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October 18, 2018 (MLN): National Food’s improved topline earnings brought about an increment of 22% in profit for the period July-Sept, 2018.
According to the company’s financial earnings report, National foods’ sales rose by 11.4% while its gross profits recorded a growth of 13.7% over the corresponding period of last year.
While overall expenses along with finance costs grew on the whole, a comparatively small relief from reduced tax provisions, and the higher topline earnings managed to ensure a rise in profits by Rs.82 million.
National foods also reported a 26.9% increase in its basic and diluted earnings per share as they logged in at Rs.4.15 per share against Rs.3.27 per share, previously.
|
Financial Results for the first quarter ended on September 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Sales |
6,209,904 |
5,573,841 |
11.41% |
|
Cost of sales |
(4,158,750) |
(3,769,578) |
10.32% |
|
Gross profit |
2,051,154 |
1,804,263 |
13.68% |
|
Distribution cost |
(1,122,135) |
(1,013,634) |
10.70% |
|
Administrative expenses |
(267,335) |
(198,040) |
34.99% |
|
Other expenses |
(41,985) |
(43,235) |
-2.89% |
|
Other income |
13,671 |
6,543 |
108.94% |
|
Operating profit |
633,370 |
555,897 |
13.94% |
|
Finance costs |
(56,686) |
(39,841) |
42.28% |
|
Profit before taxation |
576,684 |
516,056 |
11.75% |
|
Taxation - net |
(134,000) |
(155,393) |
-13.77% |
|
Profit after tax |
442,684 |
360,663 |
22.74% |
|
Basic and diluted earnings per share - Rupees |
4.15 |
3.27 |
26.91% |
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Rs136.9 m released for development projects of industries division
October 18, 2018: The federal government has released Rs136.9 million out of total allocation of Rs770 million for various development schemes and projects of industries and production division under its Public Sector Development Programme (PSDP) 2018-19.
According to the break up figures, the government has released an amount of Rs40 million for Fruits, vegetable and condiments processing center, district Nausheroferoze, Sindh for which an amount of Rs250 million has been allocated for the year 2018-19.
Similarly for National Business Development Programme for Small and Medium Enterprises (SMEs), an amount of Rs40 million has been released out of total allocation of Rs200 million, a latest data of Pakistan Bureau of Statistics (PBS) said.
For product development center for composites based sports goods, Sialkot, the government has also released Rs40 million for which an amount of Rs200 million was earmarked for the current fiscal year.
For the project Peshawar Light Engineering Center (PLEC), Rs5.7 million were released out of total allocation of Rs28.7 million whereas Rs3.98 million were released for Fruit Dehydration Unit Swat for which an amount of Rs19.94 million was earmarked for the year 2018-19.
(APP)
FBR issues simplified tax return form for salaried persons
October 18, 2018: Federal Board of Revenue (FBR) has issued a separate and simplified income tax return form for the salaried persons who also have other means of sources where income from salary is more than 50 percent of the total income.
A notification of FBR explained that as per Income Tax Ordinance, 2001, income is classified under five heads of income namely salary, business, house property (rental income), capital gains and other sources.
The separate return form is meant only for persons deriving salary income or a combination of salary income and income from other sources where salary is more than 50 percent of the total income.
Income from other sources is a residual head of income and includes profit on debt (interest income) and various other categories mentioned in section 39 of the Income Tax Ordinance, 2001 which are not included in any other head of income.
It further said that accountability in the return of income for persons deriving salary and other sources income (where salary is more than 50 percent of the total income), under the head, "income from other sources", "profit on debt" has been mentioned and the remaining categories of income specified in section 39 have been shown under "other receipts".
However, the notification clarified that it is to be noted that for persons deriving income from business, house property or capital gains income along with the salary income is required to file the main return form containing all heads of income and not the simplified return form for salary and other sources where salary is more than 50 percent of the total.
Income from rendering of services falls under the head, "Income from business". So any salaried persons who is also deriving income from services would have to file the main return form and not the simplified return form for salaried individuals.
This is because the separate and simplified return form for salaried individuals is not meant to declare services receipts which fall under the head "Income from business".
The main return form contains all heads of income so a professional deriving salary income and service receipts (business income) has to file declaration on the main return form which contains all heads of income.
(APP)
Phillip Morris witnesses remarkable improvement in bottom-line gains
October 18, 2018 (MLN): Phillip Morris Pakistan’s bottom-line gains for the nine-month period ended September 30, 2018, have demonstrated an outstanding improvement when compared to profits made during the corresponding period of last year.
