 in the same half of the last year.

    Analysts at Arif Habib Limited said that massive reductions in provisioning and quarterly rise in interest earned contributed to the profitability during the quarter.

    The bank announced a dividend of PKR 2.00/share.

    Net Interest Income of the bank settled at PKR 21.9 billion, decreasing 6 per cent YoY during 1HCY21 while rising 13 per cent QoQ. This quarterly growth could be attributed to volumetric growth.

    NFI increased 15 per cent YoY mainly on the back of Fee income which rose by 35 per cent YoY and Dividend income which increased by 79 per cent YoY. Quarterly jump was on account of 12 per cent jump in fee income and 50 per cent uptick in FX/derivatives income.

    Provisioning expenses for the bank came in at PKR 934 million during 2QCY21 taking total provisioning expenses to PKR 1.15bn during 1HCY21. Overall there has been a 76 per cent YoY reduction in provisioning, which could be due to improved outlook on the asset quality following the rebound in economic activity across the country leading to reversal in general provisioning. However this quarter saw a 4x jump QoQ which was on account of a provisioning charge against an Oil Marketing Company’s exposure as per management.

    Operating expenses rose 11 per cent YoY taking CIR to 58 per cent for 1HCY21 against 52 per cent same period last year (SPLY).

    Effective tax rate clocked in at 39 per cent for 1HCY21 vis-à-vis 42 per cent SPLY.

    SBP issues instructions on third party sales
  • Engro enhances telecom investment to Rs21.5 billion

    Engro enhances telecom investment to Rs21.5 billion

    KARACHI: Engro Corporation has announced to enhance its total equity investment in the telecom infrastructure vertical to Rs21.5 billion.

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  • Engro Corp registers 84% net profit in first half

    Engro Corp registers 84% net profit in first half

    Engro Corporation Limited on Tuesday declared 84 per cent increase in after tax profit for the half ended June 30, 2021. The company announced Rs29.11 billion as net profit for first half (January – June) 2021 as compared with Rs15.8 billion in the same half of the last year.

    Engro delivered a strong operational performance in 1H 2021 as its consolidated revenue grew by 30% from PKR 107,163 million in 1H 2020 to PKR 139,319 million in 1H 2021. The Company recorded a consolidated Profit After Tax (PAT) of PKR 29,111 million compared to PKR 15,529 million for the similar period last year.

    Profit attributable to the owners stood at PKR 17,053 million compared to PKR 9,059 million for the prior period, resulting in an Earnings per Share (EPS) of PKR 29.60 compared to PKR 15.73. The growth in bottom line is primarily attributable to increased profits posted by Engro Fertilizers and Engro Polymer & Chemicals.

    On a standalone basis, the Company posted a PAT of PKR 9,683 million against PKR 4,858 million for the same period last year, translating into an EPS of PKR 16.81 per share. The Company announced an interim cash dividend of PKR 7 per share for the second quarter.

    Fertilizers: The country has witnessed a robust agronomic demand in 1H 2021 enabled by favorable farm economics, better farm output prices and enhanced support pricing. Engro Fertilizers (“EFert”) produced 1,070 KT of urea vs. 1,136 KT for the comparative period; the slight decrease in production was on account of a planned turnaround in one of the Plants in Q1.  EFert recorded half yearly urea sales of 1,115 KT vs. 847 KT and phosphate sales of 105 KT vs. 119 KT during the same period last year. As a result, the PAT for EFert stood at PKR 10,509 million for 1H 2021 as compared to PKR 4,457 million in the same period last year.

    Petrochemicals: The first half of the year experienced substantially higher international PVC prices, which rose to an unprecedented level of USD 1,670/T in Q1 2021 due to global supply limitations and increased freight costs. Subsequently, in Q2, the price reduced to USD 1,345/T and was still significantly higher from the historical price levels. Engro Polymer and Chemicals Limited (“EPCL”) announced commercial operations of the new PVC Plant on March 1, 2021, increasing the capacity to 295,000 MT per annum and commercial operations of the new 50 KT VCM de-bottlenecking capacity on June 25, 2021, thus, increasing its capacity to 245,000 MT per annum.

    In 1H 2021, EPCL recorded a revenue of PKR 30,496 million as compared to PKR 12,874 million in the same period last year. EPCL witnessed its highest ever 6-month profit on account of increased volumetric sales, efficient operations, and higher international prices; Engro Polymer posted a PAT of PKR 7,265 million compared to a PAT of PKR 223 million for the same period last year.

    Connectivity: Engro continued to expand its footprint in the Connectivity vertical through Engro Enfrashare, which has now become the country’s largest Independent Tower Company (with 46% market share) in terms of operational sites, serving all Mobile Network Operators in Pakistan. As of June 2021, Enfrashare held a portfolio size of 1,817 operational sites and 1,963 tenancies, translating into a tenancy ratio of 1.08x, with a market share of 46%; an increase of 5% from 41% share maintained in 2020.

