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PMRC, AutoSoft Dynamics enter into agreement for loan deployment
September 16, 2021: Pakistan Mortgage Refinance Company (PMRC) has entered into an agreement for the deployment of loan and credit system with AutoSoft Dynamics (Pvt.) Limited.
A contract signing ceremony was held on Thursday 16th September 2021 between the two companies at PMRC Head Office, in Karachi.
The project is aimed for faster and efficient credit appraisal & processing, transactions recording & monitoring, risk management, portfolio & collateral management of all credit exposures at PMRC.
Pakistan Mortgage Refinance Company was set up as a Mortgage Liquidity Facility by the State Bank of Pakistan to address the long-term funding constraint in the banking sector, which was hindering the growth of the primary mortgage market. PMRC is Pakistan first Mortgage Refinance facility serving as a secure source of long-term funding at attractive rates and at the same time ensuring sound lending habits amongst the primary mortgage lenders (PMLs).
Its thrust is three-fold: help reduce maturity mismatch risk for PMLs, increase the availability of fixed-rate mortgages and increase the maturity structure of the mortgage loans with the aim of improving affordability for end consumers particularly the low and middle income.
AutoSoft Dynamics is one of the leading software solution providers specifically for the banking and financial services industry. AutoSoft offers a range of products, solutions, and consulting services that cut costs, respond rapidly to market needs, enhance customer service levels and mitigate implementation risks. AutoSoft has already provided financial solutions to many banks both within Pakistan and internationally.
Press Release
NPL: Profitability continues to plunge
September 16, 2021 (MLN): Nishat Power Limited (NPL) has reported consolidated net profits of Rs2.68 billion (EPS: Rs 7.57) during FY21, depicting a decline of around 45% YoY against net profits of Rs4.87bn (EPS: Rs 13.75) in the same period of last year.
The profitability of the company went down primarily due to reduction in CPP component as NPL retired its debt.
During the said period, the company’s revenue went down by 2% YoY to Rs11.43bn on the back of the absence of debt portion, Arif Habib research cited.
On the cost side, the administrative cost of the company dropped by 10% YoY to stand at Rs302 million.
However, the positive highlight is an upsurge in other income which has reached to Rs42.07mn in FY21 against Rs7.29mn in FY20.
Meanwhile, a massive decline of 72% YoY in finance cost provided much-needed respite to the bottom line due to lower short-term borrowings as well as the lower interest rates.
Alongside the financial results, the company has also announced a cash dividend of Rs1.5 per share for the year ended June 30, 2021.
Consolidated Financial Results for the year ended June 30, 2021 ('000 Rupees) | |||
|---|---|---|---|
Jun-21 | Jun-20 | % Change | |
Sales | 11,432,571 | 11,738,487 | -2.61% |
Cost of sales | (7,989,362) | (5,390,640) | 48.21% |
Gross profit | 3,443,209 | 6,347,847 | -45.76% |
Administrative expenses | (302,310) | (336,719) | -10.22% |
Other expenses | (162,717) | (4,774) | 3308.40% |
Other income | 42,066 | 7,285 | 477.43% |
Finance cost | (339,200) | (1,142,531) | -70.31% |
Profit before taxation | 2,681,048 | 4,871,108 | -44.96% |
Taxation | (729) | - | - |
Profit for the period | 2,680,319 | 4,871,108 | -44.98% |
Earnings per share - basic and diluted (Rupees) | 7.570 | 13.750 | -44.95% |
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SSGC resumes gas supply to all CNG stations
September 16, 2021 (MLN): The Sui Southern Gas Company (SSGC) on Thursday, announced that it has resumed gas supply to all CNG stations across Sindh, K-Electric, and Sindh Nooriabad Power Company.
On Monday, SSGC suspended gas to all the CNG stations across Sindh and Balochistan from midnight Sept 14 for four days as Engro’s liquefied natural gas (LNG) import terminal was shut down due to repair and maintenance work.
Now, that Engro Elengy has resumed supply of RLNG to SSGC, CNG stations that were supposed to be open from Saturday 8am will now be open from 6pm today.
