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Adviser to PM on Finance thanks China on support...

February 21, 2020: Adviser to the Prime Minister on Finance and Revenue met Mr. Yao Jing, Ambassador of the People’s Republic of China here at the Finance Division to review the preparations of the upcoming visit of the Chinese President Xi Jinping. The meeting took place on the instructions of the Prime Minister as the government has attached significant importance to this meeting.

The Adviser and the Ambassador shared the details of progress of preparation of the upcoming visit of President Xi Jinping. The Adviser said that Pakistan values the relations with China highly and would welcome the President with highest respect and regards. He also thanked the Chinese Government on their massive support in the FATF meetings. The Adviser said that China and other brotherly countries have supported Pakistan throughout the Process in terms of guiding the country to improve its frameworks

The Adviser condoled with the Ambassador on account of the Virus outbreak. The Ambassador said that it is a difficult time for the people of China but we are dealing patiently with the calamity and hoping to overcome it very soon. The Ambassador thanked Pakistan on the support in this difficult time.

They also discussed progress on China Pakistan Economic Corridor (CPEC) and measures to enhance the bilateral trade between the two countries stating that it was progressing smoothly. Matters of bilateral interest were discussed and both sides agreed to enhance economic cooperation in future.

Press Release

PKR weakens by 3 paisa in a week

February 21, 2020 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 154.2.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 3 paisa per USD showing an intraday high bid of 154.26 and an intraday Low offer of 154.24.

During the week, the currency has lost 3 paisa against the greenback, as the previous week was concluded at PKR 154.17 per USD.

Within the Open Market, PKR was traded at 154.10/154.60 per USD.

Alternatively, the currency lost 5 paisa to the Pound Sterling as the day's closing quote stood at PKR 199.2 per GBP, while the previous session closed at PKR 199.15 per GBP.

Similarly, PKR's value weakened by 19 paisa against EUR which closed at PKR 166.81 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.725 billion for 7 days at 13.27 percent.

The overnight repo rate towards close of the session was 13.30/13.50 percent, whereas the 1 week rate was 13.38/13.33 percent.

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GSP demands Rs 519 mln to execute four projects...

Feb 21, 2020: The Geological Survey of Pakistan (GSP) has demanded Rs 519.057 million to execute four projects under the Public Sector Development Programme (PSDP 2020-2021).

“Out of these projects, three are related to mineral sector and one project is meant for fuel sector, for which Rs 512.533 million and Rs 6.524 million have been demanded respectively in the next fiscal year,” a senior official privy to petroleum sector development told APP.

The GSP, he said, wanted geological mapping of 50 Toposheets of ‘outcrop area’ of Balochistan province to maintain database for future exploration of the occurrences of metallic and non-metallic minerals potential, dimension stones, aggregates and limestone reserves for the industry at a cost of Rs 50.130 million.

While, it demanded Rs 414.735 million allocations for acquiring drilling rigs along with accessories for the GSP aimed at executing drilling projects in an efficient and cost effective way.

Similarly, the GSP has also sought Rs 6.524 million funds for advancement in the project of exploration and evaluation of coal in Nosham and Bahlol areas of Balochistan province, besides Rs 67.036 million for establishment and strengthening of research laboratories at regional office in Peshawar.

The National Assembly Standing Committee on Energy has recently approved the budgetary proposals of the Petroleum Division for incorporating in the PSDP 2020-21.

APP

KAPCO performs exceptionally, profits up by 85.5% YoY

February 21, 2020 (MLN): Kot Addu Power Company Limited (KAPCO) has announced its financial results today, as per which company has posted a remarkable increase in its net profits from Rs 6.3 billion to Rs 11.72 billion, showing an increase of 85.5% YoY during six months ended December 31, 2019.

The increase in the company’s profitability was mainly attributable to a significant rise in income that the company earned from other sources from Rs 6.5 billion to Rs 11.3 billion. The second main factor was profits from other operations which rose by 57.2% from Rs 13.3 billion to Rs 20.9 billion.

Moreover, due to the decline in costs of sales by 7.29%, KAPCO’s gross margins surged from 16% to 23% during the period.

On the cost side, the company’s administrative expenses rose by 48.5%, whereas, other expenses dropped by 100% which provided a cushion to the company’s profitability.

 Moreover, the company’s earnings per share (EPS) exhibited a decline of 85.5% from Rs 7.18 per share to Rs 13.32 per share.

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

 

Dec-19

Dec-18

% Change

Sales

 44,469,422

 44,220,871

0.56%

Cost of sales

 (34,363,914)

 (37,066,141)

-7.29%

Gross profit

 10,105,508

 7,154,730

41.24%

Administrative expenses

 (472,844)

 (318,222)

48.59%

Other operating expenses

 -  

 (6,311)

-100.00%

Other income

 11,335,967

 6,505,923

74.24%

Profit from operations

 20,968,631

 13,336,120

57.23%

Finance cost

 (4,758,030)

 (4,400,401)

8.13%

Profit before tax

 16,210,601

 8,935,719

81.41%

Taxation

 (4,483,594)

 (2,613,970)

71.52%

Profit for the year

 11,727,007

 6,321,749

85.50%

Earnings per share - basic and diluted (Rupees)

 13.32

 7.18

85.52%

 

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ENGRO enjoys a 28% increase in yearly profits

February 21, 2020 (MLN): Engro Corporation Limited (ENGRO) has declared net profits of Rs. 30.2 billion (EPS: Rs. 28.69) for the year ended December 31, 2019, which is nearly 28.17% lower than the figures reported last year.

The company also announced a Final Cash Dividend for the year at Rs. 1 per share i.e. 10%. This is in addition to Interim Dividends already paid at Rs. 23 per share i.e. 230%.

The topline earnings of the company saw a growth of 31.6% owing to the benefits emanating from the Thar energy projects.

Furthermore, a rise in the profitability of Engro Fertilizers and Engro Powergen, combined with a reduction in the losses of FrieslandCampine Engro Pakistan, provided further impetus to the company’s net earnings.

Financial Results for the Year Ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Revenue

225,919,576

171,568,238

31.68%

Cost of Sales

(157,233,488)

(120,459,766)

30.53%

Gross Profit

68,686,088

51,108,472

34.39%

Selling and distribution expenses

(8,103,286)

(8,488,256)

-4.54%

Administrative expenses

(6,156,325)

(4,497,302)

36.89%

Other income

13,663,434

9,147,368

49.37%

Other operating expenses

(8,477,620)

(5,518,656)

53.62%

Operating profit

59,612,291

41,751,626

42.78%

Finance cost

(14,750,272)

(5,453,221)

170.49%

Share of income from joint ventures & associates

1,147,999

128,647

792.36%

Profit before taxation

46,010,018

36,427,052

26.31%

Taxation

(15,721,927)

(12,795,319)

22.87%

Profit after taxation

30,288,091

23,631,733

28.17%

Earnings per share - basic and diluted (Rupees)

28.69

22.06

30.05%

Copyright Mettis Link News

 

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