September 01, 2024 (MLN): From Moody’s upgrading the ratings of several Pakistani banks to National Bank of Pakistan’s timely issuance of its Transmission Report, mergers and acquisitions, and ventures like Symmetry Group’s launch of the AI platform 'Vidfy,' the corporate landscape of Pakistan continues to impress during the outgoing week. 

Here is a quick update on the latest happenings at the local bourse. Let’s dive into the top highlights.

Moody’s Ratings upgrades five Pakistani banks

Moody’s Ratings (Moody’s) has upgraded the long-term deposit ratings to Caa2 from Caa3 of five Pakistani banks.

SBP, 1Link lift fund transfer limits for IPO transactions

To facilitate investor participation in Initial Public Offerings (IPOs), 1Link, with the support of the central bank, has instructed all its member banks to remove limits on fund transfers for transactions executed through EIPO platforms.

NBP, myZoi to enable financial inclusion

The National Bank of Pakistan (NBP) has joined hands with myZoi Financial Inclusion Technologies (myZoi), a leading fintech company based in the United Arab Emirates dedicated to fostering financial inclusion and literacy.

NBP sets the bar high by issuing transmission report same day, others should follow

Taking a commendable step in corporate governance, the National Bank of Pakistan (PSX: NBP) issued the Transmission Report alongside its financial results for the six months and second quarter ended June 30, 2024, on the same day. No doubt, this timely release made investors pleased as it allowed them to analyze crucial information simultaneously for better understanding and informed decision-making.

KEL welcomes Dr. Irfan as new govt-nominated director

Following Dr. Muhammad Fakhre Alam Irfan’s appointment as Secretary of the Power Division, he has been nominated as a director on the Board of K-Electric Limited (PSX: KEL), effective August 28, 2024.

SECP grants final approval for PKGI to launch operations

The Securities and Exchange Commission of Pakistan (SECP) has confirmed the previously granted conditional permission for The Pakistan General Insurance Co. Ltd. (PSX: PKGI) to commence operations on March 29, 2024.

KSB Pumps seeks approval for release of rights shares funds

KSB Pumps Company Limited (PSX: KSBP) has requested the Pakistan Stock Exchange (PSX) to issue a 'No Objection Certificate' in favor of Habib Metropolitan Bank Limited and Central Depository Company of Pakistan Ltd. for the release of the right shares subscription amount.

UBL Partners with PwC to integrate Oracle Fusion Cloud HCM

United Bank Limited (PSX: UBL) and PwC have entered into a strategic partnership to implement Oracle Fusion Cloud HCM, marking a pivotal step in our ongoing Digital Transformation Strategy.

NCCPL extends KYC registration deadline for investors to Oct 31, 2024

Considering the significant number of investors who have not yet registered in the KYC regime, the National Clearing Company of Pakistan Limited (NCCPL) has further extended the timeline for registering existing customers in the KYC Database till October 31, 2024.

Atlas Pension Islamic Fund activates non-broker clearing member account

Atlas Pension Islamic Fund-Equity Sub-Fund has activated its Non-Broker Clearing Member account with the National Clearing Company of Pakistan Limited (NCCPL).

OGDC discovers gas condensate at Baloch-2 Well in Sanghar

Oil & Gas Development Company Limited (PSX: OGDC) along with Orient Petroleum & GHPL has made the gas condensate discovery at the Baloch-2 Well in District Sanghar.

Agha Steel receives acquisition notice from Fauji Foundation

Agha Steel Industries Ltd. (PSX: AGHA) has received a public announcement notice from a potential acquirer, Fauji Foundation, indicating their intention to acquire shares and control of the company.

Symmetry Group announces launch of AI platform ‘Vidfy’

Symmetry Group Limited (PSX: SYM) has announced the launch of Vidfy, the company's new Al-powered platform, developed in-house, that specializes in creating tailored video messages that empower businesses, brands, content creators and influencers to engage diverse audiences effectively.

PSX appoints Nadeem Naqvi as interim CEO

Nadeem Naqvi, a Shareholder Director of Pakistan Stock Exchange Limited (PSX), has been appointed as the interim Chief Executive Officer (CEO) by the Board of Directors with the approval of the Securities and Exchange Commission of Pakistan.

HTL, MDS Foods partner to launch Hardee’s at fuel stations nationwide

Hi-Tech Lubricants Limited (PSX: HTL) signed a Memorandum of Understanding (MOU) with MDS Foods (Pvt.) Ltd on August 28, 2024, to establish Hardee's restaurants at HTL's nationwide network of fuel stations.

SYM renews contracts with 4 major clients

Symmetry Group Limited (PSX: SYM) has successfully renewed its digital services contracts with four major customers.