As per the company’s official financial earnings report, its net turnover recorded a noteworthy growth of 32.5% or Rs.2.7 billion while gross profits rose by Rs.1.6 billion.
Despite increments in overall expenses and taxation, the company still managed to bring about a rise of Rs.802 million in profits.
Phillip Morris further reported its earnings per share at Rs.7.18 per share
|
Financial Results for the nine months ended on September 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Turnover - net |
11,157,186 |
8,419,787 |
32.51% |
|
Cost of sales |
6,295,689 |
5,170,706 |
21.76% |
|
Gross profit |
4,861,497 |
3,249,081 |
49.63% |
|
Distribution and marketing expenses |
2,440,898 |
1,903,658 |
28.22% |
|
Administrative expenses |
992,166 |
968,761 |
2.42% |
|
Other expenses |
390,178 |
85,203 |
357.94% |
|
Other (loss)/income |
(156,044) |
(99,468) |
56.88% |
|
Operating profit |
1,194,299 |
390,927 |
205.50% |
|
Finance cost and bank charges |
15,982 |
82,720 |
-80.68% |
|
Profit before taxation |
1,178,317 |
308,207 |
282.31% |
|
Taxation |
296,894 |
228,915 |
29.70% |
|
Profit after taxation |
881,423 |
79,292 |
1011.62% |
|
Earnings per share - basic and diluted (Rupees) |
7.18 |
1.29 |
456.59% |
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National Foods’ profits uplifted on account of boosted sales
October 18, 2018 (MLN): National Food’s improved topline earnings brought about an increment of 22% in profit for the period July-Sept, 2018.
According to the company’s financial earnings report, National foods’ sales rose by 11.4% while its gross profits recorded a growth of 13.7% over the corresponding period of last year.
While overall expenses along with finance costs grew on the whole, a comparatively small relief from reduced tax provisions, and the higher topline earnings managed to ensure a rise in profits by Rs.82 million.
National foods also reported a 26.9% increase in its basic and diluted earnings per share as they logged in at Rs.4.15 per share against Rs.3.27 per share, previously.
|
Financial Results for the first quarter ended on September 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Sales |
6,209,904 |
5,573,841 |
11.41% |
|
Cost of sales |
(4,158,750) |
(3,769,578) |
10.32% |
|
Gross profit |
2,051,154 |
1,804,263 |
13.68% |
|
Distribution cost |
(1,122,135) |
(1,013,634) |
10.70% |
|
Administrative expenses |
(267,335) |
(198,040) |
34.99% |
|
Other expenses |
(41,985) |
(43,235) |
-2.89% |
|
Other income |
13,671 |
6,543 |
108.94% |
|
Operating profit |
633,370 |
555,897 |
13.94% |
|
Finance costs |
(56,686) |
(39,841) |
42.28% |
|
Profit before taxation |
576,684 |
516,056 |
11.75% |
|
Taxation - net |
(134,000) |
(155,393) |
-13.77% |
|
Profit after tax |
442,684 |
360,663 |
22.74% |
|
Basic and diluted earnings per share - Rupees |
4.15 |
3.27 |
26.91% |
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Hubco appoints Ruhail Mohammad as CEO for Hub Power Holdings Ltd
October 18, 2018 (MLN): Pakistan's largest Independent Power Producer, the Hub Power Company Limited (HUBCO), has announced the appointment of Mr. Ruhail Mohammad as CEO of Hub Power Holdings Limited (HPHL) which is the 100% owned subsidiary of HUBCO, effective from December 1, 2018. Ruhail will be spearheading the development of HUBCO’s future growth, power and water Projects.
The Hub Power Company Limited currently produces 1601 MW of power through its three plants located at Hub, Narowal and Azad Jammu Kashmir. HUBCO is the only power producer in Pakistan which is executing three projects worth over USD 3 billion listed in the China Pakistan Economic Corridor (CPEC), namely 1320MW imported coal-based China Power Hub Generation Company (Private) Limited (CPHGC) at Hub, 330MW Thar lignite-based Thar Energy Limited (TEL) at Thar and Sindh Engro Coal Mining Company Limited (SECMC) developing Block II of Thar Coal Field.
