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Category: Corporate

  • Bank Alfalah declares Rs9.24 billion net profit for period ended Sept 30

    Bank Alfalah declares Rs9.24 billion net profit for period ended Sept 30

    KARACHI: Bank Alfalah Limited has declared net profit of Rs9.24 billion for the period ended September 30, 2019 as compared with Rs8.63 billion in the same period of last year, depicting an increase of 7.1 percent.

    The Board of Directors of Bank Alfalah Limited in its meeting held on October 18, 2019, in Abu Dhabi, approved the Bank’s unaudited interim financial statements for the period ended September 30, 2019, said a statement on Saturday.

    The bank’s pre-tax profits grew by 16 percent from a year ago, amidst challenging operating environment.

    The bank earned post-tax profit of Rs 9.242 billion or Rs. 5.20 per share, up from a profit of Rs 8.629 billion or Rs. 4.87 per share despite super tax charge levied for 2017 through the mini budget in 2019, the statement said.

    Revenue was up by 29 percent from a year earlier. Higher spreads along with improved average deposits, rising average advances and effective balance sheet management have contributed to a strong rise in net interest income. Fee and commission income stood 12 percent higher than same period last year. Gain realized on government securities last year and bearish stock market sentiments during the first half of 2019 are the reasons behind lower capital gains and impairment charge.

    Administrative expenses increased by 21 percent against the corresponding reporting period. Main factors behind this are technology, marketing, deposit protection insurance which is a new levy, new initiatives like branch openings along with overall impact of inflationary adjustments and PKR devaluation. The cost to income ratio of the Bank has improved to 53 percent from 56 percent for the same period last year, as a testament to Bank’s focus on cost control.

    The Bank continued its focus on increasing no cost deposits with CASA mix improved to 80 percent as at Sep 30, 2019 compared to 77 percent as at Dec 31, 2018.

    Credit performance remained strong across businesses. The bank’s gross advances were reported at Rs. 490.664 billion, down by 5 percent being seasonal impact. Alongside, we continue to optimize our usage of capital and liquidity across the Bank.

    At September end, the bank remains adequately capitalized with CAR at 16.87 percent.

    Commenting on the Bank’s performance over the quarter, Nauman Ansari, CEO, Bank Alfalah said, “Although, the importance of the branch in attracting and retaining customers would remain, however, the retail banking industry is fast embracing a mobile-centric customer experience. Bank Alfalah’s investment in both, branches and digital technologies, has increased meaningfully due to consumers’ constantly evolving demands.”

  • SECP softens regulatory regime for rating companies

    SECP softens regulatory regime for rating companies

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has softened regulatory regime for credit rating companies through amendments in the Credit Rating Companies Regulations, 2016.

    A statement issued on Friday, the SEPC said that Credit Rating Agencies (CRAs) play vital role in development of financial markets and conduct independent, professional and impartial assessment of the credit risk associated with a particular instrument or a corporate entity.

    The Securities Exchange Commission of Pakistan, to provide more conducive regulatory environment to Credit Rating Companies (CRCs) has introduced amendments in the Credit Rating Companies Regulations, 2016.

    The amendments have been designed while considering the dynamics of local industry and international best practices. The changes in regulatory framework aim at providing ease of doing business and promoting rating business without compromising quality of ratings.

    To provide the ease of doing business and reduce cost of business, the SECP has abolished the requirements for disengagement period of two years for private ratings, submission of annual accounts of associated concerns and obtaining documents relating to default status of associated concern.

    In addition, the requirements for submission of industry specific studies, additional copies of application, submission of updated resume, and dissemination of the financial statements of CRCs on their website also removed. In order to reduce cost of doing business, the SECP has waived fee to be paid at the time of permission and renewal of license. Further, the fee at the time of grant of licnese has been reduced from Rs1,000,000 to Rs100,000 only.

    To encourage new professional entrants with extensive research experience, individuals have been allowed to hold 40% of shareholding of Credit Rating Company.

    To ensure that CRCs focus on their core function, CRCs have been allowed to outsource their internal audit and compliance functions to independent chartered accountants firms.

    The regulations would result in reducing regulatory burden on CRCs with special emphasis upon building structural strength leading to enhancing the credibility of processes and procedure associated with the credit rating.

  • PTCL declares 14.33 percent growth in after tax profit

    PTCL declares 14.33 percent growth in after tax profit

    KARACHI: Pakistan Telecommunication Limited (PTCL) on Wednesday declared 14.33 percent growth in profit after tax for the nine-month period ended September 30, 2019.

