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Category: Corporate

  • 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.”

  • PIA’s empty flights cause Rs184 million losses

    PIA’s empty flights cause Rs184 million losses

    KARACHI: The Auditor General of Pakistan (AGP) has detected Rs184 million losses due mismanagement by Pakistan International Airlines (PIA) for carrying empty flights.

    The AGP in its audit report for PIA Islamabad Office for the year 2016/2016, observed that 46 flights were operated without any passenger, resulting loss of Rs184 million. These flights are other than 36 flights for Hajj and Umrah.

    The AGP said that General Manager, Network and Schedule Planning, PG-X(Reporting to Director Marketing) was responsible to supervise and monitor proper designing of long term and short term operating plans; and to focus on network management and evaluation of multiple scenario of schedule changes.

    The audit of the view that operation of flight without passenger shows lack of proper planning and control on the part of the management.

    “The matter was report to the management in October, 2018 but no reply was received. DAC meeting was not convened despite requests by the audit.”

    The AGP recommended to investigate the matter with a view to fix responsibility on the persons at fault.

  • SECP board approves amendments to exchange traded fund regulations

    SECP board approves amendments to exchange traded fund regulations

    ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved amendments to Exchange Traded Funds Regulations and other regulations at its policy board meeting which met in Islamabad under the chairmanship of Professor Khalid Mirza, said a statement on Wednesday.

    The Policy Board welcomed the new Chairman, SECP, Aamir Khan and accredited his joining to the improvement in the stock market and development of new initiatives.

    The Policy Board reviewed the implementation of its decisions of previous meetings and was satisfied with the overall workings of the Commission. The Chairman and the Board commended Aamir Khan for ensuring that the decisions have been implemented in an expeditious and progressive manner.

    In order to facilitate launch of ETFs, the Policy Board, amongst several other recommendations of the Regulations Committee of the Board, approved amendments in the Exchange Traded Funds Regulations which have been revamped to add flexibility for fund managers to appoint separate intermediaries for performing the functions of market maker and authorized participant.

    This shall enable fund managers for on-boarding market makers easily which are now subject to rationalized regulations that aim to reduce cumbersome requirements and decrease the cost of doing business for market makers.

    In addition to regulatory changes, system level modifications have also been made to enable market makers for performing their functions seamlessly with minimum inventory.

    The approved regulatory amendments aim to provide maximum facilitation to fund managers and market makers through streamlined regulatory requirements based on international benchmarks.

    Other approvals of the Policy Board include:

    (i) Amendments in Futures Brokers (Licensing & Operations) Regulations, 2018 which provide relaxation in education requirement of CEO, elimination of the requirement of NCB, deletion of the requirement of wealth statement, and reduction in frequency of reports by compliance officer,

    (ii) Amendments in the Securities Brokers (Licensing & Operations) Regulations 2016 extending the timeline for complying with financial resource requirements till December 2019, and deletion of requirement to submit NICL Building, 63 Jinnah Avenue, Islamabad certificate of commencement of business,

    (iii) Amendments in CDC Regulations – Reforms in CDC Regulatory Framework for ease of doing business by direct credit of securities in the CDS issued by way of right issue of public unlisted and private companies; relaxation in appointment of independent Transfer Agent by private and single member companies, and

    (iv) PSX to act as the sole frontline regulator and may draw upon the assistance of NCCPL and CDC to outsource the compliance function of PSX, to the extent of supervision or conducting any investigation, inspection or enquiry and monitoring compliance of securities brokers.

    The Policy Board was also given a presentation by the Commission pertaining to the implementation of the FATF Recommendations including instances of penalties imposed in various cases.

    The Policy Board directed that the FATF guidelines should be followed but the focus should remain on the areas that are critical to curb the menace of financing of terrorism/money laundering and we should take care not to affect business activity.

    The Securities and Exchange Policy Board, in pursuance of Section 12 of the Act 1997, comprises ex-officio members of the Ministries of Finance, Commerce, and Law, SBP, SECP and persons of eminence from the private sector.