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Lower Urea and DAP offtake takes a toll on...

October 18, 2019 (MLN): Engro Fertilizers Limited (EFERT), in its latest financial results, has posted net earnings of Rs. 10.5 billion (EPS: Rs. 7.87) for the nine months ended September 30, 2019, i.e. approx. 14% lower than the earnings reported in same period last year.

As per the analysis done by market spectators, the decline in profits was an inevitable outcome of drop in the Urea and Dap offtakes during the stated period.

On the brighter side, EFERT managed to report a positive change in gross profits despite its inability to pass on the impact of gas tariff hike onto the consumers during July and August.

The finance costs surged by 127% owing to hike in interest rates during the aforesaid period. On the other hand, non-core income increased by 95% on the back of higher interest income on short-term investments as well as one-off gain made on the sale of its subsidiary, Engro Eximp FZE.

The company also announced an Interim Cash Dividend for the quarter ended September 30, 2019 at Rs. 6 per share i.e. 60%. This is in addition to interim dividend already paid at Rs. 5 per share i.e. 50%.

Consolidated Financial Results for the nine months ended September 30, 2019 (Rupees'000)

 

Sep-19

Sep-18

% Change

Net sales

77,749,136

69,215,104

12.33%

Cost of sales

-52,794,633

-45,319,338

16.49%

Gross profit

24,954,503

23,895,766

4.43%

Selling and distribution expenses

-5,449,526

-5,245,967

3.88%

Administrative expenses

-887,347

-762,972

16.30%

Other income

3,652,650

1,867,985

95.54%

Other operating expenses

-1,489,298

-1,074,448

38.61%

Finance cost

-3,228,796

-1,419,875

127.40%

Profit before taxation

17,552,186

17,260,489

1.69%

Taxation

-7,041,530

-5,011,401

40.51%

Profit for the period

10,510,656

12,249,088

-14.19%

Earnings per share - basic and diluted

7.87

9.17

-14.18%

 

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Lower Urea and DAP offtake takes a toll on...

October 18, 2019 (MLN): Engro Fertilizers Limited (EFERT), in its latest financial results, has posted net earnings of Rs. 10.5 billion (EPS: Rs. 7.87) for the nine months ended September 30, 2019, i.e. approx. 14% lower than the earnings reported in same period last year.

As per the analysis done by market spectators, the decline in profits was an inevitable outcome of drop in the Urea and Dap offtakes during the stated period.

On the brighter side, EFERT managed to report a positive change in gross profits despite its inability to pass on the impact of gas tariff hike onto the consumers during July and August.

The finance costs surged by 127% owing to hike in interest rates during the aforesaid period. On the other hand, non-core income increased by 95% on the back of higher interest income on short-term investments as well as one-off gain made on the sale of its subsidiary, Engro Eximp FZE.

The company also announced an Interim Cash Dividend for the quarter ended September 30, 2019 at Rs. 6 per share i.e. 60%. This is in addition to interim dividend already paid at Rs. 5 per share i.e. 50%.

Consolidated Financial Results for the nine months ended September 30, 2019 (Rupees'000)

 

Sep-19

Sep-18

% Change

Net sales

77,749,136

69,215,104

12.33%

Cost of sales

-52,794,633

-45,319,338

16.49%

Gross profit

24,954,503

23,895,766

4.43%

Selling and distribution expenses

-5,449,526

-5,245,967

3.88%

Administrative expenses

-887,347

-762,972

16.30%

Other income

3,652,650

1,867,985

95.54%

Other operating expenses

-1,489,298

-1,074,448

38.61%

Finance cost

-3,228,796

-1,419,875

127.40%

Profit before taxation

17,552,186

17,260,489

1.69%

Taxation

-7,041,530

-5,011,401

40.51%

Profit for the period

10,510,656

12,249,088

-14.19%

Earnings per share - basic and diluted

7.87

9.17

-14.18%

 

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SECP eases regime for credit rating companies

October 18, 2019: The Securities Exchange Commission of Pakistan has introduced amendments in the Credit Rating Companies Regulations, 2016, in order to provide more conducive regulatory environment for them.

According to a press release issued by SECP here on Friday, credit rating agencies play vital role in development of financial markets and conduct independent, professional and impartial assessment of the credit risk associated with a particular instrument or a corporate entity. 

The amendments have been designed while considering the dynamics of local industry and international best practices.

The changes in regulatory framework aim at providing ease of doing business and promoting rating business without compromising quality of ratings.

To provide the ease of doing business and reduce cost of business, the SECP has abolished the requirements for disengagement period of two years for private ratings, submission of annual accounts of associated concerns and obtaining documents relating to default status of associated concern.

In addition, the requirements for submission of industry specific studies, additional copies of application, submission of updated resume, and dissemination of the financial statements of Companies Regularization Scheme (CRCs) on their website also removed.

To encourage new professional entrants with extensive research experience, individuals have been allowed to hold 40% of shareholding of Credit Rating Company. To ensure that CRCs focus on their core function, CRCs have been allowed to outsource their internal audit and compliance functions to independent chartered accountants firms.

The regulations would result in reducing regulatory burden on CRCs with special emphasis upon building structural strength leading to enhancing the credibility of processes and procedure associated with the credit rating.

The changes in regulations will improve standards, provide ease of doing business and encourage entrance of new players in market, has amended Credit Rating Companies Regulations 2016.

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Pakistan evades blacklist, given time till February to curb...

October 18, 2019 (MLN): Financial Action Task Force (FATF) held its plenary meeting with Pakistan today, by the end of which it decided that the country must be given time till February to curb terror financing.

As per the media reports doing the rounds, Pakistan managed to evade being put in the blacklist by FATF, given its unrelenting efforts to control money laundering and counter-terrorism financing.

Despite considerable improvements since the last meeting, FATF expressed grave concerns on the overall performance of the country, and demanded that Pakistan must implement a full action plan to address terrorism financing risks.

It is believed that Pakistan has only managed to address 5 out of the total 27 action items recommended by the decision-making body of the FATF.

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Imports into Pakistan surge by 8% YoY in September

October 18, 2019 (MLN): Imports into Pakistan during the month of September 2019 amounted to Rs. 591 billion as against Rs. 589 billion in August 2019 and Rs. 545 billion during September 2018, showing an increase of 0.2% over August 2019 and 8.36% over September 2018.

As per the data gathered by Pakistan Bureau of Statistics, the imports in September 2019 in terms of US dollars stood at $3.78 billion as compared to $3.73 billion in August 2019, showing an increase of 1.42% but a decline of 13.9% as compared to $4.39 billion in September 2018.

Imports during July-September 2019 totaled Rs. 1.77 trillion as against Rs. 1.75 trillion during the corresponding period of last year, showing an increase of 0.93%.

In terms of US dollars the imports during July-September, 2019 totaled $11.2 billion as against $14.1 billion during the corresponding period of last year, showing a decrease of 20.59%.

Main commodities of imports during September 2019 were Petroleum products (Rs. 65.9 billion), Natural gas, liquified (Rs. 56.9 billion), Petroleum crude (Rs. 53.6 billion), Plastic materials (Rs. 22.9 billion), Palm oil (Rs. 21.9 billion), Iron and steel scrap (Rs. 20.5 billion), Iron and steel (Rs. 16.8 billion), Electrical machinery and apparatus (Rs. 16.5 billion), Mobile phone (Rs. 16.4 billion) and aircraft, ships & boats (Rs. 14.6 billion).

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