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PSX Closing Bell: One Headlight
September 16, 2021 (MLN): The investors at the Pakistan Stock Exchange cheered the notable appreciation of Pakistani Rupee (PKR) against US dollar in the interbank market today as it boosted their confidence in the local bourse which has caused bulls to manage the lead.
To note, PKR snapped a long losing streak as the currency closed the day's trade at PKR 168, appreciating by 94 paisa, against yesterday's closing of PKR 169.12 per USD.
Resultantly, the benchmark KSE100 index ended the trading session with a gain of 203.74 points to close at 46,920.46.
The Index traded in a range of 330.30 points or 0.71 percent of previous close, showing an intraday high of 46,957.94 and a low of 46,627.64.
Of the 95 traded companies in the KSE100 Index 49 closed up 42 closed down, while 4 remained unchanged. Total volume traded for the index was 133.58 million shares.
Sectors propping up the index were Technology & Communication with 90 points, Oil & Gas Exploration Companies with 49 points, Commercial Banks with 42 points, Textile Composite with 29 points and Inv. Banks / Inv. Cos. / Securities Cos. with 19 points.
The most points added to the index was by TRG which contributed 101 points followed by OGDC with 25 points, PPL with 23 points, UNITY with 20 points and FABL with 17 points.
Sector wise, the index was let down by Cement with 18 points, Pharmaceuticals with 13 points, Automobile Assembler with 11 points, Refinery with 9 points and Power Generation & Distribution with 3 points.
The most points taken off the index was by AGP which stripped the index of 11 points followed by MEBL with 9 points, LUCK with 7 points, SYS with 7 points and MTL with 7 points.
All Share Volume increased by 72.39 Million to 405.18 Million Shares. Market Cap increased by Rs.27.36 Billion.
Total companies traded were 518 compared to 518 from the previous session. Of the scrips traded 275 closed up, 222 closed down while 21 remained unchanged.
Total trades increased by 14,632 to 130,559.
Value Traded increased by 5.07 Billion to Rs.16.51 Billion
| Company | Volume |
|---|---|
| Service Fab(R) | 61,629,500 |
| Worldcall Telecom | 44,895,500 |
| TRG Pakistan | 32,299,424 |
| Unity Foods | 23,782,758 |
| Telecard | 19,771,000 |
| TPL Corp | 17,997,500 |
| TPL Properties | 13,471,000 |
| Byco Petroleum Pakistan | 11,675,500 |
| BankIslami Pakistan | 9,637,000 |
| Hum Network | 9,109,500 |
| Sector | Volume |
|---|---|
| Technology & Communication | 139,465,424 |
| Textile Weaving | 65,883,500 |
| Commercial Banks | 34,142,021 |
| Food & Personal Care Products | 30,917,098 |
| Miscellaneous | 20,704,500 |
| Refinery | 14,626,440 |
| Inv. Banks / Inv. Cos. / Securities Cos. | 13,399,427 |
| Cement | 12,715,880 |
| Textile Composite | 10,507,350 |
| Chemical | 7,348,590 |
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Gold falls to Rs112,700 per tola as rupee rebounds
September 16, 2021 (MLN): Snapping a winning streak on Thursday, gold rates declined in the domestic bullion market as the rupee rebounded after 5 days of losses.
According to Karachi Sarafa Association, the price of 24-karat gold dipped by Rs900 to Rs112,700 per tola against the previous close of Rs113,600 per tola.
Similarly, the price of 10-gram 24 karat gold plunged by Rs772 to clock in at Rs96,622 while 10-gm 22 karat gold traded at Rs88,570 against Rs89,278 yesterday, the association reported.
On the other hand, the price of 24-karat silver witnessed a drop of Rs20 and traded at Rs1,410 while the price of 10-gram silver decreased by Rs17.16 to close at Rs1,208.84.
In the International market, the demand for gold went down by $24 to trade at $1,779 an ounce on the back of strong dollar and US bond yields that diminished yellow metal’s shine while silver was valued at $23.47 an ounce.
