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Category: Corporate

  • Engro Corp posts 23% revenue growth in nine months

    Engro Corp posts 23% revenue growth in nine months

    KARACHI: Engro Corporation Limited has posted a significant 23 per cent growth in consolidated revenue for the nine-month period ended on September 30, 2021.

    Pakistan’s premier conglomerate, Engro Corporation (PSX: ENGRO) announced its financial results for the third quarter ended September 30, 2021.

    Engro delivered a strong operational performance in first nine months of 2021 as its consolidated revenue grew by 23 per cent from Rs 182,497 million as compared with Rs223,581 million in the corresponding period of the last year.

    The company recorded a consolidated Profit After Tax (PAT) of Rs40,504 million up by 31 per cent from same period last year.

    Profit attributable to the owners stood at Rs23,173 million compared to Rs18,345 million in the first nine months of 2020, resulting in an Earnings per Share (EPS) of Rs40.22 compared to Rs31.84 in the nine months of 2020. The growth in the bottom line is primarily attributable to increased profits posted by Fertilizers and Petrochemicals businesses.

    On a standalone basis, the Company posted a PAT of Rs 16,015 million against Rs 9,283 million in 9M 2020, translating into an EPS of Rs 27.80 per share. The Company also announced an interim cash dividend of Rs 5 per share for third quarter taking the total dividend distributed for the year to Rs 24 per share.

    Financial Performance – Segmental Perspective:

    Fertilizers: Domestic market witnessed strong agricultural sector performance in 2021 with limited impact from COVID-19 led lockdowns. Prices of agri commodities remained firm during the quarter resulting in improved earnings for farmers and higher urea industry volumes versus prior year.

    Engro Fertilizers Limited (“EFert”) revenue during the period stood at Rs 92,742 million versus 78,138 million on the back of higher Urea sales of 1,644 KT in comparison to 1,451 KT in 9M 2020. Urea production stood 1,560 KT versus 1,694 KT in 9M 2020 on account of planned plant turnarounds. EFert recorded Phosphate sales of 242 KT against 366 KT in 9M 2020. As a result, the PAT for EFert stood at Rs 14,921 million for 9M 2021 as compared to Rs 11,491 million in the same period last year.

    Petrochemicals: International PVC prices reached an all-time high of $1850/MT by September end due to high demand along with global supply disruptions. Domestic PVC market recorded a volumetric increase of 30 per cent in Q3 2021 against previous quarter as buying sentiment improved.

    Engro Polymers and Chemicals Limited (“EPCL”) announced commercial operations of the new PVC plant on March 01, 2021, increasing the capacity by 100 KT to 295 KT per annum and commercial operations of 50 KT new VCM DBN capacity on June 25, 2021 increasing capacity to 245 KT per annum.

    In 9M 2021, EPCL recorded a revenue of Rs 49,323 million as compared to Rs 22,931 million in in 9M 2020. The business witnessed its highest ever profit of Rs 10,372 million versus Rs 2,103 million on account of increased volumetric sales, efficient operations and higher international prices.

    Connectivity: Engro continued to expand its footprint through Engro Enfrashare which has now become the country’s largest Independent TowerCo (with 48 per cent market share vs 41 per cent in 2020) in terms of operational sites, serving all Mobile Network Operators in Pakistan. As at September 30, 2021, Enfrashare held a portfolio size of 2,030 operational sites and 2,219 tenancies resulting in a tenancy ratio of 1.09x.

    The telecom sector in Pakistan is registering an annual growth of 28 per cent with the 3G / 4G subscriber base expanding beyond 100 million. This has led Engro to enhance its total equity investment in the Telecom Infrastructure vertical to Rs 21.5 billion. Engro has also formed a dedicated platform for connectivity and telecom infrastructure related initiatives by the name of Engro Connect (Pvt.) Limited. Engro Connect is a wholly owned subsidiary of Engro and will hold complete ownership of Engro Enfrashare (Pvt.) Limited.

    Energy & Power: Sindh Engro Coal Mining Company (“SECMC”) supplied around 3 million tons of coal to Engro Powergen Thar Limited (“EPTL”) during the period. SECMC’s expansion work to enhance its output to 7.6 million tons per annum is in progress. EPTL remained fully operational and achieved 84.7 per cent availability with a load factor of 82 per cent, dispatching 3,253 GwH to the national grid during the period.

