Pkrevenue.com

Category: Corporate

  • Allied Bank declares 28pc growth in annual profit

    Allied Bank declares 28pc growth in annual profit

    KARACHI: Allied Bank Limited on Wednesday announced 28 percent growth in net profit for the year ended December 31, 2020.

    The bank recorded after tax profit of Rs18.03 billion for the year 2020 as compared with Rs14.11 billion in the preceding year.

    The healthy annual profit can be attributed to gain on securities of Rs3.42 billion in the year 2020 as compared with Rs1.58 billion in the preceding year.

    Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.

    According to the financial results the net mark-up and interest income of the banks increased to Rs48.42 billion during the year under review as compared with Rs42 billion in the preceding year.

    Total income of the banks increased to Rs61 billion for the year 2020 as compared with Rs52.7 billion in the preceding year.

    Operating expenses of the banks was at Rs29.87 billion for the year 2020 as compared with Rs28.55 billion in the preceding year.

    The bank declared earnings per share increased to Rs15.75 for the year 2020 as compared with Rs12.32 in the preceding year.

    A final cash dividend for the year ended December 31, 2020 at Rs6 per share i.e. 60 percent. This is in addition to interim dividends already paid at Rs2 per share i.e. 20 percent.

  • PTCL declares 5pc decline in annual profit to Rs6.03 billion

    PTCL declares 5pc decline in annual profit to Rs6.03 billion

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced a five percent decline in annual profit for the period ended December 31, 2020.

    According to financial results, the company announced after tax profit of Rs6.03 billion for the year 2020 as compared with the profit of Rs6.35 billion in the preceding financial year.

    The company declared earnings per share at Rs1.18 for the year ended on December 31, 2020 as compared with Rs1.24 in the preceding year.

    The company had announced no cash dividend or bonus share for the year under review.

    The gross profit of the company fell to Rs14.99 billion for the year 2020 as compared with Rs16.98 billion in the preceding financial year, showing a decline of 11.72 percent.

    Administrative expenses of PTCL were almost flat at Rs6.7 billion as compared with Rs6.75 billion a year ago.

  • MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

    MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

    KARACHI: MCB Bank on Wednesday announced an impressive 21 percent increase in net profit for the year ending December 31, 2020, primarily driven by remarkable growth in gains on securities.

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  • Engro Powergen, CPPAL enter into binding agreement

    Engro Powergen, CPPAL enter into binding agreement

    KARACHI: Engro Powergen Qadirpur Limited (EPQL) and Central Power Purchasing Agency (Guarantee) Limited (CPPAL) have entered into binding agreement for the fixation of power purchase rate and release of outstanding amount to the Independent Power Producer (IPP), a statement said on Monday.

    The EPQL shared a communication with the Pakistan Stock Exchange (PSX) informing that on August 17, 2020, it had announced to enter into a Memorandum of Understanding (MoU) dated August 12, 2020 with Committee for negotiations with Independent Private Power Producers notified by the Government of Pakistan, in line with the understanding reached in the MOU, EPQL and Central Power Purchasing Agency (Guarantee) Limited (CPPAL).

    The parties will now enter into a binding agreement based on the terms of the MOU, which include inter alia: that all undisputed outstanding amounts due and payable to EPQL under the power purchase agreement, as on November 30, 2020,will be paid in two instalments (each instalment comprising of one-third cash and two-thirds government issued PIBs and Sukuks).

    Further, in the larger national interest, EPQL has agreed to (prospectively) accept a reduction in the tariff component, whereby the Return on Equity (“RoE”) and the Return on Equity During Construction (“RoEDC”) will be fixed at 17 percent per annum in PKR (on NEPRA approved equity at Commercial Operation Date for RoE and RoEDC, calculated at USD/PKR exchange rate of PKR 148/USD, with no future USD indexation (“Revised ROE and ROEDC”).

    However, the existing RoE and RoEDC, together with the applicable indexations, shall continue to be applied until the date when the applicable exchange rate under the present Tariff reaches PKR 168/USD 1 (i.e. the date of the signing of the MoU), whereupon the Revised RoE and RoEDC shall become applicable and shall apply for the remainder of the Term of the power purchase agreement.

    Upon notification of Tariff Determination by NEPRA, first instalment of 40 percent shall be paid to EPQL and the remaining 60 percent shall be paid within six months after the date of the first installment.

