Pkrevenue.com

Tag: financial results

  • Bank Alfalah announces 21% growth in half year profit

    Bank Alfalah announces 21% growth in half year profit

    KARACHI: Bank Alfalah Limited on Wednesday announced 21 per cent growth in earnings for the half year ended June 30, 2021.

    The net profit of the bank was at Rs7.02 billion for the first half as compared with net profit of Rs5.78 billion in the same half of the last year.

    The bank declared Rs3.94 as earnings per share (EPS) for the first half of 2021 as compared with the EPS of Rs3.25 in the same half of the last year.

    Analysts at Arif Habib Limited said that massive reductions in provisioning and quarterly rise in interest earned contributed to the profitability during the quarter.

    The bank announced a dividend of PKR 2.00/share.

    Net Interest Income of the bank settled at PKR 21.9 billion, decreasing 6 per cent YoY during 1HCY21 while rising 13 per cent QoQ. This quarterly growth could be attributed to volumetric growth.

    NFI increased 15 per cent YoY mainly on the back of Fee income which rose by 35 per cent YoY and Dividend income which increased by 79 per cent YoY. Quarterly jump was on account of 12 per cent jump in fee income and 50 per cent uptick in FX/derivatives income.

    Provisioning expenses for the bank came in at PKR 934 million during 2QCY21 taking total provisioning expenses to PKR 1.15bn during 1HCY21. Overall there has been a 76 per cent YoY reduction in provisioning, which could be due to improved outlook on the asset quality following the rebound in economic activity across the country leading to reversal in general provisioning. However this quarter saw a 4x jump QoQ which was on account of a provisioning charge against an Oil Marketing Company’s exposure as per management.

    Operating expenses rose 11 per cent YoY taking CIR to 58 per cent for 1HCY21 against 52 per cent same period last year (SPLY).

    Effective tax rate clocked in at 39 per cent for 1HCY21 vis-à-vis 42 per cent SPLY.

    SBP issues instructions on third party sales
  • Engro Corp registers 84% net profit in first half

    Engro Corp registers 84% net profit in first half

    Engro Corporation Limited on Tuesday declared 84 per cent increase in after tax profit for the half ended June 30, 2021. The company announced Rs29.11 billion as net profit for first half (January – June) 2021 as compared with Rs15.8 billion in the same half of the last year.

    Engro delivered a strong operational performance in 1H 2021 as its consolidated revenue grew by 30% from PKR 107,163 million in 1H 2020 to PKR 139,319 million in 1H 2021. The Company recorded a consolidated Profit After Tax (PAT) of PKR 29,111 million compared to PKR 15,529 million for the similar period last year.

    Profit attributable to the owners stood at PKR 17,053 million compared to PKR 9,059 million for the prior period, resulting in an Earnings per Share (EPS) of PKR 29.60 compared to PKR 15.73. The growth in bottom line is primarily attributable to increased profits posted by Engro Fertilizers and Engro Polymer & Chemicals.

    On a standalone basis, the Company posted a PAT of PKR 9,683 million against PKR 4,858 million for the same period last year, translating into an EPS of PKR 16.81 per share. The Company announced an interim cash dividend of PKR 7 per share for the second quarter.

    Fertilizers: The country has witnessed a robust agronomic demand in 1H 2021 enabled by favorable farm economics, better farm output prices and enhanced support pricing. Engro Fertilizers (“EFert”) produced 1,070 KT of urea vs. 1,136 KT for the comparative period; the slight decrease in production was on account of a planned turnaround in one of the Plants in Q1.  EFert recorded half yearly urea sales of 1,115 KT vs. 847 KT and phosphate sales of 105 KT vs. 119 KT during the same period last year. As a result, the PAT for EFert stood at PKR 10,509 million for 1H 2021 as compared to PKR 4,457 million in the same period last year.