AKBL increases authorized, paid-up capital of Askari Currency Exchange

The Board of Directors of Askari Bank Limited (PSX: AKBKL) approved an enhancement in the authorized and paid-up capital of its wholly owned subsidiary Askari Currency Exchange (Pvt.) Limited to Rs1.2 billion and Rs700 million, respectively.

JS Bank to launch currency exchange company with Rs700m capital

The Board of Directors of JS Bank Limited (PSX: JSBL) in its meeting held today has approved the establishment of a currency exchange company with an initial paid-up capital of Rs700 million as a wholly owned subsidiary of the bank.

Ikram Ullah Khan appointed as director on Bank of Khyber board

The Bank of Khyber (PSX: BOK) announced today that Ikram Ullah Khan will also represent the Khyber Pakhtunkhwa government as a director on the bank's board.

RCML board approves merger with Amer Cotton Mills

The Board of Directors of Reliance Cotton Spinning Mills Limited (PSX: RCML) has approved the scheme of compromise, arrangement, and reconstruction for the amalgamation/merger of Amer Cotton Mills (Pvt.) Limited (ACML) with RCML.

Thal Industries plans land purchase

The Board of Directors of The Thal Industries Corporation Limited (PSX: TICL) has directed that the proposed acquisition of 112 Kanal 11 Marla of freehold land be presented for approval at the upcoming extraordinary general meeting of shareholders.

Faran Sugar Mills plans 14.5m share rights issue to strengthen financials

The Board of Directors of Faran Sugar Mills Limited (PSX: FRSM) has decided to increase the company's paid-up share capital by issuing an additional 14.5 million ordinary shares, each with a face value of Rs10.

DWSM to remain in defaulters’ segment

Dewan Sugar Mills Limited (PSX: DWSM) will remain listed in the Defaulters' Segment despite having paid its outstanding penalty to PSX for rectifying the non-compliance with PSX Regulation 5.1.1. (d).

Asif Ali extends public offer deadline for Calcorp to Nov 20

Asif Ali Shaikh, the acquirer who made a Public Announcement of Offer (PAO) to acquire 83.96% of the total issued and paid-up capital of Calcorp Limited (PSX: CASH) has extended the deadline by 90 days till November 18, 2024.

PICT, Sky Media ink deal to enhance off-dock terminal operations in Karachi

Pakistan International Container Terminal Limited (PSX: PICT) to bridge the operations in the past, has signed an agreement with Sky Media (Pvt) Limited, a company incorporated in Pakistan and owns an Off Dock Terminal located at Hawks Bay Karachi.

BAFL’s Bangladesh division receives acquisition proposal from Sri Lanka’s HNB

In connection with the proposed sale of Bank Alfalah Limited (PSX: BAFL), Bangladesh operations, the bank has received a non-binding offer from Hatton National Bank (HNB) of Sri Lanka to acquire the bank's Bangladesh operations.

Hub Power Holdings forms JV with Ark Metals for mineral exploration

Hub Power Holdings Limited (HPHL) has entered into a joint venture agreement with a mining company, Ark Metals (Private) Limited and its shareholders, for the exploration and development of mineral mines in Pakistan.

Financial Results

Amidst the earnings season, numerous companies have announced their financial results for the recent quarter. Most of them witnessed remarkable performance across various sectors.

