Pkrevenue.com

Tag: financial results

  • Engro Corp declares Rs5.94 billion after tax quarterly profit

    Engro Corp declares Rs5.94 billion after tax quarterly profit

    KARACHI: Engro Corporation has declared profit after tax at Rs5.94 billion for the quarter ended March 31, 2020. The after tax profit fell by nine percent when compared with Rs6.56 billion in the same quarter last year.

    Engro’s consolidated revenue grew by 11 percent in comparison to the prior period, mainly driven by energy projects in Thar coming online during July 2019 and offset by lower turnover of Fertilizers and Petrochemicals businesses.

    Profit attributable to the owners was recorded at Rs3,317 million compared to Rs4,010 million for the prior period.

    On a standalone basis, the Company posted a profit after tax of Rs780 million against Rs3.832 billion for the same period last year, translating into an earning per share of Rs1.35 per share.

    This decrease is primarily attributed to delays in receipts of dividends from subsidiaries as their Annual General Meetings (AGMs) have been postponed on account of the COVID-19 lockdown.

    This is, therefore, a temporary timing difference between quarters and not reflective of underlying performance of the Company.

    The company announced an interim cash dividend of Rs6 per share for the first quarter. Like in the past, the Board has endeavored to maximize dividends on a quarterly basis, however, the future dividends for the year would be based upon prevailing situation and earnings for the year.

    The portfolio of Engro Corporation is resilient in these difficult times and the Company remains confident that despite challenging circumstances, it will be able to maintain a healthy performance in upcoming quarters.

  • Philip Morris declares Rs2 billion after tax loss

    Philip Morris declares Rs2 billion after tax loss

    KARACHI: Philip Morris Pakistan, the leading cigarette manufacturer in the country, has declared after tax loss of around Rs2 billion for year ended December 31, 2019.

    The losses have been mainly attributed to Rs2.44 billion operating losses, the company said on Monday.

    Philip Morris Pakistan is a Pakistani tobacco manufacturing company, which is a subsidiary of Philip Morris International, has declared loss after tax of Rs1.98 billion for the year 2019 as compared with profit of Rs543 million in the preceding year.

    The company declared loss per share of Rs32.15 for the year under review as compared with earnings per share of Rs1.68 in the year 2018.

    The company recorded an operating loss before tax of Rs2.44 billion for the year ended December 31, 2019 compared with an operating profit before tax of Rs640 million in 2018.

    The operating loss before tax was mainly due to management decision to reorganize its operational footprint by closing its factory in Kotri, which was essential to ensure long term sustainability of the business in Pakistan considering the unpredictable fiscal environment.

    The company further said that excluding the one off impairment / employees separation costs which was a result of the closure of the Kotri factor and GLT Voluntary Separation Scheme, the company would have recorded an operating profit before tax of Rs357 million for the year ended December 31, 2019 instead of operating loss before tax.

    The company declared net turnover of Rs13.33 billion for the year as compared with Rs16.199 billion in the year 2018.

    The company declared gross profit of Rs4.19 billion in the year 2019 as compared with Rs6.02 billion in the preceding year.

  • Standard Chartered Pakistan announces 42.5% growth in after tax profit

    Standard Chartered Pakistan announces 42.5% growth in after tax profit

    KARACHI: Standard Chartered Bank Pakistan has declared massive growth of 42.5 percent in after tax profit for the year ended December 31, 2019.

    The bank declared Rs16.017 billion profit after tax for the year 2019 as compared with Rs11.239 billion in the last year.

    The bank also declared earnings per share at Rs4.14 as compared with Rs2.9 billion in the last year.

    The profit before tax was recorded at Rs27.199 billion for the year 2019.

    The bank in its annual report said that a record performance in 2019 by the bank enabled it to deliver a profit before tax of Rs27.2 billion. “This is 47 percent higher than the corresponding period last year and the highest profit since incorporation.”

    Overall revenue growth was 37 percent, whereas client revenue increased by 31 percent year on year with positive contributions from transaction banking, financial markets and retail products.

    Operating expenses increased by only 2 percent year on year on account of spending mainly on the bank’s products, services and people to grow the franchise.

    All businesses have positive momentum in client income with strong growth in underlying drivers.

    Momentum in advances (net) continues with 29 percent growth since the start of the year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios.

    With diversified product base, the Bank is well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by 10 percent, whereas current and saving accounts grew by 8 percent since the start of this year and are now 93 percent of the deposits base.

    The optimal funding structure of the balance sheet continues to support the Bank’s performance. During 2019, the bank contributed around Rs18.6 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.

    The bank continues to invest in its digital capabilities and infrastructure to enhance our clients’ banking experience through the introduction of innovative solutions.

    “We have made steady progress in further strengthening our control and compliance environment by focusing on our people, culture and systems. We are fully committed to sustained growth by consistently focusing on our clients and product suite along with a prudent approach to building the balance sheet while bringing the best in class services to our customers.”