    Petrochemicals: The first half of the year experienced substantially higher international PVC prices, which rose to an unprecedented level of USD 1,670/T in Q1 2021 due to global supply limitations and increased freight costs. Subsequently, in Q2, the price reduced to USD 1,345/T and was still significantly higher from the historical price levels. Engro Polymer and Chemicals Limited (“EPCL”) announced commercial operations of the new PVC Plant on March 1, 2021, increasing the capacity to 295,000 MT per annum and commercial operations of the new 50 KT VCM de-bottlenecking capacity on June 25, 2021, thus, increasing its capacity to 245,000 MT per annum.

    In 1H 2021, EPCL recorded a revenue of PKR 30,496 million as compared to PKR 12,874 million in the same period last year. EPCL witnessed its highest ever 6-month profit on account of increased volumetric sales, efficient operations, and higher international prices; Engro Polymer posted a PAT of PKR 7,265 million compared to a PAT of PKR 223 million for the same period last year.

    Connectivity: Engro continued to expand its footprint in the Connectivity vertical through Engro Enfrashare, which has now become the country’s largest Independent Tower Company (with 46% market share) in terms of operational sites, serving all Mobile Network Operators in Pakistan. As of June 2021, Enfrashare held a portfolio size of 1,817 operational sites and 1,963 tenancies, translating into a tenancy ratio of 1.08x, with a market share of 46%; an increase of 5% from 41% share maintained in 2020.

    Energy & Power: Sindh Engro Coal Mining Company (“SECMC”) supplied ~2 million tons of coal to Engro Powergen Thar (“EPTL”) during initial half of the year. EPTL remained fully operational and achieved 81% availability with a load factor of 78% and a dispatch of 2,052 GwH to the national grid during the first half of the year. SECMC’s expansion work to enhance its output to 7.6 million tons per annum is in progress.

    Engro Powergen Qadirpur Limited (“EPQL”) operates on permeate gas and is currently facing gas curtailment from the Qadirpur gas field as it continues to deplete. To make up for this shortfall, EPQL’s Plant has been made available on mixed mode. The Plant dispatched a net electrical output of 394 GwH to the national grid, with a load factor of 43% compared to 28.4% during similar period last year. The business posted a PAT of PKR 905 million for the current period as compared to PKR 1,310 million for Q1 2020, which is mainly attributable to the retirement of debt component.

    Terminals: Engro’s Terminal businesses recorded healthy profits in the first half of the year. The LNG terminal handled 35 cargoes, delivering 106 billion cubic feet (bcf) re-gasified LNG to the SSGC network. Moreover, the terminal also successfully completed the berthing and startup of FSRU Sequoia to manage Pakistan’s first ever dry-docking activity. The advent of Sequoia has ensured gas availability for the country while dry-docking of FSRU Exquisite continues at Qatar dockyard.

    The chemicals Terminal had an actual throughput of 638 KT vs. 583 KT during the similar period last year. The increase was primarily observed in chemical volumes, offset by lower LPG handling.

  • PSO posts highest ever annual net profit of Rs29.1bn

    PSO posts highest ever annual net profit of Rs29.1bn

    KARACHI: Pakistan State Oil (PSO) has announced a record breaking gross revenue of Rs1.4 trillion and highest ever profit after tax of Rs29.1 billion for the financial year 2020-2021 (FY21) after a loss after tax of Rs6.5 billion in the preceding year.

    The net profit translated into a healthy earning per share of Rs62.07 vs. loss per share of Rs13.77 in the preceding fiscal year. 

    The announcement came after PSO’s Board of Management (BoM) reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the financial year 2020-21, ended on June 30, 2021, during the meeting held on August 23, 2021 in Islamabad. 

    Based on the outstanding financial and operational performance of the company, the Board of Management has announced a final dividend of Rs 10/- per share (100 per cent) which is in addition to the interim cash dividend of Rs 5/- per share (50 per cent) for financial year 2020-21.

    The dividend for the financial year stands at Rs 15/- per share (150 per cent).

    PRL, a subsidiary of PSO, also reported a profit after tax of Rs 0.94 billion during the year compared to a loss of Rs 7.6 billion in the previous year. On a consolidated basis, the group achieved a profit after tax of Rs 29.6 billion in FY21 compared to loss after tax of Rs 14.8 billion in FY20. 

