KARACHI: K-Electric Limited (KE), the power generating and supply company, on Thursday announced massive 161 per cent growth in net profit for quarter ended September 30, 2021, mainly surge in revenue in the shape of tariff adjustment.
The profit after tax of the KE grew by 161 per cent to Rs2.9 billion for the quarter ended September 30, 2021 as compared with Rs1.11 billion in the same quarter of the last year.
The company announced Rs0.11 as earnings per share (EPS) for the quarter under review as compared with Rs0.04.
The revenue of KE exhibited sharp growth of 33 per cent to Rs114.14 billion for the quarter ended September 30, 2021 as compared with Rs85.55 billion in the same quarter of the last year.
The sales of energy grew by 27 per cent to Rs86.92 billion for the quarter under review as compared with Rs68.40 billion in the same quarter of the last year.
In the head of tariff adjustment, the revenue of the company recorded 58.72 per cent increase to Rs27.22 billion for the quarter ended September 30, 2021 as compared with Rs17.15 billion in the same quarter of the last year.
Cost of sale grew by 36 per cent to Rs97.49 billion as against Rs71.68 billion.
Operating expenses of KE recorded a significant increase to Rs1.81 billion for the quarter ended September 30, 2021 as compared with Rs338 million in the same quarter of the last year.
KARACHI: Pakistan State Oil (PSO) on Thursday announced a massive jump in its quarterly net profit by over 120 per cent for the period ended September 30, 2021.
According to consolidated results, the profit of the company surged to Rs11.53 billion for the quarter ended September 30, 2021, as compared with Rs5.22 billion in the same quarter of the last year.
PSO announced Rs24.93 as earning per share for the quarter ended September 30, 2021 as compared with Rs11.07 in the same quarter of the last year.
The company in its board of management meeting held on October 28, 2021 approved the results and recommended no dividend for the period.
The company posted a gross profit of Rs 22.1 billion with gross margins set at 4.80 per cent in the first quarter of 2021/2022 compared to gross profit of Rs 11.5 billion (4.09 per cent gross margins) in the prior year.
Analysts view noteworthy changes in ex-refinery prices that resulted in inventory gains of around Rs 7 billion in 1QFY22 compared to inventory gains of Rs 1.5 billion in same period last year.
Other operating income decreased by 87 per cent QoQ to Rs 1,786 million in 1QFY22. We believe, absence of Late Payment Surcharge (LPS) resulted in decline in other income.
Meanwhile, finance costs nosedived by 92 per cent QoQ and 27 per cent YoY to Rs 626mn which is owing to lower reliance on short term borrowings and lower interest rates, we view.
The company recorded effective taxation at 32.6 per cent in 1QFY22 compared to 33.0 per cent in 1QFY21.
KARACHI: Pakistan International Airlines, the national flag carrier, on Wednesday declared a loss of Rs42.72 billion during the first nine months (January – September) of 2021.
The losses of the national flag carrier were over Rs40 billion in the same period of the last year.
The board of directors of PIA in its meeting on October 27, 2021, approved the financial results for the period ended September 30, 2021.
The board has not approved any cash dividend, bonus shares, or right shares for the period.
The revenue of the airline significantly declined to Rs49.36 billion during January – September 2021 as compared with Rs74.36 billion in the same period of the last year.
On account of aircraft fuel, the airline has spent Rs13.44 billion during the period under review as compared with Rs18.08 billion in the corresponding period of the last year.
Administrative expenses of PIA reduced to Rs3.97 billion during the first nine months of the current year as compared with Rs4.53 billion in the same period of the last year.
The exchange losses of the company were at Rs5.18 billion for the period under review as compared with Rs7.57 billion.
KARACHI: Pakistan Stock Exchange (PSX) on Wednesday declared Rs151 million as net profit for the first quarter ended September 30, 2021.
The board of directors of the PSX in its meeting held on October 27, 2021 approved the first quarterly financial statements of the exchange for the period ended September 30, 2021.
The board has not recommended any cash dividend, bonus shares, or right shares.
The PSX revenue increased to Rs380.62 million for the quarter ended September 30, 2021 as compared with Rs318 million in the same quarter of the last year.
Under the head of revenue, the listing fee increased to Rs166.64 million as compared with Rs133.59 million. Income from exchange operation surged to Rs180.33 million as against Rs154.61 million. Rental income from investment property grew to Rs13.09 million as compared with Rs12.06 million.