  • NBP announces 21% decline in after tax profit

    NBP announces 21% decline in after tax profit

    KARACHI: National Bank of Pakistan (NBP) on Friday announced 21 percent decline in its annual profit for period ended December 31, 2019. The bank declared Rs15.8 billion after tax profit for the year 2019 as cmopared with Rs20.01 billion in the last year.

    According to unconsolidated profit and loss account, the bank declared basic earnings per share at Rs7.43 for the year 2019 as it was Rs9.41 EPS in 2018.

    The net interest income of the bank rose by 18.53 percent to Rs71.9 billion for the period ended December 31, 2019 as compared with Rs60.66 billion a year ago. Non-mark up income of the bank was flat at Rs36.19 bllion when comared with Rs36.246 billion a year ago.

    The operating expenses of the NBP increased by 18.02 percent to Rs65.725 billion when compared with Rs55.687 billion.

    The provisioning for write-offs increased by 26.1 percent to Rs14.25 billion in 2019 as compared with Rs11.3 billion a year ago.

    The tax payment of the bank also increased by 26.22 percent to Rs12.193 billion for the year ended December 31, 2019 as compared with Rs9.66 billion in 2018.

  • Pakistan Stock Exchange declares 132% surge in net profit for first half

    Pakistan Stock Exchange declares 132% surge in net profit for first half

    KARACHI: The net profit of Pakistan Stock Exchange (PSX) has surged by 132 percent during six-month period ended December 31, 2019.

    The stock exchange announced its half year results for the period ended December 31, 2019 on Wednesday.

    The net profit of the market increased to Rs120.5 million during July – December 2019 as compared with Rs51.88 million in the corresponding period of the last year.

    It declared basic and diluted earnings per share at Re0.15 for the first half under review as compared with EPS of Re0.06 in the same half of the last year.

    Revenue under licensing fee increased to Rs201 million during July – December 2019 as compared with Rs169.87 million in the same period of the last year.

    Mark-up/interest income of the market increased to Rs78.66 million as compared with Rs62.82 million in the same period of the last year.

    Administrative expenses of the stock market slightly reduced to Rs559.21 million in first half of the current fiscal year as compared with Rs578 million in the corresponding half of the last fiscal year.

    The PSX received Rs185.83 million as income from share of profit from associates during six months period ended December 31, 2019.

  • OGDCL declares fall in net profit to Rs53.18 billion during six months

    OGDCL declares fall in net profit to Rs53.18 billion during six months

    KARACHI: The net profit of Oil and Gas Development Company Limited (OGDCL) fell to Rs53.184 billion for the six-month period ended December 31, 2019.

    According to financial results for the six-month period ended December 31, 2019 announced on Wednesday, the after tax profit for the same period in last year was Rs56.75 billion.

    The company declared earnings per share at Rs12.37 for the period, which was also declined when compared with Rs13.20 EPS declared in the same period of the last year.

    The net sales of the company increased to Rs133.44 billion for six months period ended December 31, 2019 as compared with Rs126.89 billion in the same period of the last year.

    Operating expenses of the company increased to Rs30.55 billion for the period under review as compared with Rs29.63 billion in the corresponding half of the last year.

    The exploration and prospecting expenditure increased to Rs10.42 billion as compared with Rs4.48 billion in the corresponding period of the last year.

  • Pakistan Petroleum declares 21% decline in half year profit

    Pakistan Petroleum declares 21% decline in half year profit

    KARACHI: Pakistan Petroleum Limited (PPL) has announced 21 percent decline in after tax profit for half-year period ended on December 31, 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Tuesday, the company declared net profit of Rs24.55 billion for the half year ended December 31, 2019 as compared with Rs31.04 billion in the same half of the last year.

    The company declared earnings per share of Rs9.02 for half year ended December 31, 2019 as compared with Rs11.41 in the corresponding period of the last year.

    The decline in profit has been mainly attributed to higher operating expenses and higher exploration expenses.

    The operating expenses of the company increased to Rs21.34 billion for the period under review as compared with Rs19.45 billion in the half-year period ended December 31, 2018.

    Similarly, exploration expenses grew to Rs11.74 billion for the half-year period ended December 31, 2019 as compared with Rs7.99 billion in the corresponding half of the last year.

    The company declared decline of profit by 39 percent to Rs10.31 billion for quarter ended December 31, 2019 as compared with Rs16.85 billion in the same quarter of the last year.

    Analysts at Topline Securities said that PPL’s reported lower than expected earnings during the outgoing quarter. This deviation from our estimates was mainly on account of higher than expected exploration expenses. Increase of 106 percent was seen YoY while on quarterly basis they increased by a massive 197 percent.

    PPL’s revenue grew by 7 percent YoY in 2QFY20, despite a decline of 3 percent in oil production and a 12 percent decline in gas production, the analysts said.

    Oil prices for the period didn’t fare well either declining 6 percent YoY for 2QFY20. The favorable exchange rate movement YoY was enough to post growth for the period under review YoY.

