Home Tags SEZs

Tag: SEZs

Most Recent

OICCI calls for Integrated Planning for Energy Value Chain

February 26, 2020: The Overseas Investors Chamber of Commerce and Industry (OICCI) has launched its ‘OICCI Energy Report 2019’ today. The report is based on the recommendations of the 31 leading international energy sector companies operating in Pakistan, who are members of the chamber.
 
Pakistan’s energy sector has witnessed significant transformation over the past five years, with the power generation capacity increasing rapidly to over 39000 MW by mid-2019, with the inclusion of two large RLNG based power plants, Thar coal project and imported coal-based power plants leading to a major shift in the energy mix.

Despite the relative fast paced increase in the generation and transmission capacity, over 60 million Pakistanis do not have access to electricity from the grid, which not only impacts the economic growth of the country, but the economic exclusion has a social impact also. On top of this, the mounting circular debt, in excess of Rs 1.9 Trillion, and the inability of distribution companies to arrest the ever increasing technical and non-technical losses, continue to burden the national exchequer by an additional Rs 40-50 Billion annually.
 
Presenting the report, CE/Secretary General, OICCI, M. Abdul Aleem commented that “OICCI Energy Report 2019 includes a number of recommendations to streamline the Oil and Gas and Power sectors. For the Upstream oil and gas exploration sector, the report recommends that besides the estimated 30 onshore blocks that may be available for bidding, offshore blocks should also be considered and about 5-10 blocks should be offered every 3-6 months, so that there is a steady flow of new acreage to accelerate indigenous E&P activities.

For the Downstream Oil Refining and Marketing sector, OICCI recommends that motor gasoline and diesel front and back-end price should be deregulated. Moreover, an Integrated Energy Planning (IEP) approach must be adopted and components of the Power Value Chain should be liberalized to bring operational efficiency and reduce energy costs”.
 
“The Ministry of Energy is playing a pivotal role in introducing structural reforms to address Pakistan’s prevalent energy issues. However, it is imperative that relevant stakeholders, such as the OICCI, are involved for these to be successful” commented M. Abdul Aleem adding that “OICCI is aware of the government’s plan to offer 18 onshore exploration blocks for bidding, approval for 5 LNG companies to set up regasification terminals at Port Qasim (PQA) and initiative to develop an Integrated Energy Plan.”
 
OICCI Energy Report 2019 is the collective effort of the 31 OICCI members belonging to the energy sector, who are associates of leading international players working in the areas of oil exploration, refining, marketing and distribution, coal mining and power generation segments. They cumulatively contribute over Rs 600 Billion annually to the national exchequer and employ a large number of skilled and professional staff.

The nearly 200 OICCI members contribute about a third of the country’s total tax collections, invested nearly US$ 3.0 billion last year in new investments and employ about one million people with a significantly larger contribution to the socio economic development of the community.

Press Release

MTB Auction: Bid Pattern

February 26, 2020 (MLN): The State Bank of Pakistan released the Bid Pattern for today's MTB Auction.

Auction target is Rs.300.00 billion against a maturing amount of Rs.205.70 billion, showing an additional funding requirement of Rs.94.30 Billion.

Link to Full Bid Pattern

In the previous auction cut off yield for 3, 6 and 12 months was 13.4296, 13.289 and 13.134 percent.

 

Copyright Mettis Link News

ASTL: Finance cost, the main culprit

February 26, 2020 (MLN): Amreli Steel Limited (ASTL) has announced its financial results for the half-year ended December 31, 2019, as per which, the company has suffered losses of Rs 312 million (LPS: Rs 1.06) against net profits of Rs 516 million (EPS: Rs 1.74) of the same period last year.

The main reason for the net losses incurred by the company was higher financial charges.

During the period under review, the topline jumped by 10.76% YoY to Rs 13.64 billion on an account of increase in offtake and an increase in re-bar prices. However, the gross margin fell by 3ppts from 12% to 9% owing to increase in input cost.

The primary culprit behind the red bottom line was colossal finance cost which increased by 2.5 times YoY to Rs 1.21 billion. However, the tax reversal of Rs 275 thousand came as a breather in the bottom line.

