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Category: Corporate

  • Sarhan appointed as Emirates Vice President for Pakistan

    Sarhan appointed as Emirates Vice President for Pakistan

    Karachi /Dubai: Emirates Airline has appointed Mohammad Sarhan as its new Vice President for Pakistan.

    This is part of the airline’s management rotation and positions it to better serve customer needs and respond with agility to market dynamics, a statement said on Tuesday.

    Mohammad Sarhan, Vice President Pakistan said: “Pakistan and Emirates have a special bond that spans 34 years, when our first-ever flight flew from Dubai to Karachi on 25 October 1985.

    Today, we serve five cities in Pakistan with 67 weekly flights. Pakistan continues to be one of our most important markets and we’re committed to offering our customers convenience, comfort, innovative products and personalised services.

    “I’ve always admired the different facets of Pakistan, its people and its culture, and I’m inspired by the country’s massive potential and its growing tourism industry. From the fascinating history and rich culture, to the sumptuous cuisine and breath-taking natural landscape – Pakistan has so much to offer! We will continue to promote Pakistan as a tourist destination to travellers globally and encourage them to visit and experience this great country.

    “Our growing base of Pakistani travellers are seeking quality travel experiences worldwide, and we aim to give our customers world-class travel services and value for money to 159 destinations across the globe. I’m really looking forward to my role, working with our local teams, trade partners and strategic associates, further growing our presence in the market, and delighting our customers.”

    Previously, Sarhan was Emirates’ Country Manager for Thailand, Myanmar and Cambodia. He began his career at Emirates in 2006 as a Commercial Operations Officer, before being promoted as the Commercial Manager. Between 2009 and 2014, he gained experience on three continents as Country Manager for Ivory Coast, Greece and Vietnam. In these years, Sarhan managed commercial operations and teams, enhanced the customer experience, looked for opportunities to better serve the local community, and worked with internal stakeholders across Emirates’ wide span and network.

    Sarhan brings with him extensive experience in the aviation industry, which spans over 13 years. He has a track record of successfully elevating the airline’s operations in challenging markets.

  • Telenor Microfinance Bank signs pact for promotion of financial literacy in women

    Telenor Microfinance Bank signs pact for promotion of financial literacy in women

    Telenor Microfinance Bank (TMB) and Pakistan Bait-ul-Mal have signed an agreement aimed at empowering women through financial literacy training, a statement said on Thursday. This collaboration seeks to educate women across Pakistan on managing financial transactions and accessing credit services through both digital and conventional channels.

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  • FBR attaches shareholding of Golden Globe Holding in Benami properties case

    FBR attaches shareholding of Golden Globe Holding in Benami properties case

    KARACHI: Federal Board of Revenue (FBR) has attached shareholding of Golden Globe Holding in Thatta Cement in Benami properties case, according to a notice issued on Thursday.

    Thatta Cement Company Limited in a notice sent to Pakistan Stock Exchange (PSX) informed that in order issued by deputy commissioner/initiating officer, Inland Revenue Division of FBR (Anti Banmi Zone-III) to M/s. Golden Globe Holding (Pvt) Limited informing them that FBR official had provisionally attached, for the period of 90 days, the shareholding of M/s. Golden Globe Holding (Pvt) Limited in Thatta Cement Company Limited.

    Sources in the FBR said that the properties had been attached as per the law defined in Benami Transaction Act, 2017.

    They said that initiating office had been authorized to provisionally attach a benami property for a period of 90 days if he thinks that the person in possession.

    They further said that the officer had also been authorized to pass an order continuing the provisional attachment of the property with the prior approval of the approving authority, the passing of the order made by the adjudicating authority.

  • Listing of TPL Trakker announced through IPO

    Listing of TPL Trakker announced through IPO

    KARACHI: TPL Corp on Friday formally announced the listing of its subsidiary TPL Trakker Limited at Pakistan Stock Exchange (PSX) through an Initial Public Offering (IPO).

    In a notice to PSX, the company said that the board of directors of TPL Trakker Limited (TPLT), a wholly owned subsidiary of TPL Corp Limited, had accorded its approval to TPLT for listing at the PSX.

    The board also granted approval to submit its listing applications before the PSX and SECP as per the applicable rules and regulations.

