Pkrevenue.com

Tag: financial results

  • Lucky Cement posts record Rs36.42 billion profit

    Lucky Cement posts record Rs36.42 billion profit

    KARACHI: Lucky Cement on Friday, August 06, 2022 posts record Rs36.42 billion annual profit after tax (PAT) for the year ended June 30, 2022, from which Rs6.93 billion is attributable for the non-controlling interest.

    The earnings per share (EPS) are of Rs91.22 per share as compared to Rs70.69 per share reported last year.

    The company achieved 60 per cent higher net turnover of Rs331.5 billion as compared to last year’s turnover of Rs207.2 billion.

    The consolidated net profit of the company remained Rs36.4 billion out of which Rs29.5 billion was attributable to the owners of the holding company, compared to Rs28.2 billion and Rs22.9 billion, respectively for the prior year.

    The EPS was of Rs91.22 during the fiscal year ended June 30, 2022 as compared to Rs70.69 during last year, representing a growth of 29 per cent.

    READ MORE: Lucky Cement announces Rs26.53 billion 9M profit

    The exceptional growth in revenue, despite economic challenges is owing to robust performance across all businesses of the group and is an affirmation of the successful execution of the Group’s diversification strategy.

    On a standalone basis the Company’s overall sales volumes declined by 8.9 per cent to reach 9.1 million tons during the year ended June 30, 2022 in comparison to 10 million tons last year.

    Local sales volume dropped by 3.6 per cent to reach 7.3 million tons in the current year compared to 7.6 million tons last year. While the export sales volume declined substantially by 25 per cent to 1.8 million tons during the year compared to 2.4 million tons during last year due to non-viability in terms of pricing on the back of persistent high coal prices in the international market coupled with increased shipping freights.

    Despite the reduction in volumes in both domestic and export sales, the profitability of the local cement operations improved marginally because of enhanced operational efficiencies, including better management of sales and distribution costs, which decreased as a percentage of sales.

    READ MORE: Lucky Cement installs 34MW solar power project

    The company achieved a major milestone when its wholly owned subsidiary, Lucky Electric Power Company Limited (LEPCL), achieved the Commercial Operations Date (COD) on March 21, 2022 of the 660 MW coal-fired power plant set up at Port Bin Qasim, Karachi.

    This milestone will play a key role in increasing the energy security and prosperity of Pakistan. It will also go on to reduce the cost of electricity and reliance on imported fuel in the long run after the completion of Phase III of SECMC in June 2023.

    The power generated from the plant is being fed into the national grid in line with a power purchase agreement signed with the Government. In another major development, the company’s subsidiary, Lucky Motor Corporation started assembling Samsung mobile phones in Pakistan in December, 2021.

    Lucky Cement remains committed towards making a real contribution to the society and the communities in which it operates. The company extended its merit-based support to deserving and less privileged students in Pakistan and abroad.

    The company also continued to donate generously towards health-based initiatives by supporting various welfare organizations. In support of the UN Sustainability Development Goals, the company has initiated and promoted various sustainable projects to support the United Nations’ 2030 Agenda.

    READ MORE: Lucky Cement wins corporate excellence award

    Regarding the future outlook, the company has reported that it expects fiscal year 2023 to be challenging for Pakistan’s economy, especially due to high current account deficit, which stood at $17.4 billion for fiscal year 2022 versus $2.8 Billion for fiscal year 2021.

    The ongoing political instability has deteriorated the economic position of the Country and resumption of foreign exchange inflows from the International Monetary Fund (IMF) program has faced serious delays.

    The IMF staff level agreement has now been signed and as per Government statements majority of conditions have been met and it expects the program to resume post approval from the IMF Board towards end of August 2022.

    The resumption of the IMF program will not only reduce uncertainty but also open avenues for borrowing from other sources, which could help stabilize the foreign reserves and the domestic economic situation. Apart from this, certainty in the political landscape of the Country is needed so that long term and sustainable measures are taken for enhancing the exports and ultimately reducing the current account deficit of Pakistan.

