August 15, 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.
- To facilitate companies with their statutory compliance, the Securities and Exchange Commission of Pakistan (SECP) deployed an online reporting system for filing of biannual returns under Employees’ Contributory Funds Regulations, 2018.
- Shan Foods and Matco Foods have successfully conducted social and technical audit phases of Costco Wholesale Corporation.
- Prime Minister Imran Khan, under present government's 'Decade of Dams 2018-28' vision, performed the ground-breaking of 807 million dollars Tarbela 5th Extension Hydropower Project (T-5). Moreover, he reiterated the government's resolve to generate cheap and environment-friendly green energy to meet the future needs of the country by 2030.
- Facilitating the businesses remains a key priority for the State Bank of Pakistan as SBP refinance facilities offers loans at much lower markup rates than the market.
- Pakistani officials and representatives from the United States Government celebrated the conclusion of the four-year Sustainable Energy for Pakistan (SEP) project.
- Mark-up rate on state Provident Fund (GP Fund) for the Fiscal Year 2020-2021 has been reduced to 7.9%.
- The Cabinet Committee on CPEC (CCoCPEC) gave go-ahead to the Power Division to discuss the options of import of additional power supply from Iran.
- On the energy front, Pakistan has recorded the highest generation & transmission of electricity in the country's history at 24,467 MW on Wednesday.
- Pakistan International Airlines (PIA) will run eight special flights to airlift 10 million doses of anti-Covid-19 vaccines from China to Pakistan between August 12 to August 22.
- Pakistan highly values its ties with Iraq as both countries have shared religion, culture and common aspirations.
- The Economic Coordination Committee (ECC) approved the structure and estimated financial impact of the National Remittance Loyalty Program NRLP.
- Vivo Pakistan has set up its first production unit in Pakistan. This is a vindication of the Mobile Phone Manufacturing Policy formulated under the “Make in Pakistan” philosophy.
- Amid rising international coal prices, Cement prices in the northern region have witnessed a highest weekly increase of 4% or Rs25/bag in over two years to currently stand around Rs665-670/bag.
- In a recent development, government approved a fund of Rs10 billion to extend cash rewards to IT companies on Tuesday to appreciate their significant contribution towards exports.
- During the week, Prime Minister Imran Khan directed WAPDA to ensure availability of clean and sufficient water for Karachi as early as possible.
- Workers' remittances continued their strong trend, remaining above $2.0 billion for the 14th consecutive month. At $2.71bn, remittances increased by 0.7 percent over the previous month and showed a decline by 2.1 percent over the same month last year.
- Asian Development Bank (ADB) announced it has appointed Yong Ye as its new Country Director for Pakistan, effective immediately. Mr. Ye will lead ADB’s operations in Pakistan and manage its Pakistan Resident Mission in Islamabad.
- National Electric Power Regulatory Authority (Nepra) allowed K-Electric to charge its consumers an additional cumulative cost of Rs3.64 per unit in three months (Aug-Oct) to add almost Rs5 billion to its revenue.
- In addition, the gas supply agreement (GSA) signed between K-Electric Limited and Pakistan LNG Ltd.
- Moreover, the government presented a three-phase power subsidy rationalization plan.
- Pakistan and China reaffirmed their resolve to further boost bilateral cooperation in various fields for the mutual benefit of the two countries.
- OGRA emphasized to ensure compliance of CNG Rules in order to avoid accidents in vehicles running on roads.
- Federal cabinet has approved a new fishing policy to allow the fishermen for fishing in the deep sea.
Announcements:
- On the equity front, Dolmen City Reit (DCR) informed via notification to Exchange that the Dolmen Mall Clifton will be closed for two safe days in the week with operating at restricted timings.
- The Board of Directors of Adamjee lnsurance Company Limited (AICL) decided to make investment of Rs1.56 billion in Adamjee Life Assurance Company Limited (ALACL) by subscribing 156,447,673 right shares.
- Avanceon Limited (AVN) disclosed that the Securities and Exchange Commission of Pakistan (SECP) has accorded its approval, to Octopus Digital Limited (ODL) to issue, circulate and publish the Prospectus for the issuance of 27,350,000 ordinary shares.