    TPLT will be offering around 115.72 million ordinary shares of the face value of Rs10 each, at a price of Rs12 aggregating up to Rs1.4 billion by way of an IPO at a fixed price in accordance with the Public Regulations, 2017.

    Earlier, TPL Corp Limited (TPL) held a Corporate Briefing on November 18, 2019 to discuss the financial results of FY19 and future outlook of the company.

    In order to further grow in the vehicle and container tracking business, IoT Business as well as expand into markets abroad, TPL Trakker will file for an IPO, aiming to raise PKR 1.4 billion.

    Moreover, the company is in talks with two foreign strategic investment partners for equity injection.

    TPL Group includes TPL Trakker Limited, TPL Insurance, TPL Properties, TPL Life, TPL Maps, TPL Security Services Private and TPL Rupiya.

  • PPL plans to spud 20 exploratory, developmental wells

    PPL plans to spud 20 exploratory, developmental wells

    KARACHI: Pakistan Petroleum Limited (PPL) has planned to spud 20 wells during fiscal year 2019/2020 out of which half of wells are exploratory and remaining are developmental.

    The management of PPL recent held a Corporate Briefing to discuss FY19’s financial performance and future outlook, analysts at Arif Habib Limited said on Tuesday.

    In Adhi field, first Nodal compressor is being commissioned and is expected to come online in 2HFY20.

    Due to structural problems at Dhok Sultan, the company had to side track which led to delay in production. The production has commenced from this well of 550 bopd and 0.7 mmcfd.

    The company plans to drill more from this well and expects higher production.

    The company expects gas production from Benari to commence in July 2020.

    The company has commenced oil production from Adhi South between 700-800 bopd.

    For Bolan, Mining and Zinc Project a Mineral Deposit Retention License has been has been issued by authorities. Application for Mineral License and EPCC contract is on the cards.

    Other than this, the company is also embarking upon other mineral mining projects since the company has expertise in mining business.

    Aiming for big discoveries, the company is concentrating on frontier areas, where three wells were spud.

    To recall, the company posted a profit after tax of Rs61,632 million (EPS: Rs27.18) in FY19 against Rs45,688 million (EPS: Rs20.15) in FY18, up by 35 percent YoY.

    As of Jun 30, 2019, the company’s portfolio consists of 18 producing fields (7 from operated and 11 from partner operated) and 47 exploratory blocks (28 from operated and 19 from partner operated).

    Operated exploratory blocks include Block-8 in Iraq. While partner operated blocks consist of 3 offshore blocks in Pakistan and one onshore block in Yemen.

    During FY19, the company witnessed discoveries of 11 exploratory wells.

    PPL became the first Pakistani E&P Company to drill a well outside the country, spudding Madain-1, Block-8 in Iraq in FY19.

    The company won 2 exploratory blocks in bid round in 2018 (Musakhel & Sorah). In July 2019, the company was provisionally granted Punjab Block.

    Furthermore, Pezu Block operated by OGDC was farm-in by the company. Keeping view of risks and higher costs, the company farmed-out Bela West partially.

    In Gambat South, GPF-IV plant phase I was successfully completed which started producing 25mmcfd of gas. At present, phase II of GPF-IV plant is being commissioned, which upon completion in a few months’ time will increase production to 45 mmcfd.

    The company in FY19 witnessed record mining of 228,000 baryte. The company sees mining business of the company a stepping stone for diversification.

    In order to deal with natural decline, the company undertook drilling of 7 developmental wells in its operated areas during FY19.

    In FY19, the company produced 16,077 bop of oil and 870 mmcfd of gas. In oil production, major contribution came from TAL block contributing 37 percent, followed by Nashpa Block 35 percent and Adhi 22 percent.

    In gas production, Sui was the major contributor adding 44 percent to total gas production, tagged with 24 percent from Kandhkot and 23 percent from partner operated and others.

    The company has been hit hard by the mounting circular debt. Due to this, company’s future plans for development and dividend were affected.

    In FY19, company’s trade debt reached a historic high level of PKR 227 billion. accordingly, the company anticipates preferential allocation of funds from the government for settlement of this issue.

    For FY20, the company is targeting production of around 1 BCFDe.

