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Mari Petroleum approves submission of EOI to acquire majority...

October 20, 2020 (MLN): The Board of Directors of Mari Petroleum Company Limited (MPCL), in its meeting held on October 19, 2020, approved the submission of an expression of interest for the acquisition of majority shares, collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, in Foundation Wind Energy-I Limited and Foundation Wind Energy-II Limited.

According to the notification issued to PSX, the abovementioned acquisition is subject to the detailed due diligence of these projects, completion of procedural formalities, and requite approvals from the MPCL Board of Directors and relevant Regulatory Authorities.

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International Steel Ltd’s profits grow by 61% YoY in...

October 20, 2020 (MLN): International Steel Limited (ISL) has announced its financial results for the three months ended on September 30, 2020, as per results, the company’s profitability has substantially increased by 60.7% to stand at Rs 559 million (EPS: Rs 1.29) against net profits of Rs 347 million (EPS: Rs 0.80) of the same period last year.

The rise in profitability is mainly attributed to higher international CRC and Galvanized Steel prices.

During the period under review, the company’s gross profits went up by 12.77% YoY due to an increase in sales revenue (up by 35.7% YoY) amid higher demand from the 2/3 wheeler autos segment, as per a research report by Taurus Securities.

However, gross margins shrank from 10.69% to 8.88% due to depreciation of PKR against USD by 5%, revealed a report by Summit Capital.

The company witnessed a decrease in its major expense heads as distribution & selling expenses came down by 17% YoY from Rs 244 million to Rs 201 million. Moreover, administrative costs fell by 8.82% during the said period.

As per the financial statement issued by the company, the positive highlight includes a 61% decrease in finance costs on the back of a steep decline in interest rate.

Moreover, the company paid taxes worth Rs 298 million, while, it got a tax credit of Rs 46 million for the same period last year.

Financial Results for the quarter ended September 30, 2020 ('000 Rupees)

 

Sep-20

Sep-19

% Change

Net Sales

 15,666,487

 11,545,349

35.70%

Cost of Sales

 (14,274,689)

 (10,311,143)

38.44%

Gross profit

 1,391,798

 1,234,206

12.77%

Administrative Expenses

 (56,310)

 (61,760)

-8.82%

Selling and distribution expenses

 (201,487)

 (244,151)

-17.47%

Finance costs

 (258,924)

 (667,214)

-61.19%

Other operating charges

 (68,818)

 (24,369)

182.40%

Other income

 51,132

 64,533

-20.77%

Profit before taxation for the year

 857,391

 301,245

184.62%

Taxation

 (298,281)

 46,681

-

Profit after taxation for the year

 559,110

 347,926

60.70%

Earnings per share - basic and diluted (Rupees)

 1.29

 0.80

61.25%

 

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PM directs to ensure sufficient supply of wheat, sugar...

October 20, 2020: Prime Minister Imran Khan has stressed on taking all administrative measures to ensure availability of daily commodities and controlling their prices.

He was chairing a meeting in Islamabad to review availability and prices of daily commodities, especially wheat and sugar.

The Prime Minister directed to ensure sufficient supply of wheat and sugar at utility stores across the country.

He also directed provincial administrations to ensure legal action against real owners of mills and godowns who are indulged in hoarding.

The meeting was apprised that Punjab government has increased release of wheat from 16,000 tons to 20,000 tons on daily basis, which would be further increased to 25,000 tons in a couple of days. It was further informed that Sindh government would start formal release of wheat within next few days.

The meeting was also apprised that full scale crackdown against hoarders is continuing under the Prime Minister’s direction and it would be further accelerated.

Radio Pakistan

Agreement on Afghan Transit Trade must be comprehensive, facilitating...

October 20, 2020: National Assembly's Standing Committee on Commerce  has emphasized on the Ministry of Commerce that next agreement on Afghan Transit Trade must be comprehensive and facilitating the Pakistani exporters on priority basis.

In its 7th meeting, held in parliament house today, with the Chairman Syed Naveed Qamar in the chair, the Standing Committee on Commerce discussed the institutional arrangements, challenges and issues in transit trade with Afghanistan.

The Ministry of Commerce briefed the Committee on Afghan Pakistan Trade and revision of Afghan Pakistan Transit Trade Agreement 2010.

The Committee was informed that Afghanistan Pakistan Transit Trade Coordination Authority was established to monitor the effective implementation of the agreement.

Radio Pakistan

Swiss MNC Novartis acquires manufacturing facility to produce medicines...

October 20, 2020 (MLN): Novartis, a Swiss MNC with a multi-decade presence in Pakistan, has acquired a manufacturing facility to produce medicines locally. Novartis has an expansion plan that will bring an investment of about USD 20 million.

Taking his official Twitter handle, Advisor to PM for Commerce and Investment, Abdul Razak Dawood said, ‘this investment signifies that the regulatory reforms & competitive local landscape are being recognized as an opportunity by investors.’

‘This acquisition also shows the confidence of international companies to invest in the future of Pakistani Pharma industry and highlights the realization of increased ease in doing business in Pakistan’, he concluded.

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