April 20, 2024 (MLN): MG's Weekly Corporate Buzz provides the reader with a concise recap of the latest corporate news. Here's a snapshot of the top headlines from the past week:

To unlock new opportunities for investment between Saudi Arabia, Uzbekistan, and Pakistan, Ansher Capital and KTrade Securities joined hands in a strategic partnership.

In a bid to promote transparency and gender diversity, the Securities and Exchange Commission of Pakistan (SECP) issued a directive requiring listed companies to address the gender pay gap in their annual reports.

On the exploration front, Mari Petroleum Company Limited celebrated a significant milestone with the successful drilling of a third appraisal well in the Ghazij formation.

In a nod to sustainable business practices, the Pakistan Stock Exchange (PSX) unveiled its Primer on Environmental, Social & Governance (ESG).

However, not all news was cause for celebration. The SECP took decisive action against individuals implicated in illicit equity trading, emphasizing the importance of maintaining market integrity and safeguarding investor interests.

Suhail Jute Mills Limited faced challenges in its quest for progress as investors are showing hesitancy due to economic and political uncertainties.

Considering a balletic move, Bank Alfalah Limited accorded an in-principle approval for Bank Asia Limited to take over its operations and liabilities.

On the lookout for funding avenues for its subsidiary Searle Pakistan Limited, Searle Company Limited is authorized to explore all options to fuel growth.

Meanwhile, Tariq Corporation Limited did not let funds gather dust as they have put their right issue proceeds to work.

During the week, PSX bids farewell to Johnson & Phillips as the company delisted.

Exploring horizons, International Industries Limited and Pakistan Cables Limited are gearing up to seize emerging opportunities.

Pakistan Telecommunication Company Limited attributed the surge in share price to investor interest following positive disclosures about their Share Purchase Agreement with Telenor Pakistan.

Further, Din Textile Mills Limited is going green with the approval to install solar panels.

On the upside, Attock Cement Pakistan Limited has hit the ground running with a new production line capable of producing some 1,275,000 tons of cement per annum.

Agritech Limited is up for an Annual Turnaround of its Urea Plant from April 16, 2024, to April 30, 2024, while Crescent Jute Products Limited is banking on securing funds to pave the way for its plans.

The past week was not in favour of Pak Suzuki Motor Company Limited as the company fell for a cyber-attack, leading to the leak of corporate data.

Bolstering operations and driving growth Systems Limited shareholders are considering renewing loans to subsidiaries and associated companies.

Upon the request of Synthetic Products Enterprises Limited and the provision of necessary documents, the bourse approved its request for sector change i.e., from ‘Miscellaneous’ to ‘Paper & Board’.

Going forward, in the upcoming week, Secure Logistics Group Limited (SLGL) is set to be listed on the local bourse.

Financial Results:

As the quarter of 2024 draws to a close, the past week also observed a mixed bag of financial performances across various industries. Let's dive into the key highlights of the earnings reports.

In the power sector, despite facing an exceptional challenge with no dispatches due to an expired Power Purchase Agreement, Kot Addu Power Company Limited (KAPCO) achieved profitability during the first quarter of 2024, wherein the profit after tax clocked in at Rs1.14 billion [EPS: Rs1.30].

Meanwhile, Engro Powergen Qadirpur Limited (EPQL) marked a rise of 33.39% YoY, clocking in its profit after tax at Rs584.64m despite a contraction in sales revenue.

Moving to construction and manufacturing, D.G. Khan Cement Company Limited (DGKC) maintained stability in profitability wherein the profit after tax clocked in at Rs1.18 billion despite a decrease in unconsolidated revenues.

Conversely, Bestway Cement Limited (BWCL) reported a marginal YoY fall in profitability but maintained investor confidence by announcing an interim cash dividend for the quarter at Rs6 per share.

Similarly, Lotte Chemical Pakistan Limited (LOTCHEM) experienced a substantial decline in earnings as the profits plummeted 64.7% YoY to Rs897.1m compared to a profit of Rs2.54 billion in the same period last year.

Engro Fertilizers Limited (EFERT), however, surged ahead with an impressive 59.4% YoY increase in profits, accompanied by an interim cash dividend declaration.

The banking sector outperformed as Meezan Bank Limited (MEBL) continued its winning streak, with earnings surging by an impressive 64.52% YoY with a declaration of a substantial interim cash dividend.

Also, United Bank Limited (UBL) kicked off 2024 on a high note, reporting an 11.53% YoY in profits coupled with a significant interim cash dividend declaration.

Amidst increasing revenues, Pakistan Telecommunication Company Limited (PTC) reduced consolidated losses to Rs4.79bn.

Stay hooked for more corporate updates and insights!

Copyright Mettis Link News

Posted on: 2024-04-20T12:47:32+05:00