  • TPL Trakker plans IPO to raise Rs1.4 billion for vehicle, container tracking business growth

    TPL Trakker plans IPO to raise Rs1.4 billion for vehicle, container tracking business growth

    KARACHI: TPL Trakker is planning for an Initial Public Offering (IPO) to raise Rs1.4 billion in order to grow vehicle and container tracking business, analysts said on Tuesday.

    TPLCorp Limited (TPL) held a Corporate Briefing on November 18, 2019 to discuss the financial results of FY19 and future outlook of the company, said analysts at Arifh Habib Limited.

    In order to further grow in the vehicle and container tracking business, IoT Business as well as expand into markets abroad, TPL Trakker will file for an IPO, aiming to raise PKR 1.4 billion.

    Moreover, the company is in talks with two foreign strategic investment partners for equity injection.

    TPL Group includes TPL Trakker Limited, TPL Insurance, TPL Properties, TPL Life, TPL Maps, TPL Security Services Private and TPL Rupiya.

    Despite decline in sale of vehicles, TPL Trakker business reported revenue growth of 7 percent YoY led by Container Tracking and new IoT Business.

    During the year, the company launched four IoT businesses (video telematics, fuel management solution, water management solution and smart warehousing and inventory management) and usage based insurance.

    Moreover, the company is also venturing into software-as-a service platforms, such as Pay-How-You-Drive Insurance and Predicative Maintenance.

    Though, investment in new business initiatives and higher interest rates led to decline in Bottom-line of the business by 63 percent YoY in FY19, the analysts said.

    TPL Maps and TPL Rupiya are now merged with TPL Trakker Limited since these companies will benefit from TPL Trakker’s large customer base along with TPL Trakker benefiting from technical expertise of TPL Maps.

    TPL Maps during the year has developed four new solutions; i) goconnect (location based advertising service), ii) LEAP (solution with respect to demographics, based on location), iii) TPL Maps Service (serving clients such as Bykea, Ufone, Telenor, Cheetay and Eat Mubarak) and DART (solution related to workforce and supply chain monitoring, currently serving KFC and Dominos).

    Furthermore, TPL Maps Solution will be making its way in Middle East market in 2020, partnering with HERE Technologies.

    In order to further grow in the vehicle and container tracking business, IoT Business as well as expand into markets abroad, TPL Trakker will file for an IPO, aiming to raise PKR 1.4bn.

    Moreover, the company is in talks with two foreign strategic investment partners for equity injection.

    TPL Insurance has entered into the company’s first livestock insurance covering 2000 cattle’s in Thar District.

    Furthermore, Afghan Transit Trade Guarantee was also initiated in July 2019. Other than this, TPL has also entered into partnerships with nine companies in Pakistan.

    The company has also launched a mobile app which can instantly start insurance plans without many formalities and documentations.

    In the TPL Properties Business, the revenue has climbed up by 8 percent YoY in FY19, on account of growth in rental income.

    Furthermore, the company has ventured into providing real estate development services to corporates.

    However, due to cessation of commercialization in Karachi land acquisition of Project Alpha has been delayed.

    Whereas, for Project Beta a new real estate commercial land is being acquired, which will be used for mixed purposes such as Hotels and offices.

    Furthermore, One Hoshang Project, which will be a residential apartment tower and showroom, is slated to be completed in 2023.

    Moreover, the company is underway to enter into REIT management business. With this, Centre point building will be included in REIT Scheme. Along with this the company also plans to setup Logistics Park.

    In TPL Life Business, the topline has seen 31% YoY in FY19, amid time based life insurance via mobile. The company offers usage based life insurance for individuals through mobile app.

    Also TPL Sahulat, health solution via mobile app, is also successful. The app offers doctors at home, delivery of medicines at home, lab tests at home and settlement of claims. Furthermore, in order to target low income earners the company offers Life Insurance through scratch cards, available at as low as Rs375. For the purpose of growth, the company seeks funding of PKR 400-500 million.

    The company is currently working on developing a social and corporate messaging platform (Tello Talk) which will enable the users to transfer payments and manage transactions with businesses.

    Furthermore, its rider service app will provide a delivery platform to e-tailers (online retailers).

    Overall, consolidated profit after tax of TPL Corp plummeted by 74 percent YoY, settling at Rs172 million in FY19 against PKR 670 million in the FY18.

    This massive decline is attributable to Pak Rupee devaluation against USD, and interest rate hikes.

