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Sapphire Textile Mills witnesses 56% YoY jump in net...

September 25, 2020 (MLN): Sapphire Textile Mills Limited (SAPT) witnessed 56% YoY increase in net profits for FY20 to Rs 7.86 billion compared to the profits of Rs 5 billion reported in FY19.

 The earnings per share of the company also exhibited an increase of 38% YoY to Rs 245.36 as apposed to Rs 178.24 last year.

During the year, Company’s net turnover increased from Rs.49.6 billion to Rs.52.96 billion, depicting a growth of 7% YoY, while its cost of goods sold exhibited a marginal growth, accordingly, the gross profit margin of the company surged to 32% from 28% last year.

The increased profitability can be attributed to rationalization of energy prices for the export-oriented industry, currency adjustment, and Company’s continued emphasis on vertical integration and growth in sale of value-added products.

The increase in interest rates during FY20 remained a challenge for SAPT due to high cost of borrowing for working capital. The finance of the company increased to Rs.6 billion representing 11% of sales from Rs.4.97 billion representing 10% of sales in FY19.

Consolidated Profit and Loss Account for the Year ended June 30, 2020 (Rupees)

 

Jun-20

Jun-19

% Change

Net turnover

 52,967,395,731

 49,641,617,037

7%

Cost of Sales

 (36,161,494,725)

 (35,792,532,087)

1%

Gross Profit

 16,805,901,006

 13,849,084,950

21%

Distribution Cost

 (2,595,681,324)

 (2,857,822,555)

-9%

Administrative Cost

 (784,446,472)

 (795,739,879)

-1%

Other Operating Expenses

 (217,390,973)

 (515,724,842)

-58%

Other Income

 702,357,546

 585,048,426

20%

 

 (2,895,161,223)

 (3,584,238,850)

-19%

Profit from Operations

 13,910,739,783

 10,264,846,100

36%

Finance Cost

 (6,054,361,338)

 (4,970,115,365)

22%

Share of profit of associated companies

 129,882,216

 175,894,211

-26%

Profit before Taxation

 7,986,260,661

 5,470,624,946

46%

Taxation

 (121,981,481)

 (431,316,256)

-72%

Profit after Taxation

 7,864,279,180

 5,039,308,690

56%

Earnings per share- basic and diluted

 245.36

 178.24

38%

 

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World Bank approves $450 mln in financing to support...

September 25, 2020: The World Bank’s Board of Executive Directors approved $450 million in financing on Thursday to support Pakistan’s transition to renewable energy resources that reduce its reliance on fossil fuel imports and lower costs of electricity production.

The Khyber Pakhtunkhwa Hydropower and Renewable Energy Development project will help shift the national energy mix to domestic clean resources by investing in renewable energy generation, including hydropower and solar, in Khyber Pakhtunkhwa province. It will also help strengthen energy sector institutions to better manage a growing portfolio of renewable energy projects across the province.

This project supports Pakistan’s goal to become a low-carbon, renewable energy-reliant economy by 2030 and contributes to its national target in reducing greenhouse gas emissions to combat climate change,” said Najy Benhassine, World Bank Country Director for Pakistan. “It will facilitate the expansion of renewable energy in Khyber Pakhtunkhwa by identifying and preparing solar and hydropower projects that are technically sound, environmentally and socially sustainable, and investment ready.”

The project will provide low-cost and low-carbon electricity to consumers and will support the economic development of those communities near the hydropower and solar projects by revitalizing infrastructure, creating jobs, and supporting the development of tourism activities.

“To scale up renewable energy in Khyber Pakhtunkhwa, the project includes a comprehensive skills training program to build technical capacity in identifying investment opportunities, preparing projects, and mobilizing commercial financing,” said Mohammad Saqib, Task Team Leader for the Khyber Pakhtunkhwa Hydropower and Renewable Energy Development project.  “In addition, by installing solar photovoltaic systems onto hydropower assets, production capacity is expected to rise and generate greater return on investments.”

Govt committed to follow macroeconomic fundamentals through effective policy...

September 25, 2020: Prime Minister's Advisor on Finance Dr Abdul Hafeez Shaikh says the government is committed to follow macroeconomic fundamentals through effective policymaking and targeted reforms to achieve sustainable and inclusive growth.

He was chairing a meeting of the Monetary and Fiscal Policies Coordination Board in Islamabad on Thursday. Special Secretary Finance said that the economy is on the path of recovery.

Adviser for Commerce and Investment said during the first two months of the fiscal year exports and imports remained 3.6 billion dollars and 6.9 billion dollars respectively which reduced the trade deficit.

Radio Pakistan

Govt to remove hurdles in way of business activities:...

September 25, 2020: Prime Minister Imran Khan has assured the businessmen and investors that the government is committed to remove all difficulties and hurdles in the way of business activities on priority basis.

Talking to a delegation of the country’s well known investors and business personalities in Islamabad, he said the development of construction sector would not only help promote business activities and create job opportunities but would also strengthen economy and boost wealth creation.

He expressed satisfaction over the interest shown by investors in the projects, including the Ravi River Front Urban Development and Bundle Island. He said the interest of local investors in the two important development projects initiated by the government is a good omen.

Expressing their views about the business-oriented environment in the country, the investors and business personalities said it was due to the present government’s efforts that there was not only an ease of doing business in the country but the business community was also encouraged by the better policies.

Radio Pakistan

European stocks slide in risk-off mood, M&A talk lifts...

September 25, 2020: European stocks slid on Thursday, with UK markets leading the way after Britain's government launched a scaled-back job support programme, while a second wave of COVID-19 cases across the continent dampened investor sentiment.

The pan-European STOXX 600 index fell 1.0% to close at its lowest level since Aug 3, with the retail, oil & gas and financial services sectors falling the most.

Investor fears about the resurgence of COVID-19 denting the European economic recovery have dominated trading this week as the UK, Spain and France imposed fresh restrictions, while U.S. Federal Reserve policymakers spooked markets on Wednesday by calling on the government to provide more fiscal support.

"Investor's expectations for a slow steady recovery have been tested in this month," Geir Lode, head of global equities, international at Federated Hermes wrote in a note.

"With the recent sentiment change in the market, it should be remembered that market volatility still exists. Exceptionally low interest rates and ample liquidity give investors few choices other than to invest in riskier assets."

M&A speculation drove a 1.3% rise in Italian banking stocks , while the European banking index slipped 0.4%.

Italy's third-largest bank Banco BPM jumped 5.8% and Credito Valtellinese surged 11.6%, with traders citing a Bloomberg report that suggested talks of possible takeover interest from French bank Credit Agricole.

Earlier, a Banco BPM spokeswoman said it was not in contact with bigger rival UniCredit over a potential merger, dismissing a press report. UniCredit rose 2.3%.

The STOXX 600 had cut losses earlier in the session after surveys showed business morale in Germany and France improved for the fifth month in a row in September, suggesting that both countries are set for strong growth in the third quarter.

The relief, however, proved temporary, with U.S. markets hesitating to rise after a surprise rise in weekly jobless claims.

The German DAX was down 0.3%, outperforming the regional indexes, while France's CAC 40 fell 0.8%.

UK's FTSE 100 lagged with a 1.3% drop, failing to draw cheer from a new job support plan. Under the "more targeted" programme, Finance minister Rishi Sunak said government support would only be available to workers whose employers keep them on at least a third of their normal hours.

British cinema operator Cineworld slumped 14.8% as it swung to a loss and said it may have to raise more money if pushed to shut its theatres again due to government curbs on social gathering.

 Reuters

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