    The board noted that these results have demonstrated PSO’s agility and strength across its diverse portfolio despite the challenging economic scenario and recurrent waves of the pandemic. PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average.

    The company exhibited an outstanding growth of 21.9 per cent in liquid fuels over last year with volumes reaching 9.2 million tons, attaining a market share of 46.3 per cent in FY21 compared to 44.3 per cent in FY20. PSO also achieved its highest ever volume of 7.6 million tons in the white oil segment despite the shrinking jet fuel and kerosene oil industry, with a market share of 45.2 per cent in FY21 vs. 44 per cent in FY20 i.e. a growth of 120 basis points (bps). 

    PSO set an all-time high record in Motor Gasoline (MoGas) achieving volumes of 3.5 million tons, an increase of 21.2 per cent from FY20, translating into market share of 41.3 per cent vs. 38.7 per cent last year – an increase of 260 bps.

    The company made a strong closing in Hi-Cetane Diesel as well, achieving a volumetric growth of 21.1 per cent vs. industry growth of 17.5 per cent, translating into volumes of 3.7 million tons in FY21. The volumes contributed in regaining market share, bringing it to 47.2 per cent vs. 45.8 per cent in the preceding year i.e. an increase of 140 bps. PSO attained a volumetric growth of 53.2 per cent in black oil with volumes of 1.7 million tons and a market share of 51.7 per cent vs. 46 per cent in FY20. 

    In line with GOP’s clean and green initiative, PSO was the first OMC to upgrade the country’s fuel standard from Euro 2 to Euro 5. The launch of Hi-Octane 97 Euro 5, Premier Euro 5 and Hi-Cetane Diesel Euro 5 proved to be game changers in the industry, bolstering customer’s confidence in PSO’s products.

    Building on its value creation model, the company prioritized high margin products i.e. High-Octane 97 Euro 5 and lubricants adding significant revenues with a volumetric growth of 177.6 per cent and 11.3 per cent respectively compared to last year. PSO’s first EV charging facility – Electro was also launched in Islamabad.

    This performance is also a strong indicator of the change and transformation going on within PSO. With a focus on innovation and technology, PSO continued to enhance its digital capabilities to drive growth and enhance efficiency.

    The company made significant strides on its journey of digital transformation with the launch of Pakistan’s first digitally integrated oil storage & dispatch terminal in Karachi. PSO also became the first public sector entity to launch e-procurement through SAP Ariba. Other automation initiatives included the launch of PSO Sahulat – an online order management system for dealers, Automated Queue Management System for tank-lorries and internal applications for fund management and employees leave management. 

    The company fast tracked infrastructural projects to gain operational efficiency. 174,000 tons of new and rehabilitated storages were added which significantly increase the number of day’s cover of petroleum products. Pipeline links have been completed to connect operational locations with White Oil Pipeline to make product movement safer and more efficient. 71 new vision retail outlets were also added to the company’s footprint. 

    Living up to its promise of keeping the wheels of the nation’s economy in motion and ensuring a seamless supply of fuel, the company imported 4.9 million tons of white oil products, an all-time high since the inception of the company. PSO has also played a pivotal role in the LNG sector. The company entered into another agreement with Qatar Petroleum under G2G arrangement to supply an additional 3 million tons of LNG for a period of 10 years. This contract shall add additional volumes to an already executed 15-year long term sales purchase agreement (SPA), making PSO the largest supplier of LNG in the country with a supply base of 6.75 million tons per annum.

    With the burden of circular debt still large, to improve its balance sheet further, PSO recovered Rs 25.8 billion from the Power Sector along with late payment surcharge income. Reduction in finance cost by Rs. 3.2 billion. (24 per cent) further complemented the profitability of the company.

