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Category: Corporate

  • Indus Motors posts 67% decline in half-year profit

    Indus Motors posts 67% decline in half-year profit

    KARACHI: Indus Motors Company Limited on Wednesday declared massive 67 percent decline in net profit for six-month period ended December 31, 2019.

    According to financial results announced by Indus Motors, the company declared Rs2.3 billion profit after tax for the half year ended December 31, 2019 as compared with Rs6.91 billion in the corresponding half in the preceding year.

    The company declared earning per shares of Rs29.32 for the period as compared with EPS of Rs87.94 in the same period of the preceding year.

    The company declared gross profit of Rs3.76 billion for six month period, which fell by 62.6 percent when compared with Rs10.05 billion in the corresponding period of the last year.

    The expenses of the company increased by 14.28 percent to Rs1.52 billion for half year ended December 31, 2019 as compared with Rs1.33 billion in the same period of the last year.

    Revenue from contracts with customers has declined 44 percent to Rs42.77 billion during the period under review as compared with Rs76.44 billion in the corresponding period of the last fiscal year.

    Cost of sales also came down to Rs39 billion for the half year ended December 31, 2019 as c compared with Rs66.39 billion in the corresponding half of the last year.

  • UBL declares 26% growth in annual profit

    UBL declares 26% growth in annual profit

    KARACHI: United Bank Limited has declared 26 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Wednesday, the bank declared Rs19.13 billion after tax profit as compared with Rs15.22 billion profit in the preceding year.

    The bank also announced Rs15.63 as earning per share for the year as compared with EPS of 12.44 declared in the last year.

    The interest income of the bank registered 36 percent increase to Rs153.67 billion in calendar year 2019 as compared with Rs113.9 billion in the preceding year.

    However, total non-markup come at Rs61.77 billion in 2019 as compared with Rs56.23 billion in the last year.

    Total income of the bank after including non-mark up income rose to Rs83.45 billion in 2019 as compared with Rs81.25 billion in the preceding year.

    Operating expenses of the bank have increased to Rs40.21 billion in 2019 as compared with Rs38.82 billion in preceding year.

    The bank contributed income tax to the tune of Rs15.1 billion in the calendar year 2019 as compared with Rs9.74 billion in the preceding year.

  • Bank Alfalah declares 19.58% increase in annual profit

    Bank Alfalah declares 19.58% increase in annual profit

    KARACHI: Bank Alfalah Limited has reported a significant 19.58 percent increase in its annual profit for the calendar year 2019, driven by a substantial rise in mark-up income. According to the financial results released on Friday, the bank declared an after-tax profit of PKR 12.7 billion, compared to PKR 10.62 billion in the preceding year.

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  • Bank Alfalah CEO resigns

    Bank Alfalah CEO resigns

    KARACHI: Nauman Ansari has resigned from the post of Chief Executive Officer (CEO) and a director of Bank Alfalah Limited, a statement said on Friday.

    According to a notification submitted by the bank to Pakistan Stock Exchange (PSX) that Nauman Ansari, CEO Bank Alfalah Limited had tendered his resignation as a director and CEO of the bank due to personal reasons.

    “The board of directors of the bank in its meeting held on February 13, 2020 has resolved to accept the resignation of Nauman Ansari.”

    The vacancy of the post of CEO will be filled by the board of directors in due course, after completing all legal and regulatory formalities.

    “Until that time Nauman Ansari will continue performing his role as President/CEO of the bank,” it said.

  • Meezan Bank announces 70% growth in annual profit

    Meezan Bank announces 70% growth in annual profit

    KARACHI: Meezan Bank Limited on Wednesday declared 70 percent growth in its annual net profit for the period December 31, 2019.

    It is financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax to Rs15.23 billion for the year 2019 as compared with Rs8.96 billion in the previous year.

    The bank also declared earning per share (EPS) to Rs11.84 for the year under review as compared with Rs6.97 in the previous year.

    Total income of the bank for the year 2019 recorded growth of 57 percent to Rs55.86 billion during the year as compared with Rs35.63 billion in the previous year.

    The operating expenses of the banks recorded 29 percent growth to Rs24.83 billion during 2019 as compared with Rs19.29 billion in the previous year.

    The provisioning and write offs of the banks increased sharply by 257 percent to Rs4.186 billion in 2019 as compared with Rs1.17 billion in the last year.

    The bank announced Rs26.15 billion as profit before tax in 2019 as compared with Rs14.79 billion in the last year. Contribution towards income tax of the bank increased to Rs11 billion in 2019 as compared with Rs5.83 billion in the previous year.

  • PIA declares 17% loss for six-month period

    PIA declares 17% loss for six-month period

    KARACHI: Pakistan International Airlines (PIA) has announced 17 percent loss for six months period ended June 30, 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the national flag carrier recorded losses of Rs37.89 billion for the six months period ended June 30, 2019 as compared with Rs32.411 billion in the corresponding period of the last year.

