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Weekly News Roundup

January 30, 2022 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.

Events of Importance through the week:

  • On Saturday, Chairman Finance and Revenue Committee Faiz Ullah Kamoka informed that the Prime Minister has agreed to form a task force to resolve the problem of business community of Karachi.
  • On the same day, FPCCI demanded that the sales tax  on solar power equipment should be exempted for the consignments whose letters of credit and bills of lading have been opened before January 15, 2022.
  • The Federal Board of Revenue (FBR) has signed an MoU with the Central Board of Revenue (CBR), AJ & K to extend Sales Tax Return (NSTR) application to the territorial jurisdiction of AJ & K.
  • Senate of Pakistan, on Friday approved SBP amendment Bill 2021, as 44 votes were cast in favour of the bill compared to 43 against the bill.
  • Meanwhile, the Securities and Exchange Commission of Pakistan (SECP) has canceled the license of Trust Investment Bank Limited (TIBL).
  • Moody's on Wednesday said that Pakistan would have comparatively less fiscal headroom to support domestic economic activity in the wake of infection rate spike.
  • On international front, the Minister of Trade of Sri Lanka, Dr Bandula Gunawardhana expressed a keen desire to expand cooperation with Pakistan in diverse areas of trade and ICT.
  • Furthermore, the ambassador of Azerbaijan Khazar Farhadov invited the business and industrial community of Karachi to look into the possibility of investing in the Alat Free Economic Zone (AFEZ).
  • During the same week, Saudi Ambassador Nawaf Bin Said-al-Malki called on Federal Minister Syed Ali Haider Zaidi in Islamabad to discuss investment opportunities in the maritime sector.
  • Minister for Foreign Affairs Makhdoom Shah Mehmood Qureshi emphasized enhancing the bilateral relations between Pakistan and Turkmenistan.
  • Minister of Energy Hammad Azhar on Wednesday informed that 70% of smartphones are now assembled in the country after the launch of Mobile Manufacturing Policy.
  • During the departed week, the Competition Commission of Pakistan (CCP) initiated an enquiry into the suspected cartelization by Primary Dealers (PDs) in the recent auctions of Market Treasury Bills (T-bills).
  • The International Monetary Fund (IMF) executive board will now meet on February 2, 2022, for Pakistan's sixth review under the Extended Fund Facility (EFF).
  • The Federal Board of Revenue (FBR) on Tuesday decided to unfreeze the bank accounts of Pakistan International Airlines (PIA).
  • On Tuesday, FBR has made amendments in its Anti-Money Laundering and Countering Financing of Terrorism Regulations for Designated Non-Financial Business and Professions (DNFBPs) to reveal new restrictions.
  • Pakistan’s ranking has slipped to 140th among 180 countries, sixteen places down from 124th rank last year in Corruption Perceptions Index (CPI) 2021 released by Transparency International today.
  • The Federal Investigation Agency (FIA) has arrested Mumtaz Hasan, founder of the Hascol Petroleum Limited (HPL), in Rs54 billion scam.
  • While the company in a statement said that the board and management of Hascol have been fully cooperating with the FIA’s investigations into its past activities, and working tirelessly to ensure complete transparency.
  • Prime Minister Imran Khan on  Monday instructed that issues pertaining to Special Economic Zones (SEZs) should be resolved on a priority basis and measures for facilitating the investors should be implemented in the given timeframe, while chairing a high-level meeting on SEZs.
  • Pakistan State Oil (PSO) further strengthens its strategic partnership with Pakistan Railways by signing a Memorandum of Understanding (MoU) for the supply of POL products, transportation and other businesses.
  • The Central Development Working Party (CDWP) approved three development projects with a cost of Rs13 billion and recommended one project worth Rs108.5bn to the Executive Committee of the National Economic Council (ECNEC) for further consideration.
  • The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) in its meeting held on January 24, 2021, in Karachi has decided to keep the policy rate unchanged at 9.75 percent.