    The company announced profit after tax of Rs5.46 billion during January – September 2019 as compared with Rs4.78 billion in the same period of the last year.

    The company announced Rs1.07 as earnings per share (EPS) for the period under review as compared with Rs0.94 EPS of the same period in last year.

    The total revenue of the company was flat at Rs43.774 billion in January – September 2019 as compared with Rs53.55 billion in the corresponding period of the last year.

    PTCL posted gross profit of Rs13.179 billion during nine-month period ended September 30, 2019 as compared with Rs13.721 billion in the same period of the last year.

    The administrative, general and selling/marketing expenses of the company were at Rs8.73 billion during January – September 2019 as compared with Rs8.478 billion in the same period of the last year.

    Other income of the company increased to Rs3.82 billion as compared with Rs2.18 billion.

    The profit before tax for the period was at Rs8.03 billion as compared with Rs6.927 billion in the same period of the last year.

  • UBL posts 48 percent increase in after tax profit

    UBL posts 48 percent increase in after tax profit

    KARACHI: United Bank Limited (UBL) has announced 48 percent increase in after tax profit to Rs14.4 billion in nine-month period ended September 30, 2019.

    The net profit of the bank was Rs9.73 billion for the period January – September 2018, according to announcement on Wednesday.

    UBL also announced Rs11.77 earning per shares (EPS) for the period as compared with Rs7.95 EPS in the same period of the last year.

    Net mark-up / interest income of the bank registered increase to Rs45.34 billion during first three quarters of financial year 2019 as compared with Rs41.88 billion in the corresponding quarters of the last year.

    Total mark-up/interest expenses of the bank increased to Rs29.24 billion as against previous year’s Rs28.155 billion.

    UBL allowed provisioning and write-offs to the tune of Rs6.82 billion during the period under review as compared with Rs7.44 billion in the same period of the last year.

    Profit before taxation of the bank was Rs26.3 billion during January – September 2019 as against Rs16.49 billion.

    The bank discharged tax liability to the tune of Rs11.9 billion for nine-month period ended September 2019 as compared with Rs6.76 billion paid in the corresponding period of the last year.

  • Attock Petroleum posts 21 percent decline in after tax profit

    Attock Petroleum posts 21 percent decline in after tax profit

    Attock Petroleum Limited, a leading player in the energy sector, has reported a 21 percent decline in its after-tax profit for the quarter ended September 30, 2019.

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  • SECP registration reaches to 105,407 companies

    SECP registration reaches to 105,407 companies

    ISLAMABAD: The total number of registered companies with Securities and Exchange Commission of Pakistan (SECP) has topped at 105,407 with addition of 1,392 new companies in September 2019, according to a statement issued on Friday.

    The SECP registered a total 1,392 new companies in September 2019, raising the total number of incorporated companies to 105,407.

    The incorporation in September 2019 comprises 69 percent private limited, 27 percent single member companies.

    The remaining 4 percent companies include public unlisted companies, trade organizations, foreign companies, Limited Liability Partnership (LLP) and not for profit associations.

    During the month, 51 new companies have been incorporated with foreign shareholders mainly from China, Denmark, Germany, Hong Kong, Japan, Korea South, Malaysia, the Netherlands, Nigeria, Poland Singapore, South Africa, Switzerland, Turkey, the UAE, UK the US and Yemen.

    Digital solutions deployed by the regulator made companies registration and post incorporation compliance simple, faster and cost effective.

    In September 2019, 96 percent of companies registered online through SECP’s eService and 50 percent of companies incorporated the same day.

    Most importantly, 85 foreign applicants completed registration of companies from overseas using eService.

    In new registrations, trading sector took lead with 239 companies, construction and services with 173 each, information technology with 148, tourism with 79 and real estate development with 54 companies.

    Similarly, 52 companies were registered in food and beverages, 48 in education 38 each in engineering and textile, 37 in corporate agricultural farming, 32 in marketing, 24 in transport, 21 in healthcare, and pharmaceutical each, 20 in communication, 17 companies registered in logging.

    Moreover, 16 companies were each from chemical, auto and allied, cosmetics and toiletries, and steel and allied sector and 15 each, power generation with 13, broadcasting and telecasting with 12 and 92 companies were registered in other sectors.

    During the month, the highest numbers of companies i.e. 503 were registered in CRO Islamabad.

    The CROs in Lahore, Karachi, Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta, and Sukkur registered, 413, 247, 78, 69, 40, 28, 12 and 2 companies respectively.

