LAHORE: MCB Bank on Thursday announced the highest ever annual profit before tax at around 52 billion for the year ended December 31, 2021
(more…)Tag: financial results
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Pakistan Oilfields declares Rs10.92 billion half year profit
KARACHI: Pakistan Oilfields Limited on Friday announced 64 per cent growth in its net profit to Rs10.92 billion during first half (July – December) 2021/2022.
The company’s net profit for the same half of the last year was Rs6.5 billion.
The company declared earnings per share (EPS) at Rs38.48 for the half year ended December 31, 2021 as compared with EPS Rs23.42.
READ MORE: Pakistan Oilfields announces large oil, gas discovery in Kohat
The board of directors of Pakistan Oilfields met on Friday February 04, 2022 to approve the financial results of the company for six months ended December 31, 2021.
The board approved an interim cash dividend for the half year December 31, 2021 at Rs20 per share i.e. 200 per cent.
Net sales in 2QFY22 climbed up by 44 per cent YoY, clocking-in at Rs12,610 million against Rs8,773 million during SPLY as a result of i) 79 per cent YoY surge in realized oil prices and ii) 8 per cent YoY Pak Rupee depreciation against USD.
Meanwhile, oil and gas production plummeted by 10.2 per cent and 9.7 per cent YoY, respectively. Whereas, topline in 1HFY22 clocked-in at PKR 23,687 million, witnessing a growth of 35 per cent YoY given a 71 per cent YoY hike in average realized oil prices.
The exploration costs ascended by three times YoY in 2QFY22, arriving at PKR 108 million compared to PKR 34 million in SPLY, given higher geological and geophysical cost during the period. On a cumulative basis, exploration costs during 1HFY22 reached PKR 559 million, up by 5x YoY owed to higher seismic activity.
Other income depicted a massive jump of 8x YoY, reaching PKR 2,018 million during 2QFY22 in contrast to PKR 242 million during the same period last year. This massive increase comes on the back of exchange gain on foreign currency tagged with higher income from bank saving accounts, deposits and investments. Similarly, other income during 1HFY22 comes out to be PKR 4,718 million, up 8x YoY.
The company booked effective taxation at 36 per cent in 2QFY22 vis-à-vis 39 per cent in 2QFY21.
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Attock Petroleum declares 208% growth in six-month profit
KARACHI: Attock Petroleum Limited on Friday declared 208 per cent growth in profit after tax for the six months period ended December 31, 2021.
The company announced Rs6.61 billion as profit after tax for the period under review as compared with Rs2.41 billion profit after tax for the same period of the last year.
Attock Petroleum Limited announced earnings per share of Rs66.40 for the six months period ended December 31, 2021 as compared with EPS of Rs21.56 in the same period of the last year.
The board of directors of Attock Petroleum met on Friday February 04, 2022 and announced an interim cash dividend for the six month period ended December 31, 2021 at Rs15 per share i.e. 150 per cent.
The board however approved no bonus share, right share or any other entitlement/corporate action.
The company declared profit before tax of Rs9.37 billion for the first half (July – December) 2021 as compared with Rs2.99 billion in the same period of the last year.
The net sales of the company increased sharply to Rs154.27 billion during the first half of the current fiscal year as compared with Rs89.97 billion in the corresponding half of the last fiscal year.
Operating expenses of the company also surged to Rs3.4 billion during the period under review as compared with Rs1.79 billion in the same period of the last fiscal year.
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Bank Alfalah declares 33.4% surge in annual profit
KARACHI: Bank Alfalah Limited on Wednesday declared 33.4 per cent surge in net profit for the year 2021.
According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank announced Rs14.46 billion as consolidated profit after tax earnings for the year ended December 31, 2021 as compared with Rs10.84 billion in the preceding year.
READ MORE: Bank Alfalah tops in house financing under MPMG
Bank Alfalah declared earnings per share at Rs8.12 for the year under review as compared with EPS of Rs6.10 during the preceding year.
The Board of Directors of the bank met on February 02, 2022 at Dubai, UAE and recommended final cash dividend for the year ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim cash dividend already paid at Rs2 per share i.e. 20 per cent.
READ MORE: Bank Alfalah enables QR option for retail payment
The board has not approved any bonus share, right share or any other entitlement / corporate action.
