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Dollar advances to another new high

October 21, 2021 (MLN): US Dollar (USD) has surged to a new high of 173.75 against Pakistani Rupee (PKR) in an intraday trade on Thursday in an interbank market.

The domestic currency has weakened by 28 paisa (12:32 PST) when compared to the previous day’s close of 173.47 against the greenback.

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NRL: Bottomline turns green

October 21, 2021 (MLN): National Refinery Limited turned profitable during 1QFY22 ended September 30, 2021, as it posted a net profit of Rs406million (EPS: Rs5.08), against losses of Rs1.31billion (LPS: Rs16.40) in the same period a year earlier (SPLY).

The profitability is mainly attributable to the increase in net revenue.

Going by the financial statement sent to PSX, the company witnessed a jump in net revenue from contracts with customers by 66.21%YoY, which resulted from lesser trade discounts offered to the customers, taxes, duties, and levies.

Similarly, the financial cost of the company has soared by 10x during the review period to Rs1.53bn whereas non-core expenses ballooned by 18x YoY to Rs56.13mn.

The distribution cost of the company climbed by 2.26x to stand at Rs279.8mn while the administrative expenses up by 1.67% YoY.

On the taxation front, the company also paid Rs220mn in terms of tax during 1QFY22 against the incentives/subsidy of Rs418.29mn received in the SPLY.

Profit and Loss Account for the quarter ended September 30th 21 ('000 Rupees)

 

Sep-21

Sep-20

% Change

Gross sales

54,045,724

42,630,047

26.78%

Trade discounts, taxes, duties, levies and price differentials

(8,733,270)

(15,367,807)

-43.17%

Net sales

45,312,454

27,262,240

66.21%

Cost of sales

(42,660,094)

(28,602,766)

49.15%

Gross profit/(loss)

2,652,360

(1,340,526)

-

Distribution cost

(279,780)

(123,781)

126.03%

Administrative expenses

(210,165)

(206,716)

1.67%

Other income

47,072

 95,146

-50.53%

Other operating expenses

(56,125)

(3,117)

1700.61%

Operating profit/(loss)

2,153,362

(1,578,994)

-

Finance cost

(1,527,192)

(150,396)

915.45%

Profit/(loss) before taxation

626,170

(1,729,390)

-

Taxation

(220,202)

418,290

-

Profit/(loss) after taxation

405,968

(1,311,100)

-

Earnings per share - basic and diluted (rupees)

5.08

(16.40)

-

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Banking sector spread compresses by 15 bps MoM in...

October 21, 2021 (MLN): The Banking sector spread for September 2021 shrunk by 15.05 basis points (bps) over the month which brings its latest value to 4.11% as compared to prior month's spread of 4.26%.

According to the monthly data released by State Bank of Pakistan on Weighted Average Lending & Deposit Rates, the banking spread has depressed by 47 bps as compared to the same period last year.

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300MW Gwadar Power Plant to start functioning by 2023

October 21, 2021: A 300 megawatts coal-fired Gwadar Power Plant would start functioning from October 2023, said official sources.

The power plant would cater the needs of some 150,000 people of Gwadar by the end of 2023 under the 2050 Master Plan of Gwadar.

The power plant of independent power producer, is one of the key energy projects on the China Pakistan Economic Corridor (CPEC).

The project aimed at improving reliability on local power supply would help gradually solving the problems in current economic development and urban construction in Gwadar region being restricted by the shortage of power.

“We are currently spending millions of dollars per annum to generate electricity from diesel generators. I hope the plant would be operationalise soon to solve the port’s power scarcity issues. The power plant is of great significance to deepening the energy cooperation between China and Pakistan, boosting the development of the Belt and Road Initiative, improving the overall power structure of Balochistan, and promoting local economic development in Gwadar Port.

All major projects under CPEC in Gwadar, including Gwadar Power Plant, the New Gwadar International Airport Project, the China Pak Friendship Hospital, China-Pak Technical and Vocational Institute in Gwadar, the Gwadar East-bay Expressway Project, Gwadar Free Zone, and Gwadar Port would become a shining pearl in the region.

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PIBTL swings into loss

October 21, 2021 (MLN): Pakistan International Bulk Terminal (PIBTL), the country’s first terminal for handling Coal, Clinker and Cement, has reported net loss of Rs94.57 million (LPS: Rs0.05) in its financial results for the quarter ended September 30, 2021 compared to the net profit of Rs461mn (EPS: Rs0.05) in the corresponding period last year ago.

This swing to loss after tax was due to higher taxation and exchange loss.

Pursuant to the financial statement provided to PSX, the company witnessed a 20.5% YoY increase in net sales to Rs3.14bn.  However, the cost in sales surged by 25.4% YoY which led the gross margins to decrease by 3ppt to 31% during the first quarter of ongoing fiscal year.

On the expense front, the company’s administrative expenses went up by 13.4% YoY to Rs140mn during 1QFY22.

Notably, the company incurred net losses due to booking of exchange loss to the tune of Rs478mn against Rs110mn gain in 1QFY21 coupled with higher effective tax rate of 184% in the said period.

Some of the positive highlights include a 10.4% YoY decrease in finance cost that stood at Rs246mn, limiting the unfavourable impact of exchange losses.  

Lately, PIBTL in its analyst briefing said that the management is engaged with the lenders for restructuring its domestic loan which is expected to be finalized in 2QFY22. The company is also trying to refinance some part of the foreign loan. Once refinancing is done, the expansion would happen very soon.

Profit and Loss Account for the quarter ended September 30, 2021 ('000 Rupees)

 

Sep-21

Sep-20

% Change

Revenue - net

 3,138,677

 2,604,362

20.52%

Cost of services

 (2,178,512)

 (1,737,590)

25.38%

Gross profit

 960,165

 866,772

10.77%

Administrative and general expenses

 (140,416)

 (123,804)

13.42%

Other income

 18,287

 14,754

23.95%

Finance cost

 (246,811)

 (275,372)

-10.37%

Exchange (loss)/ gain

 (478,214)

 110,415

-

Profit before taxation

 113,011

 592,765

-80.93%

Taxation

 (207,586)

 (130,982)

58.48%

Net (loss)/profit for the year

 (94,575)

 461,783

-

Earnings per share - basic and diluted (Rupees)

 (0.05)

 0.26

-

 

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