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Tag: financial results

  • PIA declares Rs39.85bn loss for nine-month period as revenue declines sharply

    PIA declares Rs39.85bn loss for nine-month period as revenue declines sharply

    KARACHI: Pakistan International Airlines (PIA) has declared net loss of Rs39.85 billion for the nine-month period ended on September 30, 2020, which is mainly attributed to 31 percent decline in total revenue.

    According to financial results submitted to Pakistan Stock Exchange, the net losses of the national flag carrier slightly contracted when compared with the net loss of Rs41.98 billion in nine-month period ended September 30, 2019.

    The cost of sales of the company fell to Rs74.43 billion during the period January – September 2020 as compared with Rs102.62 billion in the same period of the last fiscal year.

    Administrative expenses of the airline fell to Rs4.52 billion during nine-month period ended September 30, 2020 as compared with Rs4.99 billion in the corresponding period of the last fiscal year.

    However, operational losses of the PIA increased sharply to Rs8.7 billion during the period under review as compared with Rs4.85 billion for the nine-month period ended September 30, 2019.

    The PIA suffered an amount of Rs7.57 billion as exchange losses during the period. The company witnessed a loss of Rs11.60 billion as exchange loss in nine-month period of the last year.

  • State Bank’s annual profit surges to historic high of Rs1.16 trillion

    State Bank’s annual profit surges to historic high of Rs1.16 trillion

    KARACHI: The State Bank of Pakistan (SBP) has declared profit of Rs1.16 trillion, the highest profit in the history of the bank, for the year ended June 30, 2020.

    The SBP in performance report issued on Thursday said that the stability in the exchange rate allowed SBP to return to profitability after incurring loss in the preceding year. The SBP recorded a loss of Rs846 million for the year ended June 30, 2019.

    “The profit so earned by the SBP in the year ended June 30, 2020 is highest in its history.”

    The high interest rate prevalent in the first three quarters of the year allowed the central bank to accrue significant amount of interest income from the interest sensitive assets, particularly lending to the Government and income from the Bank’s open market operations.

    Further, during the year, the liquidity mopping up operations were relatively on reduced scale and hence the interest expense registered a substantial decline.

    The total assets stood at Rs.12,273 billion as at June 30, 2020 as compared to Rs.11,467 billion on June 30, 2019, registering an increase of Rs.806 billion primarily due to increase in foreign currency accounts and investments.

    Similarly, the total liabilities of the bank stood at Rs.11,219 billion as at June 30, 2020 as compared to Rs.10,761 billion as at June 30, 2019, registering an increase of Rs.458 billion. This rise was primarily led by increase in currency in circulation.

    SBP introduced certain interest free/subsidized refinancing schemes during COVID-19 pandemic. As per the requirements of IFRS-9, the subsidized loans are required to be recorded at fair value.

    Accordingly, an amount of Rs.4,194 million has been recognized as fair valuation adjustment against these loans. This fair valuation adjustment will be amortized and recorded as income over the period of loans.

  • National Bank declares 110 percent growth in quarterly profit

    National Bank declares 110 percent growth in quarterly profit

    KARACHI: National Bank of Pakistan (NBP) on Tuesday declared massive growth in after tax profit by 110 percent to Rs11 billion for quarter ended September 30, 2020.

    According to financial result, the sharp increase in profitability may be attributed to significant rise in gain securities. The bank’s gain on securities increased to Rs3.59 billion for the quarter ended September 30, 2020 as compared with Rs250 million in the same quarter of the last year.

    The net interest income of the bank increased by 71.58 percent to Rs31.4 billion for the quarter ended September 30, 2020 as compared with Rs18.3 billion in the same quarter of the last year.

    The total income of the bank jumped up by 58.86 percent percent to Rs40.78 billion for the quarter under review as compared with Rs25.67 billion in the same period of the last year.

    Operating expenses of the bank increased to Rs15.45 billion for the quarter ended September 30, 2020 as compared with Rs13.43 billion in the same period of the last year, showing growth of 15.04 percent.

    The NBP paid Rs7.67 billion as tax for the period under review as compared with Rs3.4 billion in the corresponding quarter of the last year, showing an increase of 126 percent.

  • Gul Ahmed Textile Mills declares 64.35 percent quarterly growth in net profit

    Gul Ahmed Textile Mills declares 64.35 percent quarterly growth in net profit

    KARACHI: Gul Ahmed Textile Mills Limited has reported a remarkable profit growth of 64.35 percent after tax for the quarter ended September 30, 2020.

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  • UBL makes Rs5.45 billion quarterly provisioning, write-offs

    UBL makes Rs5.45 billion quarterly provisioning, write-offs

    KARACHI: High provisioning and write-offs of Rs5.45 billion has resulted in decline of after tax profit declared by United Bank Limited (UBL)

    UBL submitted its financial results to Pakistan Stock Exchange (PSX) on Monday and declared 4.11 percent decline in after tax profit to Rs4.66 billion for the quarter ended September 30, 2020 as compared with the profit of Rs4.86 billion in the corresponding quarter of the last year.

    Major reason in decline of profit may be attributed to higher amount of provisioning and write-offs.

    The provisioning and write-offs were at Rs5.45 billion for the quarter ended September 30, 2020 as compared with Rs1.99 billion in the corresponding quarter of the last year.

    Net mark up / interest income of the bank increased to Rs19.09 billion for the quarter under review as compared with Rs15.42 billion in the same quarter of the last year.

    Total income of the bank surged to Rs23.19 billion for the quarter ended September 30, 2020 as compared with Rs20.5 billion in the same period of the last year.

    Expenses of the bank were flat at Rs10.09 billion as compared with Rs10.2 billion in the same period of the last year.

    The bank paid tax to the tune of Rs2.97 billion for the quarter ended September 30, 2020 as compared with Rs3.44 billion in the same period of the last year.

  • 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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