August 28, 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 Ambassador of the Republic of Turkiye, Dr. Mehmet Pacaci stated that Turkiye is willing to further enhance and strengthen its economic ties with Pakistan.
• The State Bank of Pakistan (SBP) has assigned an annual agriculture credit disbursement target of Rs1.8 trillion to the financial institutions for FY23 to cater to the agriculture credit demand in the country.
• On the same day, Finance Minister Miftah Ismail informed that World Bank repurposed $370 million to Pakistan on an immediate basis to support the economy and relief work.
• Prime Minister Shehbaz Sharif on Friday directed the power distribution companies to revise the electricity bills of up to 200 consumed units within 24 hours adjusting the relief under the fuel adjustment charge (FAC) announced by the government.
• Saudi Arabia is planning to invest $1 billion in Pakistan, Saudi state TV reported on Thursday.
• SBP opened the “Prime Minister’s Flood Relief Fund Account, 2022” for the collection of donations/contributions for the affected population due to torrential rains and flash floods in many parts of the country.
• During the week, the Asia Pacific Group (APG) of the Financial Action Task Force (FATF) revealed Mutual Evaluation Report (MER) wherein Pakistan’s technical compliance rating on the implementation of the FATF Action Plan has been upgraded.
• The Qatar Investment Authority aims to invest $3 billion in Pakistan, the Qatari ruler's office said on Wednesday, lending support to the South Asian nation's cash-strapped economy.
• K-electric, on Wednesday, submitted a request to the National Electric Power Regulatory Authority (Nepra) seeking a hike of Rs14.53 per kWh in tariff on account of quarterly tariff adjustment.
• The Monetary Policy Committee (MPC) of SBP in its meeting held on August 22, 2022, in Karachi decided to maintain the policy rate at 15%.

Announcement:

• On the equity side, the Securities and Exchange Commission of Pakistan (SECP) has allowed Cordoba Logistics & Ventures Limited (CLVL) to incorporate a Non-Banking Finance Company (NBFC) under the name and style of Cordoba Leasing Limited.
• On Friday Matco Foods Limited (PSX: MFL) announced the successful commissioning and commercial operations of its new 72,000 MT per year Corn Starch Plant, located in Allama Iqbal Industrial City, Special Economic Zone Faisalabad, FIEDMC.
• On the same day, Pakistan State Oil (PSO) reported a full-year unconsolidated profit after tax of Rs86.2bn, up 195% YoY.
• Meanwhile, System Limited (PSX: SYS) witnessed a robust growth of 96% YoY in its net profit that clocked in at Rs2.97bn for the 1HCY22.
• Similarly, the net profits of Cherat Cement Limited (CHCC) for FY22 soared by 39% YoY to stand at Rs4.45bn.
• The Board of Directors of Lucky Cement Limited (PSX: LUCK) has approved the purchase/ buy-back of up to 10 million issued ordinary shares of the company.
• Pakistan Oilfields Limited (PSX: POL) on Thursday revealed that the Drill Stem Test (DST) was conducted to test the potential of Samanasuk & Shinawari and Lockhart formations at the well Tolanj West-02.
• The profitability of Fatima Fertilizer Company Limited (FATIMA) fell by 37% YoY to clock in at Rs5.86bn in 1HCY22.
• Fauji Foods Limited has won a tender and consequently entered into an agreement with Remount Veterinary Farms Corps to provide 1,250 tons of skimmed milk powder for FY23.
• The Hub Power Company Limited (HUBC) on Thursday reported a 15% YoY decline in its net profit for FY22 to Rs29.5bn.
• Pak Suzuki Motor Company Ltd. (PSMC) suffered a net loss of Rs17.23mn in 1HFY22.
• Similarly, Pakistan International Airlines Corporation Limited (PSX: PIAA) incurred huge losses of Rs41.85bn in 1HFY22.
• FrieslandCampina Engro Pakistan Limited (FCEPL) made net profits of Rs938mn for the half-year ended June 30, 2022.
• BankIslami Pakistan Limited (BIPL) registered profits of Rs1.45bn for the half-year ended on June 30, 2022.
• Bank Al-Habib Limited (BAHL) reported a consolidated net profit of Rs9.6bn during 1HCY22.
• The Board of Directors (BoDs) of Hascol Petroleum Limited (PSX: HASCOL) on Tuesday approved the “Rehabilitation Plan” through restructuring and settlement of liabilities of the company as per the proposal prepared by the management.
• During the same week, the Board of Directors of NetSol Technologies Limited (PSX: NETSOL) decided to increase its footprint by opening up a further sales and delivery center in Dubai, United Arab Emirates (UAE) in any legal form.
• International Industries Ltd. (INIL) posted a consolidated profit of Rs4.73bn in FY22.
• The Board of Directors of Fauji Foods Limited authorized the company to borrow the total amount of Rs2.35bn as a loan from Fauji Foundation.
• The Board of Directors of CLVL in its meeting held on Monday allowed the management to invest Rs31mn in "Neem Exponential" by purchasing SAFE Note for future equity.
• Pakistan Refinery Limited (PRL) witnessed a robust growth of 13x YoY in its net profit to clock in at Rs12.57bn in FY22.

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Posted on:2022-08-28T16:41:22+05:00

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