    Energy & Power: Sindh Engro Coal Mining Company (“SECMC”) supplied ~2 million tons of coal to Engro Powergen Thar (“EPTL”) during initial half of the year. EPTL remained fully operational and achieved 81% availability with a load factor of 78% and a dispatch of 2,052 GwH to the national grid during the first half of the year. SECMC’s expansion work to enhance its output to 7.6 million tons per annum is in progress.

    Engro Powergen Qadirpur Limited (“EPQL”) operates on permeate gas and is currently facing gas curtailment from the Qadirpur gas field as it continues to deplete. To make up for this shortfall, EPQL’s Plant has been made available on mixed mode. The Plant dispatched a net electrical output of 394 GwH to the national grid, with a load factor of 43% compared to 28.4% during similar period last year. The business posted a PAT of PKR 905 million for the current period as compared to PKR 1,310 million for Q1 2020, which is mainly attributable to the retirement of debt component.

    Terminals: Engro’s Terminal businesses recorded healthy profits in the first half of the year. The LNG terminal handled 35 cargoes, delivering 106 billion cubic feet (bcf) re-gasified LNG to the SSGC network. Moreover, the terminal also successfully completed the berthing and startup of FSRU Sequoia to manage Pakistan’s first ever dry-docking activity. The advent of Sequoia has ensured gas availability for the country while dry-docking of FSRU Exquisite continues at Qatar dockyard.

    The chemicals Terminal had an actual throughput of 638 KT vs. 583 KT during the similar period last year. The increase was primarily observed in chemical volumes, offset by lower LPG handling.

  • PSO posts highest ever annual net profit of Rs29.1bn

    PSO posts highest ever annual net profit of Rs29.1bn

    KARACHI: Pakistan State Oil (PSO) has announced a record breaking gross revenue of Rs1.4 trillion and highest ever profit after tax of Rs29.1 billion for the financial year 2020-2021 (FY21) after a loss after tax of Rs6.5 billion in the preceding year.

    The net profit translated into a healthy earning per share of Rs62.07 vs. loss per share of Rs13.77 in the preceding fiscal year. 

    The announcement came after PSO’s Board of Management (BoM) reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the financial year 2020-21, ended on June 30, 2021, during the meeting held on August 23, 2021 in Islamabad. 

    Based on the outstanding financial and operational performance of the company, the Board of Management has announced a final dividend of Rs 10/- per share (100 per cent) which is in addition to the interim cash dividend of Rs 5/- per share (50 per cent) for financial year 2020-21.

    The dividend for the financial year stands at Rs 15/- per share (150 per cent).

    PRL, a subsidiary of PSO, also reported a profit after tax of Rs 0.94 billion during the year compared to a loss of Rs 7.6 billion in the previous year. On a consolidated basis, the group achieved a profit after tax of Rs 29.6 billion in FY21 compared to loss after tax of Rs 14.8 billion in FY20. 

    The board noted that these results have demonstrated PSO’s agility and strength across its diverse portfolio despite the challenging economic scenario and recurrent waves of the pandemic. PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average.

    The company exhibited an outstanding growth of 21.9 per cent in liquid fuels over last year with volumes reaching 9.2 million tons, attaining a market share of 46.3 per cent in FY21 compared to 44.3 per cent in FY20. PSO also achieved its highest ever volume of 7.6 million tons in the white oil segment despite the shrinking jet fuel and kerosene oil industry, with a market share of 45.2 per cent in FY21 vs. 44 per cent in FY20 i.e. a growth of 120 basis points (bps). 

    PSO set an all-time high record in Motor Gasoline (MoGas) achieving volumes of 3.5 million tons, an increase of 21.2 per cent from FY20, translating into market share of 41.3 per cent vs. 38.7 per cent last year – an increase of 260 bps.

    The company made a strong closing in Hi-Cetane Diesel as well, achieving a volumetric growth of 21.1 per cent vs. industry growth of 17.5 per cent, translating into volumes of 3.7 million tons in FY21. The volumes contributed in regaining market share, bringing it to 47.2 per cent vs. 45.8 per cent in the preceding year i.e. an increase of 140 bps. PSO attained a volumetric growth of 53.2 per cent in black oil with volumes of 1.7 million tons and a market share of 51.7 per cent vs. 46 per cent in FY20. 

    In line with GOP’s clean and green initiative, PSO was the first OMC to upgrade the country’s fuel standard from Euro 2 to Euro 5. The launch of Hi-Octane 97 Euro 5, Premier Euro 5 and Hi-Cetane Diesel Euro 5 proved to be game changers in the industry, bolstering customer’s confidence in PSO’s products.

