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Category: Corporate

  • Engro Polymer stops production activities on SEPA notice

    Engro Polymer stops production activities on SEPA notice

    KARACHI: The production activities have been stopped at plant of Engro Polymer and Chemicals located at Port Muhammad Bin Qasim, said a statement on Monday.

    The production activities have been stopped after Sindh Environment Protection Agency (SEPA) took notice of gas leakage incident at the plant.

    The company in a notification informed the stock market: “In relation to isolated incident reported to Pakistan Stock Exchange on March 06, 2020, Engro Polymer and Chemicals Limited (ECPL) has received a notice under Section 21(2) of Sindh Environment Protection Act, 2014 from the Enviornmental Protection Agency Government of Sindh. The notice has directed EPCL to stop all production activities at the plant and fixed a hearing on March 10. In compliance with the notice, all production activities are on hold at the plant.”

    Earlier on Friday March 6, 2020 the incident was reported at Engro Polymer and Chemcial.
    In a statement the company said that it was gathering complete details related to the incident.

    “Based on initial reports, some people have been shifted to a nearby medical facility for treatment of vomiting/nausea condition,” it said.

    The company’s staff is accompanying these people to ensure that they receive adequate medical treatment, it said. “No injuries or fatalities have been reported,” the company added.

    It further said that specific areas of the plant have been taken offline as a precautionary measure, and the company will conduct a complete and thorough investigation into the incident and will keep the stock exchange informed with any material developments in the matter.

  • Gas leakage incident occurs at Engro chemical plant

    Gas leakage incident occurs at Engro chemical plant

    KARACHI: Engro Polymer and Chemcial said that an isolated incident of gas leak occurred it plant at Port Qasim on Friday morning.

    In a statement the company said that it was gathering complete details related to the incident.

    “Based on initial reports, some people have been shifted to a nearby medical facility for treatment of vomiting/nausea condition,” it said.

    The company’s staff is accompanying these people to ensure that they receive adequate medical treatment, it said. “No injuries or fatalities have been reported,” the company added.

    It further said that specific areas of the plant have been taken offline as a precautionary measure, and the company will conduct a complete and thorough investigation into the incident and will keep the stock exchange informed with any material developments in the matter.

  • Standard Chartered Pakistan announces 42.5% growth in after tax profit

    Standard Chartered Pakistan announces 42.5% growth in after tax profit

    KARACHI: Standard Chartered Bank Pakistan has declared massive growth of 42.5 percent in after tax profit for the year ended December 31, 2019.

    The bank declared Rs16.017 billion profit after tax for the year 2019 as compared with Rs11.239 billion in the last year.

    The bank also declared earnings per share at Rs4.14 as compared with Rs2.9 billion in the last year.

    The profit before tax was recorded at Rs27.199 billion for the year 2019.

    The bank in its annual report said that a record performance in 2019 by the bank enabled it to deliver a profit before tax of Rs27.2 billion. “This is 47 percent higher than the corresponding period last year and the highest profit since incorporation.”

    Overall revenue growth was 37 percent, whereas client revenue increased by 31 percent year on year with positive contributions from transaction banking, financial markets and retail products.

    Operating expenses increased by only 2 percent year on year on account of spending mainly on the bank’s products, services and people to grow the franchise.

    All businesses have positive momentum in client income with strong growth in underlying drivers.

    Momentum in advances (net) continues with 29 percent growth since the start of the year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios.

    With diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by 10 percent, whereas current and saving accounts grew by 8 percent since the start of this year and are now 93 percent of the deposits base.

    The optimal funding structure of the balance sheet continues to support the Bank’s performance. During 2019, the bank contributed around Rs18.6 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.

    The bank continues to invest in its digital capabilities and infrastructure to enhance our clients’ banking experience through the introduction of innovative solutions.

    “We have made steady progress in further strengthening our control and compliance environment by focusing on our people, culture and systems. We are fully committed to sustained growth by consistently focusing on our clients and product suite along with a prudent approach to building the balance sheet while bringing the best in class services to our customers.”

  • Engro wins eight awards at GDIB 2020

    Engro wins eight awards at GDIB 2020

    KARACHI: Engro Fertilizers Limited and Engro Energy, two subsidiaries of Engro Corporation, have won eight awards at this year’s Diversity Hub Pakistan’s 2020 GDIB Awards, hosted by HR Metrics, a statement said on Wednesday.