Ruhail Mohammed was previously the Chief Executive Officer of Engro Fertilizers Limited. In the past, Ruhail has also held the positions of Chief Financial Officer of Engro Corporation Limited and the Chief Executive Officer of Engro Powergen Limited (which owns a 217 MW IPP). He has over 30 years of experience in General Management, Change Management, Business Development, Strategy & Financial Planning and People Development. He has worked in these areas in Pakistan, UAE and Europe. He has also been on the Boards of Hubco, Engro Corporation and various Engro subsidiaries and Pakistan Mercantile Exchange Limited.
Ruhail holds an MBA degree in Finance from the Institute of Business Administration Karachi and is also a Chartered Financial Analyst (USA).
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Mari Petroleum enjoys 42% rise in overall profits
October 18, 2018 (MLN): Mari Petroleum’s profits during the first quarter of current fiscal year drove up substantially on the back of improved earnings.
When compared with the stats for the first quarter of last fiscal year, the company’s gross sales rose by 10.5% and its net sales took a more noticeable leap of 53%.
While exploration and prospecting expenditure demonstrated a significant growth of Rs.1.4 billion, much of it its impact was balanced out by higher non-core income and finance income, resulting in a 51% rise in pre-tax profits.
Although tax provisions increased by 73.18% over the corresponding period of previous year, the company still managed to pull up total profit for the period by 42%.
|
Financial Results for the first quarter ended on September 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Gross sale to customers |
27,128,905 |
24,537,870 |
10.56% |
|
Gas development surcharge |
540,055 |
3,109,535 |
-82.63% |
|
General sales tax |
2,639,022 |
2,893,925 |
-8.81% |
|
Excise duty |
494,841 |
478,803 |
3.35% |
|
Gas infrastructure development cess |
9,113,870 |
8,720,129 |
4.52% |
|
Sales- net |
14,341,117 |
9,335,478 |
53.62% |
|
Royalty |
1,827,651 |
1,187,246 |
53.94% |
|
Operating expenses |
2,768,037 |
1,931,564 |
43.31% |
|
Exploration and prospecting expenditure |
1,675,867 |
245,272 |
583.27% |
|
Other charges |
586,923 |
345,059 |
70.09% |
|
Other (expenses)/income |
239,019 |
(358,641) |
|
|
Operating profits |
7,721,658 |
5,267,696 |
46.59% |
|
Finance income |
267,615 |
119,347 |
124.23% |
|
Finance cost |
287,513 |
295,950 |
-2.85% |
|
Profit before taxation |
7,701,760 |
5,091,093 |
51.28% |
|
Provision for taxation |
2,559,524 |
1,477,998 |
73.18% |
|
Profit for the year |
5,142,236 |
3,613,095 |
42.32% |
|
Earnings per ordinary share |
46.64 |
32.77 |
42.33% |
|
Distributable earnings per ordinary share |
1.75 |
1.61 |
8.70% |
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OICCI members have re-invested over $2.7 Billion: Irfan Wahab
October 18, 2018: Overseas Investors Chamber of Commerce and Industry (OICCI) has said that despite the lackluster economic activity during the past one year, the OICCI members have re-invested over US$ 2.7 Billion in Pakistan during this period, which is highest ever on a comparative basis over the last few years.
The investment by OICCI members was almost at par with the total FDI of $2.8 in the country during the same period. In the past six years, OICCI members have re-invested US$ 10.4 Billion, whereas FDI inflow in the country was only US$ 11 Billion FDI, which reflects the extreme confidence of the leading foreign investors, who are already operating here, on opportunities in Pakistan.”
Giving a balanced assessment of the business environment, the OICCI team presented key highlights of its bi-annual Business Confidence survey – wave 16, released in May this year, which indicated a downward trend with an overall Business Confidence score (BCS) of 14%. However, the BCS of OICCI members only, was significantly more bullish at 38%, reinforcing a clear message about the positive sentiments of foreign investors.
The OICCI 2017 Perception Survey of foreign investors also reflected positive sentiments, as over 70% members had indicated plans to make additional investments in the country and strongly recommend Pakistan to potential new foreign investors.
The OICCI President however cautioned that “this support for economic growth and investment from OICCI members should not be taken for granted, as sentiments are dependent upon the expectations that the government will soon unveil growth-oriented economic and trade strategies.
Taking into account the demographics of the country, Pakistan has the potential to absorb FDI of at least 3 percent of the GDP, as compared to less than one percent of GDP received in the past six years.
Speaking of the investment potential in Pakistan, Secretary General OICCI Mr. Abdul Aleem informed that “Pakistan with over 200 million population, is a highly attractive market opportunity for investors. Many international agencies have already assessed Pakistan’s retail sector as one of the fastest-growing markets in the world and worth approximately US$ 150 billion”.
