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Analyst Briefing: Engro Corp expresses skepticism over current urea...

February 25, 2020 (MLN): Engro Corporation Limited held its analyst briefing on February 24, 2020, to discuss the financial results for the year ended December 31, 2019.

To recall, the company had declared net profits of Rs. 30.2 billion (EPS: Rs. 28.69) for the year, which is nearly 28.17% higher than the figures reported last year. It 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%.

According to the details provided by BMA Research, the management stated that its earnings were lower than the industry average owing to several one-off items. These included SAP implementation costs, FCEPL’s impairment, Engro Vopak’s tax adjustment, training and development costs, implementation of IFRS 16, as well as project feasibility costs. The management stated that all these one-off items caused the company’s non-core expenses to swell substantially.

Shedding some light on its current endeavors, the management stated that the company is trying to enhance its market visibility in the telecom sector, for which it has invested nearly Rs. 7.5 billion for 1,500 telecom towers. The company informed that it plans to have at least 10,000 such towers within the next two years to achieve its desired market share of 25%.

With regards to its fertilizer business, the management raised concerns over the premium it was charging currently, as it believed that it won’t be sustainable in a competitive pricing environment. Nonetheless, it assured that the company would resolve to maintain fertilizer prices at Rs. 1,840per bag.

It also informed the onlookers that it has commenced construction on SECMC Phase 2, a project by Sindh Engro Coal Mining Company and Engro Powergen Thar. This would result in an increase in the production capacity of coal mines to 7.5mn MT.

It is pertinent to note the Engro Corporation Limited has various subsidiaries under its wing, namely Engro Chemicals and Polymers Ltd, Engro Powergen and Qadirpur Ltd, Engro Fertilizers Ltd, FrieslandCampina Engro Pakistan Ltd, and Engro Vopak Ltd.

Nearly all of the above-stated companies reported positive earnings, except for FrieslandCampna Engro Pakistan which suffered losses amounting to Rs. 1.1 million against the profits of Rs 63,783 earned last year.

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HUBC registers robust growth on CPHGC project and PKR...

February 25, 2020 (MLN): One of the largest Independent Power Producer pf Pakistan, Hub Power Company Ltd. (HUBC) has announced its financial results for the half-year ended December 31, 2020. As per results, the company has witnessed a robust growth of 102.23% in its net profits, standing at Rs 11.51 billion which translated into an EPS of Rs 8.52.

The rise in HUBC’s consolidated earnings was mainly attributable to the commencement of China Power Hub Generation Company (CPHGC) and PKR depreciation against USD.

During the period under review, the company’s turnover dipped by 20.62% YoY compared to sales in the corresponding period last year on the back of lower off-take from Hub pant and Narowal Plant as both plants remained shut down from Oct 19 to Nov 19.

HUBC’s gross margins were impressive as it expanded from 30% to 59% on an account of growing PCE Element in the capacity payments of Hub plant during the last quarter.

More notably, the share of profit of associate clocked in at Rs 5.15 billion against the loss of Rs 193 million due to rising earnings from CPHGC.

On the other hand, the company bore a colossal increase in finance cost which stood at Rs 6.25 billion, up by 2.12 times YoY owing to higher interest rate and markup on long term loans acquired to finance new projects.

 

Profit and Loss Account for the Half-year Ended December 31st 2019 (Rupees in '000)

 

Dec-19

Dec-18

% Change

Turnover

 24,653,589

 31,059,378

-20.62%

Operating costs

 (10,182,031)

 (21,648,514)

-52.97%

Gross Profit

 14,471,558

 9,410,864

53.78%

General and administration expenses

 (830,000)

 (675,629)

22.85%

Other income

 160,115

 224,888

-28.80%

Other operating expenses

 (26,271)

 (5,765)

355.70%

Profit from operations

 13,775,402

 8,954,358

53.84%

Finance costs

 (6,251,021)

 (2,935,597)

112.94%

Share of gain/loss from associates

 5,153,226

 (193,455)

-

Loss on shares to be transferred to GoB

 (1,009,029)

 -

-

Profit before taxation

 11,668,578

 5,825,306

100.31%

Taxation

 (157,888)

 (144,589)

9.20%

Profit for the year

 11,510,690

 5,680,717

102.63%

Basic and diluted earnings per share - in Rupees

 8.52

 4.51

88.91%

 

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Akro & Excelsior LLC to acquire shareholding of Mian...

