Pkrevenue.com

Tag: financial results

  • Unilever Pakistan forecasts erosion in consumer purchasing power

    Unilever Pakistan forecasts erosion in consumer purchasing power

    KARACHI: Unilever Pakistan Foods Limited – fast-moving consumer goods company – on Monday said that high inflation to erode purchasing power of consumers.

    While presenting financial results for nine months period ended September 30, 2022, the company said Pakistan’s economic and operating environment remains challenging as the country continues to grapple with sustained double-digit inflation, low foreign exchange reserves and aftermath of recent floods.

    “The above factors are expected to result in a considerable overall economic slowdown and further erosion of purchasing power of the consumers.”

    It said that in the midst of the situation, the management remains committed to navigating the challenges and staying relevant to the consumer by leveraging the power of its brands, delivering delightful innovations and driving cost transformation. “We are confident that we will continue to deliver competitive, consistent, responsible and profitable growth benefitting all stakeholders,” the company added.

    The board of directors of the company met on October 24, 2022 and approved the un-audited condenses interim financial information for the nine months ended September 30, 2022.

    According to the company, despite challenging economic and political environment, the business continued its positive momentum and delivered a growth of 36.6 per cent with a healthy mix of pricing and volume.

    The growth was broad based with both retail and food solution business delivering consistent performance on the back of strong brand equity, innovations and wider distribution.

    “Inflationary headwinds resulted in a gross margin dilution of 202 basis points to 41.4 per cent. However, earnings per share grew by 33.3 per cent led by strong topline growth,” the company added.

  • Allied Bank’s profit declines in 9MCY22 as tax payment surges by 129%

    Allied Bank’s profit declines in 9MCY22 as tax payment surges by 129%

    KARACHI: Allied Bank of Pakistan (ABL) has declared fall in net profit to Rs12.63 billion during nine months period ended September 30, 2022 as tax payment of the bank surged by 129 per cent.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday, the bank declared Rs12.63 billion profit after tax during January – September 2022 as compared with Rs13.07 billion in the same period of the last year.

    The fall in profit may be attributed to massive increase in tax liability during the period. Allied Bank paid an amount of Rs20.39 billion as income tax for the nine months period ended September 30, 2022 as compared with Rs8.90 billion in the corresponding months of the last year.

    As per the unconsolidated results, the bank announced earnings per share at Rs11.03 for the nine months period ended September 30, 2022 as compared with Rs11.41 in the same period of the last year.

    The board of directors of Allied Bank Limited met on October 20, 2022 and approved an interim cash dividend for the quarter ended September 30, 2022 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs4 per share i.e. 40 per cent.

    The net mark-up/interest income of the bank rose to Rs45.44 billion during January – September 2022 as compared with Rs34.68 billion in the same period of the last year.

    Total non mark-up/interest income grew to Rs16.33 billion for the period under review as compared with Rs11.73 billion in the corresponding period of the last year. Out of this, the foreign exchange income massively increased to Rs7.14 billion as compared with Rs1.11 billion.

    Operating expenses of the bank grew to Rs28.47 billion during first nine months of the current year as compared with Rs24.42 billion in the same period of the last year.

    The bank declared Rs33 billion as profit before tax for nine months ended September 30, 2022 as compared with Rs21.97 billion in the corresponding months of the last year.

  • UBL announces 18% decline in net profit on huge tax payment

    UBL announces 18% decline in net profit on huge tax payment

    KARACHI: United Bank Limited (UBL) has posted 18 per cent decline in net profit to Rs18.76 billion for the nine months period ended September 30, 2022.

    The profit after tax of the bank was Rs22.76 billion in the same months of the last year, according to financial results of the bank submitted to the Pakistan Stock Exchange (PSX).

    Bank has declared earnings per share for the period at Rs15.33 as compared with EPS of Rs18.59 in the nine months period ended September 30, 2021.

    The decline in net profit may be attributed to massive surged in payment of income tax during the period. The bank paid an amount of Rs31.89 billion for the period January – September 2022 when compared with Rs16.56 billion in the same period of the last year.

    Board of directors of the bank met on Wednesday October 19, 2022 to approve the financial results for the nine months ended September 30, 2022. The board approved an interim cash dividend for the nine months ended September 30, 2022 at Rs4 per share i.e. 40 per cent. This is in addition to interim dividend already paid at Rs9 per share i.e. 90 per cent.

    According to the financial results, the bank recorded an increase in net mark-up/interest income to Rs72.77 billion during first nine months of the current year as compared with Rs53.68 billion in the same months of the last year.

    Total non mark-up / interest income also increased to Rs22.12 billion as against Rs17.28 billion. Out of non mark-up/interest income the bank made huge gain of Rs7.63 billion as foreign exchange income during first nine months of the current year as compared with Rs2.56 billion in the same period of the last year.

