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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Banking annual profitability goes up by 15 pc in 2022
KARACHI: After tax profitability of banks in Pakistan have increased by 15 per cent Year on Year (YoY) to 307 billion in 2022.
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National Bank declares Rs31 billion as net profit for CY22
KARACHI: National Bank of Pakistan (NBP) has declared net profit of Rs31 billion for calendar year 2022.
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HBL’s annual profit declines to Rs34.4 billion amid high taxation
KARACHI: Habib Bank Limited (HBL) on Friday announced that its net annual profit has declined to Rs34.4 billion for the year ended December 31, 2023.
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Faysal Bank declares Rs11.44 billion annual after tax profit for CY22
KARACHI: Faysal Bank Limited on Thursday declared Rs11.44 billion annual after tax profit for calendar year ended December 31, 2022.
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UBL declares over Rs32 billion profit after tax for CY22
KARACHI: United Bank Limited (UBL) on Wednesday declared Rs32.06 billion as profit after tax for the year ended December 31, 2022.
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Pakistan Stock Exchange reports 42 pc drop in net profit for 1HFY23
KARACHI: Pakistan Stock Exchange (PSX) on Tuesday reported 42 per cent drop in after tax profit for first half (July – December) fiscal year 2022-2023.
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