Weekly Corporate Buzz

October 26, 2024 (MLN): This week, developments in Pakistan’s corporate landscape have inspired us with Hoechst Pakistan boldly securing the Claforan trademarks, KAPCO’s competitive bid for K-Electric’s 150MW solar project, Lucky Cement’s Excellency Award, Fatima’s environmental pact, and OGDC’s major gas discovery.

These exciting breakthroughs kept the momentum alive.

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

CCP approves acquisition of Claforan Trademarks by Hoechst Pakistan

The Competition Commission of Pakistan (CCP) has approved the acquisition of trademarks for the pharmaceutical product Claforan by Hoechst Pakistan Limited from Sanofi Aventis Deutschland GMBH through a Trademark Assignment Agreement.

KAPCO submits lowest bid for 150MW K-Electric solar project

Kot Addu Power Company Limited (PSX: KAPCO)’s bid for the proposed K-Electric solar project to be set up at Deh Metha Ghar, Sindh for 150 MW is the lowest bid. The proposed bid tariff is Rs9.8319 per kWh (3.4061 cents per kWh at the reference exchange rate of USD/PKR 288.65).

LUCK bags Excellency Award at 39th MAP Awards

Lucky Cement Limited (PSX: LUCK), one of Pakistan's leading cement manufacturers, has been honoured with the Excellency Award in the Cement Category at the 39th Management Association of Pakistan (MAP) Awards.

Fatima Fertilizer joins NACAG to cut N2O emissions

Fatima Fertilizers' Multan plant has become eligible for financial support from the NACAG Secretariat to install catalysts, following the signing of the Nitric Acid Climate Action Group (NACAG) Statement of Undertaking (SoU) by the Ministry of Climate Change and Environmental Coordination.

PSX proposes standardized brokerage commission for GIS

The Pakistan Stock Exchange (PSX) has proposed amendments to its regulations and Schedule of Charges concerning the standardization of brokerage commission applicable to securities brokers and the reduction of PSX Trading Fee for secondary market trading of GIS.

PSO approves Rs3.15bn loan to propel PRL’s FEED costs

After detailed deliberation, the Board of Management of Pakistan State Oil (PSX: PSO) has approved providing Rs3.15 billion (or a proportionate amount in USD) to Pakistan Refinery Limited (PRL) as a loan for FEED costs.

PSO approves separation of Digicash, Solar segments

The Board of Management of Pakistan State Oil (PSX: PSO) resolved to separate the Digicash and Solar business segments from PSO and to merge them with other companies, subject to legal scrutiny and approval by the High Court.

Chakwal Spinning’s merger with Khazana falls apart

Chakwal Spinning Mills Limited (CWSM)'s initial Memorandum of Understanding (MOU) with Khazana Enterprises (Private) Limited (KEPL), signed on January 2, 2024, for a possible merger or acquisition, has failed to materialize.

OGDC begins production at Baloch-2

Oil & Gas Development Company Limited (PSX: OGDC) has brought the well Baloch-2 in Sembar formation into production. The well is located in Sanghar district, Sindh province. The company’s in-house expertise was key in delineating, drilling, and testing the structure.

OGDC discovers gas at Shahu-1 Well in Khairpur

OGDC also made a significant gas discovery at the Shahu-1 well, located in the Sawan South Block within the Khairpur district of Sindh Province. This discovery was made from the lower Goru B Reservoir Sand, marking a crucial development for the region’s energy sector.

FFC initiates PAI to acquire over 151m shares of Agritech Limited

Fauji Fertilizer Company Limited (PSX: FFC) has initiated a Public Offer to acquire 151.05 million ordinary shares of Agritech Limited.

Supernet secures 20-Year FLL Licenses

Supernet Limited (PSX: GEMSPNL) has been awarded Fixed Local Loop (FLL) Licenses by the Pakistan Telecommunication Authority (PTA) for 20 years commencing from October 22, 2024.

K-Electric receives NEPRA approval for generation tariff

National Electric Power Regulatory Authority (NEPRA) approved the Generation tariff for all its power plants post-June 2023.

DSML returns to normal counter after compliance

Dar-es-Salaam Textile Mills Limited (PSX: DSML) has addressed all non-compliance, and hence, it has been shifted to the Exchange's Normal Counter with effect from October 22, 2024.

Lucky Cement commissions 28.8mw wind power project

 Lucky Cement Limited (PSX: LUCK) has completed and commissioned a 28.8 MW captive wind power project at the company's Karachi Plant.

Sindh High Court approves AHL, AHCL demerger scheme with 0.8673 swap

The Honorable High Court of Sindh at Karachi has sanctioned a demerger Scheme for Arif Habib Limited (AHL), allowing the transfer of certain non-core businesses, including assets, liabilities, and obligations, to Arif Habib Corporation Limited (AHCL), its holding company.