The board of directors authorized the bank to acquire 521,739 additional ordinary shares of Rs10 each (representing 1.3 per cent of the share capital) of its subsidiary, Alfalah CLSA Securities (Pvt) Limited from minority shareholders of the company. As a result, the total shareholding of the bank in the company will stand at 24,999,912 ordinary shares. Such purchase shall be subject to obtaining of all necessary corporate and regulatory approvals and completion of related formalities.
READ MORE: Bank Alfalah declares Rs10.48 billion after tax profit
According to the results, the net mark-up / interest income of the bank rose to Rs46.04 billion for the year ended December 31, 2021 as compared with Rs44.69 billion in the preceding year.
Total non-mark-up/interest income of the bank grew to Rs17.23 billion in the year 2021 as compared with Rs13.54 billion in the preceding year.
READ MORE: Bank Alfalah announces 21% growth in half year profit
Operating expenses of the bank increased to Rs36.54 billion during the year under review as compared with Rs31.62 billion in the preceding year.
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Lucky Cement announces Rs17.15 billion earnings for first half
KARACHI: Lucky Cement Limited on Friday announced consolidated earnings of Rs17.15 billion for the first half ended December 31, 2021.
Out of which Rs4.01 billion is attributable to non-controlling interests for the first half ended December 31, 2021.
This translates into earnings per share (EPS) of PKR 40.66 / share as compared to PKR 32.05 / share reported during the same period last year.
READ MORE: Lucky Cement wins corporate excellence award
Further, on a consolidated basis, the Company achieved gross turnover of Rs154.50 billion which is 24.9 per cent higher as compared to the same period last year’s turnover of Rs123.72 billion.
During the HY 2021-22 under review, the company’s consolidated net profit (attributable to owners’ of the Holding Company) increased by 26.8 per cent as compared to the same period last year.
The increase in net profit was mainly attributable to the stellar performance of Company’s Chemicals business.
Apart from the one-off unrealized accounting gain recognized on acquisition of controlling shares in NutriCo Pakistan amounting to Rs1.847 billion, the Chemical business achieved considerable improvement in net profitability on account of impressive growth in its Polyester, Pharma and Animal Health business segments.
In the automobile business, Lucky Motor Corporation introduced Kia Stonic in its line up as well as started commercial production of Samsung branded mobile phones during the half year under review.
Whereas, profitability of Company’s overseas operations increased mainly due to improvement in sales volume and operations of Company’s Joint Venture Greenfield cement plant in Samawah, Iraq, which achieved its COD in March 2021.
On unconsolidated basis Company’s overall sales volumes posted a decline of 5.9 per cent to reach 4.70 million tons during HY 2021-22. Company’s local sales volumes remained almost in line with the corresponding period last year i.e. 3.63 million tons in 1HY 2021-22 versus 3.66 million tons during the same period last year. The export sales volumes of the Company declined by 19.7 per cent to 1.07 million tons as compared to 1.34 million tons during the same period last year.
The decline in overall dispatches is mainly attributed to decline in export volumes on the back of volatily in coal prices and freight costs internationally, which have adversely impacted the viability of cement exports from Pakistan.
Further, with regards to Company’s unconsolidated financial performance, the gross sales revenue increased by 20.2 per cent to PKR 50.61 billion compared to PKR 42.11 billion reported during the same period last year. The per ton cost of sales also increased mainly due to increase in coal prices along with other input costs. Lucky Cement recorded net profit after tax of PKR 5.77 billion showing growth of 27.2 per cent. Similarly, the standalone EPS of the Company is PKR 17.86 / share as compared to the same period last year’s reported EPS of PKR 14.04 / share.
The Company reported progress on its brownfield plant expansion activities in KPK with project completion targeted for December 2022.
The construction activity for setting up a 660 MW super critical, lignite coal-based power plant is near to completion and it has been synchronized with the national grid in November 2021. The Project is currently under testing phase and it is targeted to achieve COD in February 2022.
Lucky Cement continued its patronage on Education & Scholarship, Women Empowerment, Health, Environment Conservation and reassured its commitment for the development of society and the communities in which it operates.
While the previous waves of Covid-19 receded in the past, the pandemic continues to resurge with different variants of the virus. Even with the persistent drive of the Government on compliance of SOPs and getting the masses vaccinated, prudent expectation is that volatile infection rates will continue for the time being. We, however expect that the economy will continue to show resilience against the adverse impacts of such pandemic.
