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Category: Corporate

  • TPL, Pak Suzuki sign agreement for auto insurance

    TPL, Pak Suzuki sign agreement for auto insurance

    KARACHI: TPL Insurance, Pakistan’s first Direct Insurance Company, has signed a Memorandum of Understanding (MoU) with Pak Suzuki, the country’s largest car manufacturing company to provide services of auto insurance.

    A statement on Tuesday said that following the partnership, Pak Suzuki customers can avail TPL Insurance’s services at any of the 168 Pak Suzuki authorized dealerships operating nationwide.

    Customers will have access to One Window Auto Insurance Solution offering tailored coverage backed by the fastest claim settlement ever offered in Pakistan, Online Policy Issuance, services and repair facilities at Pak Suzuki authorized 3S dealerships along with Value Added Services like Self Survey using the TPL Insurance Mobile App – all at extremely competitive rates for Pak Suzuki Customers.

    TPL Insurance’s Value Added Services include Drive Pro, Pakistan’s first Telematics Auto Insurance which lets users track driving scores based on driving metrics to spot areas for improvement, helping users drive smart and make the streets safer to drive on. The Self Survey feature enables customers to lodge claims instantly, update details of their vehicle and manage maintenance schedules. In addition to these services, customers can also Buy, Claim and Renew insurance directly through the TPL Insurance App.

    This partnership is in line with TPL Insurance’s strategy to evolve as a dominant player by exploring profitable niches through the deployment of cutting-edge technology. With disruption at its core, TPL Insurance continues to invest in platforms that will grow Insurtech in the country.

    Commenting on the occasion, Muhammad Aminuddin, CEO, TPL Insurance said, “Together with Pak Suzuki, TPL Insurance will cater to the evolving needs of the companies’ mutual customers by delivering quality coverage and disruptive insurance solutions. I am confident that this partnership will boost TPL Insurance’s footprint in the market by catering to our rapidly growing economy and the population’s increasing consumption of insurance services.”

    Masafumi Harano, Managing Director, Pak Suzuki said, “This is an ideal time for such initiatives in Pakistan as the importance of customer services is at an all-time high. We are confident to grow together and explore more transparent and creative solutions for customers.”

  • K-Electric declares 48 percent decline in profit after tax payment of Rs2.02 billion

    K-Electric declares 48 percent decline in profit after tax payment of Rs2.02 billion

    K-Electric, the primary electric power supplier for Karachi, reported a significant reduction in net profits due to an increased tax burden during the first half of the fiscal year 2019/2020.

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  • HBL announces 287 percent surge in half year profit

    HBL announces 287 percent surge in half year profit

    KARACHI: Habib Bank Limited (HBL) on Friday declared massive increase of 287 percent in half-year profit tax for the period ended June 30, 2020.

    The bank, one of the largest bank in Pakistan, declared Rs15.188 billion profit after tax for the period January 01 to June 30, 2020 as compared with Rs3.927 billion in the same period of the last fiscal year.

    The bank also declared earning per share of Rs10.32 for the period under review as compared with EPS Rs2.53 declared in the same period of the last year.

    The net mark-up income/interest income of the bank surged by 32 percent to Rs63.075 billion during first half for the period ended June 30, 2020. The bank declared Rs47.7 net interest income in the same period of the last year.

    The bank also paid income tax amounting Rs10.64 billion during January – June 2020 as compared with Rs5.96 billion in the corresponding period of the last fiscal year.

    The HBL declared Rs11.08 billion net profit for the quarter April – June 2020 as compared with Rs749 million declared in the same quarter of the last year.

    Net interest income of the bank increased to massive Rs10.86 billion during the quarter under review as compared with Rs1.3 billion in the corresponding period of the last year.

  • German financial institution shows interest to acquire 20pc stake in TPL Insurance

    German financial institution shows interest to acquire 20pc stake in TPL Insurance

    KARACHI: A Germany based development finance institution has shown interest to acquire 20 percent stake in TPL Insurance Limited, a statement said on Tuesday.