Condensed Interim  Profit or Loss Account for the Half Year Ended December 31st  2019 (Rupees in '000)

 

Dec-19

Dec-18

% Change

Sales

 13,642,337

 12,317,227

10.76%

Cost of sales

 (12,378,447)

 (10,791,903)

14.70%

Gross Profit

 1,263,890

 1,525,324

-17.14%

Distribution cost

 (327,481)

 (284,927)

14.94%

Administrative expenses

 (310,025)

 (236,682)

30.99%

Other expenses

 (10,287)

 (45,480)

-77.38%

Other income

 8,639

 29,398

-70.61%

Operating profit

 624,736

 987,633

-36.74%

Finance costs

 (1,212,839)

 (489,638)

147.70%

(Loss)/Profit before taxation

 (588,103)

 497,995

-

Taxation

 275,624

 18,338

1403.02%

Net (loss)/profit for the year

 (312,479)

 516,333

-

(Loss)/earnings per share-basic and diluted

 (1.06)

 1.74

-

 

Copyright Mettis Link News

Samba Bank’s net earnings remain static during CY2019

February 26, 2020 (MLN): Samba Bank Limited has announced its financial results for the year ended December 31, 2019, wherein its profits have increased by 0.55% to Rs. 686.4 million only while Earnings per share have remained static at Rs. 0.68.

The bank reported an uptick in Net Interest Income by almost 30%, despite a 91% increase in interest expense. On the other hand, the non-interest income depicted a growth of 9.6% on the back of rise in Dividend Income and Forex gains by 35% and 82% respectively.

The operating expense of the bank increased by 20.6%, whereas non-core charges reduced by 47%.

The company’s profits were limited by a six-fold increase in provisions, from Rs. 68.3 million last year to Rs. 502 million this year.

Profit and Loss Account for the year ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Mark-up/return/interest earned

12,791,334

7,555,595

69.30%

Mark-up/return/interest expensed

9,272,249

4,847,164

91.29%

Mark-up/return/interest income

3,519,085

2,708,431

29.93%

NON-MARK-UP/INTEREST INCOME

   

Fee and commission income

331,658

270,927

22.42%

Dividend income

61,381

45,332

35.40%

Foreign exchange income

432,256

237,464

82.03%

Income / (loss) from derivatives

   

Gain / (loss) on securities

20,697

214,586

452.95%

Other income

154

3,743

-99.98%

Total non-mark-up/interest income

846,146

772,052

9.60%

Total Income

4,365,231

3,480,483

25.42%

NON-MARK-UP/INTEREST EXPENSES

   

Operating expenses

2,732,037

2,264,098

20.67%

Workers' Welfare Fund

22,920

23,024

-0.45%

Other charges

8,078

15,278

-47.13%

Total non-mark-up/interest expenses

2,763,035

2,302,400

20.01%

Profits before provisions

1,602,196

1,178,083

36.00%

(Provisions) / reversal and write offs - net

(502,047)

(68,364)

634.37%

Extraordinary items/unusual items

-

-

 

Profit before taxation

1,100,149

1,109,719

-0.86%

Taxation

(413,691)

(426,990)

-3.11%

Profit after taxation

686,458

682,729

0.55%

Earnings per share - basic (Rupees)

0.68

0.68

0.00%

Copyright Mettis Link News

Gold price drops by Rs 400 to Rs 94,750...

February 26, 2020 (MLN): Gold witnessed a decrease in demand today as it lost Rs 400 in today’s session to settle at Rs 94,750 per 12 gram. The valuable yellow metal had closed at Rs 95,150 per 12 gram on previous trading day.

According to the Karachi Sarafa Association, gold price per 10 gram clocked in at Rs 81,233, down by Rs 343 from Rs 81,576 per 10 in the previous trade.

On the other hand, the silver prices remained flat and closed at Rs 1050 per 12 gram. Similarly, 10-gram silver pegged at Rs 900.2.

In the global market, gold prices went down by $7 to $1,648 per ounce, while silver was valued at $18.12 per ounce.

Copyright Mettis Link News

 

Popular Posts