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ECNEC approves 6.8bn dollars for upgradation of Pakistan Railways...

Aug 6, 2020: Executive Committee of the National Economic Council approved project for up-gradation of Pakistan Railways existing Mainline-1 at the cost of over 6.8 billion dollars.

The meeting of the Committee was held in Islamabad on Wednesday with Adviser to Prime Minister on Finance Dr. Abdul Hafeez Shaikh in the chair.

The project will be completed in three packages in which the existing 2,655 KM track will be upgraded.

The speed of passenger trains will increase from 65/110 KM/h to 165 KM/h and line capacity will increase from 34 to 137/171 trains each way per day.

Ministry of Railways will constitute a project steering committee for effective supervision and implementation of the project.

The establishment of a dry port near Havelian was also approved in the meeting.

Radio Pakistan

AKD Securities submits PAI on ARY Communications’ behalf to...

August 6, 2020 (MLN): AKD Securities Limited, on behalf of ARY communications Limited and ARY Digital FZ LLC, has submitted Public Announcement of Intention (PAI) to acquire more than 51% of the Issued and Paid-up Share Capital of WorldCall Telecom Limited together with management control.

Via notification to Exchange, AKD securities has informed that it has been appointed as the Manager to the Offer, in accordance with the provisions of the Act and the Regulations

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UBL’s profitability increases by 17% on higher NII despite...

August 6, 2020 (MLN): United Bank Limited (UBL) has announced its financial results for the 1HCY20 ended June 30, 2020. As per the results, the bank has posted its net profits of Rs 10.72 billion (EPS: Rs 8.94), showing an increase of 17% YoY against net profits of Rs 9.16 billion of the same period last year.

Here, it is pertinent to mention that the earnings per share are largely in line with market expectations.

The profitability of the bank went up primarily due to higher net interest income (NII), up by 31% YoY to Rs 40 billion on the back of a 29.5% YoY increase in bank’s interest income.

During the period under review, the bank’s non-funded income (NFI) declined by 26% YoY due to lower dividend income  (down by 38% YoY) and lower FX income (down by 24% YoY) along with losses from derivatives of Rs 13million.  

However, according to Arif Habib Limited,  capital gains for the bank went up by 177% YoY as the bank most likely booked gains on fixed income securities. Fee income took a major 25% sequential hit owing to the impact of the pandemic on economic activity as well as SBP waivers on digital transactions.

Meanwhile, the bank’s provisioning expenses stood at Rs 9.95 billion, up by 2.7times YoY, most likely on the overseas book as GCC countries are going through a major economic meltdown following the pandemic outbreak, the research revealed.

During 1HCY20, the tax expenses decreased by 13% YoY to Rs 7.52 billion.

 

Consolidated Profit and Loss Account for the Half-year ended on June 30, 2020 (Rupees '000)

 

Jun-20

Jun-19

% Change

Mark-up/return/interest earned

 88,339,565

 68,241,685

29.5%

Mark-up/return/interest expensed

 48,270,433

 37,656,138

28.2%

Net mark-up/return/interest income

 40,069,132

 30,585,547

31.0%

Non mark-up/interest income

 

 

 

Fee, commission, and brokerage income

 6,056,639

 8,099,318

-25.2%

Dividend income

 395,832

 639,614

-38.1%

Foreign exchange income

 1,821,352

 2,286,903

-20.4%

Income /Loss from derivatives

 (13,508)

 85,426

-

Gain on sale of securities - net

 858,261

 309,937

176.9%

Other income

 582,766

 1,727,373

-66.3%

Total non-mark-up /interest income

 9,701,342

 13,148,571

-26.2%

Total Income

 49,770,474

 43,734,118

13.8%

Non mark-up/interest expenses

 

 

 

Operating expenses

 20,944,433

 20,902,009

0.2%

Workers' Welfare Fund

 502,933

 356,662

41.0%

Other charges

 152,333

 2,218

6768.0%

Total non-mark-up/interest expenses

 21,599,699

 21,260,889

1.6%

Share of profit of associates

 44,129

 348,724

-87.3%

Profit before provision

 28,214,904

 22,821,953

23.6%

Provisions and write offs-net

 9,952,594

 3,677,940

170.6%

Extra ordinary/ unusual item- charges in respect of pension liability

 -  

 -  

-

Profit before taxation from continuing operations

 18,262,310

 19,144,013

-4.6%

Taxation

 7,525,752

 8,646,392

-13.0%

loss from discontinued operations- net of tax

 10,271

 1,330,512

-99.2%

Profit after taxation

 10,726,287

 9,167,109

17.0%

Earnings per share - basic and diluted (Rupees) for profit from continuing operations attributable to the ordinary equity share

 8.95

 8.58

4.3%

Earnings per share - basic and diluted (Rupees) for profit attributable to the ordinary equity share

8.94

7.5

19.2%

 

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Avanceon strengthens its BMS Portfolio by securing contract for...

August 6, 2020 (MLN): Avanceon has been selected to provide a comprehensive Building Management solution for the new Business Hub building by DHA Lahore.

This contract of approx Rs 30 million marks yet another success for Avanceon’s growing Building Management Systems and Infrastructure portfolio.

Avanceon is excited about the new infrastructure opportunities within Pakistan and looking forward to adding value to green buildings concept, an official notification to Exchange revealed.

The DHA Business Hub is a purpose-built corporate tower which will facilitate the local and international business community.

A project of DHA Lahore, the corporate tower is strategically located near Allama Iqbal International Airport. Spread over 26 Kanals with covered area of 637,527 sq ft, the building boasts 11 floors and 2 basements with a capacity to accommodate 700 cars.

The building will also come equipped with a state-of-the-art security system and a dedicated Energy Center for 24/7 uninterrupted power supply. Avanceon will be providing a comprehensive Building Management Solution for this project.

The scope of work for Avanceon will include:

  • Engineering, Supply, Installation Supervision, Programming and Commissioning of Building Management System and Integrated Building Management System
  • Complete Control HVAC System including FAHU, TFAHU and Ventilation Systems
  • PlantRoom Optimization
  • Supply of VFDs
  • BTU Meters for the entire facilityFor this project, Avanceon will be partnering with Siemens Building Technologies.

Avanceon offers a comprehensive portfolio of products and solutions for demand based, efficient control of heating ventilation and air conditioning (HVAC) systems including fire alarm and detection.

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SBP to Conduct 1 Day OMO

August 06, 2020 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 1 day OMO to mop-up funds from the market.

Quotes timing is: 11:15 PST while result will be announced at: 11:45 PST

Settlement is same day - August 06, 2020

 

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