On the other hand, the ongoing inflationary trend in commodities globally has resulted in an increase in cost of inputs, such as coal, diesel, furnace oil and freight charges, which are a major cost component of cement. Currency devaluation has further impacted and increased these costs. Due to increase in costs of other construction materials, the local demand will remain flat. At the same time, cement prices have only partially offset the increase in input costs faced by the manufacturers.
Construction of dams, hydropower projects, real estate development and low cost housing schemes will help to maintain the demand of cement in the medium to long term.
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Jahangir Tareen’s sugar mill declares 248% rise in annual profit
The sugar mill of Jahangir Khan Tareen – ruling party PTI’s leader and used to very close to Prime Minister Imran Khan – has declared a phenomenal increase of 248 per cent in annual profit for year ended September 30, 2021.
Jahangir Khan Tarin is director of JDW Sugar Mills.
JDW Sugar Mills Limited on Wednesday shared its financial results with the Pakistan Stock Exchange (PSX).
READ MORE: Digital tax monitoring yields Rs32.43bn from sugar sector
The board of the company in a meeting held on January 05, 2022 recommended a final cash dividend for the financial year ended September 30, 2021 at Rs10 per share i.e. 100 per cent.
Gross profit of the company increased to Rs10.13 billion for the year under review as compared with Rs7.59 billion in the preceding year.
READ MORE: FBR tightens condition for tax stamped sugar bags
According to JDW website, Tareen’s experience in business world began when he was made the CEO of his family-owned beverages business in Multan in 1981.
Over the next eight years, he increased the business manifold and in the year 1989 Pepsico International offered him a franchise in Lahore.
Tareen took over the franchise in 1991 as the Chairman of Riaz Bottlers (Pvt) Limited and developed it into one of the Pakistan’s best operating franchise.
READ MORE: FPCCI recommends interprovincial trade of sugar
He went into sugar business and established his first sugar mills in 1992 as JDW Sugar Mills. This has grown into Pakistan’s largest and most efficient Sugar milling operations (JDW Sugar Mills). This is the only Sugar Mill in the country, which is supported by its own Sugarcane Plantation (30,000 acres) and Sugar cane research organisation.
The Mills runs an extensive community development programme geared towards increasing yield and profitability of small farmers while also funding education and health initiatives in its area of operations.
The per acre yield of sugarcane in Rahim Yar Khan has doubled due to the Cane Development Program of JDW Sugar Mills. While per acre production cost has been reduced by innovative cultivation and production techniques.
READ MORE: PSMA, 84 sugar mills served show cause notices for cartelization
It’s due to the combined efforts of sugarcane development, farmers’ training, motivating farmers with timely payments, that sucrose recovery in the operating area of JDW Sugar Mills jumped from 8.2 per cent to almost 11 per cent in 2016.
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SBP’s annual profit declines 34% to Rs761 billion
KARACHI: The State Bank of Pakistan (SBP) has announced a sharp decline in net profit by 34 per cent to Rs761 billion in fiscal year 2020/2021 as compared with Rs1,164 billion in the preceding fiscal year.
The Board of Directors of the State Bank of Pakistan on October 26, 2021 approved the Annual Performance Review on the working of the Bank and its subsidiaries and the financial statements for the year ended June 30, 2021, the SBP said on Friday.
FY21 remained a particularly challenging year as the global economy adjusted to the economic and financial challenges posed by the COVID pandemic, including multiple waves of virus outbreak and ensuing containment measures.
Amid such testing times, however; Pakistan’s economy rebounded strongly compared to the previous fiscal year as well as in comparison with the targets set for FY21 at the beginning of the fiscal year.
SBP’s supportive monetary policy stance including quantitative measures to inject liquidity in a timely manner, supplemented by fiscal policy measures, provided a targeted, dynamic and well-coordinated policy response to COVID.
These measures helped address the imminent liquidity and solvency concerns of businesses and households that had been emerging since the virus outbreak in March 2020 and supported the better than anticipated economic performance during the FY21.