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PKR’s sudden gains leave speculators baffled
September 16, 2021 (MLN): Pakistani rupee (PKR) snapped a 5-day losing streak against USD in the interbank market as the currency closed the day's trade at PKR 168, appreciating by 94 paisa, against yesterday's closing of PKR 169.12 per USD.
PKR broke its recent downtrend in the early trading session Thursday, managed to gain Rs1.13 against the US dollar.
According to Ali Khizar, Economist, "Dr. Murtaza Syed, Deputy Governor State Bank of Pakistan already warned the speculators in the forex market that SBP will not allow speculations."
Since SBP has more reserves, speculators will lose once currency changes direction, he added.
The Rupee saw moderate volatility in today’s session and traded in a range of 1.15 rupees per USD showing an intraday high bid of 168.70 and an intraday Low offer of 167.55.
Within the Open Market, PKR was traded at 168.50/169.50 per USD.
The domestic unit has depreciated by 6.32% or PKR 10.63 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 4.96% or PKR 8.34 in CY21, with the month-to-date (MTD) position showing a decline of 1.07%, as per data compiled by Mettis Global.
Meanwhile, the currency gained 1.6 rupees against the Pound Sterling as the day's closing quote stood at PKR 232.36 per GBP, while the previous session closed at PKR 234.01 per GBP.
Similarly, PKR's value strengthened by 2 rupees against EUR which closed at PKR 198.03 at the interbank today.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.34 billion for 1 day at 7.22 percent.
The overnight repo rate towards the close of the session was 7.00/7.20 percent, whereas the 1-week rate was 7.05/7.15 percent.
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PM invites Tajik investors to Pakistan, citing govt’s facilitation, incentives
September 16, 2021: Prime Minister Imran Khan Thursday invited the business community of Tajikistan to invest their capital in Pakistan, assuring them of all-out facilitation by his government.
Addressing Pakistan-Tajikistan Joint Business Forum, Imran Khan said his government was already on the course of incentivizing and facilitating own business sector through different initiative and measures.
The prime minister is currently on a two-day visit, mainly to attend the SCO Summit here and is accompanied by a high-level delegation including the representatives of 67 companies of multiple sectors including textiles, minerals, pharmaceuticals, logistics and others.
Imran Khan, who was accompanied by his Commerce Advisor Abdul Razzak Dawood, said Pakistan was envy to have an inexpensive deal for hydropower generation and called for expeditious execution of the CASA-1000 project to make Pakistan benefit from clean energy.
He told the Tajik business community that Pakistan was a nation of 220 million people and a huge market for investment and invited them to invest in Pakistan, assuring them all out facilitation for benefit of the two countries.
He said the current Pak-Tajik trade was far below the existing potential and the Tajik investors, as they come to Pakistan, would witness how the government was incentivizing the business sector.
Regarding the situation in Afghanistan, the prime minister wished that peace was established in the country after 40 years of conflict. He said peaceful Afghanistan would pave way for regional connectivity.
Imran Khan, said as he was scheduled to meet Tajik President Emomali Rahmon during the visit, they would discuss the modalities and would do everything especially for peace between Pashtun and Tajik ethnicities and ensure that there is an inclusive government in the war-torn country.
Later, the prime minister along with his commerce advisor also responded to the questions from both Pakistani and Tajik businessmen.
APP
Nepra approves Modification in Generation License of KEL
September 16, 2021 (MLN): National Electric Power Regulatory Authority (NEPRA) has approved Modification in Generation Licence No. GL/04/2002 dated November 18, 2002, in respect of K-Electric Limited (KEL).
The modification was approved pursuant to Section-26 of the NEPRA Act read with Regulation 10(11)(a) of the NEPRA Licensing (Application and Modification Procedure) Regulation 1999.
According to the notification issued, Nepra granted a Generation Licence (No. GL/04/2002 dated November 18, 2002, and subsequent modifications from time to time) to KEL for its six distinctly located generation facilities/thermal power plants under Section-14B of the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997.