    The increasing trend in online registration of companies demonstrates success of reforms and digitalization recently undertaken by SECP. It is to emphasize that through SECP’s eService, registration of a company is now a simple one-step procedure that can be completed within four working hours.

    The steps of company name reservation, incorporation application, appointment of Chief Executive Officer are now merged. By providing additional information in online company incorporation form, a company can also get registration with FBR, EOBI and provincial social security, labor department and excise & taxations departments of Punjab and Sindh.

    Moreover, the browser compatibility of SECP’s eServcies portal has also been improved to match with all commonly used browsers.

  • PIA sustains loss of Rs106.57 million due to wastage of meals

    PIA sustains loss of Rs106.57 million due to wastage of meals

    KARACHI: The administration of Pakistan International Airlines (PIA) has wasted meals of around Rs106.57 million during to poor planning and negligence, revealed by Audit General of Pakistan (AGP) in its report.

    An audit report of AGP revealed that during audit of PIA Flight Kitech for the years 2013 to 2015, it was observed that total meals amounting to Rs72.573 million were uplifted against the passengers travelled during the years 2013 to 2015.

    Similarly, the management of PIA, Lahore Station did not properly control the meal wastage at Lahore station and there was no proper monitoring system of meal-uplift, due to which excess meals were uplifted amounting to Rs34 million. “Thus, PIA sustained a loss of Rs106.57 million,” the audit report said.

    Audit is of the view that loss was incurred due to poor planning and negligence.

    It further said that the matter was reported to the management in April 2016 and in November 2018 but no reply was received. The departmental audit committee meeting was not convened despite requests by the audit.

    The AGP recommended the PIA for fixing responsibility on the persons at fault.

  • PSX suspends trading of two insurance companies

    PSX suspends trading of two insurance companies

    KARACHI: Pakistan Stock Exchange (PSX) has suspended trading of two insurance companies for violating regulations and stopping commercial activities.

    In a notice issued on Monday, the stock exchange said pursuant to the directive received from Securities and Exchange Commission of Pakistan (SECP) through on October 04, 2019, following companies in the public interest, shall remain suspended for a further period of 60 days with effect from October 08, 2019 under sub-section (7) of Section 19 of the Securities Act, 2015.

    The companies are also in violation(s) of various sub-clauses of Regulation 5.11.1 of PSX Regulations mentioned against each, and unless the same are rectified, trading in their shares shall not resume.

    01. M/s Progressive Insurance Company Limited: Suspended commercial production/business operations in the its principal line of business and adverse opinion in the audit report.

    02. M/s. Silver Star Insurance Company Limited: Failed to hold the Annual General Meeting(s) and failed to submit its annual audited accounts.

  • K-Electric awards contract to set up 900MW power plant

    K-Electric awards contract to set up 900MW power plant

    KARACHI: K-Electric – power generation, transmission and distribution company – has awarded a contract to establish 900MW power plant with estimated cost of around $425 million, an announcement said on Thursday.

    According to information shared with Pakistan Stock Exchange (PSX) the power company said that the board of directors at its emergent meeting held on September 25, 2019 approved award of EPC contract to Siemens – Harbin consortium to establish 900MW combined cycle power plant at Bin Qasim.

    The estimated contract value would be around $425 million.

    The project will be executed on fast track and additional power will be available in summer 2021.

    The project will positively contribute to bridge electricity demand-supply deficit in KE service area, the company said.

  • Hascol Petroleum gets license for lube oil blending plant operation

    Hascol Petroleum gets license for lube oil blending plant operation

    KARACHI: The Oil and Gas Regulatory Authority (OGRA) has granted license to Hascol Lubricants (Private) Limited to start commercial operations of the lube oil blending plant located at Port Qasim Authority, company official said on Wednesday.

    Hascol Lubricants (Private) Limited is the wholly owned subsidiary of Hascol Petroleum Limited.

    The company said that the blending plant is built on a state of the art technology with a capacity of 40,000 Metric Ton per annum.

    The blending plant is powered by ABB Blending System (French origin) which is considered as one of the best in the world along with the Comaco Filing Machines (Italian Origin), said a company notice sent to Pakistan Stock Exchange (PSX).

    The blending plant is also equipped with a laboratory of superior technology, capable of performing test of lubricants against international standards.

    “The company expects that the commencement of the commercial operations of the blending plant will have a positive financial impact on its profitability and will also improve the existing volumes of the company’s lubricants business.”