  • On Friday, the shareholders of Imperial Limited approved the sale of freehold land, buildings on freehold land, plant, machinery and other assets of the Company located at Karmanwala, Tehsil Phalia, District Mandi Bahauddin.
  • Husein Sugar Mills Limited will increase the authorized share capital of the company from Rs680 million to Rs1.6 billion.
  • Unity Foods Limited has decided to offer and subsequently allot over 64 million unsubscribed shares for Rs1.73 billion at Rs27 per share to Wilmar Pakistan Holding Pte Limited.
  • Ibrahim Holdings (Private) Limited has purchased over 35.26 million shares of Allied Bank Limited (ABL).
  • Archroma Pakistan Limited (ARPL) will make an additional investment in Jamshoro of Rs120 million to further increase the production capacity of Classic Liquid Indigo by 2,500 TPA.
  • Pakistan Stock Exchange (PSX) has carried out the exercise of re-composition of Oil & Gas and Banking Sector tradable indices for the review period from July 1, 2021, to December 31, 2021
  • ARPL has decided to lift the Force Majeure on the manufacturing and supply of certain affected products.
  • PSX has approved the quoting of OLP Financial Services Pakistan Ltd. under Investment Bank / Investment Companies / Securities Sector, with effect from Monday, February 07, 2022.
  • VIS Credit Rating Company (VIS) maintained the entity ratings of Hi-Tech Lubricants Limited (HTL) at “A” for the long term and “A-2” for the short term.
  • The board of directors of ICI Pakistan authorized the execution of a Term Sheet with Tariq Glass Industries Limited (TGL) to explore the possibility of a joint venture (JV) with TGIL to set up a greenfield state-of-the-art float-glass manufacturing facility.
  • During the same week, Amreli Steel Limited (ASTL) signed an agreement with K-Electric (ICE) for enhancement of grid station load by 51 MW.
  • Fauji Fertilizer Bin Qasim Limited (FFBL) has decided to renew, roll over and extend the time for repayment of markup of Rs708.759 million accrued on the subordinated loans of Fauji Foods Limited (FFL).
  • SBP has granted in-principle approval to United Bank Limited (UBL) to commence the due diligence of Samba Bank Limited (SBL).
  • The shareholders of Nadeem Textile Mills Limited (NATM) approved the merger of Nadeem Power Generation (Private) Limited (NPGPL) with and into NATM.
  • Pakistan Credit Rating Agency (PACRA) has upgraded entity ratings of Fatima Fertilizer Company Limited (FATIMA) from AA- to AA for the long-term while it maintained ratings at A1+ for short-term.
  • Kot Addu Power Company Limited (KAPCO) announced an interim cash dividend of Rs4 per share i.e., 40% for the year ending June 30, 2022.
  • Crescent Star Insurance Limited (CSIL) intends to raise Rs1 billion to clear the bank defaulted amount of Dost Steel Limited (DSL) and provide working capital required for the operations of DSL.
  • The Secure Logistics Group Limited (SLG) has applied for listing on PSX, seeking to raise Rs1.5 billion to expand the logistic business.
  • Dolmen City Reit (DCR) informed that International Complex Project Limited (ICPL), a holding company has transferred 37.5% of its units to Dolmen (Private) Limited and Al Feroz (Private) Limited equally on January 21, 2022.
  • The management of the First Treet Manufacturing Modaraba (FTMM) has filed a petition before the Honorable High Court of Lahore for the demerger of battery division.
  • Yousuf Weaving Mills Limited has decided to increase the company’s authorized capital to Rs2 billion.
  • Saif Power Limited announced the 2nd interim cash dividend of Rs5 per share (50 %) for the year ended December 31, 2021.
  • Globe Textile Mills Limited (GLOT) has informed that the company has been actively following up with the Securities and Exchange Commission of Pakistan (SECP) for withdrawal of the winding-up petition to revive the company.
  • The management of Hascol Petroleum Limited informed on Monday that the SECP has appointed Parker Russel AJS, Chartered Accountants as investigators for carrying out serious fraud investigation / forensic audit of the company.

Financial results:

Apart from this, several listed companies announced their financial results amid the ongoing earnings season last week, some of which are as follows:

  • Lucky Cement Limited posted net profits of Rs17.15 billion, jumped by almost 38% YoY against the profits of Rs12.44bn secured in 1HFY22.
  • Atlas Honda Limited registered a robust growth of around 82% during nine-months ended December 31, 2021 to stand at Rs3.95bn (EPS: Rs31.84) compared to SPLY.
  • Colgate-Palmolive Pakistan Limited reported net profits worth Rs2.94bn in 1HFY22.
  • Archroma Pakistan Limited posted its profit after tax of Rs750.16 million (EPS: Rs22) during first quarter ended December 31, 2021.
  • ICI Pakistan managed to earn net profits Rs6bn during 1HFY22, which was 2.4 times higher than the profits of Rs2.46 billion in 1HFY21.
  • Interloop Limited declared its profit for 1HFY22 at Rs4.72bn.
  • Fauji Fertilizer Bin Qasim Limited’s bottom line saw a remarkable increase of around 60% to clock in at Rs9.22 billion compared to Rs6.03b in 2020.
  • Honda Atlas Cars Pakistan (HCAR) posted a 2.6x YoY increase in net profits to Rs2.3bn during 9MCY21.
  • Fauji Foods Limited (FFL) managed to end the year 2021 by effectively reducing the overall losses by almost 59 percent to clock in at Rs1.25 billion.
  • Mari Petroleum Company Limited’s profitability for 6MFY22 stood at Rs16.57bn.

Copyright Mettis Link News

Posted on: 2022-01-30T14:46:22+05:00


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