Administrative expenses of the exchange recorded increase to Rs356.85 million during the first quarter ended September 30, 2021 as compared with Rs287.03 million in the same quarter of the last year.
Share of profit from associates recorded a growth of Rs157.14 million as compared with Rs128.81 million.
Basic and diluted earnings per share were remained unchanged at Rs0.19.
United Bank Limited (UBL) has announced a strong financial performance for the first nine months of 2021, with a Profit Before Tax (PBT) of Rs39.3 billion, marking a remarkable 49% year-on-year growth. The bank’s earnings per share (EPS) for the same period stood at Rs. 18.6, a substantial increase from Rs. 13.1 in the corresponding period of 2020.
KARACHI: Philip Morris (Pakistan) Limited on Tuesday announced a 39 per cent decline in its profit after tax for the quarter ended September 30, 2021.
According to financial results shared with the Pakistan Stock Exchange (PSX), the company declared a profit of Rs351 million for the quarter ended September 30, 2021 as compared with the profit of Rs575.56 million in the same quarter of the last year.
The board of directors of Philip Morris (Pakistan) Limited at its meeting held on October 26, 2021 approved the quarterly financial statements of the company for the quarter ended September 30, 2021.
The company declared a net profit of Rs2.07 billion for the nine months period ended September 30, 2021 as compared with Rs1.83 billion in the same period of the last year.
During the nine months ended September 30, 2021, the company’s net turnover stood at Rs12,789 million reflecting an increase of 7.5 per cent versus the same period last year.
During the period, the Company’s contribution to the National Exchequer, in the form of excise duty, sales tax and other government levies, stood at Rs20,449 million (higher by 17.4 per cent compared to the same period last year) reflecting 60.9 per cent of nine months gross turnover.
Unaltered excise rate on cigarettes in June 2021 during Federal Budget 2021/2022 is supporting Government Revenues and added to FBRs record revenue collection.
During the first Quarter ended September 30, 2021 of the ongoing fiscal year 2021/22, the Company’s contribution to the National Exchequer (July’21-Sep’21) in the form of excise duty, sales tax and other Government levies, stood at Rs6,014 million (higher by 22.1 per cent versus prior period).
No change in excise rates also led to consumer price stability of the tax paying cigarette brands, however, the price gap between tax paid and non-tax paid brands remains very significant and non-tax paid brands continue to sell lower than the minimum price for the purposes of levy and collection of federal excise duty of i.e. Rs63 per pack.
We are of the view that Pakistan’s economy which started to gain momentum in the first half of the calendar year, is now facing serious challenges.
The continuing rise of commodity and fuel prices internationally accompanied by a devaluation of the PKR v/s US$ has pushed up the inflation rate.
The country’s economic challenges, therefore, need greater focus by the Government as it has already eroded the purchasing power of the common man.
The management is concerned that the current volatile domestic and international economic environment might have serious consequences for the Company’s operations especially, as it may divert the cigarette consumer to cheaper illicit brands to offset the decline in their income.
KARACHI: Indus Motor Company Limited has reported a remarkable 195% increase in net profit, reaching Rs5.42 billion for the quarter ended September 30, 2021, compared to Rs1.84 billion during the same period last year.
KARACHI: Unilever Pakistan Foods Limited on Monday announced a sharp growth of 55 per cent in net profit for the quarter ended September 30, 2021. The company made a profit of Rs1.19 billion for the quarter July – September 2021 as compared with Rs767 million in the same quarter of the last year.
The company declared Rs187.08 as earnings per share (EPS) for the quarter under review as compared with EPS of Rs120.52 in the same quarter of the last year.
The board of directors of Unilever Pakistan Foods Limited in its meeting held on October 25, 2021 approved the un-audited condensed interim financial information for the nine months ended September 30, 2021.
The after tax profit for nine months period ended September 30, 2021 has also surged by 45 per cent. The company announced the net profit of Rs3.61 billion during January – September 2021 as compared with Rs2.49 billion in the same period of the last year.
The company announced Rs567.20 EPS for the period under review as compared with Rs391.53 in the same period of the last year.
The company said that sales grew by 28 per cent on the back of strong fundamentals i.e. brand equity, wider reach and effective spending on advertisement and promotion.
The growth was broad based with both retail business and food solution delivering strong result of easing lockdowns.
Gross margin increased by 1.23 per cent to 43.69 per cent versus same period last year, through a combination of pricing, better cost absorption and a rigorous savings agenda.
