September 21, 2020 (MLN): The Board of Directors of Synthetic Products Enterprises Limited has approved to establish a new project (manufacturing plant) at Karachi.
As per the company's notice to Exchange, this project will be financed partially through fresh equity to be raised by issuance of right shares and partially through internally generated resources and debt.
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October 22, 2020 (MLN): Askari Bank Limited has earned profits of Rs. 8.2 billion (EPS: 6.5) for the nine months ended September 30, 2020, which is nearly 87% higher than the figures recorded in the same period of last year.
The growth in earnings was led by a 39% increase in net interest income, coupled with a 44% rise in the non-interest income. The latter mainly saw contribution from gains on securities, whilst other components reported meagre declines.
The Bank incurred operating expenses of Rs. 14.9 billion, i.e. 13% higher than the same period of last year. Other expenses such as Workers’ Welfare Fund and Non-core charges showed a decline of 51% and 57%, respectively.
However, there were some setbacks faced in the form of provisioning cost and income tax expense, which rose by 81% and 86% respectively.
Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000) | |||
|---|---|---|---|
Sep-20 | Sep-19 | % Change | |
Mark-up / return / interest earned | 60,036,205 | 50,742,385 | 18% |
Mark-up / return / interest expensed | (37,540,633) | (34,509,976) | 9% |
Net mark-up / interest income | 22,495,572 | 16,232,409 | 39% |
NON MARK-UP / INTEREST INCOME | |||
Fee and commission income | 2,602,860 | 2,645,654 | -2% |
Dividend income | 202,950 | 206,815 | -2% |
Foreign exchange income | 1,850,817 | 1,865,711 | -1% |
Income / (loss) from derivatives | |||
Gain / (loss) on securities - net | 2,388,880 | 98,709 | 2320% |
Share of profit from associates | #DIV/0! | ||
Other income | 230,012 | 232,252 | -1% |
Total non-markup / interest income | 7,275,519 | 5,049,141 | 44% |
Total income | 29,771,091 | 21,281,550 | 40% |
NON MARK-UP / INTEREST EXPENSES | |||
Operating expenses | (14,903,577) | (13,169,818) | 13% |
Workers welfare fund | (33,442) | (68,239) | -51% |
Other charges | (42,904) | (99,766) | -57% |
Total non-markup / interest expenses | (14,979,923) | (13,337,823) | 12% |
Profit before provisions | 14,791,168 | 7,943,727 | 86% |
Provisions and write offs - net | (1,320,797) | (731,119) | 81% |
Extraordinary / unusual items | |||
PROFIT BEFORE TAXATION | 13,470,371 | 7,212,608 | 87% |
Taxation | (5,264,202) | (2,830,064) | 86% |
PROFIT AFTER TAXATION | 8,206,169 | 4,382,544 | 87% |
Earnings per share | 6.5 | 3.48 | 87% |
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October 22, 2020 (MLN): Descon Oxychem Limited has recorded profits of Rs. 14.06 million (EPS: 0.11) for the quarter ended September 30, 2020, i.e. nearly 79% lower than the earnings reported in the same period of last year.
The major reason for such a significant decline in profits was i) almost no change in revenue and ii) higher cost of goods sold. These two factors caused the gross profits to decline by 55%.
While there were some positive changes such as a 21% decline in administrative expenses, 36% decline in other expenses and 85% decline in finance costs, their impact on the profit before tax was disguised as it fell by nearly 68%.
The company paid an income tax expense of Rs. 7.6 million during the period, which is around 43% lower than the same period of last year.
Financial Results for the quarter ended September 30, 2020 (Rupees'000) | |||
|---|---|---|---|
Sep-20 | Sep-19 | % Change | |
Sales | 620,514 | 628,817 | -1.3% |
Cost of goods sold | (556,414) | (484,481) | 14.8% |
Gross profit | 64,100 | 144,336 | -55.6% |
Distribution costs | (13,644) | (13,804) | -1.2% |
Administrative expenses | (20,857) | (26,387) | -21.0% |
Other expenses | (4,683) | (7,296) | -35.8% |
Other income | 2,149 | 6,320 | -66.0% |
Finance cost | (5,315) | (35,462) | -85.0% |
Profit before taxation | 21,750 | 67,707 | -67.9% |
Taxation | (7,684) | (13,547) | -43.3% |
Profit after taxation | 14,066 | 54,160 | -74.0% |
Earnings per share | 0.11 | 0.53 | -79.2% |
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October 22, 2020 (MLN): National Foods Limited (NATF) has announced its financial results for the three months ended on September 30, 2020 wherein the bottom-line of the company grew by around 43% YoY, to Rs 594 million, translating into an EPS of Rs 3.54 when compared with the same period last year in which net profits were recorded at Rs 416 million (EPS: Rs 2.98).
