The Ministry of Commerce has re-imposed the ban on import of a long range of used and second hand machinery, a ban which was lifted vide SRO No.1528(I)/2018 dated December 24, 2018.
Ministry of Commerce issued SRO No. 16(I)/2019 on January 03, 2018 re-imposing the ban on import of used and second hand machinery with effect from December 24, 2018.
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February 26, 2020 (MLN): The initial six months of the current fiscal year remained profitable for Unity Foods Limited (UNITY) as its net profits after tax has surged significantly from Rs 146.5 million in Jul-Dec 2018 to Rs 374.9 million, exhibiting a growth of 156% YoY.
The growth in the company’s profitability witnessed on account of improvement in sales by 68% YoY from Rs 6.7 billion to Rs 11.3 billion in the backdrop of stabilizing macroeconomic environment of the country. The stability of Rupee against Dollars played a direct role on earnings of the company as the company also derive some of its revenues from exports.
Moreover, the prudent decision by the company to participate in exports of corn during the period of a sharp decline in sales of edible oil also helped the company in maintaining its topline sales level.
On the expense side, the company’s distribution and selling costs rose by 231%, administration expenses mounted by 26%, whereas, its non-core expenses dropped by 63%.
Due to excessive short-term borrowings, the company’s financial charges soared significantly by 176% to Rs 244.2 million from Rs 88.6 million.
Despite the company witnessed an increase in net profits, the earnings per share of the company exhibited a decline of 14% from Rs 0.8 per share to Rs 0.69 per share.
Consolidated Profit and Loss statement for the half-year ended December 31, 2019 (Rupees) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change |
Net sales | 11,310,210,933 | 6,713,616,361 | 68% |
Cost of sales | (10,210,017,303) | (6,222,821,662) | 64% |
Gross profit | 1,100,193,630 | 490,794,699 | 124% |
Distribution and selling expenses | (354,614,377) | (107,005,855) | 231% |
Administrative expenses | (106,638,481) | (84,566,512) | 26% |
Other operating expenses | (27,989,141) | (76,336,145) | -63% |
Other income | 27,469,934 | 5,807,083 | 373% |
Finance costs | (244,208,311) | (88,605,659) | 176% |
Profit/(loss) before taxation | 394,213,254 | 140,087,611 | 181% |
Taxation | (19,306,242) | 6,424,889 |
|
Profit/(loss) after taxation | 374,907,012 | 146,512,500 | 156% |
Earnings per share - basic and diluted | 0.69 | 0.80 | -14% |
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February 26, 2020: The Overseas Investors Chamber of Commerce and Industry (OICCI) has launched its ‘OICCI Energy Report 2019’ today. The report is based on the recommendations of the 31 leading international energy sector companies operating in Pakistan, who are members of the chamber.
Pakistan’s energy sector has witnessed significant transformation over the past five years, with the power generation capacity increasing rapidly to over 39000 MW by mid-2019, with the inclusion of two large RLNG based power plants, Thar coal project and imported coal-based power plants leading to a major shift in the energy mix.
Despite the relative fast paced increase in the generation and transmission capacity, over 60 million Pakistanis do not have access to electricity from the grid, which not only impacts the economic growth of the country, but the economic exclusion has a social impact also. On top of this, the mounting circular debt, in excess of Rs 1.9 Trillion, and the inability of distribution companies to arrest the ever increasing technical and non-technical losses, continue to burden the national exchequer by an additional Rs 40-50 Billion annually.
Presenting the report, CE/Secretary General, OICCI, M. Abdul Aleem commented that “OICCI Energy Report 2019 includes a number of recommendations to streamline the Oil and Gas and Power sectors. For the Upstream oil and gas exploration sector, the report recommends that besides the estimated 30 onshore blocks that may be available for bidding, offshore blocks should also be considered and about 5-10 blocks should be offered every 3-6 months, so that there is a steady flow of new acreage to accelerate indigenous E&P activities.
For the Downstream Oil Refining and Marketing sector, OICCI recommends that motor gasoline and diesel front and back-end price should be deregulated. Moreover, an Integrated Energy Planning (IEP) approach must be adopted and components of the Power Value Chain should be liberalized to bring operational efficiency and reduce energy costs”.
“The Ministry of Energy is playing a pivotal role in introducing structural reforms to address Pakistan’s prevalent energy issues. However, it is imperative that relevant stakeholders, such as the OICCI, are involved for these to be successful” commented M. Abdul Aleem adding that “OICCI is aware of the government’s plan to offer 18 onshore exploration blocks for bidding, approval for 5 LNG companies to set up regasification terminals at Port Qasim (PQA) and initiative to develop an Integrated Energy Plan.”
OICCI Energy Report 2019 is the collective effort of the 31 OICCI members belonging to the energy sector, who are associates of leading international players working in the areas of oil exploration, refining, marketing and distribution, coal mining and power generation segments. They cumulatively contribute over Rs 600 Billion annually to the national exchequer and employ a large number of skilled and professional staff.