• Highnoon Laboratories Limited (PSX: HINOON) experienced a rise of 28.2% YoY in its earnings for Q2 CY24, as its profit after tax clocked in at Rs738.33 million.
• The bottom line of Avanceon Limited (PSX: AVN) turned red in Q2 2024 as it witnessed a loss of Rs 20.11 million.
• Atlas Battery Limited (PSX: ATBA)'s earnings for the fiscal year 2024 dropped 39% to Rs1.34 billion [EPS: Rs38.37].
• The Bank of Punjab (PSX: BOP)’s profit after tax rose 16.85% to Rs2.66 billion for the quarter ended June 30, 2024.
• Octopus Digital Limited (PSX: OCTOPUS) experienced a loss of Rs4.28 million [LPS: Rs0.03] in the second quarter of 2024.
• Askari Bank Limited (PSX: AKBL) reported a profit of Rs4.42 billion [EPS: Rs3.05] in Q2 2024, 6.95% YoY higher compared to the earning of Rs4.13bn [EPS: Rs2.85] recorded in the same period last year (SPLY).
• Pak Elektron Limited (PSX: PAEL) recorded an increase of 97.6% YoY in its earnings for Q2 CY24, with the company's after-tax profits rising to Rs970.57 million.
• National Bank of Pakistan (PSX: NBP)’s financial disclosure for the quarter that ended on June 30, 2024, revealed that the bank recorded a loss of Rs8.98 [LPS: Rs4.28].
• The profitability of Systems Limited (PSX: SYS) dropped by 39% YoY to Rs3.24 billion [EPS: Rs11.12] for the six months ended on June 30, 2024.
• Bank Makramah Limited (PSX: BML) continued its loss-making journey as the bank witnessed a loss of Rs625.33 million for the quarter ended June 30, 2024 (Q2 2024).
• PAKGEN Power Limited (PSX: PKGP) experienced a rise of 20.1% YoY in its profits, earning a profit after tax of Rs2.15 billion.
• Lalpir Power Limited (PSX: LPL) revealed its earnings for the quarter ended June 30, 2024 (Q2 CY24), wherein the profit after tax clocked in at Rs1.6 billion.
• The Bank of Khyber (PSX: BOK) disclosed a stable profit of Rs760.13m [EPS: Rs0.66] for the quarter ended June 30, 2024.
• Faysal Bank Limited (PSX: FABL) reported a profit of Rs6.95 billion (EPS: Rs4.58) for the second quarter (Q2 CY24) ending June 30, 2024, reflecting a growth of approximately 60%.
• Ismail Industries Limited (PSX: ISIL) recorded a decrease of around 4% YoY in its earnings for FY24, clocking in its profit after tax at Rs6.13 billion.
• Packages Limited (PSX: PKGS) reported a profit after tax of Rs29.67 million, reversing the loss of Rs114.19 million reported in the same period last year (SPLY).
• Merit Packaging Limited (PSX: MERIT) endured loss after tax of Rs186.36 million (LPS: Rs0.93) for the year ended June 30, 2024
• Saif Power Limited (PSX: SPWL) swung to a profit during the quarter ended June 30, 2024 (Q2 2024), posting a profit of Rs674.83 million [EPS: Rs1.34].
• Pakistan Telecommunication Company Limited (PSX: PTC) reported a sharp increase in consolidated losses for the quarter ending June 30, 2024, with losses widening by over 60% to Rs3.4 billion.
• Fatima Fertilizer Company Limited (PSX: FATIMA) recorded a profit of Rs5.08 billion [EPS: Rs2.42] in the quarter ending June 2024, and hiked dividend per share by 57% YoY to Rs2.75.
• JS Bank Limited (PSX: JSBL)'s earnings on an unconsolidated basis during the second quarter of 2024 surged by 61.88%, booking a profit of Rs1.05bn.
• Samba Bank Limited (PSX: SBL) earned Rs304.25m [EPS: Rs0.3] during the quarter ended June 30, 2024 (Q2 CY24).
• Defying economic headwinds, including slow market growth, currency fluctuations, and geopolitical uncertainty, PSO achieved a profit after tax of Rs15.9 billion.
• Fauji Cement Company Limited (PSX: FCCL) reported a profit after tax of Rs1.18 billion [EPS: Rs0.48] during the second quarter of 2024, up 150% from a year ago.
• Standard Chartered Bank (Pak) Ltd (PSX: SCBPL) maintained its strong performance, with earnings for the quarter ended June 30, 2024 (Q2 2024), increasing by 6.74% YoY to Rs10.24 billion.
• Al-Ghazi Tractors Limited (PSX: AGTL) recorded an increase of 53.7% YoY in its profits, with the company's after-tax profits rising to Rs879.93 million [EPS: Rs15.18] in Q2 CY24.
•  WorldCall Telecom Limited (PSX: WTL) saw its loss shrink by more than 50% in the second quarter of 2024, with the after-tax loss decreasing to Rs303.21 million.
• Habib Bank Limited (HBL) earned Rs14.01 billion [EPS: 981] on a consolidated basis during the quarter ended June 30, 2024 (Q2 CY24).
• BankIslami Pakistan Limited (PSX: BIPL) posted a profit worth Rs3.85 billion [EPS: Rs3.47], depicting a rise of 16.36% YoY.
• Shell Pakistan Limited (PSX: SHEL) revealed a dramatic 87.9% decline in profit for the second quarter of 2024, falling to Rs1 billion [EPS: Rs4.69] compared to Rs8.3 billion.
• Hub Power Company Limited (PSX: HUBC) experienced a rise of 9.5% in its profitability, with its profit after tax rising to Rs33.88 billion [EPS: Rs26.12] in FY24.
• Service Industries Limited (PSX: SRVI) reported a profit of Rs2.04 billion [EPS: Rs30.09] for the quarter ended June 30, 2024, a remarkable increase of over 190% compared to Rs700.21 million.
• Service GlobalFootwear Limited (PSX: SGF) earnings during the quarter ended June 30, 2024, fell over 64% to Rs65.13 million.

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Posted on: 2024-09-01T22:54:49+05:00