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Category: Corporate

  • 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.

  • Atlas Honda reports 73% decline in after tax profit

    Atlas Honda reports 73% decline in after tax profit

    KARACHI: The manufacturer of Honda Cars in Pakistan has reported 73 percent decline in profit for the period (April-December) 2019.

    According to financial results of the company shared with Pakistan Stock Exchange (PSX) on Thursday the company declared profit after tax to the tune of Rs710 million during the period as compared with Rs2.68 billion in April – December 2018.

    The company also declared loss of Rs41.25 million for the quarter ended October – December 2019 as compared with profit of Rs601.59 million in the same quarter of the last year.

    According to financial results for the third quarter ended December 31, 2019, Honda Atlas Cars (Pakistan) Limited reported massive fall of 54 percent in its sales for the period.

    The car sales of the company fell to Rs9.86 billion during October – December 2019 as compared with Rs21.29 billion in the corresponding period of the last year.

    The domestic car industry is witnessing sharp slumps in sales due to various reasons including significant depreciation of Pak Rupee, increase in prices and high cost of manufacturing.

    The gross profit of the company also fell to Rs646.29 million during the quarter under review as compared with Rs1.63 billion in the same period of the last year.

  • TPL Trakker signs LoI with Chinese companies for 25% equity sale

    TPL Trakker signs LoI with Chinese companies for 25% equity sale

    KARACHI: TPL Trakker Limited on Monday said that it has signed a Letter of Intent (LoI) with Chinese companies for sale of 25 percent share in equity.

    In a notices to Pakistan Stock Exchange (PSX), announced that TPL Trakker Limited, a wholly owned subsidiary of TPL Corp Limited, has signed a Letter of Intent (“LoI”) with China Transportation HEAD New Technology (Shanghai)Co. Ltd and CCCC Industrial Investment Holding Co. Limited (“Potential Investors”).

    The Potential Investors are interested in acquiring, at a minimum of 25 percent equity, in TPL Trakker Limited (“Proposed Transaction”) and the Parties are currently conducting due diligence of the Proposed Transaction.

  • 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.