    Building on its value creation model, the company prioritized high margin products i.e. High-Octane 97 Euro 5 and lubricants adding significant revenues with a volumetric growth of 177.6 per cent and 11.3 per cent respectively compared to last year. PSO’s first EV charging facility – Electro was also launched in Islamabad.

    This performance is also a strong indicator of the change and transformation going on within PSO. With a focus on innovation and technology, PSO continued to enhance its digital capabilities to drive growth and enhance efficiency.

    The company made significant strides on its journey of digital transformation with the launch of Pakistan’s first digitally integrated oil storage & dispatch terminal in Karachi. PSO also became the first public sector entity to launch e-procurement through SAP Ariba. Other automation initiatives included the launch of PSO Sahulat – an online order management system for dealers, Automated Queue Management System for tank-lorries and internal applications for fund management and employees leave management. 

    The company fast tracked infrastructural projects to gain operational efficiency. 174,000 tons of new and rehabilitated storages were added which significantly increase the number of day’s cover of petroleum products. Pipeline links have been completed to connect operational locations with White Oil Pipeline to make product movement safer and more efficient. 71 new vision retail outlets were also added to the company’s footprint. 

    Living up to its promise of keeping the wheels of the nation’s economy in motion and ensuring a seamless supply of fuel, the company imported 4.9 million tons of white oil products, an all-time high since the inception of the company. PSO has also played a pivotal role in the LNG sector. The company entered into another agreement with Qatar Petroleum under G2G arrangement to supply an additional 3 million tons of LNG for a period of 10 years. This contract shall add additional volumes to an already executed 15-year long term sales purchase agreement (SPA), making PSO the largest supplier of LNG in the country with a supply base of 6.75 million tons per annum.

    With the burden of circular debt still large, to improve its balance sheet further, PSO recovered Rs 25.8 billion from the Power Sector along with late payment surcharge income. Reduction in finance cost by Rs. 3.2 billion. (24 per cent) further complemented the profitability of the company.

    PSO issues clarification LNG purchase
  • Airlift secures $85 million in series ‘B’ financing

    Airlift secures $85 million in series ‘B’ financing

    LAHORE: Airlift Technologies on Wednesday announced n $85 million Series ‘B’ financing led by some of the most iconic investors on the globe.

    The financing marks the largest in the MENA region, co-led by Josh Buckley (Buckley Ventures) and Harry Stebbings (20VC). Other major participants included Sam Altman (ex-President YCombinator), Biz Stone (Co-founder at Twitter / Medium), Jeffrey Katzenberg (ex-CEO, Disney), Taavet Hinrikus (Founder/CEO at TransferWise), and Seve Pagliuca (Co-Chairman, Bain Capital).

    The financing is about twice the size of the largest private company IPO in Pakistan’s history and the highest in the MENA region, bringing a number of implications for the country.

    Airlift has set a new precedent that will bring world-class investors to invest in Pakistan. It will garner confidence that great technology and consumer products can be built in Pakistan, and that this region of the world has some of the best talents.

    Airlift Express alone with its series B funding of $85 million has added 5 per cent to Pakistan’s FDI for the Fiscal year 2021. This financing round lays the foundations of a new dawn in Pakistan where technology startups alone can contribute to more than 10 per cent of FDI in the upcoming years.

    The team at Airlift is on a mission to enable self-empowerment in the region by reducing individual dependency on others through safe, reliable, and affordable logistics solutions.

    Airlift is building a platform for consumers, drivers, and small business owners to move consumer goods. With an agile supply chain, Airlift is best positioned to succeed and eventually create thousands of jobs within Pakistan.

    Airlift is on a mission to create 200,000 jobs in Pakistan within the next five years.

    Pakistan’s diverse talent base puts Pakistan on the global map – The team at Airlift is a true representation of the potential that resides within the country.

    The team is an embodiment of relentlessness, hustle, and extreme ownership, which has built one of

    Pakistan’s largest technology companies. This financing puts Pakistan on the global roadmap for technology entrepreneurship.

    Usman Gul, Co-Founder and CEO of Airlift said, “A year ago, Airlift halted operations on the transit service and diversified into last-mile grocery delivery.

    “Today, our team closed $85m in Series B financing to scale our delivery platform across continents. With this financing, we as Pakistanis must return to where we started from — fighting against the odds and staying true to our core values of hustle, teamwork, resourcefulness, and bias to action. If this is the journey of a thousand miles, we have taken only the first step.”

    With the Series B funding, Airlift today, as a Pakistani-born startup is committed more than ever to revolutionize the retail industry by leveraging technology, and empower millions of people!