    Total income of the bank rose to Rs94.89 billion when compared with Rs70.97 billion.

    Operating expenses of the bank grew to Rs37.77 billion from Rs31.2 billion. The bank recorded profit before tax at Rs50.65 billion during January – September 2022 as compared with Rs39.32 billion in the same period of the last year.

  • Meezan Bank posts sharp growth of 46% in 9MCY22

    Meezan Bank posts sharp growth of 46% in 9MCY22

    KARACHI: Meezan Bank Limited has posted massive 46 per cent growth in net profit for the nine months period ended September 30, 2022.

    According to unconsolidated financial results for quarter and nine- month period ended September 30, 2022 submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank posted after tax profit of Rs28.59 billion for the period January – September 2022 as compared with Rs19.56 billion in the corresponding period of the last year.

    The bank announced Rs15.97 as earnings per share for the nine months period ended September 30, 2022 as compared with the EPS of Rs10.93 in the same period of the last year.

    Board of directors of the bank on October 19, 2022 recommended an interim cash dividend for the quarter and nine months ended September 30, 2022 at Rs2 per share i.e. 20 per cent. This is an addition to interim dividend already paid at Rs3.5 per share i.e. 35 per cent.

    Total earnings of the bank jumped to Rs77.15 billion for the nine months period ended September 30, 2022 as compared with Rs48.52 billion in the same period of the last year.

    Foreign exchange income of the bank increased to Rs3.86 billion for the period under review as compared with Rs2.15 billion in the corresponding period of last year.

    This brings the total income of the bank to Rs92.19 billion during January – September 2022 as compared with Rs 58.78 billion in the same period of the last year.

    Operating expenses of the bank increased to Rs32.7 billion for the period under review as compared with Rs24.85 billion in the same period of the last year.

    Provisions and write-offs for the period grew to Rs1.73 billion as against Rs553 million in the last year.

    The bank paid an amount of Rs27.76 billion as taxes during first nine months of year 2022 as compared with Rs13.08 billion in the same period of the last year.

  • Bank Alfalah posts PKR 14.28 billion profit after tax for 9MCY22

    Bank Alfalah posts PKR 14.28 billion profit after tax for 9MCY22

    KARACHI: Bank Alfalah has posted massive PKR 14.28 billion profit after tax for period of nine months (January – September) 2022, showing a growth of 33 per cent in the corresponding months last year.

    (more…)
  • Murree Brewery annual tax payment increases 139%

    Murree Brewery annual tax payment increases 139%

    Murree Brewery Company Limited – Pakistan’s largest and oldest producer of alcoholic products – on Thursday announced financial results for the year ended June 30, 2022. The annual profit of the company remained flat at Rs1.29 billion as tax payment surged by 139 per cent.

    According to financial statement submitted to the Pakistan Stock Exchange (PSX), Murree Brewery posted after tax profit of Rs1.294 billion for the year ended June 30, 2022 as compared with Rs1.291 billion in the preceding year.

    The company paid an amount Rs899 million as tax for the year under review as compared with Rs376.38 million in the preceding year, showing a rise in tax payment by 139 per cent.

    The board of directors of the company met on September 22, 2022 and recommended a final cash dividend for the year ended June 30, 2022 at Rs10 per share i.e. 100 per cent. This is in addition to interim dividends already paid at Rs25 per share i.e. 250 per cent.

    The gross profit of the company increased to Rs3.54 billion for the year ended June 30, 2022 as compared with Rs2.97 billion in the preceding year.

    Net turnover increased to Rs15.23 billion for the year under review as compared with Rs11.68 billion in the preceding year.

    Operating profit of the company increased to Rs1.83 billion when compared with Rs1.44 billion.

  • Unilever Pakistan declares 38% growth in profit for 1HCY22

    Unilever Pakistan declares 38% growth in profit for 1HCY22

    KARACHI: Unilever Pakistan Foods Limited has declared 38 per cent growth in the net profit for the half year ended June 30, 2022.

    The company declared 38 per cent growth in profit before income tax at Rs3.34 billion for the half year ended on June 30, 2022 as compared with Rs2.42 billion in the same half of the last year.

    Unilever Pakistan declared basic and diluted earnings per share (EPS) at Rs524.86 for the half year ended on June 30, 2022 as compared with EPS of Rs380.11 in the same half of the last year, showing a decrease of 38 per cent.

    READ MORE: Standard Chartered Pakistan registers 84% growth in PBT during 1HCY22

    The company declared the total gross profit at Rs4.15 billion for the half year ended on June 30, 2022 as compared with Rs5.65 billion in the same half of the last year, showing an increase of 36 per cent.

