Faysal Bank Limited, one of the leading Islamic banks in Pakistan, has reported a remarkable 51% year-on-year increase in net profit for Q1 2023.
(more…)Tag: financial results
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Lucky Cement announces record-breaking profit for 9MFY23
Lucky Cement Limited announced a record-breaking profit after tax of PKR 48.5 billion for the nine-month period ending March 31, 2023.
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United Bank posts highest-ever quarterly profit in 1QCY23
United Bank Limited (UBL) has reported the highest-ever quarterly profit in the first quarter of 2023, with consolidated earnings of Rs11.62 per share, up 53 percent year on year and 9 percent quarter on quarter.
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MCB Bank shows impressive growth in 1QCY23; registers 46% increase in profit after tax
MCB Bank has shown impressive growth in first quarter of calendar year 2023 and posted 46 percent rise in profit after tax.
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Standard Chartered Bank (Pakistan) reports 30% jump in net profit for 1QCY23
Standard Chartered Bank (Pakistan) Limited Thursday reported a significant surge in its profit after tax for the first quarter of calendar year 2023.
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Indus Motors reports 142% increase in 3QFY23 profit
Indus Motors Company Limited (INDU), one of the largest automobile manufacturers in Pakistan, Wednesday recently released its financial results for the third quarter of FY23.
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Philip Morris Pakistan reports 67% decline in quarterly profit
Philip Morris (Pakistan) Limited announced a 67% decrease in quarterly profit on Wednesday, according to financial results sent to Pakistan Stock Exchange (PSX).
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Engro Corp reports 41% profit decline in 1Q 2023, misses expectations
Engro Corporation (ENGRO) Thursday reported a 41% decline in profits for the first quarter of 2023, falling short of industry expectations.
According to analysts at Topline Securities, the company recorded earnings of Rs8.8 billion (Earning per share: Rs8.07), which is a decrease of 41% YoY and 43% QoQ. Despite the disappointing financial results, the company announced a bumper dividend of Rs40/share for 1Q2023, exceeding industry expectations of Rs10/share.
ENGRO’s subsidiaries, Engro Fertilizers Limited (EFERT) and Engro Polymer (EPCL), also saw declines in earnings. EFERT’s earnings were down 29% YoY to Rs4.4 billion due to the revision of gas prices based on fertilizer policy, higher PP12-based pricing, and higher transportation prices. Meanwhile, EPCL’s earnings were down 75% YoY to Rs1.2 billion due to lower PVC volumes, lower PVC Core Delta, and higher exchange losses.
On a standalone basis, ENGRO’s other operating expenses decreased by 82% YoY to Rs153 million in 1Q2023 mainly due to the absence of business development expenditure. Despite having Cash and Short Term Investments of Rs47.7 billion as of December 31, 2022, around Rs11.5 billion has been utilized for buyback, and around Rs21 billion will be used for dividend payouts, according to estimates.
While the company’s earnings report is below expectations, it is important to note that ENGRO’s financial performance is subject to many factors, including market volatility and economic conditions. The company’s upcoming initiatives and strategies could still yield positive results, and investors are advised to exercise caution and stay updated on ENGRO’s financial reports in the coming months.
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Meezan Bank reports strong 68% quarterly profit despite Pakistan’s economic challenges
Meezan Bank Limited, Pakistan’s largest Islamic bank, has announced a robust 68% increase in profit for the first quarter ended March 31, 2023, despite the economic challenges faced by the country.
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Pak Suzuki announces massive Rs13 billion loss in Q1 of 2023
KARACHI: Pak Suzuki Motor Co. Limited has declared a loss of Rs13 billion in the first quarter ending on March 31, 2023.
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