KARACHI: Engro Foundation has signed a three-year agreement with the Bill & Melinda Gates Foundation to promote the well-being of vulnerable and marginalized segments of the society in Pakistan.
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Engro Corp declares Rs5.94 billion after tax quarterly profit
KARACHI: Engro Corporation has declared profit after tax at Rs5.94 billion for the quarter ended March 31, 2020. The after tax profit fell by nine percent when compared with Rs6.56 billion in the same quarter last year.
Engro’s consolidated revenue grew by 11 percent in comparison to the prior period, mainly driven by energy projects in Thar coming online during July 2019 and offset by lower turnover of Fertilizers and Petrochemicals businesses.
Profit attributable to the owners was recorded at Rs3,317 million compared to Rs4,010 million for the prior period.
On a standalone basis, the Company posted a profit after tax of Rs780 million against Rs3.832 billion for the same period last year, translating into an earning per share of Rs1.35 per share.
This decrease is primarily attributed to delays in receipts of dividends from subsidiaries as their Annual General Meetings (AGMs) have been postponed on account of the COVID-19 lockdown.
This is, therefore, a temporary timing difference between quarters and not reflective of underlying performance of the Company.
The company announced an interim cash dividend of Rs6 per share for the first quarter. Like in the past, the Board has endeavored to maximize dividends on a quarterly basis, however, the future dividends for the year would be based upon prevailing situation and earnings for the year.
The portfolio of Engro Corporation is resilient in these difficult times and the Company remains confident that despite challenging circumstances, it will be able to maintain a healthy performance in upcoming quarters.
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SECP shuts registration offices, facilitation centers amid coronavirus outbreak
The Securities and Exchange Commission of Pakistan (SECP) has announced the closure of Companies Registration Offices (CROs) and facilitation centers until further notice as a preventive measure against the spread of coronavirus disease (COVID-19).
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SECP extends insurance license renewal date
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has extended license renewal date for insurance brokers in the wake of coronavirus outbreak.
The SECP issued Circular No. 12 on Monday to extend the date for license renewal for insurance business.
The SECP said that considering the gravity of the pandemic coronavirus (COVID-19) on public health and lockdown situation in the country, insurance brokers, insurance surveyors and authorized surveying officers are facing difficulties while ensuring compliance with regulatory requirements related to renewal of license under the Insurance Ordinance, 2000.
The SECP said that in order to facilitate the insurance brokers, insurance surveyors and ASOs during the ongoing pandemic, the regulator issued following guidelines regarding renewal of licenses:
(i) Any insurance brokers/insurance surveyor/ASO whose license has expired or will expire during the period from March 15, 2020 to May 15, 2020 shall continue to carry on its business without renewal of its current license with the commission;
(ii) The above relaxation shall be effective for a period of two months i.e. it shall end on May 15. The respective insurance brokers, insurance surveyors, and ASOs shall be bound to file their applications prior to the deadline of May 15, 2020.
(iii) Upon receipt of the application, license shall be renewed effective from the date of expiry of the previous license.
(iv) Insurance brokers, insurance surveyors and ASOs facing difficulties to arrange documents, required under the Ordinance for renewal of license may avail the above mentioned relaxation.
(v) While surveyors/ASOs can file applications online through e-services, insurance brokers may send their applications to the commission via email until the expiry of the lockdown; and
(vi) All insurance companies/ general takaful operators shall continue to do business with insurance brokers /insurance surveyors/ASOs considering the grace period of two months for any license expired after March 15, 2020.
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Engro Fertilizers sets up quarantine facility to prevent coronavirus spread
Engro Fertilizers has set up a 60-bed quarantine facility at its Technical Training College (TTC) in Daharki as part of its ongoing efforts to support the district authorities and local community amid the coronavirus outbreak, a statement from the company said on Thursday.
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Emirates uplifts record cargo from Pakistan amid coronavirus pandemic
DUBAI: Emirates SkyCargo completed an industry record uplift of 62 tonnes in a Boeing 777-300 operating from Karachi to Dubai, surpassing its own previous record of 56 tonnes achieved earlier in the week, a statement said on Thursday.