    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 615 GwH to the national grid with a load factor of 44 per cent compared to 32 per cent during the same period last year. EPQL posted a PAT of Rs 1,463 million for the current period as compared to Rs 2,031 million for 9M 2020, which is mainly attributable to retirement of debt component.

    Terminals: Profitability of both the LNG and chemicals terminal remained healthy during the period. The chemicals terminal throughput volumes normalized to 934 KT versus 806 KT last year as volumes were impacted in 2020 due to lockdowns because of COVID-19. The LNG terminal handled 52 cargoes against 54 cargoes during same period last year, delivering 158 bcf re-gasified LNG in to the SSGC network.

    With around two years of planning and efforts amidst COVID-19 volatility, Engro Elengy Terminal Limited (“EETL”) has successfully completed Pakistan’s first-ever dry docking activity at Qatar dockyard. During the dry docking period, FSRU Sequoia enabled gas supply continuity ensuring national energy security. After completion of its dry docking, FSRU Exquisite has now returned to Pakistan and is online.

    Engro Corp registers 84% net profit in first half
  • Bestway to set up Brownfield cement plant

    Bestway to set up Brownfield cement plant

    KARACHI: Bestway Cement Limited announced on Friday its plans to significantly expand its production and energy capabilities with the establishment of a Brownfield cement plant and a 6.4 MW off-grid solar power plant.

    (more…)
  • Murree Brewery registers 22% growth in quarterly profit

    Murree Brewery registers 22% growth in quarterly profit

    KARACHI: Murree Brewery Company Limited on Friday announced financial results for the quarter ended September 30, 2021. The profit after tax of the company increased by 22 per cent to Rs437 million for the quarter under review as compared with Rs357.2 million in the corresponding quarter of the last year.

    The company declared earning per share (EPS) at Rs15.80 for the period as against Rs12.91 in the same period of the last year.

    The board of directors of Murree Brewery Company Limited in their meeting held on October 22, 2021 recommended an interim cash dividend for the quarter ended September 30, 2021 at Rs5 per share i.e. 50 per cent. However, the board has not recommended any bonus shares, right shares or any other entitlement.

    According to the financial results submitted to the Pakistan Stock Exchange (PSX), the company’s net turnover increased to Rs3.71 billion for the quarter ended September 30, 2021 as compared with Rs3.05 billion in the same quarter of the last year.

    Cost of sales also increased to Rs2.76 billion as compared with Rs2.22 billion. The company declared gross profit of Rs945 million as compared with Rs832 million.

    The operating profit of the company grew to Rs525 million as compared with Rs469.52 million. The payment of tax for the quarter was flat at Rs160.5 million as compared with Rs160.48 million.

    Murree Brewery declares profit amid liquor ban in Sindh
  • UBL declares 42% growth in net profit in nine months

    UBL declares 42% growth in net profit in nine months

    KARACHI: United Bank Limited (UBL) has posted 42 per cent growth in its profit after tax for nine-month period ended September 30, 2021.

    The board of directors of the bank on Wednesday approved the financial results for the period January – September 2021.

    The bank declared net profit of Rs21.87 billion for the period under review as compared with Rs15.38 billion in the same period of the last year.

    The growth in the net profit can be attributed to reversal of Rs865 million during the period January – September 2021 as compared with write-off provision of Rs15.45 billion in the same period of the last year.

    Total income of the bank fell to Rs73.14 billion for the nine-month period ended September 30, 2021 as compared with Rs73.94 billion in the same period of the last year.

    Net Interest Income recorded a decline to Rs55.72 billion as compared with Rs59.72 billion. Non-Interest Income of the bank increased to Rs17.42 billion as compared with Rs14.22 billion.

    Operating expenses of the bank recorded an increase of Rs33.66 billion as compared with Rs31.76 billion. Whereas the total expenses increased to Rs34.53 billion as compared with Rs32.63 billion.

    UBL declares Rs7.6 billion profit for second quarter
  • PTCL registers 7.3% revenue growth for nine months

    PTCL registers 7.3% revenue growth for nine months

    ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL) has posted a significant 7.3 per cent growth in its revenues due to a robust commercial strategy that cements its market standing.

    The company has announced its financial results for the nine months period ended on September 30, 2021 at its Board of Directors’ meeting on October 18, 2021.