Rousch Power in talks for early exit from power agreement

Rousch (Pakistan) Power Limited (RPPL), a subsidiary of Altern Energy Limited (AEL), is in talks with the government to potentially terminate its Power Purchase Agreement (PPA) ahead of schedule.

PSX holds gong ceremony on listing of BF Biosciences

The Pakistan Stock Exchange (PSX) held a gong ceremony to celebrate the listing of BF Biosciences Limited (BFBIO). BFBIO is a pharmaceutical joint venture between Ferozsons Laboratories Ltd and Bago Group of Argentina. BF Biosciences has spearheaded Pakistan’s emergence in biotech manufacturing.

HBL Livestock Fund approved for SECP Sandbox testing

HBL Livestock Fund, the first in Pakistan with agriculture-related businesses as underlying assets, has been approved for Sandbox Testing under SECP's 3rd Cohort.

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

• Habib Metropolitan Bank Limited (PSX: HMB)'s earnings for the quarter ended September 30, 2024 (3QCY24) inched up to Rs7.71 billion [EPS: Rs7.14].
• JS Bank Limited (PSX: JSBL)'s earnings on a consolidated basis during the third quarter of 2024 dropped by 44.18%, booking a profit of Rs2.99bn [EPS: 1.07].
• Clover Pakistan Limited (PSX: CLOV) rebounded in the first quarter of FY25, posting a net profit of Rs87.69 million [EPS: Rs2.82] as its sales rose.
• Abbot Laboratories (Pakistan) Limited (PSX: ABOT) reported its third-quarter earnings, wherein the profit after tax clocked in at Rs1.81 billion [EPS: Rs18.48].
• Thatta Cement Company Limited (PSX: THCCL) recorded an increase of 392.0% in its profits during the first quarter of FY25 as its gross margins jumped.
• Millat Tractors Limited (PSX: MTL) unveiled its profit and loss statement, wherein the profit after tax clocked in at Rs569.21 million [EPS: Rs2.97] for the quarter ended September 30, 2024.
• Pakistan State Oil Company Limited (PSX: PSO) recorded a decrease of 81.9% YoY in its profitability, clocking in its profit after tax at Rs3.97 billion [EPS: Rs33.03].
• Rafhan Maize Products Limited (PSX: RMPL) earned a profit after tax of Rs1.85 billion [EPS: Rs200.78], witnessing a surge of 37.74% YoY.
• International Steels Limited's (PSX: ISL) profit after tax fell 84% YoY to Rs179.42 million [EPS: Rs0.41] in the Q1FY25.
• Kot Addu Power Company Limited (PSX: KAPCO) unveiled its profit and loss statement for the Q1FY25, wherein the profit after tax clocked in at Rs1.16 billion [EPS: Rs1.32].
• Ghandhara Automobiles Limited (PSX: GAL) witnessed a profit of Rs405.7 million [EPS: Rs7.12] in Q1FY25, compared to a loss of Rs116.9m [LPS: Rs2.05] during the same period last year (SPLY).
• Fauji Fertilizer Bin Qasim Limited's (PSX: FFBL) profit after tax surged to Rs8 billion (EPS: Rs 6.20) during the third quarter of 2024.
• United Bank Limited (PSX: UBL) reported a profit of Rs25.54 billion (EPS: 20.86) for Q3 2024, reflecting a significant increase of 75.6% YoY.
• The bottom line of Pakistan International Bulk Terminal Limited (PSX: PIBTL) turned red in Q1FY25 as the company reported loss after tax of Rs320.89 million.
• Fauji Foods Limited (PSX: FFL) reported a robust profit after tax of Rs223.7 million in Q3 2024 compared to Rs39m in the same period last year.
• Systems Limited (PSX: SYS) recorded a decrease of 8.8% YoY in its profits, with the company's after-tax profits shrinking to Rs1.74 billion [EPS: Rs5.95] during the three months ended September 30, 2024.
• Pakistan State Oil Company Limited (PSX: PSO) recorded a decrease of 81.9% YoY in its profitability, clocking in its profit after tax at Rs3.97 billion [EPS: Rs33.03].
• Oil & Gas Development Company Limited (PSX: OGDC) recorded a decline of 16% in its first-quarter profit, significantly hurt by lower sales.
• Murree Brewery Company Limited (PSX: MUREB) recorded an increase of 54.7% YoY in its quarterly earnings, with the company's after-tax profits rising to Rs913.86 million [EPS: Rs33.03].
• Fauji Cement Company Limited (PSX: FCCL) posted a net profit of Rs3.25 billion [EPS: Rs1.32] during the quarter ending September 2024.
• Lotte Chemical Pakistan Limited's (PSX: LOTCHEM) profit after tax plunged 75.1% to Rs494.94 million [EPS: Rs0.33] during the thrid quarter of 2024.
• Gharibwal Cement Limited (PSX: GWLC) on Friday reported a profit after tax of Rs535.08 million [EPS: Rs1.34] for the quarter ending September 2024.