Through Modification-lX dated December 07, 2020, the 942.32 MW RLNG based CCPP at Bin Qasim (BQPS-III) was included in the generation fleet of KEL whereas Unit No.3&4 (2x210 MW) of Bin Qasim Power Station-I/BQPS-I were excluded from the Generation Licence of KEL on account of low plant availability due to frequent forced outages, high cost of fuel and low efficiencies.
KEL, in its proposed modification statement to Nepra, recommended that it be allowed to utilize Unit-3 of BQPS-1 to generate power on an interim basis during the summer of FY 2021 i.e., from May 2021 till July 2021 and the addition of Pakistan LNG Limited (PLL) as back up RLNG supplier in its Generation Licence for BQPS-1 and BQPS-Il in addition to Sui Southern Gas Company Limited (SSGC), the main fuel supplier for (Natural Gas and RLNG).
In the statement of “Reason in Support for Modification”, KEL submitted that to ensure maximum facilitation to the consumers and to bridge the demand/supply gap during the peak summer period, after considering all available options emphasizing on least cost of generation and immediate availability of power, it has made Unit-3 of BQPS-1 available for power generation for a period of three months.
Furthermore, regarding the addition of PLL as an alternate RLNG Fuel Supplier, KEL has stated that to ensure a secure supply of RLNG at an adequate pressure, it has entered into Heads of Agreement (HoA) with PLL for a firm supply of 150 MMCFD RLNG as the primary fuel for BQPS-lll pursuant to a decision of CCoE dated March 27, 2020, and is also in discussions with PLL for an additional supply of 100 MMCFD RLNG for BQPS-1 and BQPS-ll as an alternate backup fuel supply.
Regarding the impact of the proposed modification on tariff, KEL inter alia indicated that the operation of Unit-3 on Furnace Oil will result in a slight increase in tariff, however, it is in the best interest of consumers as it will avoid resultant load shed during summer. Further, KEL has stated that procurement of RLNG from PLL will result in lower cost per unit at BQPS-1 and BQPS-lI, and the impact will be passed on to the consumers in the form of a lower tariff.
Regarding the impact of the proposed modification on the Quality of Service and the Performance of its obligations under the Licence, KEL assured that the requested modification would benefit consumers as it would ensure that the generation capacity continues to be available and maintained. Moreover, there will be no adverse impact on the quality of service provided by KEL.
After examining the entire case in detail including the already granted Generation Licence, earlier modifications in the Generation Licence, Multi-Year Tariff (MYT) granted to KEL, information submitted along with the application of LPM and relevant rules & regulations, Nepra considered that considers that the LPM will not have any adverse effect on the performance of the Licensee of its obligations as it will enable the Licensee/KEL to provide continuous power supply to the consumers.
Further, the LPM will be beneficial to the consumers in general as it would result in availability/continuity and reduction in the cost of supply in future. The LPM is reasonably necessary for the Licensee to perform its obligations under the Licence.
The LPM is necessary to ensure the continuous, safe and reliable supply of electric power to the consumers keeping in view the financial and technical viability of the Licensee, therefore, the Authority in terms of Section-26 of the NEPRA Act of the Licensing Regulations approves the communicated LPM in the Generation Licence of KEL, with changes.
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NPL recommends winding up Lalpir Power Ltd
September 16, 2021 (MLN): The Board of Directors of Nishat Power Limited (NPL) in its meeting held today, has recommended the voluntary winding up of Lalpir Solar Power (Private) Limited, a wholly owned subsidiary of Nishat Power Limited.
The aforementioned recommendation is subject to the approval of the shareholders.
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Govt making way to Central Asia: Razzak Dawood
September 16, 2021 (MLN): The objective is regional connectivity through trade and investment, said Abdul Razak Dawood, Advisor to PM on Commerce & Investment.
While addressing the Pakistan-Tajikistan Business Forum he said, “We want to follow examples of ASEAN and EU in enhancing intra-regional trade and connectivity.”
He also said that private sector is the engine of growth, Ministry of Commerce via its official Twitter handle noted.
“I want to tell the business community that we are to make it easy for you to enter Central Asian markets and we are exploring all the sectors,” he added.
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