    According to the financial results submitted to the Pakistan Stock Exchange (PSX), the board of directors met on August 26, 2022 and approved the financial result for the half year ended June 30, 2022.

    The Directors have not recommended a Second Interim Cash Dividend for the period ended June 30,2022. (Second Interim Cash Dividend for period ended June 30, 2021 of Rs.151/- i.e.1510 per cent per ordinary share of Rs.10 each)

    The business delivered another half of strong double digit sales growth of 35.2 per cent. The growth was consistent and competitive with a healthy mix of pricing and volume. Both segments delivered strong results fuelled by brand equity, wider reach and innovations. Despite cost head-wings, gross margin increased by 26 basis points (bps) to 43.6 per cent driven by improved fixed cost absorption. Earnings per share (EPS) increased by 38.1 per cent driven by growth and margin improvement.

    READ MORE: Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan’s economic and operating environment remains challenging which is further aggravated by volatile commodity and forex outlook.

    Consequentially, inflation has reached unprecedented levels which is significantly affecting the purchasing power of the consumers, thus forcing them to make sharper choices by down trading and down grading.

    Also, recent floods in the country are expected to have a bearing on crops and therefore livelihoods of our rural population. All these factors are expected to result in a slow down of the economy.

    In the midst of this situation, the management remains committed to navigate the challenges and stay relevant to the consumer by leveraging the power of its brand, delivering delightful innovations, continuous efforts towards value for money proposition and driving cost transformation for efficiencies in the value chain.

    Our recent ‘Blazin’ noodles launch is a manifestation of our innovative mindset and commitment towards consumer preferences. We are confident that we will continue to deliver competitive, consistent, responsible and profitable growth benefitting all stakeholders.

  • Standard Chartered Pakistan registers 84% growth in PBT during 1HCY22

    Standard Chartered Pakistan registers 84% growth in PBT during 1HCY22

    KARACHI: Standard Chartered Bank Limited (SCBPL) announced the record half-yearly profit before tax (PBT) of Rs22 billion, showing an increase of 84 per cent, according to a statement released on Friday.

    Overall revenue grew by 60 per cent to deliver highest ever top-line of Rs27.4 billion, with positive contributions from all segments.

    Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 11 per cent from the same period last year.

    Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of Rs1.3 billion in H1CY22 against a net release of Rs0.7 billion in loan impairments in the comparative period.

    READ MORE: National Bank announces 28% fall in net profit for 1HCY22

    With a diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by Rs48.0 billion showing an increase of 8 per cent, whereas current and saving accounts increased by Rs58.0 billion showing an increase of 10 per cent since the start of this year and comprise 94 per cent of the deposit base.

    On the other hand, advances increased by 2 per cent during first half of the year and the Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient and sustainable business.

    The external environment remains challenging, however we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best in class services and solutions for our clients and playing our part in the growth story of Pakistan.

    Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    The bank strives to maximise the contribution to State Bank’s initiatives on promoting housing finance and is consistently ranked amongst the top institutions.

    As of now over Rs4.9 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL has been a major contributor towards the Roshan Digital Account (RDA) initiative and has channelled remittances of over $367 million into Pakistan since inception and contributed USD 320 million to the investments in Naya Pakistan Certificate (NPC).

    In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online.

    Overall, the bank’s transformation journey stands well-curated, closely aligned with the Pakistan’s landscape and helping lift participation through digitization.

    Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for the Bank.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    SCBPL continues its efforts with the global initiative Futuremakers by Standard Chartered in Pakistan to tackle inequality and promote greater economic inclusion for young people in the community.

    Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited commented: “I am pleased to share our record performance for the first half of 2022, which clearly reflect strong foundations, enhanced productivity and good headway towards achieving our strategic priorities.”

    He also said: “The results give me the confidence that we have the right strategy to deliver real value to our clients, our investors and the communities where we operate.

    “I am thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates, colleagues and staff for their resilience, dedication and hard work in delivering such outstanding results. The Bank stands committed to their growth and well-being.

    READ MORE: Meezan Bank posts 36% growth in half year profit

    “While we are investing heavily in our people, giving colleagues the skills they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model, we intend to drive innovation and increase our operational efficiency further.

    “This operational leverage allows us to create capacity to invest in the many exciting and potentially transformational initiatives as the Bank’s pivot to digital continues,” he added.

    With a strong Return on Equity (ROE) of 20.2 per cent for 1HCY22 and a Capital Adequacy Ratio (CAR) of 15.3 per cent, the bank remains well positioned for future growth.

    On the back of a strong performance, the board of directors were pleased to announce highest ever interim cash dividend of 15 per cent (Rs1.50 per share) in respect of the half year ended June 30, 2022.

  • Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil’s profit surges by 224% to Rs95.72 bn

    Pakistan State Oil Company Limited (PSO) on Friday declared massive growth in net annual profit of 224 per cent to Rs95.72 billion for the year ended June 30, 2022.

    The state oil company announced profit after tax at Rs95.72 billion for the year ended June 30, 2022 as compared with Rs29.55 billion in the preceding fiscal year.

    PSO announced Earnings Per Share (EPS) of Rs194.35 for the fiscal year under review as compared with Rs62.63 in the preceding fiscal year.

    READ MORE: National Bank announces 28% fall in net profit for 1HCY22

    According to consolidated financial results submitted to Pakistan Stock Exchange (PSX), the Board of Directors of PSO in their meeting on August 26, 2022 approved final cash dividend for the financial year ended June 30, 2022 at the rate of Rs10 per share i.e. 100 per cent.

    According to the consolidated results, the net sales of the company surged to Rs2,541.73 billion for the year ended June 30, 2022 as compared with Rs1,223.68 billion in the preceding year.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The gross profit of the company jumped to Rs178.13 billion for the fiscal year 2021/2022 as compared with Rs57.25 billion in the preceding fiscal year.

    Annual expenses of PSO also increased to Rs37.62 billion as compared with previous year’s Rs20.69 billion.

    Profit from operations sharply increased to Rs165.83 billion during fiscal year 2021/2022 as compared with Rs55.98 billion.

    READ MORE: Shell Pakistan announces Rs7.47 billion profit for 1HCY22

  • National Bank announces 28% fall in net profit for 1HCY22

    National Bank announces 28% fall in net profit for 1HCY22

    KARACHI: National Bank of Pakistan (NBP) on Wednesday announced a sharp decline of 28 per cent in net profit for half year ended June 30, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the bank announced Rs12.24 billion as profit after tax during the first half (January – June) of calendar year 2022 as compared with Rs17.05 billion in the same half of the last year.

    The bank announced earnings per share (EPS) at Rs5.74 for the half year under review as compared with EPS Rs7.98 in the same half of the last year.

    READ MORE: Engro Corp declares increase in half year profit to Rs16.6 billion

    The massive decline in net profitability may be attributed to significant increase in payment of tax. NBP paid an amount of Rs21.87 billion for the half year ended June 30, 2022 as compared with Rs11.13 billion in the same half of the last year, showing about 97 per cent growth.

    The bank recorded an amount of Rs34.12 profit before tax (PBT) during the first half of CY 2022 as compared with Rs28.17 billion in the same half of the last year, showing a growth of 21.12 per cent.

    The profit after tax of the bank for the second quarter of calendar year 2022 ended June 30, 2022 recorded at Rs2.5 billion, depicting a decrease of 73 per cent Year on Year (YoY).

    Higher taxes dragged the profitability in the second quarter.

    READ MORE: Allied Bank’s tax payment grows 121% in 1HCY22

    Net Interest Income of the bank settled at Rs27 billion during 2QCY22, increasing 6 per cent YoY and Quarter on Quarter (QoQ), both. With this, the total Net Interest Income (NII) for the half year ended June 30, 2022 went up to Rs53 billion, marking a 12 per cent YoY jump. Interest expense registered a significant increase of 116 per cent YoY while interest income was up 68 per cent YoY on the back of policy rate hikes, in the out-going quarter.

    Non-Interest income too was up during the quarter, 7 per cent YoY | 24 per cent QoQ, taking 1HCY22’s total to Rs19.5 billion.

    READ MORE: MCB Bank registers 71% decline in profit for 2QCY22

    Foreign exchange , Fee and Dividend incomes fueled the Net Fee Income (NFI), posting an increase of 33 per cent, 9 per cent and 37 per cent on YoY basis, respectively.

    In addition, the bank recorded Rs145 million in share of profit from joint venture, marking a 110 per cent YoY increase.

    During 2QCY22, provisioning significantly declined 85 per cent YoY | 59 per cent QoQ. This takes the overall provisioning of the bank to Rs2 billion in 1HCY22, -71 per cent YoY.

    READ MORE: Attock Petroleum declares massive 277% growth in annual profit

    The bank’s operating expenses increased 16 per cent YoY in 2QCY22 clocking-in at Rs19.4 billion (1HCY22: Rs36.5 billion, 16 per cent YoY). With this, Cost/Income stood at 50.92 per cent in 2QCY22 against 46.38 per cent same period last year.

    Effective tax rate was significantly up during 2QCY22 at 86.05 per cent compared to 39.26 per cent last quarter. This higher taxation was on account of revised taxes including corporate and super tax.

    READ MORE: Meezan Bank posts 36% growth in half year profit