    The commodity super cycle, which started last year post-pandemic, continues to persist. This has been further aggravated by the ongoing Russia-Ukraine conflict resulting in continuous volatility in commodity prices particularly coal, petroleum products and packaging material, which has significantly increased the cost of production for cement.

    A similar trend has been witnessed in other construction materials as well, mainly steel which has resulted in a hike in overall construction costs. On the local front, rising interest rates coupled with higher inflation have severely affected the purchasing power which will impact the cement demand in the short term.

  • Mari Petroleum declares Rs33 billion as annual profit for FY22

    Mari Petroleum declares Rs33 billion as annual profit for FY22

    KARACHI: Mari Petroleum Company Limited (MPCL) on Thursday declared over Rs33 billion after tax profit for the fiscal year 2021/2022.

    According to annual financial results submitted to the Pakistan Stock Exchange (PSX), the net profit of the company increased by 5.15 per cent when compared with Rs31.44 billion in the preceding fiscal year.

    The company announced earnings per share (EPS) at Rs247.84 for the year ended June 30, 2022 as compared with EPS Rs235.71 in the previous year.

    READ MORE: Engro, Excelerate Energy ink MoU to market RLNG in Pakistan

    The board of directors of Mari Petroleum Company Limited was held on Thursday August 4, 2022, which recommended a final cash dividend for the year ended June 30, 2022 at Rs62 per share at 62 per cent. This is in addition to the interim dividend already paid at Rs62 i.e. 62 per cent.

    The final cash dividend (including interim) will bring the total cash dividend to 50 per cent of the net profits of the company.

    The overview of the financial results revealed that the company’s natural gas production increased by five per cent, while crude oil and condensate production remained steady, which translated into the highest-ever total production of 36.91 MMBOE. “This equates to a net daily average production of 101,109 boepd, which is above the 100,000 boepd mark for the very first time,” the company said.

    READ MORE: Pakistan high petroleum prices massively cut oil sales in July

    The company further said that the enhancement in production, greater financial discipline and better prices drove the company’s profit before tax to the highest ever Rs52.1 billion, which is 19 per cent higher from the last year’s results.

    The tax charge for the year is Rs19.1 billion, which includes the provision for super tax of Rs5.2 billion, which has resulted in increased effective tax rate of 36.7 per cent in the fiscal year under review as compared with 28.4 per cent in the last fiscal year.

    The company said that the above dividend will be paid to those shareholders whose names will appear on the register of members at the close of business on September 21, 2022.

    READ MORE: Pakistan State Oil gets Rs30 billion to avoid default

    According to the financial results the gross sales of the company massively increased to Rs108.97 billion for the year ended June 30, 2022 as compared with Rs82.69 billion in the preceding year. The payment impact of general sales tax and federal excise duty was Rs13.84 billion in the year ended June 30, 2022 as compared with Rs9.67 billion in the preceding year.

    This brings the net sales of the company at Rs95.13 billion as compared with Rs73.02 billion. The company paid an amount Rs12 billion as royalty during the fiscal year 2021/2022 as compared with Rs9.31 billion in the preceding fiscal year.

    Operating expenses of the company grew to Rs17.40 billion during the year ended June 30, 2022 as compared with Rs15.04 billion in the preceding year.

    Meanwhile, the expenses on exploration and prospecting expenditure recorded massive growth to Rs10.93 billion during the fiscal year 2021/2022 as against Rs4.54 billion in the preceding fiscal year.

  • UBL declares 21% decline in half year net profit

    UBL declares 21% decline in half year net profit

    KARACHI: United Bank Limited (UBL), the leading bank of Pakistan, on Wednesday declared 21 per cent fall in it after tax profit for the hear year ended June 30, 2022.

    According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX), the bank declared Rs11.86 billion profit after tax for the half year ended June 30, 2022 as compared with Rs15.00 billion in the same half of the last year.

    READ MORE: Bank Alfalah posts 25% increase in half year profit

    UBL announced Earnings Per Share (EPS) at Rs9.69 for the half year ended June 30, 2022 as compared with EPS Rs12.25 in the same half of the last year.