EPS increased by 45 per cent versus the same period last year driven by growth, margin improvement and tax credits pertaining to capital expenditure.
About the future outlook of the country, the company said that Pakistan’s economy has shown resilience in the face of global COVID-19 pandemic, witnessing GDP growth of 3.94 per cent in fiscal year 2021 as a result of timely monetary and fiscal measures.
This was supported by a nation-wide vaccination drive which has, so far, played an important role in successfully fighting COVID. With restriction easing out further, commercial activity expected to return to pre-covid levels.
“However, rising global commodity prices and energy costs coupled with sharp rupee devaluation is expected to further aggravate the inflationary headwinds which in turn, may have significant implications on the economic activity in the country,” the company said.
“In such challenging times, the management remains committed to navigate by leveraging the power of our brands and our global and local expertise to drive efficiencies within the value chain. We will continue our efforts on providing value to our consumers to meet their daily needs and on delivering competitive, consistent, responsible, and profitable growth benefitting all stakeholders.”
KARACHI: Pakistan Petroleum Limited (PPL) has announced 18 per cent growth in net profit of the first quarter ended September 30, 2021.
The company announced profit after tax of Rs16.86 billion during the first quarter (July – September) of the current fiscal year as compared with Rs14.32 billion in the corresponding period of the last fiscal year.
PPL announced earnings per share at Rs6.2 for the quarter under review as compared with Rs5.26 EPS in the same quarter of the last year.
The board of directors of the company at its meeting held on Monday approved the unconsolidated and consolidated financial statements for the first quarter ended September 30, 2021.
The company declared revenue growth to Rs43.59 billion during the first quarter of the current fiscal year as compared with Rs39.32 billion in the same quarter of the last fiscal year.
Operating expenses of the company also grew to Rs10.43 billion as compared with Rs9.4 billion.
Under the head of royalties and other levies, the company paid an amount of Rs6.43 billion during the first quarter of the current fiscal year as compared with Rs5.95 billion in the same period of the last year.
The exploration expenses of the company increased to Rs4.86 billion during the quarter of July – September 2021 as compared with 2.29 billion in the same period of the last year.
KARACHI: Bank Alfalah Limited on Monday declared Rs10.48 billion as after tax profit for nine months period ended September 30, 2021 as compared with Rs8.33 billion in the corresponding period of the last year, showing an increase of 26 per cent.
The bank declared earnings per share of Rs5.9 for the period under review as compared with Rs4.69 EPS in the same period of the last year.
Net interest income (NII) remained flat on YoY basis in January – September 2021 with solid deposit growth offsetting the impact of reduction in the benchmark rate by the Central Bank to support businesses during the pandemic.
Non-markup income stood at Rs11.589 billion, up by 15.6 per cent. This is mainly attributable to the increase in fee income (25 per cent YoY), dividend income (65 per cent YoY) and gain on derivatives.
Growth in fee income was on the back of exceptional home remittance and trade flows, combined credit and debit card spending, and strong growth in auto and home lending.
Administrative expense during the nine months increased by 13.7 per cent YoY. Branch network expansion, with the addition of 19 branches during the year, marketing campaigns to support RDA and home remittance, and investment in technology led to an increase in costs.
It is worth highlighting Bank Alfalah ranks amongst the top 5 banks in the Roshan Digital Account (RDA) space, with more than 10 per cent market share, also it is among the top three home remittance processing banks in the country under PRI initiative. Resultantly, cost to income ratio of the Bank surge to 58.5 per cent in the nine-month period ended September 30, 2021 from 52.6 per cent in the same period of the last year.
During the first nine months of the current financial year, the bank booked provisions of Rs1.419 billion which include subjective downgrades. The Bank’s non-performing loans ratio improved to 3.7 per cent as compared to 4.3 per cent as at December 31, 2020, while the Non-Performing Loan (NPL) coverage ratio is 101 per cent.
The Bank’s deposits closed at Rs 1.036 trillion at the end of Q3CY21, with YoY growth of 26.3 per cent compared to Q3’20. The increase was mainly due to the strong growth of 23.3 per cent in current accounts, which clocked in at Rs464.980 billion at quarter end. CA mix was recorded at 44.9 per cent.
The bank’s advances book grew by 28.9 per cent YoY compared to September 2020. Part of this growth is government backed schemes for economic relief. At period end, the Bank’s gross advances to deposits ratio stood at 64.8 per cent, above the 50 per cent mark on which higher income tax rate becomes applicable.
