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UBL fails to lift profits during 9MCY20 owing to...

October 26, 2020 (MLN): United Bank Limited (UBL) has made profits of Rs. 15.4 billion for the nine months ended September 30, 2020, i.e. merely 2% lower as compared to the profits of the same period last year (SPLY).

The earnings per share for the period stood at Rs. 12.81, showing almost no change as compared to the EPS of Rs. 12.82 reported in SPLY.

Despite an increase of 29% in net interest income, the profits of the Bank took a hit on account of a 25% drop in non-interest income. The fall in the latter resulted from a decline in Fee income, Dividend income, forex income, income from derivatives, and Other income by 24%, 35%, 12%, 4.22x, and 61% respectively.

While the operating expenses did not show any change as such, the non-core charges jumped by 53.44x, taking a significant toll on the operating margins.

Other items such as decline in share of profits from associates by 59% and an increase in provisions by 171% further pulled the profits down.

Consolidated Financial Results for nine months ended September 30, 2020 (Rupees'000)

 

Sep-20

Sep-19

% Change

Mark-up / return / interest earned

123,933,330

114,622,747

8%

Mark-up / return / interest expensed

(64,208,325)

(68,165,602)

-6%

Net mark-up / interest income

59,725,005

46,457,145

29%

NON-MARK-UP / INTEREST INCOME

  

Fee and commission income

9,105,995

12,054,092

-24%

Dividend income

508,512

784,488

-35%

Foreign exchange income

3,051,817

3,484,894

-12%

Income / (loss) from derivatives

(162,204)

50,298

-422%

Gain / (loss) on securities - net

981,510

772,386

27%

Other income

733,898

1,874,038

-61%

Total non-markup / interest income

14,219,528

19,020,196

-25%

Total income

73,944,533

65,477,341

13%

NON-MARK-UP / INTEREST EXPENSES

  

Operating expenses

(31,760,011)

(31,811,389)

0%

Workers welfare fund

(706,298)

(532,237)

33%

Other charges

(160,328)

(2,945)

5344%

Total non-markup / interest expenses

(32,626,637)

(32,346,571)

1%

Share of profit of associates

174,924

427,840

-59%

Profit before provisions

41,492,820

33,558,610

24%

Provisions and write offs - net

(15,453,220)

(5,706,877)

171%

Extraordinary / unusual items

  

PROFIT BEFORE TAXATION

26,039,600

27,851,733

-7%

Taxation

(10,646,054)

(12,163,304)

-12%

PROFIT AFTER TAXATION

15,393,546

15,688,429

-2%

Earnings per share

12.81

12.82

0%

 

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LUCK’s topline surges 66% YoY due to greater contribution...

October 26, 2020 (MLN): Lucky Cement Limited has reported a remarkable 3.36x increase in net profits to Rs 5.13 billion for 1QFy21 against the profits of Rs 1.5 billion earned in the same quarter last year.

This caused the company earnings per share to clock in at Rs 13.45 from Rs 3.93 in 1QFY20, depicting a mammoth growth of 242.2% YoY.

As per the company’s financial statement, the increase in net profit was mainly attributable to increase in Net Profit of Cement segment (holding company) which increased by 132% due to absorption of fixed costs and lower input costs. This increase in Net Profit of holding company was also supported by significant increase in Net Profits of Lucky Motor Corporation and LCL investment Holdings limited as compared to same period last year.

The better market conditions and increase in economic activities, helped to increase the Net Profit of LCL Investment Holdings Limited that is mainly attributable to a combination of growth in sales volume, increase in retention price and decrease in input costs from north Congo and Iraq projects.

On the revenue front, LUCK’s net sales increased by 66% YoY due to greater contribution from Kia Lucky Motors Pakistan Ltd sales. Similarly, domestic cement business sales surged by 49% YoY on the back of higher dispatches (domestic/exports are up by 48/50% YoY) and improved domestic cement retention prices.