    The board of directors of UBL in a meeting held on Wednesday August 3, 2022 in Islamabad recommended an interim cash dividend for the half year ended June 30, 2022 at Rs4 per share i.e. 40 per cent. This is addition to interim dividend already paid at Rs5 per share i.e. 50 per cent.

    READ MORE: Pakistan Tobacco’s profit falls on high taxes

    Net mark-up income / interest income of the bank increased to Rs45.11 billion for the half year under review as compared with Rs35.09 billion in the same half of the last year.

    The non mark-up income of the bank sharply increased to Rs14.70 billion during January – June 2022 as compared with Rs11.43 billion in the same period last year.

    READ MORE: Habib Bank posts 33% decline in half year profit

    Total income for the half year under review surged to Rs59.81 billion as against Rs46.52 billion.

    Operating expenses of the bank increased to Rs24.09 billion for the half year ended June 30, 2022 as compared with Rs20.20 billion in the same period last year.

    The bank paid tax to the tune of Rs22.37 billion for the half year ended June 30, 2022 as compared with Rs10.85 billion.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

  • Amazon declares $2 billion net loss for second quarter

    Amazon declares $2 billion net loss for second quarter

    SEATTLE, Washington: Amazon.com, Inc. has announced net loss of $2 billion for the second quarter against the net income of $7.8 billion in the second quarter of 2021.

    Second quarter 2022 net loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from our common stock investment in Rivian Automotive, Inc.

    READ MORE: Amazon Software Technology Park inaugurated

    Operating cash flow decreased 40 per cent to $35.6 billion for the trailing twelve months, compared with $59.3 billion for the trailing twelve months ended June 30, 2021.

    Free cash flow decreased to an outflow of $23.5 billion for the trailing twelve months, compared with an inflow of $12.1 billion for the trailing twelve months ended June 30, 2021.

    Free cash flow less principal repayments of finance leases and financing obligations decreased to an outflow of $33.5 billion for the trailing twelve months, compared with an inflow of $0.6 billion for the trailing twelve months ended June 30, 2021.

    Free cash flow less equipment finance leases and principal repayments of all other finance leases and financing obligations decreased to an outflow of $26.1 billion for the trailing twelve months, compared with an inflow of $4.2 billion for the trailing twelve months ended June 30, 2021.

    Common shares outstanding plus shares underlying stock-based awards totaled 10.6 billion on June 30, 2022, compared with 10.4 billion one year ago. All share and per share information throughout this release has been retroactively adjusted to reflect the 20-for-1 stock split effected on May 27, 2022.

    Net sales increased 7 per cent to $121.2 billion in the second quarter, compared with $113.1 billion in second quarter 2021. Excluding the $3.6 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales increased 10 per cent compared with second quarter 2021.

    Operating income decreased to $3.3 billion in the second quarter, compared with $7.7 billion in second quarter 2021.

    “Despite continued inflationary pressures in fuel, energy, and transportation costs, we’re making progress on the more controllable costs we referenced last quarter, particularly improving the productivity of our fulfillment network,” said Andy Jassy, Amazon CEO.

    “We’re also seeing revenue accelerate as we continue to make Prime even better for members, both investing in faster shipping speeds, and adding unique benefits such as free delivery from Grubhub for a year, exclusive access to NFL Thursday Night Football games starting September 15, and releasing the highly anticipated series The Lord of the Rings: The Rings of Power on September 2.”

  • Bank Alfalah posts 25% increase in half year profit

    Bank Alfalah posts 25% increase in half year profit

    KARACHI: Bank Alfalah has declared 25 increase in net profit for the half year ended June 30, 2022.

    According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared profit after tax at Rs8.70 billion for the half year ended June 30, 2022 as compared with Rs6.93 billion in the same half of the last year.

    READ MORE: Pakistan Tobacco’s profit falls on high taxes

    The bank also announced earnings per share at Rs4.9 for the half year (January – June) 2022 as compared with Rs3.90 EPS in the same half of the last year.