    PSO issues clarification LNG purchase
  • Meezan Bank declares Rs12.6 billion net profit in 1HCY21

    Meezan Bank declares Rs12.6 billion net profit in 1HCY21

    KARACHI: Meezan Bank Limited has reported a significant increase in its net profit, reaching Rs 12.6 billion for the first half of the calendar year 2021 (January–June). This reflects an 8% growth compared to the Rs 11.7 billion net profit recorded during the same period last year, according to the bank’s financial results announced on Thursday.

    (more…)
  • MCB Bank’s 2QCY21 results above market expectations

    MCB Bank’s 2QCY21 results above market expectations

    KARACHI: MCB Bank on Wednesday announced a profit after tax of Rs7.9 billion for second quarter ended June 30, 2021.

    Analysts at Khadi Ali Shah Bukhari (KASB) said that the result is above estimates and street consensus.

    The deviation is mainly on account of recognition of provisioning reversal worth Rs1.8 billion during the quarter. The result was accompanied with an interim cash dividend of Rs5.0 per share.

    MCB’s profitability increased 12 per cent YoY during second quarter April – June of 2021 attributed to provisioning reversal.

    However, NII declined by 17 per cent YoY as the policy rate remained unchanged during the period under review.

    NFI increased by 46 per cent YoY in 2QCY21 as lockdown restrictions were eased off and economic activity picked up.

    Major support came from 17 per cent YoY jump in fee income that clocked in at PKR 3.0 billion as against PKR 2.5 billion. Additionally, other income increased to PKR 661mn as opposed to PKR 61mn in corresponding period last year.

    Notably, the bank recognized a provisioning reversal of PKR 1.8 billion that resulted in expansion in bottom-line. We expect a similar momentum in coming quarters with lower risk of provisioning as business activity has normalized.

    The bank recorded higher effective tax rate of 45 per cent which we believe is attributed to new taxation measures introduced in Budget FY22. This is in-line with industry’s ETR as banks have shown prudence.

    Additionally, C/I improved to 43 per cent as opposed to 45 per cent in corresponding period last year that lent support to MCB’s profitability.

    We have an Outperform stance on the stock and our target price stands at PKR 220/sh. The stock is trading at a forward P/B of 1.13x and offers a dividend yield of 12 per cent

  • UBL declares Rs7.6 billion profit for second quarter

    UBL declares Rs7.6 billion profit for second quarter

    KARACHI: United Bank Limited (UBL) on Monday announced financial results for second quarter ended June 30, 2021 and announced Rs7.6 billion for the period.

    UBL announced its 2QCY21 result today and posted a profit after tax of PKR 7.6 billion for 2QCY21 translating to an EPS of PKR 6.2, up by 25 per cent YoY.

    The result is above our estimates and street consensus which was Rs5.3 per share and PKR 5.1 share, respectively.

    The deviation is mainly on account of better than expected NIMs at 3.6 per cent and recognition of provisioning reversal worth PKR 441 million during the quarter.

    Consequently, the stock has reacted positively (+2.23 per cent) post announcement of result. The result was accompanied with an interim cash dividend of Rs4.0 per share.

    According to analysis of KASB:

    UBL’s profitability increased 25 per cent YoY during 2QCY21 attributed to i) provisioning reversal and ii) higher NFI. Sequentially, reversal in provisioning expense offset the decline in NIMs by 350bps that translated into flattish earnings on QoQ basis.

    NFI increased by 17 per cent YoY in 2QCY21 on account of 37 per cent YoY jump in fee income that lent support to the bottom-line.

    The bank recorded higher effective tax rate of 45 per cent which we believe is attributed to new taxation measures in Budget FY22.

    Additionally, C/I improved to 44 per cent as opposed to 52 per cent in corresponding period last year that improved UBL’s profitability.

  • AHL declares Rs2.08 billion annual profit

    AHL declares Rs2.08 billion annual profit

    KARACHI: Arif Habib Limited (AHL) on Monday announced Rs2.08 billion as profit for the year ended June 30, 2021.

    The board of directors of the AHL approved the financial results for the year ended June 30, 2021.

    The company also declared a final cash dividend of Rs 10 per share i.e. 100 per cent, and bonus 10 per cent (i.e. 10 shares for every 100 shares held) for the year 2021.