The economic growth rebounded to 3.94 percent during the year, well above the target set for the FY21 of 2.1 percent and COVID induced contraction of 0.47 percent in FY20. The inflation also moderated to 8.9 percent in FY21 – well within the target range of 7-9 percent announced by SBP. Similarly other key macro-economic balances including current account, fiscal balance and the country’s foreign reserves improved during the FY21.
SBP’s quantitative measures were well targeted, well diversified across beneficiaries and temporary in nature; and in aggregate provided liquidity support of around 5.0 percent of GDP. To ease off the challenging business environment, SBP swiftly introduced concessional refinance schemes to prevent layoffs (Rozgar Scheme); facilitate healthcare institutions to upscale their facilities (Refinance Scheme to Combat COVID); and encourage firms to undertake long-term investments (under the Temporary Economic Refinance Facility).
Export related procedural requirements were relaxed to counter the limited mobility amidst unfolding national lockdowns and scope for concessionary Export Finance Scheme (EFS) was expanded. In addition, SBP allowed bank’s loan restructuring and loan deferment for firms including SMEs and households.
Furthermore, the anchoring of inflation expectations, despite some upward pressures from supply management issues and surge in international commodity prices, allowed the Monetary Policy Committee (MPC) to keep the policy rate unchanged throughout the year.
The adoption of forward guidance on Monetary Policy by SBP since January 2021 played a major role in reducing short-term policy uncertainty for stakeholders.
Pakistan’s external indicators also improved significantly in FY21 as SBP’s foreign exchange grew more than 40 percent and the country’s current account deficit plummeted to a 10-year low – mainly because of record high worker’s remittances and export receipts.
While market determined exchange rate improved export competitiveness, the financial incentives announced by SBP and the government for remittance processors under the Pakistan Remittance Initiative (PRI) encouraged the use of formal banking channels for remitting funds by emigrants, which paved the way for increasing inward remittance to USD 29.4 billion during the year.
With regards to Payments Infrastructure of the country, SBP undertook major initiatives aimed at financial inclusion, digital on-boarding of customers, enabling remote banking, providing digital modes of investments to customers through banking channels and improving payment systems efficiency.
First, SBP in collaboration with Government and Commercial Banks launched Rohan Digital Account (RDA), allowing non-resident Pakistanis to open and operate bank accounts remotely with banks in Pakistan, invest in Naya Pakistan Certificates (NPCs), stock market, mutual funds, real estate and to purchase cars for their family members.
The initiative was well received by Pakistani diaspora as by end June 2021, USD 1.56 billion have been received via 181,556 RDAs. This influx of foreign exchange has positively supported the country’s balance of payment position. SBP’s second major undertaking in the payments sphere, is the launch of first use case of Raast-a state-of-the-art, interoperable and secure payment platform that enables consumers, merchants and government entities to exchange funds in a seamless, instant and cost-effective manner. Both the developments in the payment systems domain will have a lasting impact on Pakistan’s banking landscape as well as external account.
Financial inclusion remained top strategic priority at SBP, in line with the vision of National Financial Inclusion Strategy. During FY21, SBP’s special focus remained on rural, underserved and unbanked areas, while issuing licenses for opening of new branches of commercial and microfinance banks.
With regards to credit disbursement, SBP had a renewed focus on underserved economic segments, especially housing and construction finance, agriculture finance, and finance for micro, small and medium enterprises.
Moreover, the third five-year strategic plan for the Islamic banking industry was issued by SBP in April 2021 to set a strategic direction and strengthen the existing growth momentum of industry.
With respect to its regulated entities, SBP during FY21 implemented Risk Based Supervision Framework- a forward-looking framework that would allow the SBP to pursue a coherent risk-based approach through proactive identification of risks, and take timely mitigation measures to ensure financial stability in the country.
To achieve its broad strategic goals and strengthen the organizational efficiency, SBP took major initiatives during FY21 aimed at workforce rationalization, attaining gender diversity, automation of process workflows, strengthening cyber security and risk management framework and improving transparency through enhanced communication with external stakeholders.
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OGDCL declares Rs33.63 billion net profit in first quarter
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Friday announced its financial result, posting a profit after tax (PAT) of Rs33.629 billion during the first quarter ended September 30, 2021.
The profit of the company has surged by 44 per cent when compared with the net profit of Rs23.344 billion in the first quarter of the last fiscal year.
The company declared earnings per share at Rs7.82 for the quarter under review as compared with Rs5.43 in the same quarter of the last year.