Amid these unprecedented times in the wake of the COVID-19 pandemic, Emirates SkyCargo continues to underline its commitment to Pakistan by breaking not just one but two records last week to transport essential supplies.
Exports from Pakistan included perishables like meat, fish and vegetables while imports were mainly pharmaceuticals, testing machines, other medical accessories, industrial machinery, drilling equipment and general courier.
Given the current challenges with global air cargo capacity due to restrictions on passenger flights, Emirates SkyCargo continues to ensure that commodities such as food and medical supplies are transported to and from Pakistan with four weekly cargo flights each from Karachi and Lahore.
The much needed capacity will help connect and reach essential commodities to places that need them most, keep global supply chains open, and support communities and businesses in Pakistan and worldwide.
In recent weeks, Emirates SkyCargo has transported close to 100 tonnes of relief material, including hospital equipment to Milan, and over 55 tonnes of highly temperature-sensitive pharma to New York.
In March and April, the cargo airline will operate nine charter freighters to Budapest to transport face masks and equipment. Emirates SkyCargo is also playing a vital role in transporting food across the Middle East, and its special flights from the subcontinent and Africa are bringing in tonnes of perishables to Dubai and onwards to other destinations within the Middle East.
Nabil Sultan, Emirates’ Divisional Senior Vice President, Cargo said: “In these trying times, we more than ever stand by our commitment for Emirates SkyCargo to act as a conveyor belt for the transport of much needed commodities such as food and medicines and also for flying in equipment, machinery and other components which are vital for business continuity across essential industries in Pakistan.
“As an extremely agile and customer-focused business, we have been able to establish a new network and schedule for our cargo operations within a very short period of time, utilising lower deck capacity on our wide-body Boeing 777 passenger aircraft which supplement the cargo capacity we offer on our freighter aircraft.
“Additionally, in order to consolidate operations and reduce costs, we have also temporarily shifted all our cargo handling operations to Dubai International Airport (DXB). Taken together, we are making sure that we react more quickly to requests coming in from every part of the globe from our customers.”
Emirates SkyCargo’s new flight schedule for its global cargo operations also includes cargo flights operated on its Boeing 777 passenger aircraft.
These flights will offer around 40 tonnes of lower deck cargo capacity per flight and will supplement the cargo capacity being offered on Emirates’ fleet of freighters.
These cargo only flights are scheduled to operate to over 30 destinations across the Middle East, Africa, Asia, Europe and Australia with a majority of destinations being served with multiple weekly and daily flights.
From 1 April 2020, Emirates SkyCargo will consolidate all its cargo handling operations at Dubai International airport, temporarily suspending operations at Emirates SkyCentral DWC, the terminal handling its freighters, the statement said.
The move will help streamline cargo operations between its freighters and the new dedicated cargo flights on Emirates’ passenger aircraft.
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ICI Pakistan suspends production
KARACHI: ICI Pakistan Limited on Thursday announced temporarily closing down its polyester plant and office locations due to measures taken by the government to contain coronavirus.
In a notice sent to Pakistan Stock Exchange (PSX), the company said that in accordance with directives of the government with regard to containment of COVID-19, the company has temporarily closed its polyester plant and office locations (which do not fall within the definition of essential services) till further orders and has moved to work from home arrangements to the extent possible.
The company shall keep the stock exchange updated of any further material developments.
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SECP announces relief for corporate sector to dilute coronavirus impact
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) on Wednesday announced regulatory relief for corporate sector in order to dilute impact of coronavirus.
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Attock Refinery warns complete shut down on lower uplifting
KARACHI: Attock Refinery Limited has issued a grave warning regarding the continuation of its operations, stating that a complete shutdown is imminent within a week if the current situation regarding product uplifting does not improve significantly.
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Philip Morris suspends operations
KARACHI: Philip Morris (Pakistan) Limited, a tobacco manufacturing company, has announced to suspend operations for indefinite period due to spread of coronavirus.
In a letter to Pakistan Stock Exchange (PSX) on Tuesday, the company said in compliance with directives of provincial governments to contain the spread of COVID-19 it has been decided to temporarily suspend operations of the company and its offices until further notice.
The company will inform the stock exchange when operation resume.