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Pakistan – Key Market Stats and Economic Indicators

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April 15, 2018

**Market Data and Economic Indicators**
Weekly Performance
	Apr 13, 2018	Apr 06, 2018
PKR InterBank	115.61	115.59
KSE100 Index	46,071.86	46,637.62
Avg Daily Volume	247,459,466	259,368,068
Gold (Karachi) Rs/10 gm	50,614	50,442
KIBOR 6M	6.49	6.50
10Y PIB	8.51	8.53
EUR	1.23292	1.22795
GBP	1.42401	1.40907
CHF	0.96219	0.95905
JPY	107.327	106.915
GOLD	1345.06	1332.7
NY Light Crude	67.34	62.06
Weekly Indicators
	Apr 06, 2018	Mar 30, 2018
SBP FX Reserves *	11,438.30	11,602.00
Bank FX Reseves *	6,201.50	6,194.40
Total FX Reserves *	17,639.80	17,796.40
Monthly Indicators
	Mar	Feb
Consumer Price Index	220.25	219.58
Change – MOM (pct)	0.31	-0.31
Change – YOY (pct)	3.25	3.80
WholeSale Price Index	225.22	224.66
Change – MOM (pct)	0.25	-0.15
Change – YOY (pct)	3.65	4.08
Sensitive Price Indicator	209.37	210.63
Change – MOM (pct)	-0.60	-1.21
Change – YOY (pct)	-1.82	0.54
	Mar	Feb
Exports *	2,231.00	1,902.00
Imports *	5,280.00	4,797.00
Trade Balance	-3,049.00	-2,895.00
	Mar	Feb
Home Remittances *	1,772.77	1,450.17
SBP Data
T-Bill Auction	Apr 11, 2018	Mar 28, 2018
3M Cutoff Yields	6.2399	6.2591
6M Cutoff Yields	6.3519	No Bids Received
12M Cutoff Yields	No Bids Received	No Bids Received
PIB Auction	Mar 21, 2018	Feb 21, 2018
3Y Cutoff Yield	Bids Rejected	Bids Rejected
5Y	Bids Rejected	Bids Rejected
10Y	Bids Rejected	No Bids Received
20Y	No Bids Received	No Bids Received
Annual Indicators
	2016-17	2015-16
GDP Growth Rate	5.28	4.51
Agriculture	3.46	0.27
Manufacturing	5.27	3.66
Commodity Sector	4.26	3.03
Services Sector	5.98	5.55
* Amount in USD Million

Posted on: 2018-04-15T14:11:00+05:00

Most Recent

ICI Pakistan reports over twofold profit growth to Rs6bn

January 27, 2022 (MLN): ICI Pakistan reported net profits of Rs 6 billion during 1HFY22, which was 2.4 times higher than the profits of Rs2.46 billion in the corresponding period last year.

This translates into an Earning Per Share (EPS) of Rs62.69, up by 2.2x YoY as compared to the SPLY.

In conjunction with financial results, the Board of Directors has recommended the final cash dividend in respect of the financial year ending June 30, 2022, at the rate of 200% (i.e., Rs20 per share of Rs10 each).

The improved performance was achieved on account of enhanced efficiencies delivered by the businesses, recovering consumer demand, consolidation of results of NutriCo Pakistan (Private) Limited, and a one-off net positive impact of Rs1.847bn resulting from the re-measurement of the previously held equity interest of NutriCo Pakistan (Private) Limited.

Adjusting for the one-off gain of Rs1.847bn due to the remeasurement of previously held equity interest, as explained above, profit after for the period under review would have been Rs4.198bn, 70% higher versus the SPLY and EPS attributable to the owners of the holding company would have been Rs42.69, higher by 49% as compared to the SPLY.

On a consolidated basis, including the results of the company's subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Private) Limited, net turnover for the period under review was Rs46.62bn, up by 53.4% YoY, resulting in an increase in gross margins from 22% to 23%.

According to the financial statement issued to PSX, the operating result stood at Rs6.76bn which was 78.6%YoY higher in comparison to SPLY.

Among other major heads, the company’s distribution cost jumped by 15.7% YoY, admin expenses increased by 32.6% YoY and other income witnessed a growth of 28.4% YoY.

The company booked an effective tax rate of 27% against 32% in the corresponding period last year.

Alongside financial results, the Board of Directors of the company have authorized the execution of a Term Sheet with Tariq Glass Industries Limited (TGIL) to explore the possibility of a joint venture (JV) with TGIL to set up a greenfield state-of-the-art float-glass manufacturing facility, having production capacity of up to 1,000 metric tons per day.

