February 14, 2021 (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, State Bank of Pakistan, Raza Baqir said as many as 86,000 Pakistanis living in 97 countries have opened accounts through Roshan Digital. As a result, nearly $480 million have been parked into these accounts, he added.
The same day, the Ministry of Commerce announced that Mercantile Stock Exchange’s online trading platform will become operational soon.
On the upside, Pakistani Consumers’ perception about the current economic climate and future economic conditions of the country turned optimistic as the overall Consumer Confidence Index (CCI) increased by 8.2% and overall Inflation Expectations plunged by 0.8% in January 2021 against the previous survey conducted in November 2020.
Moreover, the overall business confidence improved further by 1 point and reached 56 points in December 2020, from 55 points in October 2020.
Meanwhile, Gallup Pakistan found economic wellbeing to be improving once again in Wave 9 as 6 of 7 indicators improve.
Pakistani fin-tech, Safepay (Private) Limited, raised a seven-figure investment round from leading global online payments company, Stripe alongside other local and international investors to embark on its next chapter.
Besides, Out of 73 eligible countries to Debt Service Suspension Initiative (DSSI), Pakistan has the highest annual debt servicing payments to official bilateral creditor countries in 2020, standing at $4.26 billion wherein China is by far the largest creditor with $2.92 billion to Pakistan, followed by Japan with $388 million.
Furthermore, as per Bloomberg reporting, Pakistan is planning to ask China for relief on payments for power projects Beijing financed over the past eight years, under the Belt and Road Initiative (BRI).
On Wednesday, the federal cabinet approved a three-month extension in the Afghanistan Pakistan Transit Trade Agreement (APTTA) under the chairmanship of the Prime Minister.
On Tuesday, the Economic Coordination Committee of the Cabinet approved 350 million rupees for procurement and installation of a video Analytics Surveillance system for monitoring of the production and sale of sugar.
On Monday, Federal Minister for Planning and Development, Asad Umar chaired a meeting of the Cabinet Energy Committee to discuss the payment of dues to Independent Power Purchasers (IPPs).
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:
Cherat Cement Company Limited (CHCC) announced earnings of Rs. 1.12 billion (EPS: 5.81) for the half-year ended December 31, 2020, as opposed to losses of Rs. 560.1 million (LPS: 2.88) reported during the same period of last year.
Engro Powergen Qadirpur Limited (EPQL) reported a 39% YoY decline in net profits during CY20, to Rs 2.1 billion from Rs 3.4 billion reported in CY19.
Engro Polymer and Chemicals Limited (EPCL) unveiled its financial results for the year ended December 31, 2020. As per results, the company has posted net profits of Rs 5.73 billion, depicting a significant increase of 55% YoY when compared to net profits of Rs 3.70 billion in the same period last year.
MCB unveiled its CY20 financial results wherein the bank posted net profits of Rs 29.56 billion with earnings per share (EPS) of Rs 24.82, as against the net profits of Rs 23.95 billion (EPS: Rs 20.14) in CY19, showing an increase of 23% YoY.
Pakistan Telecommunication Company Limited (PTCL) disclosed its financial results today for CY20, wherein the company reported a 37.6% YoY increase in consolidated profits after tax to Rs 3.27 billion, compared to Rs 2.37 billion in CY19.
FrieslandCampina Engro Pakistan Limited (FCEPL) witnessed a turnaround in net profits to Rs 176 million (EPS: Rs 0.23) for the year ended on December 31st, 2020 compared to the net losses of Rs 954 million (LPS: Rs 1.25) incurred in the last year.
Amreli Steels Limited reported earnings of Rs. 423 million (EPS: 1.42) for the half-year ended December 31, 2020, as opposed to the losses of Rs. 313.4 million (LPS: 1.06) reported in the same period of last year.
Nishat Power Limited (NPL) announced its financial results for the half-year ended December 31, 2020, on Friday, which show earnings of Rs. 1.46 billion (EPS: 4.14), i.e. nearly 41% lower than the profits recorded during the same period of last year.
Announcements
On the equity front, the Paid-up Capital of Avanceon Limited has been enhanced from 211,790,007 to 231,827,798 shares after CDC allotment of 2,037,791 shares to all eligible employees who have exercised their share option under Employee Share Option Scheme(s)
The Hub Power Company Limited (Hubco); and (2) Narowal EnergyLimited (NEL), a wholly-owned subsidiary of Hubco, have executed (after requisite approvals from the Federal Cabinet and the Boards of Directors of Hubco and NEL) with the Central Power Purchasing Agency (Guarantee) Limited, the Agreements that were initialed on February 01, 2021(Hubco) and January 22, 2021(NEL).
The WorldCall Telecom Limited unequivocally denied the fake and misleading information that is being spread through social media platforms, which is completely detrimental for the company.
Sazgar Engineering Works Limited sold a total of 2,007 units of three-wheelers against the production of 1,548 units during the month of January 2021.
Systems Limited announced a partnership with another leading global software technology giant SAP. The alliance aims to accelerate advanced digital transformation initiatives in Pakistan.
Furthermore, Arif Habib Limited on Wednesday informed PSX that it received applications for a total of 19,196,500 ordinary shares against the issue size of 10,000,000 ordinary shares for Panther Tyres Limited.
Besides, Service Global Footwear Limited applied for listing on the Pakistan Stock Exchange. According to a notice issued by PSX in this regard, the Company shall be issuing 40,887,500 Ordinary Shares using the 100% Book Building Method at a Floor Price of PKR 38/- per share.
On Friday, PSX announced that Unity Foods Limited will be excluded from the KSE-100 Index due to a change of its Sector from Vanaspati and Allied Industries to Foods & Personal Care Products.
Copyright Mettis Link News
39705