    The board of directors of Bank Alfalah met on July 28, 2022 and recommended an interim cash dividend for the half year ended June 30, 2022 at the rate of Rs2.50 per share i.e. 25 per cent.

    Analysts at Insight Research said that the result remained below from expectations of rs2.8 per share, primarily due to higher both provisions charge and effective tax rate during the quarter.

    READ MORE: Habib Bank posts 33% decline in half year profit

    Net Interest Income remained in line with estimates to clocked in at Rs17.8 billion (up by 53 per cent/25 per cent YoY/QoQ), which is attributable to repricing of assets as bank’s investment book is fully geared up for current monetary policy settings.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

    Non-markup income improved significantly in 2QCY22 to reached Rs6.5 billion (up 57 per cent/49 per cent YoY/QoQ) mainly due to massive foreign exchange income, which is clocked in at Rs3.4 billion amid better market share in remittances/trade and volatility in FX market. Whereas, fee income remained in-line with the estimates.

    On the provision front, bank posted a net charge of Rs3.6 billion vs. expectation of Rs0.8 billion, as bank raised its general provisioning due concern on the economic slowdown.

    Effective tax rate (ETR) remained above from estimates of 54 per cent to clock in at 59.2 per cent.

    READ MORE: Hyundai announces second quarter financial results

  • Pakistan Tobacco’s profit falls on high taxes

    Pakistan Tobacco’s profit falls on high taxes

    KARACHI: Pakistan Tobacco Company (PTC), the largest cigarette manufacturer in the country, has declared a 10 per cent decline in half year profit ended on June 30, 2022 mainly attributed to about 100 per cent increase in payment of taxes.

    According to the financial results submitted to the Pakistan Stock Exchange (PSX), the company declared profit after tax (PAT) at Rs8.51 billion for the half year ended on June 30, 2022 as compared with Rs9.45 billion in the same half of the last year.

    READ MORE: Habib Bank posts 33% decline in half year profit

    The company declared profit before income tax at Rs15.71 billion for the half year ended on June 30, 2022 as compared with Rs13.12 billion in the same half of the last year.

    The sharp decline in net profit may be attributed may be attributed to significant rise in the payment of taxes. The company paid an amount of Rs7.20 billion as taxes during the half year ended June 30, 2022 as compared with Rs3.68 billion in the same half of the last year, showing an increase of 95.7 per cent.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

    The PTC declared basic and diluted earnings per share (EPS) at Rs33.32 for the half year ended on June 30, 2022 as compared with EPS of Rs36.98 in the same half of the last year, showing a decrease of 9.9 per cent.

    The total gross turnover of the company increased to Rs113.45 billion for the first half (January – June) 2022 as compared with Rs99.85 billion in the same half of the last year, showing an increase of 13.62 per cent.

    The total net turnover of the company increased to Rs45.01 billion for the first half (January – June) 2022 as compared with Rs37.14 billion in the same half of the last year, showing an increase of 21.2 per cent.

    READ MORE: Hyundai announces second quarter financial results

    The company declared the total gross profit at Rs21.18 billion for the half year ended on June 30, 2022 as compared with Rs17.85 billion in the same half of the last year, showing an increase of 18.66 per cent.

    The operating profit of the company increased to Rs15.09 billion during the half year under review as compared with Rs12.77 billion in the same half of the last year, showing an increase of 18.17 per cent.

  • Habib Bank posts 33% decline in half year profit

    Habib Bank posts 33% decline in half year profit

    KARACHI: Habib Bank Limited (HBL), one of the largest banks in Pakistan, has posted 33 per cent decline in profit for the half year ended June 30, 2022.

    According to financial results submitted to the Pakistan Stock Exchange (PSX), the bank declared profit after tax at Rs12.11 billion for the half year ended June 30, 2022 as compared with Rs18.03 billion in the same half of the last year.