Alongside the result, the company announced an interim cash dividend of Rs 1.75/share for the first quarter of fiscal year 2021/2022 (Rs 2.00 in 1QFY21).
According to Arif Habib Research, topline clocked-in at Rs71,531 million in 1QFY22 against Rs56,347 million in same period last year (SPLY), up by 27 per cent YoY, on the back of i) a massive 70 per cent YoY jump in oil prices, and ii) 4 per cent YoY growth in oil production. Whereas, gas production plummeted by 10 per cent YoY during the quarter. On a sequential basis, net sales ascended by 14 per cent given 9 per cent QoQ growth in oil prices along 2 per cent QoQ higher oil production.
The exploration costs declined by 23 per cent YoY arriving at Rs 2,283 million in 1QFY22 given dry well (Bago Phulphoto) reported during the quarter compared to three dry wells (Jun-01, Umair North West and Jatoi-01) incurred in SPLY. Whereas on QoQ basis, exploration costs plunged by 65 per cent given two drys (Washuk-01 and Kambir) and higher seismic activity incurred in 4QFY21.
Other income in 1QFY22 settled at Rs 10,878 million versus Rs 5,958 million in SPLY, significantly up 83 per cent YoY, amid exchange gain on foreign currency tagged with higher income from cash and cash balances. Similarly, other income on QoQ basis climbed up by 89 per cent due to USD appreciation against Rs.
The company booked effective taxation at 36 per cent in 1QFY22 vis-à-vis 31 per cent in 1QFY21.
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Gul Ahmed announces 67% growth in quarterly profit
KARACHI: Gul Ahmed Textile Mills Ltd. (GATM) on Friday declared over 67 per cent growth in after tax profit for the quarter ended September 30, 2021.
According to the financial results shared with the Pakistan Stock Exchange, the textile unit declared Rs1.167 billion as profit after tax for the first quarter (July – September) 2021 as compared with profit after tax of Rs697 million in the same quarter of the last fiscal year.
The company declared earnings per share at Rs2.73 for the period under review as compared with Rs1.63 in the same period of the last fiscal year.
The sales of the company increased to Rs24.64 billion during the quarter ended September 30, 2021 as compared with Rs20.32 billion in the same quarter of the last year.
The textile unit declared gross profit at Rs5.04 billion for July-September 2021 as compared with Rs3.69 billion in the corresponding period of the last fiscal year.
The board of directors of Gul Ahmed Textile Mills Limited in its meeting held on October 28, 2021 approved the financial results. The board has not recommended any cash dividend, bonus shares or right shares.
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SCBL posts 17% decline in net profit during nine months
KARACHI: Standard Chartered Bank (Pakistan) Limited (SCBL) on Thursday announced a 17 per cent decline in profit after tax for the nine months period ended September 30, 2021.
The bank declared Rs9.91 billion as profit after tax during January – September 2021 as compared with Rs11.91 billion in the corresponding period of the last year.
The earnings per share of the bank also declined to Rs2.56 for the period under review as compared with Rs3.08 in the same period of the last year.
SCBL in its financial statement said that despite uncertainties surrounding COVID-19, the bank delivered a resilient financial performance with a profit before tax of Rs18.4 billion compared to Rs19.9 billion in the corresponding period last year.
The revenue of the bank fell to Rs26.56 billion during first nine months of the calendar year as compared with Rs32.07 billion in the corresponding months of the last year. The bank said that the revenue was lower by Rs5.5billion primarily due to sharp reduction in interest rates in second quarter of 2020, subdued economic activity and market volatility which impacted foreign exchange income, revaluation income on derivatives and gain on sale of securities.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending with an increase of one per cent compared to same period last year.
Moreover, strong recoveries of bad debts, coupled with lower impairments as a result o a prudent risk approach led to a net release of Rs0.8 billion in year to date September 2021 compared to charge of Rs3.2 billion in the comparative period.
The bank said that all businesses have positive momentum with strong growth in underlying drivers. “This is evident from pickup in net advances, which have grown by 26 per cent since the start of this year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolios,” it added.
On the liabilities side, the bank’s total deposits grew by Rs40 billion, whereas current and saving accounts grew by Rs41 billion since the start of this year and comprise 93 per cent of deposit base.