  • Bank Alfalah declares 18pc decline in annual profit

    Bank Alfalah declares 18pc decline in annual profit

    KARACHI: Bank Alfalah Limited on Wednesday declared 18 percent decline in its annual net profit for year ended December 31, 2020 despite healthy growth in gain on securities.

    The after tax profit of the bank fell to Rs10.47 billion for the year 2020 as compared with Rs12.69 billion in the preceding year.

    The net mark-up and interest income was remained flat at Rs44.7 billion for the year under review as compared with Rs44.89 billion a year ago.

    The posted growth in non-markup/interest income to Rs12.79 billion for the year 2020 as compared with Rs10.35 billion in the preceding year. Under this head, the gain on securities sharply increased to Rs2.28 billion as compared with Rs64.79 million.

    The bank paid Rs7.4 billion as tax for the year as compared with Rs9.68 billion paid tax liability in the preceding year.

    The earnings per share of the bank fell to Rs5.89 from last year’s Rs7.15.

    Final cash dividend for the year ended December 31, 2020 has been announced at Rs2 percent share i.e. 20 percent. This is in addition to the interim cash dividend already paid at Rs2 per share i.e. 20 percent.

  • Hascol Petroleum BOD approves authorized share capital increase to Rs50 billion

    Hascol Petroleum BOD approves authorized share capital increase to Rs50 billion

    KARACHI: The board of directors of Hascol Petroleum Limited has approved increase in authorized share capital of the company to Rs50 billion from Rs10 billion, according to a communication sent to Pakistan Stock Exchange (PSX) on Monday.

    The communication said that at an emergent meeting of the board of director (BOD) of Hascol Petroleum Limited held on January 29, 2021, the board of directors approved the increase in the authorized share capital of the company from Rs10 billion to Rs50 billion, subject to obtaining the requisite approvals from the shareholders of the company, and in that respect to call and hold an extraordinary general meeting of the company on February 23, 2021 to obtain the approval of the shareholders/members of the company for the increase in the authorized share capital of the company and the corresponding amendments to the memorandum and articles of association of the company.

  • Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

    Fauji Foundation allowed due diligence to acquire majority stake in Silkbank

    KARACHI: The board of directors (BOD) of Silkbank Limited on Thursday approved to allow Fauji Foundation to conduct due diligence for acquiring majority stake of the bank.

    The bank in a notice sent to the Pakistan Stock Exchange (PSX) stated that M/s. Fauji Foundation had expressed an interest in acquiring the majority stake in Silkbank Limited.

    As part of the process, the bank had been requested to allow Fauji Foundation to conduct due diligence of Silkbank and in this regard the Fauji Foundation intended to apply to the State Bank of Pakistan (SBP) for the requisite approval of the same.

    “The board of directors of Silkbank Limited in its meeting held on January 28, 2021, has subject to the approval of the State Bank of Pakistan, given its in-principal approval to allow Fauji Foundation to conduct the required due diligence and evaluation the information that will be provided by Silkbank in this regard,” the bank informed the PSX.

    Fauji Foundation (also known as Fauji Group), is amongst the largest business conglomerate in Pakistan which “Earns To Serve” the interests of ex-servicemen.

    According to its official website, the group is basically a Charitable Trust founded in 1954 for the welfare of the ex-servicemen and their dependents.

    It is incorporated under the Charitable Endowments Act 1890.

    The history of Fauji Foundation dates back to 1945, when a Post War Services Reconstruction Fund (PWSRF) was established for Indian War Veterans who served the British Crown during WW-II. At the time of partition (1947) when Pakistan came into being, the balance fund was transferred to Pakistan in the proportion of its post WW-II veterans. Till 1953, the fund remained in the custody of the civilian Government, when in 1954 it was transferred to the Army.

    The Army instead of disbursing the balance fund of about Rs 18.2 millions (USD 0.2 million) among the beneficiaries, invested it in establishing a Textile Mill. Later from the income of the textile mill, it established first 50 bedded TB hospital at Rawalpindi.

    Fauji foundation is proud that from Rs 18.2 million in 1953, it today runs more than 18 industries, the income from which is utilized to serve about 9 million beneficiaries (5 % of country’s population). Generally, more than 80 percent of the income goes towards the welfare activities every year.

    The welfare is conducted through health care, education and vocational/technical training. To a limited extent welfare is also a by- product of employment generated for the beneficiaries through commercial and welfare activities. Presently, the welfare is conducted through 143 medical facilities, 142 Schools & Colleges, 45 Foundation Institute Technology.

