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Tag: financial results

  • 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.

  • Bank Alfalah declares 19.58% increase in annual profit

    Bank Alfalah declares 19.58% increase in annual profit

    KARACHI: Bank Alfalah Limited has reported a significant 19.58 percent increase in its annual profit for the calendar year 2019, driven by a substantial rise in mark-up income. According to the financial results released on Friday, the bank declared an after-tax profit of PKR 12.7 billion, compared to PKR 10.62 billion in the preceding year.

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  • Meezan Bank announces 70% growth in annual profit

    Meezan Bank announces 70% growth in annual profit

    KARACHI: Meezan Bank Limited on Wednesday declared 70 percent growth in its annual net profit for the period December 31, 2019.

    It is financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax to Rs15.23 billion for the year 2019 as compared with Rs8.96 billion in the previous year.

    The bank also declared earning per share (EPS) to Rs11.84 for the year under review as compared with Rs6.97 in the previous year.

    Total income of the bank for the year 2019 recorded growth of 57 percent to Rs55.86 billion during the year as compared with Rs35.63 billion in the previous year.

    The operating expenses of the banks recorded 29 percent growth to Rs24.83 billion during 2019 as compared with Rs19.29 billion in the previous year.

    The provisioning and write offs of the banks increased sharply by 257 percent to Rs4.186 billion in 2019 as compared with Rs1.17 billion in the last year.

    The bank announced Rs26.15 billion as profit before tax in 2019 as compared with Rs14.79 billion in the last year. Contribution towards income tax of the bank increased to Rs11 billion in 2019 as compared with Rs5.83 billion in the previous year.

  • PIA declares 17% loss for six-month period

    PIA declares 17% loss for six-month period

    KARACHI: Pakistan International Airlines (PIA) has announced 17 percent loss for six months period ended June 30, 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the national flag carrier recorded losses of Rs37.89 billion for the six months period ended June 30, 2019 as compared with Rs32.411 billion in the corresponding period of the last year.

    Operation losses of the company fell by 60 percent for the period to Rs7.12 billion as compared with the operation losses of Rs17.53 billion for the six months period ended June 30, 2018.

    The company absorbed losses of Rs14.59 billion due to depreciation in rupee value during the six months period ended June 30, 2019 as compared with Rs5.83 billion in the corresponding period of the last fiscal year.

    The financial costs of the airline increased to Rs15.85 billion during the period under review as compared with Rs8.8 billion in the same period of the last year.

    The administrative expenses of the company were flat at Rs3.49 billion for the six months period ended June 30, 2019 as compared with Rs3.25 billion in the same period of the last fiscal year.

  • PTCL declares 14.5% decline in annual net profit

    PTCL declares 14.5% decline in annual net profit

    KARACHI: Pakistan Telecommunication Company Limited (PTCL) has declared 14.5 percent decline in net profit for the year 2019.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the company announced net profit of Rs6.347 billion for the calendar year ended December 31, 2019 as compared with Rs7.422 billion profit in the preceding year.

    The earnings per share for the year of the company also came at Rs1.24 as compared with the EPS of Rs1.46 declared in the last year.

    A final cash dividend for the year ended December 31, 2019 was at Re0.50 per share i.e. 5 percent. This is in addition to the interim dividend already paid at Re0.5 per share i.e. 5 percent.

    The gross profit of PTCL was recorded at Rs16.98 billion for the year 2019 as compared with Rs53.53 billion in the previous year.

    Administrative and general expenses of the company was at Rs6.76 billion in 2019 as compared with Rs6.257 billion in the preceding year.

    PTCL declared operating profit at Rs4.94 billion as compared with Rs6.51 billion.

    The profit before tax was recorded at Rs9.33 billion for the year 2019 as compared with Rs10.757 billion in the preceding year.

  • Allied Bank declares 10% growth in annual net profit

    Allied Bank declares 10% growth in annual net profit

    KARACHI: Allied Bank Limited has declared 10 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 Friday, the bank declared Rs14.11 billion after tax profit as compared with Rs12.88 billion profit in the preceding year.

    The bank also announced Rs12.32 as earning per share for the year as compared with EPS of 11.25 declared in the last year.

    The net interest income of the bank registered 29.24 percent increase to Rs41.5 billion in calendar year 2019 as compared with Rs32.11 billion in the preceding year.

    However, total non-markup income slightly fell to Rs10.89 billion in 2019 as compared with Rs11.29 billion in the last year.

    Therefore, the total income of the bank rose to Rs53.4billion in 2019 as compared with Rs43.4 billion in the preceding year.

    Operating expenses of the bank were increased at Rs28.18 billion in 2019 as compared with Rs24.52 billion in preceding year.

    The bank contributed income tax to the tune of Rs10.13 billion in the calendar year 2019 as compared with Rs8.13 billion in the preceding year, posting a significant increase of 25 percent.