    Operation losses of the company fell by 60 percent for the period to Rs7.12 billion as compared with the operation losses of Rs17.53 billion for the six months period ended June 30, 2018.

    The company absorbed losses of Rs14.59 billion due to depreciation in rupee value during the six months period ended June 30, 2019 as compared with Rs5.83 billion in the corresponding period of the last fiscal year.

    The financial costs of the airline increased to Rs15.85 billion during the period under review as compared with Rs8.8 billion in the same period of the last year.

    The administrative expenses of the company were flat at Rs3.49 billion for the six months period ended June 30, 2019 as compared with Rs3.25 billion in the same period of the last fiscal year.

  • PTCL declares 14.5% decline in annual net profit

    PTCL declares 14.5% decline in annual net profit

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) has declared 14.5 percent decline in net profit for the year 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the company announced net profit of Rs6.347 billion for the calendar year ended December 31, 2019 as compared with Rs7.422 billion profit in the preceding year.

    The earnings per share for the year of the company also came at Rs1.24 as compared with the EPS of Rs1.46 declared in the last year.

    A final cash dividend for the year ended December 31, 2019 was at Re0.50 per share i.e. 5 percent. This is in addition to the interim dividend already paid at Re0.5 per share i.e. 5 percent.

    The gross profit of PTCL was recorded at Rs16.98 billion for the year 2019 as compared with Rs53.53 billion in the previous year.

    Administrative and general expenses of the company was at Rs6.76 billion in 2019 as compared with Rs6.257 billion in the preceding year.

    PTCL declared operating profit at Rs4.94 billion as compared with Rs6.51 billion.

    The profit before tax was recorded at Rs9.33 billion for the year 2019 as compared with Rs10.757 billion in the preceding year.

  • Allied Bank declares 10% growth in annual net profit

    Allied Bank declares 10% growth in annual net profit

    KARACHI: Allied Bank Limited has declared 10 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Friday, the bank declared Rs14.11 billion after tax profit as compared with Rs12.88 billion profit in the preceding year.

    The bank also announced Rs12.32 as earning per share for the year as compared with EPS of 11.25 declared in the last year.

    The net interest income of the bank registered 29.24 percent increase to Rs41.5 billion in calendar year 2019 as compared with Rs32.11 billion in the preceding year.

    However, total non-markup income slightly fell to Rs10.89 billion in 2019 as compared with Rs11.29 billion in the last year.

    Therefore, the total income of the bank rose to Rs53.4billion in 2019 as compared with Rs43.4 billion in the preceding year.

    Operating expenses of the bank were increased at Rs28.18 billion in 2019 as compared with Rs24.52 billion in preceding year.

    The bank contributed income tax to the tune of Rs10.13 billion in the calendar year 2019 as compared with Rs8.13 billion in the preceding year, posting a significant increase of 25 percent.

  • Engro Fertilizers reduces urea prices by Rs160

    Engro Fertilizers reduces urea prices by Rs160

    KARACHI: Engro Fertilizers has announced reduction of urea prices by Rs160 per bag effective from February 01, 2020.

    A statement on Friday said that Engro Fertilizers welcomed the decision of the government to reduce Gas Infrastructure Development Cess (GIDC) on urea.

    In line with the decision and to support the valued farmers of the country, Engro Fertilizers has decided to fully pass on the benefit of change in GIDC rates by announcing a 160/bag reduction in urea prices, effective February 1, 2020.

    It is worth highlighting that the impact of reduction in GIDC varies for different fertilizer manufacturers. Engro Fertilizers is passing on the full impact of the government decision, given the particular mix of gases being received by the company.

    Engro Fertilizers has been a trusted partner of Pakistani farmers for over 50 years and is committed to their well-being by promoting improved farm economics.

    In continuation of its past commitment, Engro Fertilizers has taken the lead in urea price reduction to support the farmer-friendly decision of the government.

  • Colgate-Palmolive Pakistan declares 36% growth in net income

    Colgate-Palmolive Pakistan declares 36% growth in net income

    KARACHI: Colgate-Palmolive (Pakistan) Limited has announced 36 percent growth in net income to Rs2.3 billion for six months period ended December 31, 2019.

    According to financial results for the period submitted to the Pakistan Stock Exchange (PSX) on Thursday, the company declared comprehensive income for the period to Rs2.3 billion as against Rs1.69 billion in the same period of the last year.

    The company also declared earning per share at Rs39.97 for the six months period ended December 31, 2019 as compared with Rs29.61.

    Colgate-Palmolive (Pakistan) Limited is a multinational company and engaged in consumer goods industry.

    The net turnover of the company for the period under review increased Rs20.59 billion as compared with Rs17.36 billion.

    The gross profit of the company increased to Rs5.86 billion during six months as compared with Rs5.05 billion in the same period of the last year.