  • Stern action initiated against companies using FBR, SECP registrations for illegal investment

    Stern action initiated against companies using FBR, SECP registrations for illegal investment

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has initiated stern action against companies engaged in attracting the general public for unauthorized investments by using registrations of relevant authorities.

    In a statement on Thursday, the SECP said that mere registration of a company with SECP does not authorize acceptance of deposits from general public.

    Deposit taking by companies other than banking companies is illegal in terms of section 84 of the Act. Financial services including car financing, leasing, acceptance of deposits, house financing etc. can only be offered by specialized companies holding valid licence and regulatory approvals.

    General public is advised in their own interest to be careful, not to deal and invest in illegal schemes offered by such companies.

    In this regard, the SECP while exercising its regulatory power to curb the menace of illegal business practices in the country has taken stern actions against “Lasani Oil Traders (Private) Limited” and “New Lassani Chicks & Chicken (Private) Limited”.

    SECP has promptly initiated legal proceedings for the winding up of these companies in terms of section 301 read with section 304 of the Companies Act, 2017 and disqualification of directors thereof in terms of section 172 of the Act.

    SECP has observed that both the companies are using their registration with SECP and FBR to win public confidence and are publicizing unauthorized investment schemes through Facebook groups and posts on social media.

    In an attempt to block companies’ access to general public, SECP approached PTA to block Facebook/twitter pages, cell phone numbers registered in the name of companies and its directors. The SECP has also made reference of the case to the relevant law enforcement agency.

    The SECP has made public a list of 50 companies, involved in similar un-authorized business activities including illegally collecting deposits from investors by making false promises of exceptionally tantalizing returns.

  • Shanghai Power allowed extension for public announcement offer to acquire KE shares

    Shanghai Power allowed extension for public announcement offer to acquire KE shares

    KARACHI: Securities and Exchange Commission of Pakistan (SECP) has allowed 90 days extension to Shanghai Power Company to make public announcement of offer to acquire 66.40 percent ordinary shares of K-Electric Limited.

    According to a communication to Pakistan Stock Exchange (PSX) on Tuesday related to extension in timeline for public announcement offer to acquire up to 4,639,825,784 ordinary shares of K-Electric Limited by Shanghai Electric Power Company Limited.

    Arif Habib Limited in the letter said with reference to the public announcement of intention published on June 30, 2020 to acquire 66.40 percent ordinary shares of K-Electric Limited by Shanghai Power Company Limited under the provision of regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017

    The SECP in its letter said that the authority had granted the extension of ninety days to make public announcement of offer by Arif Habib Limited, which now may be made till March 27, 2021.

  • SECP registers 1,956 new companies in November

    SECP registers 1,956 new companies in November

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,956 new companies in November 2020, indicating an increase of 41 percent as compared with the same month of the last year, according to a statement issued on Tuesday.

    Around 71 percent companies were registered as private limited companies and 26 percent were registered as single member companies.

    Three percent were registered as public unlisted companies, not for profit associations, trade organizations, foreign companies and limited liability partnership (LLP).

    In November, around 99 percent companies were registered online, while 30 percent of new incorporations completed same day.

    This month, 117 foreign users registered companies from overseas.

    The trading sector took the lead with the incorporation of 319, IT with 230, construction with 209, services with 198, real estate development with 139, corporate agricultural farming, & food and beverages with 74 each, ecommerce with 73, engineering with 60, tourism with 51, education with 48, pharmaceutical with 47, market & development with 43, textile with 40, transport with 35, chemical with 33, healthcare with 31, auto & allied with 27, fuel & energy, and mining & quarrying with 23 each, logging with 22, cosmetics & toiletries with 21, communications with 17, broadcasting & telecasting with 16, power generation with 14, cables & electric goods, and steel & allied with 12 each, and 65 companies were registered in other sectors.

    Foreign investment has been reported in 34 new companies. These companies have foreign investors from, Australia, China, Germany, Iran, Italy, Kazakhstan, Korea South, Lebanon, Mozambique, the Netherlands, Russia, Spain, Switzerland, Syria, Turkey, the UAE, the UK and the US.

    The highest numbers of companies, i.e. 628 were registered in Islamabad, followed by 625 and 349 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 127, 109, 64, 27, 22 and 05 companies respectively.