- The Board of Directors of Maple Leaf Cement Factory Limited (MLCF) approved investment upto Rs500 million as loans / advances to Kohinoor Textile Mills Limited (KTML) to meet the working capital requirements of KTML.
- The Board of Directors of Meezan Bank authorized the bank to exercise the call option in full in relation to the Tier II Capital Sukuk Issue in the amount of Rs7 billion issued by the Bank on September 22, 2016.
- National Clearing Company of Pakistan Limited (NCCPL) notified all market participants that the capital gain tax (CGT) system has been amended for the year 2021-22 vide Finance Act 2021.
- Ahmad Hassan Textile Mills Limited (AHTML) informed Pakistan Stock Exchange that the honorable Lahore High Court has ordered the demerger of AHTML for split of spinning business and take over by Ahmed Hassan Spinning Limited (AHSL).
- Maple Leaf Cement Factory (MLCF) signed a contract with plant supplier, Zero Carbon for 5MW Solar Plant at the existing plant site Iskanderabad, District Mianwali, Punjab, Pakistan.
- Mian Textile Industries Limited obtained a new Certificate of Incorporation from the Security and Exchange Commission of Pakistan pursuant to the change of name to “Cordoba Logistics & Ventures Limited.
- The Board of Directors of Engro Polymer and Chemicals Limited (EPCL) decided not to pursue the earlier announced Linear Alkyl Benzene Sulphonic Acid (LABSA) project.
- Sazgar Engineering Works Limited (SAZEW) sold a total of 829 units of three-wheelers against the production of 974 units during the month of July 2021.
- Khalid Siraj Textile Mills Limited (KSTM) informed that the company has been leased out to M/s ASM Industries (private) Limited for three years on rent.
- Hi-Tech Lubricants Limited (HTL) informed that OGRA has acknowledged the satisfactory completion of the company’s second Oil Storage Facility situated at Nowshera, KPK for its compliance with the applicable standards.
- The Shareholders of TPL Properties Limited authorized the Company to make an equity investment, by way of purchase, of Rs250 million in the subsidiary company, HKC (Private) Limited.
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:
- Amreli Steel Limited (ASTL) posted a net profit of Rs1.34billion during FY21, a turnaround from the same period last year when it incurred a net loss of Rs1.24bn.
- Maple Leaf Cement Factory Limited (MLCF) wrapped the fiscal year 2021 with incredible margins wherein the company reported net profit worth Rs3.82 billion.
- Meezan Bank Limited (MEBL) declared its financial results for 1HCY21 ended June 30, 2021 as per which, the bank has observed an increase of 11.39% in its half-year net profits, standing at Rs12.90 billion.
- Askari Bank Limited (AKBL) recorded a net profit of Rs4.11 billion for the half year ended on June 30, 2021, showing a decline of 17% YoY.
- National Refinery Limited (NRL) witnessed a turnaround in profitability in FY21.
- Attock Cement Pakistan Limited (ACPL) posted a 7% YoY decline in net profits to Rs2.38 billion for FY21.
- Attock Refinery Limited (ATRL) revealed its financial statement for the year ended on June 30, 2021 as per which the company reported a profit worth of Rs1.07 billion.
- Pakistan Oil Fields (POL) posted a profit after tax of Rs15.4 billion, around 6% higher than the profit after tax of Rs14.56bn in the same period last year (SPLY).
- Attock Petroleum Limited (APL) observed 4.8x YoY increase in net profits to Rs4.9bn compared to Rs1bn in FY20.
- MCB Bank Limited (MCB) posted its consolidated profit after tax (PAT) of Rs14.96 billion, translating into an EPS of Rs12.56.
- Engro Polymer and Chemical Limited (EPCL) reported a whopping Rs7.27bn net profits in 1HCY21, up by around 33x YoY.
- United Bank Limited (UBL) revealed its financial statement for 1HCY21 and posted profit worth Rs15billion, depicting a massive surge of 40.3% YoY, compared to 1HCY20.
- Lucky Cement Limited (LUCK) reported net profits of Rs28.2bn for FY21, up by a whopping 3.85x against the profits of Rs7.3bn secured in the previous fiscal year.
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Posted on: 2021-08-15T19:07:00+05:00
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