    PTCL Group posted revenue of Rs 102.4Billion in first nine months of 2021 that is 7 per cent higher as compared to the same period of last year.

    U Bank continued its growth momentum and has achieved 23 per cent growth in revenue.

    PTML (Ufone) also posted revenue growth of 4.6 per cent despite stiff competition in the market.

    PTCL Group delivered robust financial and operational performance and posted a net profit of Rs 3.7Billion as compared to Rs 1.6 Billion for the same period of last year.

    PTCL’s revenue of Rs 57.3 Billion for the nine months period is 7.3 per cent higher than the same period last year, mainly driven by Broadband and Corporate & Wholesale business segments.

    The company has posted operating profit of Rs 3.7 Billion, which is higher by 44.3 per cent compared to the same period of last year.

    Net profit of Rs 5.7 Billion has significantly increased by 39.2 per cent from last year.

    The company is upgrading its existing infrastructure and network, besides expanding FTTH across the country to offer seamless connectivity for greater customer experience. Prompt deployment of FTTHand strong performance in Corporate and Wholesale segments are the cornerstone in PTCL’s topline growth, which along with focus on cost optimization program, has significantly increased the company’s profitability.

    PTCL Consumer Business showed consistent performance as it reports 5th straight quarter of growth. During the 9 months of 2021, company’s Fixed Broadband business grew by 12.7 per cent YoY, whereas PTCL IPTV segment also grew by 13.5 per cent. Within broadband business, the groundbreaking PTCL Flash Fiber, Fiber-to-the-Home (FTTH) service showed a tremendous growth of57.5 per cent, whereas PTCL Charji /Wireless Broadband Segment grew by 17.8 per cent.Voice revenue stream has declined on account of lower voice traffic and continued conversion of customers to OTT services.

    Business services segment continued its momentum sustaining market leadership in IP Bandwidth, Cloud, Data Center and other ICT services segments. PTCL’s Corporate business grew by 12.9 per cent as compared to the same period last year, while Carrier and Wholesale business continued its growth momentum and achieved 10.3 per cent overall revenue growth. International voice revenue has shown declining trend like domestic voice revenue.

    Being the national telecom carrier and connectivity backbone in Pakistan, PTCL Group strives to provide innovative solutions to accelerate growth for a ‘Digital Pakistan’ through robust telecommunication infrastructure and enhanced customer experience.

    On the wireless portfolio, PTML (Ufone) acquired additional 9 MHz 4G spectrum in the 1800 MHz Band in NGMS spectrum auction in September 2021, fulfilling its commitment to provide enhanced customer experience through quality services across Pakistan. The additional spectrum will meet the increasing demand for wireless data products amongst the consumers in Pakistan in addition to providing innovative products and services.

    After acquisition of 4G spectrum, Ufone intends to fully modernize its network and further enhance its coverage across Pakistan. The network upgradation and modernization has already started paying dividends with significant improvement in data user experience for customers.

    In addition to the acquisition of 4G spectrum in Pakistan, Ufone has also renewed and acquired more spectrum in Azad Jammu & Kashmir/Gilgit Baltistan to bolster its existing service. Through this, it has reaffirmed its commitment to provide quality data services to the people of Pakistan and AJK/GB.

    UBank, the microfinance and branchless banking subsidiary of PTCL, continued its growth trajectory and has achieved 23 per cent growth in its revenue over the corresponding period last year, by increasing its advances portfolio and treasury investments. The bank grew its funding book to a PKR 70 Billion by leveraging on its deposit and corporate finance arms, which is in line with the bank’s ambition to maintain its superior liquidity position. Major strategic initiatives undertaken by the bank include venturing into the Low-Cost Housing, International Remittance, and Islamic Banking space. The bank plans to invest in technology to make the most of the opportunities available on the digital banking front.

    PTCL Razakaar, PTCL’s employee volunteer force, arranged open-air picnics for over a thousand children across 17 locations in Pakistan in collaboration with schools, orphan homes and charity organizations.

    PTCL Group has so far vaccinated 98 per cent of its employees in one of the largest staff vaccination drive by a corporate company in the country, demonstrating duty of care to its people and ensuring the safety of people it serves.

    PTCL declares 38% growth in net profit for first half
  • 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