    Engro Fertilizers was recognized with six awards, the highest number for any company, at the event.

    The company won three awards for Best Practices in diversity and inclusion (D&I) Vision and Strategy, Leadership and Accountability, and Job Design and Compensation.

    In the Progressive category, it was awarded for practices related to Recruitment and Development, Benefits and Work-life Balance, and Assessment and Measurement of its initiatives.

    Further, Engro Energy secured two awards for Best Practices in the categories of D&I Learning and Education, and Community, Government Relations and Social Responsibility.

    This recognition demonstrates Engro Energy’s best in class efforts and initiatives in using GDIB standards to align diversity and inclusion with organizational policies.

    The winners were presented the awards by Guest of Honor Shamshad Akhtar, former State Bank of Pakistan (SBP) Governor, and US Consul General Robert Silberstein, in a ceremony held at a local hotel in Karachi.

    A five-member jury panel reviewed award submissions and declared 19 organizations as winners.

    Ghias Khan, the President and CEO of Engro Corporation, commented that “diversity and inclusion has played a pivotal role in driving our business forward.

    “By creating a culture of inclusion, implementing flexible processes and systems, and forging community partnerships, we continue to deliver on the spirit of Engro. We see diversity and inclusion as an ongoing commitment that is reflected in our business operations to fuel sustainable growth of the company and the world around us”.

    Global Diversity & Inclusion Benchmarks (Standards for Organizations around the World) support organizations globally in the development and implementation of Diversity and Inclusion (D&I) best practices.

    The GDIB awards recognize and encourage progressive organizations, who use GDIB standards to align D&I with organizational policies and process for sustainable financial and social performance.

  • Audit firm suspended for misconduct

    Audit firm suspended for misconduct

    KARACHI: The Institute of Chartered Accountants of Pakistan (ICAP) has taken disciplinary action against an audit firm for professional misconduct, suspending its operations and removing its name from the official register for a period of six months.

    (more…)
  • NBP announces 21% decline in after tax profit

    NBP announces 21% decline in after tax profit

    KARACHI: National Bank of Pakistan (NBP) on Friday announced 21 percent decline in its annual profit for period ended December 31, 2019. The bank declared Rs15.8 billion after tax profit for the year 2019 as cmopared with Rs20.01 billion in the last year.

    According to unconsolidated profit and loss account, the bank declared basic earnings per share at Rs7.43 for the year 2019 as it was Rs9.41 EPS in 2018.

    The net interest income of the bank rose by 18.53 percent to Rs71.9 billion for the period ended December 31, 2019 as compared with Rs60.66 billion a year ago. Non-mark up income of the bank was flat at Rs36.19 bllion when comared with Rs36.246 billion a year ago.

    The operating expenses of the NBP increased by 18.02 percent to Rs65.725 billion when compared with Rs55.687 billion.

    The provisioning for write-offs increased by 26.1 percent to Rs14.25 billion in 2019 as compared with Rs11.3 billion a year ago.

    The tax payment of the bank also increased by 26.22 percent to Rs12.193 billion for the year ended December 31, 2019 as compared with Rs9.66 billion in 2018.

  • Pakistan Stock Exchange declares 132% surge in net profit for first half

    Pakistan Stock Exchange declares 132% surge in net profit for first half

    KARACHI: The net profit of Pakistan Stock Exchange (PSX) has surged by 132 percent during six-month period ended December 31, 2019.

    The stock exchange announced its half year results for the period ended December 31, 2019 on Wednesday.

    The net profit of the market increased to Rs120.5 million during July – December 2019 as compared with Rs51.88 million in the corresponding period of the last year.

    It declared basic and diluted earnings per share at Re0.15 for the first half under review as compared with EPS of Re0.06 in the same half of the last year.

    Revenue under licensing fee increased to Rs201 million during July – December 2019 as compared with Rs169.87 million in the same period of the last year.

    Mark-up/interest income of the market increased to Rs78.66 million as compared with Rs62.82 million in the same period of the last year.