As a result, the company achieved gross profits of Rs 8.7 billion, which was 102% YoY higher as compared to same period last year’s gross profits of Rs 4.3 billion.

Furthermore, owing to strong topline growth alongside soft coal prices which offset the impact of PKR depreciation and costs associated with the company’s new line, the Gross profits margins increased by 3ppts YoY during 1QFY21.

On the cost side, LUCK’s distribution expenses increased by 23% YoY due to increase in transportation cost, while the financial charges fell by 32% YoY due to the reduction in policy rate.

Moreover, the company booked an affective taxation at 13% during the quarter under review compared to 25% in the corresponding quarter last year.

Alongside financial results, the company also informed that with the outbreak of COVID-19, construction and supply contractors of LUCK’s 660MW coal-based power plant declared a Force Majeure Event (FME) inFeb’20, fore warning a potential delay in project COD. Whereas the Central Power Purchasing Agency (CPPA) also sent a FME notice to the company, a report by Arif Habib Limited cited.

Currently LUCK is contact with CPPA, NTDC and PPIB to secure an interconnection facility at the earliest. That said, the company is striving to commence operations on time (targeted timeline: Mar’21) with over 90% work completed on the projected as at end of the outgoing quarter.

The 1.2mn tons Greenfield clicker facility in the city of Samawah, Iraq is in the commissioning and testing phase with commercial operations targeted in Dec’20. As the airspace opened up, the company was able to mobilize additional manpower to the site. While the remaining shipments of electrical and instrumental equipment are expected to reach site in Oct / Nov’20, the report added.

Consolidated Profit and Loss for the Quarter ended September 30th, 2020 ('000 Rupees)

 

Sep-20

Sep-19

% Change

Revenue

                     57,850,843

                     34,429,646

68.0%

 Sales tax and excise duty

                     (7,886,485)

                     (5,683,102)

38.8%

Rebates and commission

                     (4,850,591)

                     (1,566,605)

209.6%

Net sales

                     45,113,767

                     27,179,939

66.0%

Cost of Sales

                  (36,340,792)

                  (22,836,297)

59.1%

Gross Profit

                       8,772,975

                       4,343,642

102.0%

Distribution cost

                     (2,278,104)

                     (1,846,745)

23.4%

Administrative expenses

                     (1,196,494)

                     (1,018,820)

17.4%

Finance cost

                        (425,619)

                        (625,003)

-31.9%

Other expenses

                        (483,944)

                        (191,640)

152.5%

Other income

                       1,507,934

                       1,385,695

8.8%

Profit before taxation

                       5,896,748

                       2,047,129

188.0%

Taxation

 

 

 

current

                        (894,783)

                        (748,827)

19.5%

Deferred

                           130,270

                           228,721

-43.0%

 

                        (764,513)

                        (520,106)

47.0%

Profit after taxation

                       5,132,235

                       1,527,023

236.1%

Earnings per share - Basic and Diluted (Rupees)

                               13.45

                                  3.93

242.2%

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Two-day seminar on Pak-Afghan trade starts today

October 26, 2020: A two-day seminar on Pak-Afghan trade and investment to realize significance of bilateral trade and linkage and regional growth will commence in Islamabad on Monday.

Parliamentarians, trade communities of the two sides and line ministries will deliberate on ways and means to open up new vistas of cooperation and boosting bilateral trade between Islamabad and Kabul.

Thematic sessions of the seminar will focus on investment opportunities in manufacturing sector, agriculture, food, livestock and minerals and opportunities in services.

Seminar is unique and historic keeping in view the government's vibrant policies aimed at promoting regional connectivity and creating an environment of shared development and prosperity.

Radio Pakistan 

Strong earnings of PSX-listed companies show economic stability: Asad...

October 26, 2020: Minister for Planning, Development and Special Initiatives Asad Umar says strong earnings being reported by companies listed on Pakistan Stock Exchange reflect the achivement of economic stability.

In a tweet on Sunday, he said country's economy is moving into the growth phase. He said a record 10 new IPO'S are also being planned by companies for listing on stock exchange this year.