• BankIslami Pakistan Limited (PSX: BIPL) revealed its financial statement for the quarter ended September 30, 2024, as per which the bank posted a profit worth Rs3.14 billion [EPS: Rs2.83], depicting a fall of 6.29%.
• Haleon Pakistan Limited (PSX: HALEON) experienced a 323.1% rise in its quarterly earnings, reporting a profit after tax of Rs1.33 billion [EPS: Rs11.36].
• Interloop Limited (PSX: ILP) recorded a decrease of 96.3% YoY in its third-quarter earnings, with the company's after-tax profits plunging to Rs222.28 million [EPS: Rs0.16].
• Nestle Pakistan Limited (PSX: NESTLE) saw its bottom line plummet by 51.6% in the third quarter, reporting a profit of Rs2.33 billion (EPS: Rs51.32).
• Bank AL Habib Limited (PSX: BAHL) earned Rs12.71 billion [EPS: Rs11.43] in Q3 CY24, reflecting a growth of 11.69% compared to the Rs11.38bn [EPS: Rs10.24] bottom line in the same quarter last year.
• Faysal Bank Limited (PSX: FABL) reported a profit of Rs6.5 billion (EPS: Rs4.28) for the third quarter (Q3 CY24) ending September 30, 2024.
• Bata Pakistan Limited (PSX: BATA) recorded a decrease of 51.8% in its profits in the quarter ending September 2024, with the company's after-tax profits falling to Rs106.41 million [EPS: Rs14.08].
• Kohat Cement Limited (PSX: KOHC) recorded an increase of 54.3% in its profitability during the quarter ending September 2024, earning a profit after tax of Rs3.44 billion [EPS: Rs17.56].
• General Tyre and Rubber Co. of Pakistan Limited (PSX: GTYR) recorded a profit after tax clocked of Rs21.14 million [EPS: Rs0.17] during the July-September quarter.
• Pakistan Tobacco Company Limited (PSX: PAKT) experienced a fall of 9.9% YoY in its profits, earning a profit after tax of Rs8.92 billion [EPS: Rs34.91] in the third quarter.
• MCB Bank Limited (PSX: MCB) reported a profit-after-tax (PAT) of Rs18.13 billion in the quarter ending September 2024, a decrease of 7.8%.
• Maple Leaf Cement Factory Limited (PSX: MLCF) missed analysts' estimates for first-quarter revenue on Thursday, hurt by lower revenue and higher expense costs. The company recorded a consolidated net profit of Rs1.34 billion in quarter ending September 2024.
• Kot Addu Power Company Limited (PSX: KAPCO) unveiled its profit and loss statement for the Q1FY25, wherein the profit after tax clocked in at Rs1.16 billion [EPS: Rs1.32].
• Ghandhara Automobiles Limited (PSX: GAL) witnessed a profit of Rs405.7 million [EPS: Rs7.12] in Q1FY25.
• Fauji Fertilizer Bin Qasim Limited's (PSX: FFBL) profit after tax surged to Rs8 billion (EPS: Rs 6.20) during the third quarter of 2024, marking a 51% YoY increase compared to the same period last year.
• United Bank Limited (PSX: UBL) reported a profit of Rs25.54 billion (EPS: 20.86) for Q3 2024, reflecting a significant increase of 75.6% YoY.
• The bottom line of Pakistan International Bulk Terminal Limited (PSX: PIBTL) turned red in Q1FY25 as the company reported loss after tax of Rs320.89 million compared to the profit of Rs577.38m in the same period last year.
• Pakistan National Shipping Corporation Limited (PSX: PNSC) recorded a decrease of 1.7% YoY in its profitability, clocking in its profit after tax at Rs1.43 billion [EPS: Rs10.81] for the third quarter.
• Kohinoor Energy Limited (PSX: KOHE) unveiled its profitability, wherein the profit after tax clocked in at Rs313.73 million [EPS: Rs1.85].
• Engro Polymer and Chemicals Limited (PSX: EPCL) booked a loss of Rs487.65 million [LPS: Rs0.54] for the quarter ended September 30, 2024.
• Unilever Pakistan Foods Limited (PSX: UPFL) recorded a decrease of 28.8% YoY in its profits, with the company's after-tax profits dropping to Rs1.63 billion [EPS: Rs255.44].
• Security Paper Limited (PSX: SEPL) recorded an increase of 5.8% YoY in its earnings with its profit after tax clocking in at Rs386.19 million [EPS: Rs6.52] for the third quarter, compared to a profit of Rs365.19m [EPS: Rs6.16] reported in Q3 CY23.
• Meezan Bank Limited's (PSX: MEBL) earnings for the quarter ended September 2024 fell short of market expectations. The company reported a profit after tax worth Rs25.77 billion, which translates to earnings per share of Rs14.36 against the market's average forecast of Rs15.98.

Stay hooked for more corporate updates and insights!

Copyright Mettis Link News