    Administrative expenses of the stock market slightly reduced to Rs559.21 million in first half of the current fiscal year as compared with Rs578 million in the corresponding half of the last fiscal year.

    The PSX received Rs185.83 million as income from share of profit from associates during six months period ended December 31, 2019.

  • OGDCL declares fall in net profit to Rs53.18 billion during six months

    OGDCL declares fall in net profit to Rs53.18 billion during six months

    KARACHI: The net profit of Oil and Gas Development Company Limited (OGDCL) fell to Rs53.184 billion for the six-month period ended December 31, 2019.

    According to financial results for the six-month period ended December 31, 2019 announced on Wednesday, the after tax profit for the same period in last year was Rs56.75 billion.

    The company declared earnings per share at Rs12.37 for the period, which was also declined when compared with Rs13.20 EPS declared in the same period of the last year.

    The net sales of the company increased to Rs133.44 billion for six months period ended December 31, 2019 as compared with Rs126.89 billion in the same period of the last year.

    Operating expenses of the company increased to Rs30.55 billion for the period under review as compared with Rs29.63 billion in the corresponding half of the last year.

    The exploration and prospecting expenditure increased to Rs10.42 billion as compared with Rs4.48 billion in the corresponding period of the last year.

  • Pakistan Petroleum declares 21% decline in half year profit

    Pakistan Petroleum declares 21% decline in half year profit

    KARACHI: Pakistan Petroleum Limited (PPL) has announced 21 percent decline in after tax profit for half-year period ended on December 31, 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Tuesday, the company declared net profit of Rs24.55 billion for the half year ended December 31, 2019 as compared with Rs31.04 billion in the same half of the last year.

    The company declared earnings per share of Rs9.02 for half year ended December 31, 2019 as compared with Rs11.41 in the corresponding period of the last year.

    The decline in profit has been mainly attributed to higher operating expenses and higher exploration expenses.

    The operating expenses of the company increased to Rs21.34 billion for the period under review as compared with Rs19.45 billion in the half-year period ended December 31, 2018.

    Similarly, exploration expenses grew to Rs11.74 billion for the half-year period ended December 31, 2019 as compared with Rs7.99 billion in the corresponding half of the last year.

    The company declared decline of profit by 39 percent to Rs10.31 billion for quarter ended December 31, 2019 as compared with Rs16.85 billion in the same quarter of the last year.

    Analysts at Topline Securities said that PPL’s reported lower than expected earnings during the outgoing quarter. This deviation from our estimates was mainly on account of higher than expected exploration expenses. Increase of 106 percent was seen YoY while on quarterly basis they increased by a massive 197 percent.

    PPL’s revenue grew by 7 percent YoY in 2QFY20, despite a decline of 3 percent in oil production and a 12 percent decline in gas production, the analysts said.

    Oil prices for the period didn’t fare well either declining 6 percent YoY for 2QFY20. The favorable exchange rate movement YoY was enough to post growth for the period under review YoY.

  • Engro wins UN business sustainability award

    Engro wins UN business sustainability award

    KARACHI: Engro Corporation has won the first prize for ‘Living the UN Global Compact Business Sustainability Award 2019’ in the Large National Category, for the second year in a row, a statement said on Tuesday.

    The company has been awarded in recognition of promoting UNGC Principles and Sustainable Development Goals.

    The award was presented at the Business Sustainability Moot and Living the Global Compact Best Practices Sustainability Award ceremony, organized by Global Compact Network Pakistan.

    The Award signifies Engro’s continued commitment towards UNGC principles in the areas of governance, human rights, labour rights, environment, and anti-corruption.

    Through its CSR arm of Engro Foundation, the Company has adopted an inclusive business model approach that targets low-income communities where its businesses are based.

    This approach enables underprivileged members of the society to emerge as potential business partners and become vendors, customers and employees in Engro’s business value chains.

    Further, Engro Foundation’s strategic community investments are focused on the provision of quality education, health and livelihoods to underprivileged communities across Pakistan.

    Sharing his thoughts on receiving the Award, Favad Soomro, Head of Engro Foundation, said: “It is a matter of great honour for Engro to win the UNGC award for second year in a row. The Company stands committed to upholding the UNGC principles and maximizing its social and economic impact for a more prosperous Pakistan.”