    According to an announcement on Pakistan Stock Exchange (PSX), TPL Insurance Limited (“the Company”), a subsidiary of TPL Corp Limited, is pleased to announce that DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”), a wholly owned subsidiary of KfW Group based in Cologne, Germany, a major development finance institution, has expressed interest in acquiring 20 percent stake in the Company.

    The transaction shall be executed subject to approval of the Board of Directors’, Shareholders’, Securities and Exchange Commission of Pakistan and other regulatory bodies.

    DEG is re-entering into the Pakistani market with the investment being a first, in an insurance company by a Development Finance Institution in recent times in Pakistan.

    With the experience and expertise of DEG as a major institutional investor, the Company will greatly benefit in terms of custom shaped solutions in all respectable areas including but not limited to best corporate governance practices, business support, risk management and environmental and social matters.

    “We shall keep our shareholders updated with respect to this transaction by making further announcements as and when the transaction progresses further,” the announcement said.

  • Engro commits Rs40 million to extend partnership with SKMCH

    Engro commits Rs40 million to extend partnership with SKMCH

    KARACHI: As part of the Rs1 billion Hussain Dawood Pledge, Engro Foundation – the social investment arm of Engro Corporation – has provided an additional Rs40 million to extend its partnership with Shaukat Khanum Memorial Cancer Hospital (SKMCH) and Research Centre for expansion of COVID-19 testing capacity in Southern Punjab.

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  • Honda Cars declares 82 percent decline in annual profit

    Honda Cars declares 82 percent decline in annual profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited has posted 82 percent decline in annual profit for the period ended March 31, 2020, said a notification on Tuesday.

    The car manufacturing company declared Rs682 million profit after tax for the year ended March 31, 2020 as compared with Rs3.85 billion in the preceding year.

    The sales of the company fell by 42 percent to Rs55 billion for the year ended March 31, 2020 as compared with Rs95.13 billion in the preceding year.

    The administrative expenses were flat at Rs738.75 million for the year. Operating expenses were also reduced to Rs1.045 billion for the year under review.

    The company declared Rs4.77 as earning per share for the year ended March 31, 2020 as against Rs26.97 EPS declared in the preceding year.

  • SECP issues guidelines for license renewal amid COVID-19

    SECP issues guidelines for license renewal amid COVID-19

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has issued guidelines for license renewal in order to facilitate companies considering difficulties due to COVID-19.

    The SECP issued Circular No. 19/2020 for extension in time for renewal of licenses due to COVID-19.

    The regulator said that the COVID-19 (coronavirus) had affected many businesses around the globe and had been declared as pandemic.

    In order to facilitate the shareholders/directors/employees during this ongoing pandemic, the SECP issued the guidelines regarding renewal of their licenses, issued in pursuance of section 42 of the Company Law.

    The SECP said that the companies whose license were due for renewal before the month of February 2020, and had not applied for renewal, their license shall be revoked in accordance with the provision of Section 42(5) of the Companies Act, 2017.

    The SECP further said that the companies whose license had been expired in the months of February, March, April and May 2020 but had not applied for its renewal would continue to carry on their business and their license would not be revoked till June 30, 2020. However, upon receipt of their applications, license shall be renewed from the date of expiry of their existing license.

    The regulator further said that the companies, which had applied for renewal of their license either before or after February 01, 2020 and certain deficiencies were also communicated to them, were required to respond to the quarries latest by May 30, 2020, failing which their license would be revoked.

    “Companies, which do not find any difficulty in complying with the requirements of the renewal of their license, may apply in a routine manner,” the SECP said.

  • PIA declares Rs56 billion after tax annual loss

    PIA declares Rs56 billion after tax annual loss

    KARACHI: The national flag carrier, Pakistan International Airline, has declared after tax loss of Rs56 billion for the year 2019, according to financial results submitted to Pakistan Stock Exchange (PSX) on Monday.

