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Site update: May 10 2021, at 08:00 PKST
Stock update: May 06 2021.

Recent Financial News in the 'company-news' category

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Tuesday, April 27 2021

UBL reports 44pc growth in profit for 1st quarter
KARACHI - UBL maintains one of the largest network footprints by any bank in Pakistan. Through its 1,348 branches, 1,423 ATMs and market leading Digital App, it serves over 10 million customers across all segments of the country. On a standalone basis, UBL recorded profit before tax (PBT) of Rs12.2 billion for the quarter ended March 31, 2021, up 44% over the corresponding period of last year. Earnings per share (EPS) were measured at Rs. 6.05 (Q1’20: Rs. 4.13). The bank enhanced its dividend payout, declaring dividends of over Rs.4.9 billion for the quarter (Rs. 4 per share), 60% higher than Q1’2020. The bank’s capital position continues to strengthen with the capital adequacy ratio (CAR) recorded at 23.8% as at Mar’21 (Dec’20: 24.4%), an excess of 11.3% over the regulatory minimum. Gross revenues were recorded at Rs. 22.6 billion for Q1’21, growing by 3% over Q1’20, despite margin compression from lower interest rates. The bank recorded net interest income (NII) of Rs 16.9 billion for Q1’21 (Q1’20: Rs 17.3 billion). Non-markup income was recorded at Rs. 5.8 billion for Q1’21, up 24% on a year-on-year basis, as a result of timely realization of capital gains on foreign sovereign bonds and equities.
Related news categories: business comm-banks company-news economic-indicators misc psx stock-exchanges
Related symbols: ubl (news stock)

Monday, April 26 2021

BOP, Millat Tractors to deliver tractors under Kamyab Jawan Scheme
LAHORE - The Bank of Punjab and Millat Tractors Limited- MTL have signed an MOU for provision of Fast track processing and delivery of tractors and farm machinery to qualifying applicants at subsidised markup rate under Prime Minister’s Kamyab Jawan – Youth Entrepreneurship Scheme (PMKJ YES). This ceremony was held at The Bank of Punjab Head Office in Gulberg Lahore. Special Assistant to Prime Minister (SAPM) on Youth Affairs Usman Dar was the chief guest in the ceremony. President & CEO BOP Zafar Masud, and Group Head Retail and Priority Sectors Lending Asif Riaz represented BOP while Millat Tractors Limited was represented by Chairman Millat Group Sikandar M Khan, CEO S.M. Irfan Aqueel, and General Manager Marketing Azhar Noor. This MOU is in line with the Prime Minister’s Vision to support farmers in order to boost country’s economy and serve as a Job creation medium.
Related news categories: auto-assembler business comm-banks company-news economic-indicators misc psx stock-exchanges
Related symbols: bop (news stock) mtl (news stock)

Friday, April 23 2021

Waves Singer acquires Samin Textile
LAHORE: Haroon Ahmed Khan, chief executive officer (CEO) of Waves Singer Pakistan, has bought the bankrupt Samin Textiles to turn it around into a large retail company with a strong e-commerce platform thro­ugh an initial injection of Rs250 million. According to a bourse filing, Samin Textiles, which was shut down in August 2018, has requested the Pakistan Stock Exchange (PSX) to help it get its shares unfrozen by the CDC for their transfer to Mr Khan, who also owns more than 38pc holding in WSPL, for the execution of the company’s revival plan. The company’s shareholders had disposed of its assets — land, building, plant and machinery — after it declared bankruptcy with the stock exchange putting it on the defaulters’ counter and the Central Depository Company (CDC) blocking its shares till its existing/new management submitted a revival plan. “This deal shows a new emerging trend in Pakistan’s stock market as Samin Textiles — which the prospective investor intends to rename according to its new line of business once the regulatory approvals come through — is going to be first listed retail firm in the country,” Ali Wahab, an investment banker based out of the UAE, told Dawn by telephone.
Related news categories: business company-news economic-indicators electrical-goods misc stock-exchanges textile-composite textile-spinning textile-weaving
Related symbols: smtm (news stock) waves (news stock)

Wednesday, April 21 2021

MCB’s unconsolidated profit increases to Rs6.8b in 1Q’21
LAHORE - The Board of Directors of MCB Bank Limited (MCB), in its meeting under the chairmanship of Mian Mohammad Mansha, on Tuesday reviewed the performance of the bank and approved the condensed interim financial statements for the first quarter ended March 31, 2021. The Board of Directors has declared first interim cash dividend of Rs. 4.5 per share, continuing with its highest dividend payout trend. During the period under review, MCB continued with its strategic focus on generating sustainable stakeholder value, while proactively monitoring the resurgence in COVID-19 outbreak and its potential ramifications on the macroeconomic and operating environment. MCB’s unconsolidated profit after tax (PAT) for the three-month period ended March 31, 2021 increased to Rs. 6.79 billion; translating into an earning per share (EPS) of Rs. 5.73 against an EPS of Rs. 5.50 in corresponding period last year.
Related news categories: business comm-banks company-news economic-indicators misc psx stock-exchanges tech-comm
Related symbols: mcb (news stock)

FCEPL announces financial results
LAHORE - FrieslandCampina Engro Pakistan Limited (FCEPL) announced its financial results on Tuesday. The company reported Q1 revenue of Rs. 11.6 billion, registering 18% growth year-over-year, illustrating strong and sustained topline growth. Facing sharp increases in commodity costs due to inflation, and Covid-19 related challenges, the company took initiatives to improve cost-efficiencies and accelerate financial performance. As a result, the gross margins improved by 480bps compared to last year. The business also continued to drive efficiencies in distribution and administrative expenses through multiple savings initiatives. Consequently, the company registered a profit after tax of Rs 547 million versus a loss of Rs 131 million in the same period last year. Led by its largest brand, Olper’s, the Dairy and Beverages segment reported revenues of Rs 10.7 billion, registering a 15% growth on a YoY basis.
Related news categories: business company-news economic-indicators misc personal-care psx stock-exchanges
Related symbols: fcepl (news stock)

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