UBL’s profits struck by half on account of larger provisions and pension liabilities
October 18, 2018 (MLN): United Bank Limited (UBL)’s consolidated profits for the nine month period ended on September 30, 2018 shrunk by half due to augmented provisions and accruals for pension liabilities.
As compared to the period ended September 30, 2017, UBL’s net mark-up/return/interest income after provisions dropped significantly by 16% or Rs.7 billion.
While income from dealing in foreign currencies multiplied by more than half, its impact was nullified due to higher administrative expenses.
In addition to this, accruals in respect of pension liability accounted for another Rs.8.7 billion in outflows, dragging the profits down from Rs.19.5 billion to Rs.9.5 billion over the year.
The company’s earnings per share have logged in at Rs.7.96 per share, marking a negative change of about 50%.
In its Board of Directors meeting, the company further recommended an interim cash dividend at Rs.2 per share (20%), in addition to the interim dividend already paid at Rs.6 per share (60%).
|
Consolidated Profit and Loss Account for the nine months ended September 30,2018 (Rupees '000) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Mark-up/return/interest earned |
86,991,106 |
80,621,771 |
7.9% |
|
Mark-up/return/interest expensed |
(43,553,484) |
(37,245,028) |
16.9% |
|
Net mark-up/return/interest income |
43,437,622 |
43,376,743 |
0.1% |
|
Provisions against loans and advances - net |
(6,190,069) |
(103,188) |
5898.8% |
|
Reversal of provision against lendings to financial institutions - net |
124,118 |
8,260 |
1402.6% |
|
Provision for diminution in value of investments - net |
(1,344,757) |
(209,967) |
540.5% |
|
Bad debts written off directly |
(104,454) |
(136,637) |
-23.6% |
|
|
(7,515,162) |
(441,532) |
|
|
Net mark-up/return/interest income after provisions |
35,922,460 |
42,935,211 |
-16.3% |
|
Non mark-up/interest income |
|
|
|
|
Fee, commission and brokerage income |
11,447,163 |
10,470,520 |
9.3% |
|
Dividend income |
1,045,814 |
1,031,875 |
1.4% |
|
Income from dealing in foreign currencies |
2,843,801 |
1,535,891 |
85.2% |
|
Gain on sale of securities - net |
4,793,268 |
4,295,042 |
11.6% |
|
Unrealized gain of revaluation of investments classified as held for trading |
6 |
(20,907) |
-100.0% |
|
Other income |
632,474 |
598,064 |
5.8% |
|
Total non-mark-up /interest income |
20,762,526 |
17,910,485 |
15.9% |
|
|
56,684,986 |
60,845,696 |
|
|
Non mark-up/interest expenses |
|
|
|
|
Administrative expenses |
(30,733,737) |
(28,462,966) |
8.0% |
|
Other (provisions)/write-offs - net |
(473,456) |
(76,173) |
521.6% |
|
Workers' Welfare Fund |
(424,918) |
(638,724) |
-33.5% |
|
Other charges |
(43,358) |
(59,039) |
-26.6% |
|
Total non-mark-up/interest expenses |
(31,675,469) |
(29,236,902) |
8.3% |
|
|
25,009,517 |
31,608,794 |
-20.9% |
|
Share of income/(loss) of associates |
455,007 |
342,570 |
32.8% |
|
Profit before taxation |
25,464,524 |
31,951,364 |
-20.3% |
|
Extraordinary/unusual item - Accrual in respect of pension liability |
(8,746,607) |
- |
|
|
Taxation |
(7,224,512) |
(12,498,938) |
-42.2% |
|
Profit after taxation |
9,493,405 |
19,452,426 |
-51.2% |
|
Earnings per share - basic and diluted (Rupees) |
7.96 |
15.81 |
(0.50) |
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Machinery imports drop by 13% for Sept-18
October 18, 2018 (MLN): Cost of machinery imports has fallen down by 13.01% on MoM basis as the total imports amounted to $701 million in September, as compared to $806 million imports in August.
On a YoY basis, the total imports of machinery fell by 14.66% as they decreased from $821 million in Sept-17 to $701 million in Sept-18.
Construction machinery reported the largest decrease in imports by 35.24% on a MoM basis, as it fell from $29 million in Aug-18 to $19 million in Sept-18.
In terms of YoY comparison, import of construction machinery dropped by 29.3% as the value of imports stood at $27 million in Sept-17.
