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Tag: financial results

  • Engro Fertilizers announces 112 percent growth in quarterly profit

    Engro Fertilizers announces 112 percent growth in quarterly profit

    KARACHI: Engro Fertilizers Limited has recorded massive growth of around 112 percent for the quarter ended September 30, 2020 owing to increase in sales and lower payment of taxes.

    In its financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the company announced profit after tax of Rs7.03 billion for the quarter ended September 30, 2020 as compared with Rs3.32 billion in the same quarter of the last year.

    The sales of the company registered 38 percent growth to Rs37.43 billion for the quarter under review as compared with Rs27.1 billion in the same quarter of the last year.

    The payment of tax by the company was Rs169.36 million for the quarter ended September 30, 2020 as compared with the tax payment of Rs2.65 billion in the same quarter of the last year.

    The gross profit of the company was at Rs10.84 billion for the quarter under review as compared with Rs8.84 billion in the same quarter last year.

    Administrative expenses of the company increased to Rs514.67 million for the quarter ended September 30, 2020 as compared with Rs296.36 million in the corresponding quarter of the last year.

    The company announced earnings per share of Rs5.27 for the quarter under review as compared with EPS of Rs2.49 in the same quarter of the last year.

  • Meezan Bank declares healthy profit of 65 percent in nine months

    Meezan Bank declares healthy profit of 65 percent in nine months

    KARACHI: Meezan Bank Limited on Tuesday announced healthy profit of 65 percent for nine-month period ended September 30, 2020.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the bank declared profit after tax of Rs18 billion for the nine-month period ended September 30, 2020 as compared with Rs10.94 billion in the corresponding period of the last year.

    The bank also declared earnings per share of Rs12.78 for the period under review as compared with Rs7.73 in the corresponding period of the last year.

    Total income of the bank registered 43 percent increase to Rs56.92 billion during the period as compared with Rs39.88 billion in the same period of the last year.

    Operating expenses of the bank grew by 22.43 percent to Rs21.88 billion for the period ended September 2020 as compared with Rs17.87 billion in the same period of the last year.

    The gross profit of the bank witnessed a growth of 58 percent to Rs30 billion for the nine-month period as compared with Rs19 billion in the same period of the last year.

    Alongside result, the bank announced a cash dividend of Rs4.0 share.

    Analysts at Topline said that the result came in higher than our expectations due to lower than expected profit expensed on deposits, which is most likely driven by continued focus on Current Account growth and possible re-pricing of maturing Term Deposits.

    Profit earned on assets depicted a decline of 9 percent Quarter on Quarter (QoQ). Along with lower interest rates, 1 percent QoQ decline in industry loans amidst slowdown in economic activity has been the cause of the decline.

    Profit expensed on deposits substantially declined by 22 percent QoQ amidst re-pricing of liabilities to lower interest/profit rates, where non applicability of Minimum Deposit Rate (MDR) on Islamic banks would have also contributed.

    As a result, Net Spread Earned declined by just 1 percent QoQ.

    Other Income showed resurgence with a jump of 17 percent QoQ driven by increase in Fee Income growth of 49 percent QoQ as branch operation resumed after lifting of COVID-19 lockdown.

    Despite the branch expansion strategy, other expenses were kept in check (down 0.1 percent QoQ). Cost to Income for the quarter stood at 40 percent.

  • OGDCL declares over 15 percent decline in annual profit

    OGDCL declares over 15 percent decline in annual profit

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Monday announce financial results and declared over 15 percent decline in annual profit mainly because of lower sales during the year.

    In its financial results submitted to Pakistan Stock Exchange (PSX), the company declared Rs100 billion after tax profit for the year ended June 30, 2020 as compared with Rs118.38 billion in the preceding financial year, showing a decline of 15.52 percent.

    The earnings per share also fell to Rs23.27 for the year 2020 as against EPS of 27.53 a year ago.

    The company declared net sales of Rs244.85 billion for the year ended June 30, 2020 as compared with Rs261.48 billion a year ago.

    According to Topline Securities, the company in FY20 recorded average net crude oil production of 36,073 bpd, average net gas production of 893 MMcfd, average net LPG production of 739 MTPD and average net Sulphur production of 54 MTPD.