  • Engro Corp declares 32% revenue growth

    Engro Corp declares 32% revenue growth

    KARACHI: Engro Corporation has posted consolidated annual revenue growth of 32 percent for the period ended December 31, 2019 as compared with the revenue of the last year.

    The significant growth in revenue mainly driven by energy projects in Thar coming online during July 2019 and augmented by higher turnover of Fertilizers and Petrochemicals businesses, a statement said on Friday.

    The Company posted a consolidated profit after tax (PAT) of Rs30.288 billion compared to Rs23.632 billion for last year. Profit attributable to the owners was recorded at Rs16.533 billion compared to Rs12.708 billion for last year.

    This growth in profitability is after accounting for a provision of Rs1.224 billion relating to impairment of the Company’s investment in FrieslandCampina Engro Pakistan Limited, under the requirements of International Accounting Standard 36 (Impairment of Assets).

    On a standalone basis, the Company posted a PAT of Rs14.303 billion against Rs12.720 billion for the comparative year, translating into earnings per share of Rs24.83 per share. This increase is primarily attributed to higher dividends from subsidiaries as well as higher interest income on investable reserves.

    The company announced a final cash dividend of Re1.00 per share for the fourth quarter, bringing the cumulative payout for the year to Rs24.00 per share.

    Fertilizer business achieved a historic milestone of highest ever Urea production of 2 million tons due to better plant efficiency and higher gas availability.

    This, coupled with higher fertilizer prices, has resulted in an increase of 11 percent in sales revenue over the prior year.

    The business recorded a PAT of Rs16.871 billion – down by 3 percent from last year – decrease mainly attributed to a one-off deferred tax impact of higher future corporate tax rates introduced through Finance Act, 2019.

    Urea prices are expected to remain under pressure following a prospective reduction in GIDC. In response to this reduction, the business passed on the benefit to the end consumer through a price reduction of Rs160/bag.

    Furthermore, the fertilizer industry continues to face challenges in the recovery of long outstanding subsidy and retrospective settlement of GIDC.

    Polymer business recorded a revenue growth of 7 percent, while PAT was Rs3.661 billion compared to Rs4.930 billion for last year.

    This fall in profits is attributable to inflationary impacts in the form of higher energy prices and interest rates coupled with one-off gains recorded in 2018.

    In line with its long-term strategy, the business successfully initiated commercial production and commenced exports from its Caustic Flake plant.

    Development of the 3.8 Mt per annum mine at Thar concluded with the successful ‘Test on Completion’ on June 3, 2019. Thereafter, Commercial Operations Date (COD) was declared on July 10, 2019 for both mining and power projects and the Thar power plant has been running smoothly ever since.

    Further, the project commenced construction of Phase II of the mine expansion and achieved Financial Close on December 31, 2019, which will enhance production of coal from the mine to 7.6 Mt per annum.

  • Indus Motors posts 67% decline in half-year profit

    Indus Motors posts 67% decline in half-year profit

    KARACHI: Indus Motors Company Limited on Wednesday declared massive 67 percent decline in net profit for six-month period ended December 31, 2019.

    According to financial results announced by Indus Motors, the company declared Rs2.3 billion profit after tax for the half year ended December 31, 2019 as compared with Rs6.91 billion in the corresponding half in the preceding year.

    The company declared earning per shares of Rs29.32 for the period as compared with EPS of Rs87.94 in the same period of the preceding year.

    The company declared gross profit of Rs3.76 billion for six month period, which fell by 62.6 percent when compared with Rs10.05 billion in the corresponding period of the last year.

    The expenses of the company increased by 14.28 percent to Rs1.52 billion for half year ended December 31, 2019 as compared with Rs1.33 billion in the same period of the last year.

    Revenue from contracts with customers has declined 44 percent to Rs42.77 billion during the period under review as compared with Rs76.44 billion in the corresponding period of the last fiscal year.

    Cost of sales also came down to Rs39 billion for the half year ended December 31, 2019 as c compared with Rs66.39 billion in the corresponding half of the last year.

  • UBL declares 26% growth in annual profit

    UBL declares 26% growth in annual profit

    KARACHI: United Bank Limited has declared 26 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

    According to financial results for calendar year 2019 released on Wednesday, the bank declared Rs19.13 billion after tax profit as compared with Rs15.22 billion profit in the preceding year.

    The bank also announced Rs15.63 as earning per share for the year as compared with EPS of 12.44 declared in the last year.

    The interest income of the bank registered 36 percent increase to Rs153.67 billion in calendar year 2019 as compared with Rs113.9 billion in the preceding year.

    However, total non-markup come at Rs61.77 billion in 2019 as compared with Rs56.23 billion in the last year.

    Total income of the bank after including non-mark up income rose to Rs83.45 billion in 2019 as compared with Rs81.25 billion in the preceding year.

    Operating expenses of the bank have increased to Rs40.21 billion in 2019 as compared with Rs38.82 billion in preceding year.

    The bank contributed income tax to the tune of Rs15.1 billion in the calendar year 2019 as compared with Rs9.74 billion in the preceding year.