Office machinery imports demonstrated a decrease of 16.34% on a MoM basis, as it plummeted from $40 million in Aug-18 to $34 million in Sept-18.
Conversely, it witnessed a growth of 15.83% in the cost of imports on YoY basis, having grown from $29 million in Sept-2017 to $34 million in Sept-18.
Agriculture machinery witnessed the highest growth in terms of both MoM (2.55%) and YoY (18.32%) basis, as it increased from $10.1 million in Sept-2018 and $8.7 million in Sept-2017, to $10.3 million in Aug-2018.
Power generation exhibited a plunge of 9.18% on a MoM basis, decreasing from $116 million in Sept-18 to $105 million in Aug-18. Likewise, it fell by 48.37% on a YoY basis as it stood at $690 million in Sept-17.
On a quarterly basis, the total imports of petroleum commodities exhibited a decrease of 17.88%, as they decreased from $2.7 billion for the period July-Sept 2017 to $2.2 billion for the corresponding period last year.
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Bank Al Habib’s augmented outlay and reduced gains weighed down overall profits
October 18, 2018 (MLN): Bank Al-Habib’s consolidated profits during the nine month period ended on September 30, 2018 have toppled over slightly by 5.2%, as compared to the same period last year.
In line with the contents of it’s financial earning report, Bank Al-Habib’s net mark-up/interest income after provisions recorded a fortunate rise of 17% or Rs.3.3 billion during the period.
However, as the net gains on sale/redemption of securities hit rock bottom, the total non-mark-up/interest income came down by 23% of Rs.1.5 billion.
In addition to this, administrative expenses rose by Rs.2.4 billion, pulling the total non-mark-up/interest expenses up, by 14.3%.
The collective impact of these changes brought about a decline of Rs.324.2 million in post-tax profits.
Apart from this, there has been a marginal slip of Rs.0.28 per share in basic and diluted earnings per share as they stood in at Rs.5.35 per share.
|
Consolidated Profit and Loss Account for the nine month period ended September 30th 2018 (Rupees in '000) |
|||
|---|---|---|---|
|
|
Sep-18 |
Sep-17 |
% Change |
|
Mark-up/return/interest earned |
42,850,747 |
37,225,946 |
15.11% |
|
Mark-up/return/interest expensed |
(20,326,568) |
(18,018,639) |
12.81% |
|
Net mark-up/return/interest income |
22,524,179 |
19,207,307 |
17.27% |
|
(Provision)/reversal against non-performing loans and advances - net |
197,182 |
(140,436) |
|
|
Provision for diminution in the value of investments |
(395,949) |
(25,892) |
1429.23% |
|
Bad debts written off directly |
- |
- |
|
|
Net mark-up/interest income after provisions |
22,325,412 |
19,040,979 |
17.25% |
|
NON MARK-UP/INTEREST INCOME |
|
|
|
|
Fee, commission and brokerage income |
3,048,626 |
2,393,453 |
27.37% |
|
Dividend income |
302,353 |
265,992 |
13.67% |
|
Income from dealing in foreign currencies |
1,034,004 |
664,072 |
55.71% |
|
Gain/(loss) on sale/redemption of securities - net |
23,454 |
2,638,342 |
-99.11% |
|
Unrealized gain/(loss) or revaluation of investments classified as "held-for-trading" - net |
- |
(9,941) |
|
|
Share of profit from associates |
55,069 |
31,046 |
77.38% |
|
Other income |
674,364 |
690,132 |
-2.28% |
|
Total non-mark-up/interest income |
5,137,870 |
6,673,096 |
-23.01% |
|
NON MARK-UP/INTEREST EXPENSES |
|
|
|
|
Administrative expenses |
(17,334,812) |
(14,895,063) |
16.38% |
|
Other (provisions)/reversals/write-offs |
42,320 |
(17,993) |
|
|
Other charges |
(207,993) |
(401,589) |
-48.21% |
|
Total non-mark-up/interest expenses |
(17,500,485) |
(15,314,645) |
14.27% |
|
Extra-ordinary / unusual items |
- |
- |
|
|
Profit before taxation |
9,962,797 |
10,399,430 |
-4.20% |
|
Taxation |
(4,024,416) |
(4,136,804) |
-2.72% |
|
Profit after taxation |
5,938,381 |
6,262,626 |
-5.18% |
|
Earnings per share - Basic and Diluted (in Rupees) |
5.35 |
5.63 |
-4.97% |
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