    Twenty-five wells were spud, comprising of fifteen exploratory/appraisal, five development and five re-entry/side track wells in FY20.

    Average net realized price of oil was US$46.76/barrel during FY20 as against US$58.74/barrel last year.

    Net realized price for natural gas was Rs393.32 per mmcf as against Rs337.66 per mmcf last year.

    The company has recognized 8 dry wells in FY20 compared to 2 wells in FY19.

     The company expects FY21 capex target at Rs55bn, targeting 45 wells herein exploratory wells are 31.

    Nashpa production stats are likely to sustain over 2 years at 15-16k bopd.

    The company is also evaluating ENI assets in Pakistan. To recall, ENI is planning to sell its assets in Pakistan.

    The company is all set to bid for new blocks which are expected to be auction by this year end.

    OGDC has received Rs6.5bn from Uch Power Private Limited, from the disbursements under the Pakistan Energy Sukuk-II.

    In addition, the Company has also received some payments from SSGC and SNGP with average collection standing at around 70 percent.

    Operating expenses of the company remained inflated in 4QFY20 due to year-end factors like some non-cash expenses and pension costs re-evaluation.

    The effective tax rate clocked in at 30 percent in FY20 vs. 33 percent in FY19 due to absence of Super Tax.

  • PSO declares annual loss of Rs6.46 billion

    PSO declares annual loss of Rs6.46 billion

    KARACHI: Pakistan State Oil Company Limited (PSO) on Tuesday declared Rs6.46 billion loss for the year ended June 30, 2020, according to financial results of the company submitted to Pakistan Stock Exchange (PSX).

    The company posted Rs10.56 billion after tax profit for the year ended June 30, 2019.

    The company recorded sales of Rs1,108 billion for the year under review as compared with sales of Rs1,154.3 billion in the preceding year.

    The gross profit of the company fell to Rs12.22 billion for the year ended June 30, 2020 as compared with the profit of Rs36 billion in the preceding year.

    The operating costs of the company fell to Rs14.68 billion for the year ended June 30, 2020 as compared with Rs17.1 billion in the preceding year.

    The PSO declared Rs13.77 loss per share for the year under review as compared with Rs22.55 earning per share during the preceding year.

  • Pak Suzuki declares half year loss of Rs2.46 billion

    Pak Suzuki declares half year loss of Rs2.46 billion

    KARACHI: Pak Suzuki Motor Company Limited has reported a significant loss of Rs2.46 billion for the first half of 2020 (January to June), as per the financial results submitted to the Pakistan Stock Exchange (PSX) on Wednesday. This represents a 61.44 percent increase in losses compared to the Rs1.52 billion loss recorded in the same period last year.

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  • K-Electric declares 48 percent decline in profit after tax payment of Rs2.02 billion

    K-Electric declares 48 percent decline in profit after tax payment of Rs2.02 billion

    K-Electric, the primary electric power supplier for Karachi, reported a significant reduction in net profits due to an increased tax burden during the first half of the fiscal year 2019/2020.

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  • HBL announces 287 percent surge in half year profit

    HBL announces 287 percent surge in half year profit

    KARACHI: Habib Bank Limited (HBL) on Friday declared massive increase of 287 percent in half-year profit tax for the period ended June 30, 2020.

    The bank, one of the largest bank in Pakistan, declared Rs15.188 billion profit after tax for the period January 01 to June 30, 2020 as compared with Rs3.927 billion in the same period of the last fiscal year.

    The bank also declared earning per share of Rs10.32 for the period under review as compared with EPS Rs2.53 declared in the same period of the last year.

    The net mark-up income/interest income of the bank surged by 32 percent to Rs63.075 billion during first half for the period ended June 30, 2020. The bank declared Rs47.7 net interest income in the same period of the last year.

    The bank also paid income tax amounting Rs10.64 billion during January – June 2020 as compared with Rs5.96 billion in the corresponding period of the last fiscal year.

    The HBL declared Rs11.08 billion net profit for the quarter April – June 2020 as compared with Rs749 million declared in the same quarter of the last year.