    READ MORE: FFBL declares Rs1.7 billion in 2QCY22

    The sharp decline in net profit may be attributed to significant rise in payment of taxes. The bank paid an amount of Rs22.48 billion as taxes during the half year ended June 30, 2022 as compared with Rs13.17 billion in the same half of the last year, showing an increase of 71 per cent.

    The HBL issued the condensed interim consolidated profit and loss account (unaudited) for the six months ended June 30, 2022. It declared basic and diluted earnings per share at Rs8.10 for the half year ended June 30, 2022 as compared with EPS of Rs12.04 in the same half of the last year.

    READ MORE: Hyundai announces second quarter financial results

    Net mark-up income of the bank increased to Rs73.89 billion for the first half (January – June) 2022 as compared with Rs64.86 billion in the same half of the last year.

    Total non-mark up income of the bank also increased to Rs23.67 billion for the half year under review as compared with Rs17.61 billion in the same half of the last fiscal year.

    READ MORE: PTCL declares 39% growth in half year net profit

    This brings the total income of the HBL at Rs97.57 billion for the half year ended June 30, 2022 as compared with Rs82.47 billion in the same half of the last year.

    The operating expenses of the bank increased to Rs59.05 billion during the half year under review as compared with Rs46.85 billion in the same half of the last year.

    READ MORE: Honda Cars declares 40% surge in annual profit

  • FFBL declares Rs1.7 billion in 2QCY22

    FFBL declares Rs1.7 billion in 2QCY22

    KARACHI: Fauji Fertilizers Bin Qasim Limited (FFBL) on Tuesday declared Rs1.7 billion profit after tax (PAT) for the quarter ended June 30, 2022.

    The company announced financial results for its 2QCY22 results, where it posted unconsolidated PAT of Rs1.7 billion (EPS: 1.38), down 32 per cent YoY.

    This takes cumulative 1HCY22 PAT to Rs3.4 billion (earnings per share (EPS): Rs2.64) vs PAT of Rs3.8 billion (EPS: Rs3.0) in same period last year.

    READ MORE: Hyundai announces second quarter financial results

    The result is above our expectation due to higher other income and higher volumetric sales.

    Company posted topline of Rs46.1 billion vs Rs16.9 billion in same period last year (SPLY), depicting an increase of 173 per cent. The primary reason for higher sales is attributable to higher realized Diammonium phosphate (DAP) prices and 50 per cent increase in DAP volumetric sales.

    On QoQ basis, topline recorded a growth of 86 per cent, on the back of higher volumetric sale and fertilizer prices.

    READ MORE: PTCL declares 39% growth in half year net profit

    Gross margins clocked in at 19 per cent during 2QCY22, down the 270 basis points (bps) on QoQ basis, attributable to higher phosacid prices (up by 9 per cent QoQ).

    Finance cost witnessed a jump of 49 per cent/ 28 per cent on YoY/QoQ basis, amid rising financing cost.

    Other income clocked in at Rs3.2 billion, up by 31 per cent/ 191 per cent YoY/QoQ. The increase is mainly attributable to dividend from PMP.

    Other expenses for 2QCY22, clocked in at Rs2.9 billion, vs Rs0.94 billion in 1QCY22. The significant jump in other charges is due to exchange loss on account of trade payables.

    READ MORE: Pakistan banks register record profit in 1Q2022

    Effective tax rate for the quarter clocked in at 71 per cent, attributable to imposition of super tax and poverty alleviation tax announced in federal budget. As per management, company has recorded super tax of Rs2.7 billion in June, 2022.

  • Hyundai announces second quarter financial results

    Hyundai announces second quarter financial results

    SEOUL, South Korea: Hyundai Motor Company on Thursday announced its financial results for Q2 (second quarter) of 2022.

    The company’s revenue and operating profit from April to June rose 18.7 percent and 58 percent year-over-year to KRW 36 trillion and 2.98 trillion, respectively. 

    READ MORE: Honda unveils all-new Civic Type R

    During the three-month period, Hyundai Motor posted operating profit margin of 8.3 percent, and net profit, including non-controlling interest, increased 55.6 percent to KRW 3.08 trillion.