  • OGDCL clarifies shale gas discovery

    OGDCL clarifies shale gas discovery

    The Oil and Gas Development Company Limited (OGDCL) issued a clarification on Monday, refuting media reports that suggested a massive discovery of shale gas in Sindh.

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  • PIA declares Rs67.32 billion annual loss

    PIA declares Rs67.32 billion annual loss

    KARACHI: Pakistan International Airlines (PIA) – the national flag carrier – has declared after tax loss of Rs67.32 billion for the year ended December 31, 2018.

    According to financial statement of the national flag carrier shared with the Pakistan Stock Exchange (PSX) on Friday, the annual loss of the company further ballooned by 32 percent to Rs67.32 billion for the year 2018 as compared with the loss of Rs51 billion in the preceding year.

    The net revenue of the airlines increased to Rs103.49 billion for the year under review as compared with Rs90.55 billion in the preceding year, registering an increase of 14.29 percent.

    The rupee depreciation has increased the cost of services as fuel cost for the year 2018 increased to Rs43.55 billion as compared with Rs31 billion in the year 2017.

    The operation losses of the airlines increased by 31.28 percent to Rs47 billion in the year 2018 when compared with Rs35.81 billion in the preceding year.

    The board of directors of PIA approved the financial results in a meeting held on Thursday November 21, 2019.

  • Engro Fertilizers donates crop protection product to combat locust attack

    Engro Fertilizers donates crop protection product to combat locust attack

    KARACHI: Engro Fertilizers Limited has donated 6.7 tons of crop protection product with a market value of around Rs6 million to provincial governments to combat locust attack, a statement said on Thursday.

    To combat the recent locust attack threatening the agricultural sector in Sindh and Punjab, the Government of Sindh and the Department of Plant Protection, Ministry of Food Security & Research, reached out to private sector companies to extend their support on urgent basis.

    Considering the gravity and urgency of the situation and its impact on farmer community, Engro Fertilizers Limited donated the crop protection products.

    Due to change of weather and recent spell of rains, the onslaught of desert locust swarms has hit rural and urban areas of Sindh and Punjab, damaging the agricultural produce in the region.

    Engro Fertilizers being trusted partner of farming community of Pakistan, donated 13,430 packs of LAMBDA – Cyhalothrin, which is a world class product to fight locusts.

    This is the single largest contribution by a company to counter the recent locust attack.

    “We understand that the locust attack is very alarming and a grave threat to our farmers and the food security of Pakistan.

    “Engro Fertilizers has always been at the forefront in fulfilling our commitment towards Pakistan’s agriculture development and we will continue to stand with the government.

    “We are confident that our crop protection product will support the government and farmers to effectively overcome the locust attack.” said Nadir S. Qureshi, CEO Engro Fertilizers Limited.

    With change of weather and recent spell of rains, some locust swarms have started to move towards southwest Pakistan and southeast Iran in search of warmer places.

    These swarms from the summer breeding areas along both sides of the border of Pakistan and India started moving towards spring breeding areas in Southwest Pakistan and Southeast Iran lately.

    The government is actively working towards curbing the impact on the crops and combats the locust attack.

    The responsible corporate citizens of Pakistan like Engro Fertilizers Limited are always there to support the government and farmers sector of Pakistan in testing times to alleviate their issues.

  • Honda Atlas Cars declares 50 percent drop in after tax profit

    Honda Atlas Cars declares 50 percent drop in after tax profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited on Thursday announced 50 percent drop in net profit for the quarter ended September 30, 2019.

    According to financial results of the company the profit after tax for the quarter (July – September) 2019 fell to Rs509.69 million as compared with the net profit of Rs1,030 million in the corresponding quarter of the last year.

    The sales of the company fell to Rs11.64 billion for the quarter under review as compared with Rs25.81 billion in the corresponding period of the last year, posting 55 percent decline.

    The gross profit of the company declined to Rs1.21 billion for the quarter ending September 30, 2019 as compared with Rs1.65 billion in the same period of the last year.

    The company declared profit of Rs1.1 billion for the half year (April – September) 2019 as compared Rs3.24 billion in the same half of the last year.

    The sales of the company during the half fell to Rs29.52 billion as compared with Rs49.67 billion in the same half of the last fiscal year.