February 25, 2020 (MLN): The Chief Executive Officer (CEO) of Mian Textile Mills, has received a letter from Mr Ali Arif of Akro &Excelsior LLC (Texas-based foreign entity) for the acquisition of the shareholding of CEO/Directors and their relatives in the company.

In this respect, both parties have decided to enter into an MOU after negotiation of initial terms & conditions.  

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Service Fabrics Ltd all set to revive its operations...

February 25, 2020 (MLN): The Board of Directors of Service Fabrics Limited have considered the option to purchase assets of Amer Hotel, Lahore, in a bid to revive the operations of the company. According to a notification sent by the company in this regard, the proposed acquisition will be financed by the two directors of the Company who are also the majority owners of the hotel currently.

The valuation of the assets of the Hotel has been carried out by Madadgar (duly registered valuator with Pakistan Banks’ Association) in January 27, 2020. Whereas as the assessment of goodwill of continuing business has been carried out by Aamir Salman Rizwan Chartered Accountants (a QCR compliant firm with Institute of Chartered Accountants of Pakistan) in January 7, 2020.

Based on the respective valuations, the consideration value of the acquisition transaction has been arrived as follows:

Basis

Amount (Rupees)

Valuation of Land carried by Madadgar Valuators

           400,000,000

Valuation of Buildings carried by Madadgar Valuators

           114,100,000

Valuation of AC Plants and Equipment carried by Madadgar Valuators

              23,800,000

Present Value @ 10% of current net profit per year with the growth of 10% p.a. from the Hotel Business for next 10 years as Goodwill of the running business (the net profit for the 2019 has been agreed at Rs. 7 million the present value of which with increase of 10% per anum works out to be) carried by Aamir Salman Rizwan Chartered Accountants, Lahore

           130,333,153

Total Valuation

           668,233,153

The Board of Directors has decided to go ahead with the acquisition of the hotel and this acquisition shall be earnings accretive immediately after the acquisition. 

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PM directs harnessing tourism potential to strengthen economy

February 25, 2020: Prime Minister Imran Khan says there is a lot of tourism potential in Pakistan and promotion of the sector would not only strengthen the economy but also create business and job opportunities.

The prime minister stated this while chairing a meeting in Islamabad on the promotion of environment-friendly tourism in the country.

He directed to lay down a policy about the promotion of tourism, keeping in view the environmental, natural beauty and local values and traditions.

He asked to formulate an advance policy and necessary measures regarding the provision of facilities to the tourists on their arrival in the Northern Areas.

Chairing another high-level meeting regarding highlighting the identity of the country in Islamabad, Imran Khan directed the Special Assistant on Information and Broadcasting to make efforts to highlight Pakistan's true identity at the national and global level. 

The meeting was informed that significant achievements made under the present government at diplomatic and domestic fronts have raised the dignity of the country.

The meeting was briefed that after decades, Pakistan is not fighting anyone else's war, but it is playing an active role in promoting peace in the world.

The role in the peace efforts in Afghanistan, efforts to promote unity in the Muslim Ummah, partnership with China for development of the country and the region with CPEC and acknowledgement from world powers for regional peace reflect changing Pakistan.

The meeting was informed that due to efforts of the present government country's economy is on the path of growth.

It is for the first time in the country's history that Pakistan's Prime Minister has raised voice against money laundering at the platform of the United Nations.

Radio Pakistan

 

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