    Net interest income of the bank increased to massive Rs10.86 billion during the quarter under review as compared with Rs1.3 billion in the corresponding period of the last year.

  • Honda Cars declares 82 percent decline in annual profit

    Honda Cars declares 82 percent decline in annual profit

    KARACHI: Honda Atlas Cars (Pakistan) Limited has posted 82 percent decline in annual profit for the period ended March 31, 2020, said a notification on Tuesday.

    The car manufacturing company declared Rs682 million profit after tax for the year ended March 31, 2020 as compared with Rs3.85 billion in the preceding year.

    The sales of the company fell by 42 percent to Rs55 billion for the year ended March 31, 2020 as compared with Rs95.13 billion in the preceding year.

    The administrative expenses were flat at Rs738.75 million for the year. Operating expenses were also reduced to Rs1.045 billion for the year under review.

    The company declared Rs4.77 as earning per share for the year ended March 31, 2020 as against Rs26.97 EPS declared in the preceding year.

  • PIA declares Rs56 billion after tax annual loss

    PIA declares Rs56 billion after tax annual loss

    KARACHI: The national flag carrier, Pakistan International Airline, has declared after tax loss of Rs56 billion for the year 2019, according to financial results submitted to Pakistan Stock Exchange (PSX) on Monday.

    The national flag carrier managed to reduce the annual loss by Rs10.66 billion from last year’s loss of Rs66.66 billion.

    The net revenue of the airline increased by around 40 percent to Rs164.64 billion in 2019 as compared with Rs118 billion in the preceding year.

    The cost of services including, cost of fuel, increased to Rs152 billion in 2019 as compared with Rs132.79 billion in the preceding year.

    The airline manage to post gross profit of Rs12.65 billion for the year 2019 as compared with around Rs15 billion loss in the previous year.

    The distribution costs of the airline increased to Rs7.33 billion from Rs6.3 billion. Administrative expenses of the airline also increased to Rs11.3 billion from Rs10.47 billion.

    The airline incurred losses to the tune of Rs11.69 billion due to depreciation of rupee. The exchange loss was Rs15 billion in the last year.

  • Meezan Bank maintains deposit base at Rs928 billion

    Meezan Bank maintains deposit base at Rs928 billion

    KARACHI: The Board of Directors of Meezan Bank in its meeting, held on May 05, 2020 approved the financial statements of the Bank for the quarter ended on March 31, 2020.

    The meeting was presided by Riyadh S.A. A. Edrees – Chairman of the Board; Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.

    The bank maintained its deposit base at Rs 928 billion with market share of more than 6 percent in the banking industry. Meezan Bank is the 6th largest bank in Pakistan with a network of 774 branches in 231 cities, complimented with a comprehensive array of digital services, including Internet Banking, Mobile App and other Alternate Distribution Channels for delivery of seamless Shariah-compliant banking services to its customers across Pakistan and around the globe.

    The bank’s net spread grew by 66 percent primarily due to higher volume of average earning assets and higher underlying Policy Rate while the Bank’s non-funded income grew by 64 percent mainly due to higher foreign exchange income and gain on sale of securities of Rs 680 million.

    Administrative and other operating expenses increased to Rs 7.1 billion from Rs 5.5 billion in corresponding period last year primarily due to costs associated with opening of 98 new branches since March 2019.

    The bank’s financing portfolio decreased slightly from December 2019 mainly due to overall slowdown in economic activity and repayment of seasonal financing. Recognizing stresses in certain sectors of the economy due to the COVID -19 outbreak, an additional General Provision of Rs 1 billion was approved by the Board against any potential non-performing financings, bringing the Bank’s non-performing financings coverage ratio to 147 percent – the highest in the banking industry while its infection ratio, at less than 2 percent is one of the lowest in the industry.

    The bank has taken several initiatives to safeguard the health of its employees, their families and its customers during the current pandemic, including activation of Business Continuity Plans, deployment of almost 70 percent Head Office staff to work from alternate sites or from the safety of their homes and mandatory use of face masks at all times in all its premises so as to minimize the risk of exposure to the disease.