Radio Pakistan

OGRA issues revised prices for natural gas

October 26, 2020 (MLN): The Oil and Gas Regulatory Authority (OGRA), on Friday revised the sale prices and minimum charges in respect of natural gas sold by Sui Southern Gas Company and Sui Northern Gas Company, to various categories of their retail consumers, with effect from September 1, 2020.

According to the notification, the minimum gas sale price for domestic consumers and for commercial sector (which includes all establishments registered as commercial units with local authorities or dealing in consumer items) remained unchanged.

In category of Special Commercial (roti tandoors), the gas sale price has been determined for Rs110 per MMBTU for using up to 0.5 hm^3 and 1hm^3 gas per month, Rs 220 per MMBTU for using up to 2hm^3 and 3hm^3, Rs700 per MMBTU for using above 3hm^3. Minimum charges for this category reduced by 14% to Rs148.5 per month.

In general industrial sector, all off-takes have been determined at flat rate of Rs 1,054 per MMBTU for all consumers engaged in the processing of industrial raw material into value added finished products irrespective of the volume of gas consumed but excluding such industries for which a separate rate has been prescribed. The Minimum charges for this sector have been reduced to Rs 35,540 from Rs 36,449.7 per month.

The export-oriented (general industry) will be charged with a flat rate of Rs. 819 per MMBTU, the minimum charges for this sector has been set at Rs. 27,616 per month. The export oriented (Captive) will be charged with a flat rate of Rs. 852 per MMBTU, while the minimum charges for this has have been determined at Rs 28,729 per month.

For Compressed Natural Gas (CNG) sector, all off-takes for Region-1, have been fixed at flat rate of Rs 1,371 per MMBTU with minimum monthly charges of Rs 46,229. For Region-II, all off takes have been set at a flat rate of Rs 1,350 per MMBTU with minimum monthly gas charges of Rs 45,521.

While, for Cement Factories, the minimum monthly charges remained unchanged Rs 45,588.9 per month.

For fertilizer companies, the price of almost all off-takes have been increased  to settle at flat rate of Rs 302 per MMBTU from Rs 300 per MMBTU for gas used as feed-stock and from Rs 1,021 per MMBTU  to Rs 1,023 per MMBTU for gas used as fuel for generation of electricity, steam and for usage of housing colonies.

However, Engro Fertilizer Company Limited will pay the $0.70 per MMBTU for all off takes at flat rate for gas used as feed stock, which is the same as earlier, while its price for gas used as fuel for generation of electricity, steam and for usage of housing colonies increased from Rs 1,021 per MMBTU at a flat rate to Rs1,023 per MMBTU.

In power sector, all off-takes have been pushed up to Rs 857 per MMBTU at flat rate from Rs 824 per MMBTU both for WAPDA, KE’s power stations and other electricity utility companies and for WAPDA’s Gas Turbine Power Station, Nishatabad, Faisalabad, with minimum charges decreased to Rs 28,898 per month from Rs 29,416.8 for the former, while for latter, the minimum gas charges remained unchanged at Rs 975 per month.

For Independent Power Producers, all off-takes would be available at an increased flat rate of Rs 857 per MMBTU compared to Rs 824 per MMBTU set earlier. The minimum gas charges for IPPs have been revised down to Rs 28,898 per month from Rs 29,416.8.

For Captive Power Plants, all off-takes have been revised up at flat rate of Rs 1,087per MMBTU from Rs 1,021 per MMBTU, with minimum charges for this have also increased from Rs 36,449.7 to Rs 36,653 per month.

In addition to this, the authority also revised the sale price at Rs 857 per MMBTU in respect of natural gas sold by Mari Petroleum Company Limited (MARI) and Pakistan Petroleum Limited (PPL) to WAPDA’s Gas Turbine Power Station Guddu. The minimum charges for this will be set as per the Sale Purchase Agreement between WAPDA and these companies.

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