During the 1QFY21, the top line witnessed a surge of 12% YoY to Rs 8.09 billion owing to the continuous growth of volumetric local sales, resulting in an 8.5% YoY increase in gross profits despite an increase in the cost of sales.
On the cost front, the positive highlight is the decrease in its major expense heads as distribution cost came down by nearly 8% YoY due to sales and marketing promotion while administrative cost and other expenses jumped by 27% and 5.46%, YoY, respectively.
As per the financial statement issued by the company, the other positive highlight includes an 18% decrease in financial charges on the back of a steep decline in interest rate.
Meanwhile, the company paid taxes worth Rs 189 million, ballooned by 25% YoY, restricting the growth in the company’s net profits.
Consolidated Financial Results for the first quarter ended September 2020 ('000 Rupees) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change |
Sales | 8,090,465 | 7,234,824 | 11.83% |
Cost of sales | (5,761,498) | (5,088,639) | 13.22% |
Gross profit | 2,328,967 | 2,146,185 | 8.52% |
Distribution cost | (1,120,634) | (1,214,459) | -7.73% |
Administrative expenses | (340,374) | (267,768) | 27.12% |
Other expenses | (34,320) | (32,542) | 5.46% |
Other income | 18,257 | 18,301 | -0.24% |
Operating profit | 851,896 | 649,717 | 31.12% |
Finance costs | (67,237) | (81,696) | -17.70% |
Profit before taxation | 784,659 | 568,021 | 38.14% |
Taxation - net | (189,726) | (151,220) | 25.46% |
Profit after tax | 594,933 | 416,801 | 42.74% |
Basic and diluted earnings per share - Rupees | 3.54 | 2.98 | 18.79% |
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October 22, 2020 (MLN): The US Dollar fell below the 162 level for the first time since May 28, 2020 as it was traded at 161.98 in the interbank.
Market opened at 161.90/162.05 as PKR continued to appreciate, gaining another 23 paisa compared to Wednesday’s closing of 162.13.
So far this month PKR has appreciated by 2.29 percent and has appreciated by Rs.6.53 or 4.03% since August 26, 2020 when it hit its all-time low of 168.4353.
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October 22, 2020: European stock markets slid and the dollar faltered Wednesday despite more upbeat talk in Washington on a US stimulus package.
The pound climbed higher meanwhile thanks to hopes that Britain and the European Union will strike a post-Brexit trade deal despite renewed tensions.
Oil prices plunged by 3.0 percent or more, however, following the release of data that showed an increase in US stocks of gasoline (petrol), whereas analysts had expected a decrease.
"European equity markets are in the red... as traders are growing tired of the fact that US politicians have yet to strike a deal with respect to the stimulus package," noted David Madden, analyst at CMC Markets UK.
After months of talks, Democrats and the White House said they were closing the gap on their stimulus proposals, and House Speaker Nancy Pelosi said legislation was being drawn up.
President Donald Trump's administration sent three top officials to speak on three different TV networks Wednesday to tout what they called progress made toward a deal.
The White House has upped its offer by $80 billion to $1.88 trillion, which is still short of the Democrats' $2.2 trillion plan, but US President Donald Trump has said he is willing to go higher.
The Dow Jones index was nonetheless in negative territory in midday New York trading.
In Asia, the Tokyo stock market closed with a gain of 0.3 percent, while Hong Kong added 0.8 percent and the main stock index in Shanghai dipped following recent gains.
Elsewhere, coronavirus vaccine hopes were raised after US biotech firm Moderna said its candidate could be given approval for emergency use as early as December.
The disease has flared up again across the United States and Europe, where many countries have been forced to introduce targeted lockdowns that have fanned fears for business survival and warnings of a possible double-dip recession.
- Key figures around 1600 GMT -
London - FTSE 100: DOWN 1.9 percent at 5,776.50 points (close)
Frankfurt - DAX 30: DOWN 1.4 percent at 12,557.64 (close)
Paris - CAC 40: DOWN 1.5 percent at 4,853.95 (close)
EURO STOXX 50: DOWN 1.5 percent at 3,180.70
New York - Dow Jones: DOWN 0.2 percent at 28,259.02
Tokyo - Nikkei 225: UP 0.3 percent at 23,639.46 (close)
Hong Kong - Hang Seng: UP 0.8 percent at 24,754.42 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,325.01 (close)
Euro/dollar: UP at $1.1874 from $1.1824 at 2130 GMT
Dollar/yen: DOWN at 104.54 yen from 105.45 yen
Pound/dollar: UP at $1.3153 from $1.2946
Euro/pound: DOWN at 90.28 pence from 91.33 pence
West Texas Intermediate: DOWN 3.4 percent at $40.28 per barrel
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