The nearly 200 OICCI members contribute about a third of the country’s total tax collections, invested nearly US$ 3.0 billion last year in new investments and employ about one million people with a significantly larger contribution to the socio economic development of the community.
Press Release
February 26, 2020 (MLN): The State Bank of Pakistan released the Bid Pattern for today's MTB Auction.
Auction target is Rs.300.00 billion against a maturing amount of Rs.205.70 billion, showing an additional funding requirement of Rs.94.30 Billion.
In the previous auction cut off yield for 3, 6 and 12 months was 13.4296, 13.289 and 13.134 percent.
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February 26, 2020 (MLN): Amreli Steel Limited (ASTL) has announced its financial results for the half-year ended December 31, 2019, as per which, the company has suffered losses of Rs 312 million (LPS: Rs 1.06) against net profits of Rs 516 million (EPS: Rs 1.74) of the same period last year.
The main reason for the net losses incurred by the company was higher financial charges.
During the period under review, the topline jumped by 10.76% YoY to Rs 13.64 billion on an account of increase in offtake and an increase in re-bar prices. However, the gross margin fell by 3ppts from 12% to 9% owing to increase in input cost.
The primary culprit behind the red bottom line was colossal finance cost which increased by 2.5 times YoY to Rs 1.21 billion. However, the tax reversal of Rs 275 thousand came as a breather in the bottom line.
Condensed Interim Profit or Loss Account for the Half Year Ended December 31st 2019 (Rupees in '000) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change |
Sales | 13,642,337 | 12,317,227 | 10.76% |
Cost of sales | (12,378,447) | (10,791,903) | 14.70% |
Gross Profit | 1,263,890 | 1,525,324 | -17.14% |
Distribution cost | (327,481) | (284,927) | 14.94% |
Administrative expenses | (310,025) | (236,682) | 30.99% |
Other expenses | (10,287) | (45,480) | -77.38% |
Other income | 8,639 | 29,398 | -70.61% |
Operating profit | 624,736 | 987,633 | -36.74% |
Finance costs | (1,212,839) | (489,638) | 147.70% |
(Loss)/Profit before taxation | (588,103) | 497,995 | - |
Taxation | 275,624 | 18,338 | 1403.02% |
Net (loss)/profit for the year | (312,479) | 516,333 | - |
(Loss)/earnings per share-basic and diluted | (1.06) | 1.74 | - |
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February 26, 2020 (MLN): Samba Bank Limited has announced its financial results for the year ended December 31, 2019, wherein its profits have increased by 0.55% to Rs. 686.4 million only while Earnings per share have remained static at Rs. 0.68.
The bank reported an uptick in Net Interest Income by almost 30%, despite a 91% increase in interest expense. On the other hand, the non-interest income depicted a growth of 9.6% on the back of rise in Dividend Income and Forex gains by 35% and 82% respectively.
The operating expense of the bank increased by 20.6%, whereas non-core charges reduced by 47%.
The company’s profits were limited by a six-fold increase in provisions, from Rs. 68.3 million last year to Rs. 502 million this year.
Profit and Loss Account for the year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
Dec-19 | Dec-18 | % Change | |
Mark-up/return/interest earned | 12,791,334 | 7,555,595 | 69.30% |
Mark-up/return/interest expensed | 9,272,249 | 4,847,164 | 91.29% |
Mark-up/return/interest income | 3,519,085 | 2,708,431 | 29.93% |
NON-MARK-UP/INTEREST INCOME | |||
Fee and commission income | 331,658 | 270,927 | 22.42% |
Dividend income | 61,381 | 45,332 | 35.40% |
Foreign exchange income | 432,256 | 237,464 | 82.03% |
Income / (loss) from derivatives | |||
Gain / (loss) on securities | 20,697 | 214,586 | 452.95% |
Other income | 154 | 3,743 | -99.98% |
Total non-mark-up/interest income | 846,146 | 772,052 | 9.60% |
Total Income | 4,365,231 | 3,480,483 | 25.42% |
NON-MARK-UP/INTEREST EXPENSES | |||
Operating expenses | 2,732,037 | 2,264,098 | 20.67% |
Workers' Welfare Fund | 22,920 | 23,024 | -0.45% |
Other charges | 8,078 | 15,278 | -47.13% |
Total non-mark-up/interest expenses | 2,763,035 | 2,302,400 | 20.01% |
Profits before provisions | 1,602,196 | 1,178,083 | 36.00% |
(Provisions) / reversal and write offs - net | (502,047) | (68,364) | 634.37% |
Extraordinary items/unusual items | - | - | |
Profit before taxation | 1,100,149 | 1,109,719 | -0.86% |
Taxation | (413,691) | (426,990) | -3.11% |
Profit after taxation | 686,458 | 682,729 | 0.55% |
Earnings per share - basic (Rupees) | 0.68 | 0.68 | 0.00% |
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