The implementation of the Proposed Joint Venture is subject to, including, finalization and execution of definitive agreements and receipt of necessary corporate and regulatory approval, the company said.

Consolidated Statement of Profit and Loss Account for the six months ended December 31, 2021 (Rs'000)
	Dec-21	Dec-20	% Change
Turnover	46,624,127	30,402,987	53.4%
Cost of sales	(36,105,494)	(23,677,346)	52.5%
Gross profit	10,518,633	6,725,641	56.4%
Selling and distribution expenses	(2,788,213)	(2,102,060)	32.6%
Administrative and general expenses	(971,018)	(839,530)	15.7%
Operating result	6,759,402	3,784,051	78.6%
Finance costs	(487,456)	(506,197)	-3.7%
Exchange gain/(loss)	(246,348)	18,449
Workers' profit participation fund	(266,458)	(195,409)	36.4%
Workers' welfare fund	(103,709)	(82,628)	25.5%
other charges	(39,059)	(20,899)	86.9%
Other income	177,681	138,328	28.4%
Gain on remeasurement of existing interest in NutriCo Pak	1,847,321	-
Share of Profit from associate	-	215,033
Profit before taxation	7,641,374	3,350,728	128.1%
Taxation	(1,596,356)	(888,220)	79.7%
Profit after taxation	6,045,018	2,462,508	145.5%
EPS	62.69	28.65	118.8%

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Interloop: Higher sales elevate profits by 62%YoY during 1HFY22

January 27, 2022 (MLN): Interloop Limited (PSX: ILP) declared its profit-after-tax (PAT) for 1HFY22 at Rs4.72 billion (EPS: Rs5.25), registering a growth of 62.4%, from Rs2.90bn (EPS: Rs3.23) earned in the corresponding period of the last fiscal year, the company’s filing on PSX revealed today.

In conjunction with financial results, the company announced an interim cash dividend for the year ended June 30, 2022, at Rs2 per share i.e., 20%.

This increase in profitability was mainly attributable to a whopping increase in gross margins amid higher revenue during the period under review.

It is pertinent to note that the company has grown into one of the world’s largest hosiery manufacturers; a complete vertically integrated company with state-of-the-art spinning, yarn dyeing, knitting and finishing facilities. This hosiery segment contributes 76% to the overall topline.

Going by the financial statement, the net sales of the company increased by around 50% YoY to Rs39.35bn, mainly due to the addition of new machineries in its hosiery division fostering volumetric sales of the company. In addition, utilization of hosiery division stands nearly at 100%, a research note by Arif Habib Limited said.

Resultantly, the gross margins improved by 2ppt to 27% in 1HFY22 majorly accredited to PKR depreciation coupled with better economies of scale and addition of state-of-the-art machinery adding efficiencies to the plant.

On the cost front, the company’s major expense head i.e., administrative expenses ballooned by 51.5% YoY to Rs1.95bn during the said period while distribution cost went up 34% YoY due to excess export orders and the addition of new machinery in knitwear and denim division.

Among other line items, the other operating expenses of the company witnessed a more than two-fold increase to Rs974mn. On the other hand, other income plunged by 47% to Rs25mn.

Meanwhile, the finance costs of the company increased by 69% YoY to Rs871mn in 1HFY22 on account of higher reliance on borrowings to meet CAPEX requirements. Further, an increase in the policy rate by the central bank was also one of the reasons behind this increase in financial costs.

On the tax front, the company’s effective tax rate stood at 7% compared to 6% in 1HFY21.

Financial Results for the half-year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Net Sales	39,346,676	26,262,548	49.82%
Cost of Sales	(28,898,550)	(19,796,131)	45.98%
Gross profit	10,448,126	6,466,417	61.58%
Distribution Cost	(1,610,260)	(1,203,753)	33.77%
Administrative expenses	(1,951,389)	(1,288,143)	51.49%
Other operating expenses	(974,904)	(408,904)	138.42%
Other income	25,076	47,561	-47.28%
Profit from operations	5,936,649	3,613,178	64.31%
Finance Cost	(871,555)	(516,607)	68.71%
Profit before Taxation	5,065,094	3,096,571	63.57%
Taxation	(347,489)	(192,209)	80.79%
Profit after taxation for the year	4,717,605	2,904,362	62.43%
Earnings per share - basic and diluted (Rupees)	5.25	3.23	62.54%

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