    The national flag carrier managed to reduce the annual loss by Rs10.66 billion from last year’s loss of Rs66.66 billion.

    The net revenue of the airline increased by around 40 percent to Rs164.64 billion in 2019 as compared with Rs118 billion in the preceding year.

    The cost of services including, cost of fuel, increased to Rs152 billion in 2019 as compared with Rs132.79 billion in the preceding year.

    The airline manage to post gross profit of Rs12.65 billion for the year 2019 as compared with around Rs15 billion loss in the previous year.

    The distribution costs of the airline increased to Rs7.33 billion from Rs6.3 billion. Administrative expenses of the airline also increased to Rs11.3 billion from Rs10.47 billion.

    The airline incurred losses to the tune of Rs11.69 billion due to depreciation of rupee. The exchange loss was Rs15 billion in the last year.

  • SECP facilitates companies in IAS 39 requirements

    SECP facilitates companies in IAS 39 requirements

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SEC) has allowed relief registered companies that are applying IAS 39/principles of IAS 39 (for Available for Sale equity instruments).

    The SECP issued S.R.O. 414 (I)/2020 and allowed following relief from the requirements contained in IAS 39 in relation to their Available for Sale (AFS) Equity Investments as follows:

    (a) The company/entity can opt to show impairment loss (if any, due to significant or prolonged decline in fair value of AFS equity investment portfolio), as at March 31, 2020, in the statement of changes in equity.

    (b) If the above short-term relief is opted, the company/entity shall disclose in the notes to the financial statements:

    (i) amount of impairment loss included in the statement of changes in equity under (a) above;

    (ii) amount of profit or loss after tax, arrived at by accounting for the impact of impairment loss in accordance with IAS 39; and

    (iii) Earnings per share based on the (ii) above.

    (c) The dividend income and actual realized gain/loss arising from the de-recognition of AFS equity instruments shall be recognised in the profit and loss account in accordance with the requirements of IAS 39.

    (d) The amount of loss taken to equity as per (a) above, shall be treated as a charge to profit and loss account for the purpose of distribution as dividend, where applicable.

    (e) The amount taken to equity as per (a) above for an AFS equity instrument, adjusted with the fair value change of this AFS equity instrument during the period from April 01, 2020 to June 30, 2020, shall be considered for impairment in accordance with the requirements of IAS 39.

    (f) The impairment loss (if any), as of June 30, 2020, as per (e) above shall be taken to the profit and loss account for the year/period ending June 30, 2020.

    The SECP said that companies/entities willing to follow the full requirements of IAS-39 as applicable are encouraged to do so.

  • PQGTL signs agreement with Gabitt

    PQGTL signs agreement with Gabitt

    KARACHI:  Pak-Qatar General Takaful Limited (PQGTL) has signed an agreement with Gabitt, a ride hailing service.

    The ceremony, which was held recently, was attended by Nasir Ali Syed, CEO Pak-Qatar General Takaful Limited and Farhan Ahmed, CEO L1 Solution Private Limited along with other senior officials from both the companies.

    Through this strategic alliance, the users and driving partners of Gabitt will have an opportunity to avail various coverage solutions specifically designed and developed by Pak-Qatar General Takaful.

    While speaking on the occasion, Nasir Ali Syed said: “This agreement with Gabitt will surely bring a positive change in the life of the driving partners as they are more prone to risks when they are out on the roads.

    “Offering complementary Takaful Coverage will give them the much needed comfort and peace of mind that will eventually translate into a better performance, required social security and enhanced loyalty.

    “Moreover, the optional coverage solutions, available to them online, will allow driving partners and users of Gabitt to avail coverage needs efficiently without any hassle.”

    Farhan Ahmed on the occasion said, “We realize how important our driving partners are to us and we consider them as our family members.

    “Therefore, their protection and comfort has been our top priority.

    “I hope this collaboration will be beneficial for both Pak-Qatar Takaful and Gabitt which will further lead to a long-term business relationship.”