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Weekly News Roundup

August 21, 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 Friday, the Finance Ministry rebutted the news item published in a section of press claiming that government plans to present mini-budget for collection of Rs80 billion revenue through ordinance.
  • On the same day, the Economic Coordination Committee (ECC) approved the proposal to exclude new LNG terminals and associated facilities from application of Third-Party-Access (TPA) and allowed amendment in article 6.2(a) of LNG policy, 2011.
  • ECC also decided to lift ban on imports of all non-essential and luxury items.
  • The federal government appointed Mr Jameel Ahmad as the governor of the State Bank of Pakistan (SBP) for a period of five years with immediate effect.
  • The Monetary Policy Committee of SBP will meet on Monday, August 22, 2022, at SBP Karachi to decide about the Monetary Policy.
  • The Board of Directors of the National Bank of Pakistan (NBP) has approved an interim inflationary allowance up to Rs65,000 per month.
  • During the departed week, minister for Industries and Production, Syed Murtaza Mehmood asked the OEMs to reduce prices of vehicles in view of decline in US dollar vis-a-vis Pak Rupee.
  • The Securities and Exchange Commission of Pakistan (SECP) introduced a registration regime for digital-only insurers and dedicated micro insurers.
  • Pak Suzuki Motor Company Limited (PSMC) decided to further extend the shutdown period of the automobile plant from August 22, 2022 to August 26, 2022.
  • Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) on Wednesday reduced the prices of its vehicles in order to pass on the impact of PKR appreciation against USD to its consumers.
  • In order to facilitate the disbursement of home remittances, SBP allowed Exchange Companies (ECs) to act as sub-agents of Authorized Dealers (ADS) for the disbursement of home remittances in PKR to beneficiaries.
  • Federal Minister for Finance and Revenue Miftah Ismail said that Pakistan and Iran should trade in local currencies.
  • SECP began its end-to-end digitization endeavour through the project titled LEAP.
  • Pakistan has signed a final letter of intent (LOI) which was received from the International Monetary Fund (IMF) last week.
  • International Steels Limited (ISL) and Aisha Steels Limited (ASL) have cut the prices of Cold rolled Coil (CRC) and Hot Dipped Galvanized Coil (HDGC) by Rs12k/ton.
  • In the backdrop of PKR appreciation against the US dollar, Pak Suzuki Motor Company (PSX: PSMC) declined the prices of all its variants by up to Rs 199,000 on Tuesday.
  • The loan disbursements under the Extended Fund Facility (EFF) will likely start by the end of this month as the International Monetary Fund (IMF) board is expected to meet on August 29, the federal minister for Finance and Revenue Miftah Ismail said.
  • The government on Monday deferred a plan to sell two LNG-fired power plants to Qatar and instead decided to offer 51% stakes in the Roosevelt Hotel, New York, and the Pakistan International Airlines (PIA).
  • The Indus Motor Company Limited (PSX: INDU) has reduced prices for all completely knocked down (CKD) variants following the rupee’s appreciation against the dollar.
  • The government increased petrol price by Rs6.72 per litre for the next fortnight.
  • The Central Directorate of National Savings (CDNS) achieved the target of issuing Rs100bn fresh bonds in the first month of the current fiscal year 2022-23 from July 1st to July 31st, 2022.

Announcement:

  • On the equity side, Sazgar Engineering Works Limited (SAZEW) is going to roll out its first CKD HAVAL vehicles this month i.e., August, 2022 after the successful trial completion before the stipulated time.
  • Habib Metropolitan Bank (PSX: HMB) reported profits of Rs6.96bn in the first half of the fiscal year ended on June 30, 2022.
  • Meanwhile, the profits of International Steels Limited (ISL) declined by 27.5% YoY to clock in at Rs5.41bn in FY22.
  • Since Oil Marketing Companies (OMCs) are taking off the insignificant amount of petroleum products, especially HSD, Attock Refinery Limited (PSX: ARL) is left with accumulated high stocks and if the dispatch pattern persists, the company will have to shut down its operations by the coming weekend.
  • Amreli Steel Limited (PSX: ASTL) has recorded a net profit of Rs1.326bn during FY22.
  • Sazgar Engineering Works Limited (PSX: SAZEW) sold 259 units of Auto Rickshaw during the month of July 2022, which was around 85% lower than the sales of 1,797 units made in the previous month.
  • TPL Trakker Limited (TPLT) entered into a Memorandum of Understanding (MoU) with Exelligent Solutions and Geospatial Planning Solutions to be the exclusive distributor of Satellite Imagery of Pakistan.
  • The Bank of Punjab (BOP) reported net profits for 1HCY22 at Rs5.4bn, depicting a slight decline of 2.4% YoY, mainly due to loss on securities and higher interest expenses.
  • Systems Limited (PSX: SYS) has entered into a definitive agreement to acquire 100% of TreeHouse Consultancy, a high-end IT solutions provider, along with its subsidiaries and associated companies.
  • During the same week, Shell Pakistan Limited (PSX: SHEL) decided to discontinue its aviation operations across Pakistan.
  • National Bank of Pakistan (NBP) has observed a 28% YoY reduction in net profits to Rs12.24bn during the first half of the calendar year ended June 30, 2022.
  • MCB Bank Limited (PSX: MCB) posted a net income of Rs11.39bn in 1HCY22 ended June 30, 2022, down by 24% YoY.
  • The bottom line of Allied Bank Limited (PSX: AKBL) contracted by 23% YoY in  1HCY22 ended June 30, 2022, to stand at Rs6.82bn.
  • Askari Bank Limited (PSX: AKBL) revealed its financial statement for 1HCY22 ended June 30, 2022, as per which the bank posted a profit worth Rs6.31bn.
  • Engro Corporation Limited (ENGRO) reported 42% YoY decline in net profits to Rs16.8bn in 1HFY22.
  • Attock Cement Pakistan Limited (ACPL)’s profit after tax stood at Rs1.35bn in FY22.
  • Attock Refinery Limited (PSX: ATRL) reported a whopping 12x YoY increase in net profits to Rs12.9bn in FY22.
  • Attock Petroleum Limited (APL) has shown significant progress during FY22 as it posted a profit after tax (PAT) of Rs18.54bn.
  • National Refinery Limited (NRL) has reported splendid growth of 5.12x YoY in its net profit to clock in at Rs9.8bn in FY22.
  • Pakistan Oilfields Limited (PSX: POL) has revealed that hydrocarbons have been encountered in the development well Tolanj West-02 in partner-operated TAL block, which has been drilled and is currently under testing phase.
  • Arif Habib Limited, being Manager to the Offer, on behalf of Packages Limited announced the acceptance period for the acquisition of 6.07% of the issued ordinary share capital of Sanofi Aventis Pakistan Limited.

Copyright Mettis Link News

Posted on:2022-08-21T17:36:34+05:00

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