    Hyundai sold 976,350 units around the globe in the second quarter, a 5.3 percent decrease from the year earlier. Sales in markets outside of Korea were down by 4.4 percent to 794,052 units, and sales in Korea decreased 9.2 percent to 182,298 units. The decrease in sales volume mainly stemmed from the ongoing global chip and component shortage and geopolitical issues.

    READ MORE: Pakistan reintroduces capital value tax on motor vehicles

    A robust sales mix of SUV and Genesis luxury models, reduced incentives from a lower level of inventory, and a favorable foreign exchange environment helped lift revenue in the second quarter, despite the slowdown in sales volume amid an adverse economic environment.

    Hyundai’s EV model sales surged 49 percent from a year earlier to 53,126 units in the second quarter, accounting for 5.4 percent of its total sales volume. 

    The company maintains its financial guidance that was set in January for 13~14 percent of consolidated revenue growth and 5.5~6.5 percent annual consolidated operating profit margin.

    Hyundai Motor’s board today approved a plan to pay an interim dividend of KRW 1,000 per common share.

    READ MORE: Chevrolet unveils all-electric 2024 Blazer EV

    Hyundai to optimize business operations with electrification leadership around the world

    Hyundai Motor expects a gradual recovery from the global chip and component shortage. However, the company also anticipates external uncertainties to continue, including the supply chain disruption caused by the resurgence of a COVID-19 variant and fluctuation in raw material costs due to geopolitical issues.

    In addition, the company expects currency rate volatility as well as increasing marketing costs due to fiercer competition among automakers as a burden for the rest of this year.

    In order to cope with the uncertainties, the company will focus on the recovery of sales through an optimized production-sales plan in global operations that will enhance its product mix with SUVs and luxury models to secure robust profitability.

    In addition, Hyundai will continue to strengthen its global leadership position in electric vehicles with its new IONIQ 6 battery electric vehicle, which will launch in the third quarter.

  • PTCL declares 39% growth in half year net profit

    PTCL declares 39% growth in half year net profit

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Monday declared 39 per cent growth in its net profit for the half year ended June 30, 2022.

    According to half yearly financial results submitted to Pakistan Stock Exchange (PSX), the after tax profit of the country grew to Rs5.2 billion during the period January 01, 2022 to June 30, 2022 as compared with Rs3.74 billion in the same period of the last year.

    READ MORE: PTCL registers eight-year high revenue growth

    The announcement of financial results was made at the board of directors meeting held on July 18, 2022 at PTCL headquarters in Islamabad.

    The board has not approved cash dividend, bonus shares, right shares or another entitlement.

    The revenue of the company during the half year under review increased to around Rs40 billion as compared with Rs38.19 billion in the same half of the last year.

    The cost of service also increased to Rs31.52 billion as compared with Rs29.50 billion.

    READ MORE: PTCL Group wins GDEIB award in five categories

    Therefore, the gross profit of the company eased to Rs8.46 billion for the half year ended June 30, 2022 as compared with Rs8.69 billion in the same half last year.

    Administrative expenses of the company increased to Rs3.89 billion for the period as compared with Rs3.53 billion.

    Operating profit of PTCL fell to Rs1.89 billion during the half year under review as compared with Rs2.80 billion in the same half of the last year.

    However, under the head of other income, PTCL recorded massive growth to Rs6.03 billion during the period January 01, 2022 to June 30, 2022 when compared with Rs2.6 billion in the same period of the last year.

    READ MORE: PTCL registers 7.3% revenue growth for nine months

    This translated the profit before tax to Rs7.74 billion for the half year January – June 2022 as compared with Rs5.26 billion in the same period of the last year.

    The company made provision of Rs2.55 billion income tax for the half year as compared with Rs1.52 billion in the same half of the last year.

    The consolidated results of PTCL revealed a net loss of Rs3.05 billion for the half year ended June 30, 2022 as compared with the profit of Rs2.93 billion in the same period of the last year.

    READ MORE: PTCL, Dell to launch Azure Services in Pakistan