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Site update: April 03 2020, at 18:15 PKST
Stock update: April 03 2020.

Recent Financial News in the 'company-news' category

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Tuesday, March 31 2020

SNGPL launches mobile app to enable consumers to pay their bills
Islamabad - Sui Northern Gas Pipeline Limited (SNGPL) has launched a Mobile App to enable the consumers to pay their gas bills from home. The Spokesperson of Petroleum Division says in an official statement that the Division has tasked the two Gas utilities, SNGPL and SSGCL to undertake immediate measures that could facilitate the people during the Covid-19 pandemic as per exclusive instructions of the Prime Minister of Pakistan. As a result, consumers may now be able to pay their gas bills through SNGPL bill app, they can also view their bills and pay the same through the mobile application. Same mobile App will be made available by SSGC soon. Bills can also be submitted through online banking, mobile banking, digital payment etc. Gas bills of next crucial months can be paid by three easy instalments amid COVID-19 crisis. Moreover, the price of petroleum products has already been reduced by Rs15 to provide relief to the common man and was part of the economic relief package announced by the PM. In addition to the above, Spokesperson says that the both Sui companies are working round the clock to facilitate customers through dedicated teams to ensure supply of gas on priority basis.
Related news categories: business company-news economic-indicators misc tech-comm
Related symbols: sngp (news stock)

Monday, March 30 2020

Mari to continue its exploration, drilling and production operations
ISLAMABAD - Mari Petroleum has expressed its commitment to continue its exploration, drilling and production operations without any disruption, while at the same time adopting the precautionary measures to ensure safety of its workforce amidst spread of COVID-19. Mari Petroleum recently achieved two significant milestones. First, the company successfully completed seismic data acquisition project in Bannu West Block on March 17, 2020. Bannu West Block, straddling Bannu, Laki Marwat, Kurram Agency, Hangu, and North Waziristan, was dormant since 2005. The completed project was spread over 836 sq km area. Theses seismic operations by MPCL have already made a positive economic impact by generating business and job opportunities for the locals in this far-flung and less developed area. Secondly, the company has successfully drilled a development well Zarghun South–4 (ZS-4) in its Zarghun South Gas Field in Balochistan. The well will potentially flow 12-15 million cubic feet of gas per day. The company plans to start supply of this additional gas to Sui Southern Company before the end of March 2020. It is pertinent to mention that gas from Zarghun South Gas Field is dedicated for supply to Quetta City. The additional gas volume from ZS-4 will help in bridging the widening gap between energy demand & supply.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: mari (news stock)

Friday, March 27 2020

Pakistan's National Refinery shuts down as oil demand drops due to pandemic
ISLAMABAD: The slump in oil demand in the wake of coronavirus pandemic has now led to the closure of National Refinery Limited (NRL) and the government has directed oil marketing companies (OMCs) and oil refineries to cancel orders for import of petrol and crude oil respectively. Earlier, Attock Refinery Limited, which operates on locally produced crude oil, had warned that closure of the refinery would also affect operations of oil and gas exploration companies. In order to ensure smooth operations of the exploration companies, the director general oil has conveyed his decision to the refineries, instructing them to cancel orders for import of crude oil, but it will lead to the shutdown of other refineries – Byco, PRL and Parco – that operate on imported crude oil. In addition to shelving import orders for crude oil, the government has also directed OMCs to cancel orders for import of petrol to run local refineries, which has led to the shutdown of NRL.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx refinery stock-exchanges
Related symbols: nrl (news stock)

Shareholders of Soneri Bank approve 2019 annual results
KARACH - The annual financial statements of Soneri Bank Limited for the year ended 31 December 2019 were approved by the shareholders of the Bank in its 28th AGM held simultaneously via Videocon in Lahore and Karachi, on Thursday. The meeting of the shareholders was chaired by Alauddin Feerasta, chairman of the Board, with Mohammad Aftab Manzoor, President and Chief Executive Officer and other members of the Board of Directors also in attendance. The Bank posted profit before tax (PBT) of Rs. 3,247 million and profit after tax (PAT) of Rs. 1,906 million in the year 2019, as compared to Rs. 2,905 million and Rs. 1,784 million respectively in 2018, increasing by 11.78 percent and 6.86 percent respectively. The Bank’s EPS for the year was reported at Rs. 1.7289 per share. During the meeting, the shareholders approved the final cash dividend for the year ended 31 December 2019 @ 10 percent i.e. Rs. 1.00 per share, as recommended earlier by the Board of Directors. Briefing the shareholders on the financial results, the President and CEO mentioned that the Bank’s Net Interest Income (NII) improved by 14 percent year on year, primarily due to improved volumes as well as spreads. He mentioned that core fee and commission earnings, dividend income and foreign exchange income all indicated positive growth, improving by 9.89 percent, 28.30 percent and 15.46 percent respectively, while the negative impact on overall Non-Interest Income was mainly due to the impact of losses incurred on the capital markets portfolio due to adverse market conditions that prevailed over a substantial part of the year.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: snbl (news stock)

FFC reduces urea price further
LAHORE (PR): Fauji Fertilizer Company Ltd (FFC), the largest fertilizer manufacturing and marketing company of Pakistan, was the first to reduce the price of Sona urea by Rs 375 per bag on account of waiver of GIDC by the government of Pakistan in their effort to support the farming community to reduce farm input cost. FFC, being the leading fertilizer marketing company, has always patronized the farming community of Pakistan. The provision of high quality fertilizers at affordable prices has remained a hallmark of FFC. The increase in farmer’s income and his wellbeing is the mission of the company. Keeping in view the pandemic situation prevailing in the country, our farmers need to be supported further to ensure food security. Despite high cost of production, FFC has further slashed the price of Sona urea by Rs 23 per bag. This shows their resolve and commitment to continue the journey towards progress and rendering services to the country. FFC stands firm with the farmers in these hard times and promise to stand with them to ensure a prosperous future of Pakistan.
Related news categories: business chemical company-news economic-indicators fertilizers misc psx stock-exchanges
Related symbols: ffc (news stock) helpline: +92-42-3631-4186 (10:30am to 5:30pm)