    The company recorded the highest ever revenues in the history of brokerage, investment banking and money markets division; all combined have taken up AHL’s core income by Rs1,398 million.

    The brokerage division witnessed an increase of 132 per cent in revenue against the same period in the previous year.

    Investment Banking’s income increased massively by 633 per cent from Rs155 million to Rs672 million. This increase is attributable to successful completion of equity and debt IPOs.

    The Company’s investment portfolio has yielded healthy realized and unrealized revenue of Rs1,681 million against Rs228 million in the corresponding period.

    Commenting on the results, Shahid Ali Habib, CEO, AHL said: ‘’AHL’s growth momentum is outstanding and in line with our expectations. The phenomenal increase in revenue has been due to stellar performance across all business divisions and high volumes in the market. We foresee similar brokerage and investment banking performance in coming year as the economy grows and focus on capital market development intensifies.” 

    AHL, which led 8 of the 10 IPOs this year, has embarked upon expanding its footprint by establishing presence in other cities and increasing its client base both within Pakistan and abroad, which is expected to reap dividends by its shareholders in the future.

    AHL is pioneering the efforts of opening Roshan Digital Accounts (RDA) for Overseas Pakistanis that is bound to help Pakistan increase foreign investment flows and has maintained an average of 35 per cent of market share since RDA’s introduction in September.

  • Honda Cars posts Rs928 million quarterly profit after tax

    Honda Cars posts Rs928 million quarterly profit after tax

    In a remarkable financial turnaround, Honda Atlas Cars (Pakistan) Limited has announced a profit after tax of Rs928 million for the quarter ended June 30, 2021.

    (more…)
  • PTCL declares 38% growth in net profit for first half

    PTCL declares 38% growth in net profit for first half

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Wednesday announced 38 per cent growth in net profit for the half ended June 30, 2021.

    The telecom company announced Rs3.74 billion as net profit for the period January – June 2021 as compared with Rs2.7 billion in the corresponding half of the last year.

    The company announced 73 paisas as earnings per share for the first half of the year under review as compared with 53 paisas EPS declared in the same half of the last year.

    Revenue of the company increased to Rs38.187 billion for the first half of 2021 as compared with Rs35.33 billion in the same half of the last year.

    The PTCL declared Rs8.69 billion as gross profit for the six months period of the current year as compared with Rs7.32 billion in the same period of the last year.

    Administrative and general expenses of the company increased to Rs3.52 billion as compared with Rs3.16 billion.

    The results have been announced by the Board of Directors of the company in their meeting held on July 14, 2021.

  • PSO announces 5-time increase in net profit for nine-month period

    PSO announces 5-time increase in net profit for nine-month period

    KARACHI: Pakistan State Oil (PSO) has declared five-time increase in net profit for nine-month period ended March 31, 2021. The unprecedented growth may be attributed to reduction in cost of products sold during the period.

    According to financial results for nine-month period ended March 31, 2021 submitted to Pakistan Stock Exchange (PSX), the company announced an amount of Rs18.24 billion during first nine months (July – March) 2020/2021 as compared with profit of Rs3.01 billion in the corresponding period of the last fiscal year.

    The gross sales of the company fell to Rs1,008.7 billion during first nine months of the current fiscal year as compared with Rs1,038.01 billion in the corresponding period of the last fiscal year.

    The cost of products sold significant fell to Rs815.22 billion during July – March of 2020/2021 as compared with Rs867.18 billion in the same period of the last fiscal year.

    PSO declared gross profit of Rs37.7 billion during first nine months of the current fiscal year as compared with Rs20.14 billion in the same period of the last fiscal year.

    Operating cost of the company was remained flat at Rs8.06 billion during first nine months of the current fiscal year as compared with Rs8.07 billion in the same period of the last fiscal year.

    PSO declared earnings per share at Rs38.86 for the nine months period ended March 31, 2021 as compared with Rs6.41 EPS in the same period of the last fiscal year.