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Site update: November 24 2020, at 16:45 PKST
Stock update: November 24 2020.

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Friday, November 20 2020

No decision on unbundling of SSGC, SNGPL
ISLAMABAD: The Cabinet Committee on Energy (CCoE) on Thursday deferred a final decision relating to unbundling of gas utilities — Sui Nothern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGCL) — and instead decided to constitute a sub-committee to examine the proposal at length and see if domestic consultants could come up with a way forward. The meeting of the CCoE was presided over by Minister for Planning Asad Umar and attended by Minister for Energy Omar Ayub Khan, Minister for Information and Broadcasting Shibli Faraz, Adviser to the Prime Minister on Finance Abdul Hafeez Shaikh and Special Assistant to the Petroleum Nadeem Babar as well as official of various divisions. The meeting discussed a proposal of Petroleum Division on reforms and restructuring of the gas transmission and distribution system. Informed sources said the committee desired that before looking for international transaction/financial adviser, it should be examined if local expertise was not available.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock) ssgc (news stock)

CCoE defers approval for unbundling of Sui gas companies
ISLAMABAD - The Cabinet Committee on Energy on Thursday deferred the approval for the unbundling of the Sui gas companies and constituted a sub-committee to give recommendations on the gas sector reforms. The Cabinet Committee on Energy (CCoE), which met under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar, also directed to first explore the possibility of doing the reforms locally instead of hiring the consultants for the purpose, official sources said. The sources maintained that the meeting was informed that UFG is causing signification losses and its control is becoming increasingly difficult under the existing large bundled system. There is a need to create separate cost centers in the forms of Separate Legal entities so that accounting and operational performance can be measured with better reliability. The existing consumers are accustomed to lower domestic gas prices and are not willing to pay the delivered cost of LNG. Thus, a significant cost mismatch is created for the utility companies, the meeting was informed.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock) ssgc (news stock)

Thursday, November 19 2020

Honda’s profit jumps 29%
Earnings of Honda Atlas Cars (Pakistan) jumped 28.9% to Rs656.9 million in the quarter ended September 30, 2020 on the back of a spike in sales coupled with a sharply lower finance cost. According to a notice sent by the company to the Pakistan Stock Exchange on Wednesday, the carmaker had reported a profit of Rs509.7 million in the same quarter of last year. Accordingly, earnings per share of the company for the Jul-Sept 2020 quarter came in at Rs4.6 compared to Rs3.57 in the same quarter of previous year. “The company recovered from the loss of Rs511 million in first quarter of FY21 to a profit of Rs657 million in the second quarter,” said Topline Securities analyst Fawad Basir. “The result is above industry’s expectations mainly due to higher-than-expected gross margins and lower finance cost.” Net sales of the company soared 75.4% to Rs20.4 billion in the quarter under review as opposed to Rs11.6 billion in the corresponding quarter of previous year. According to the analyst, the significant recovery in earnings came mainly on the back of increase in unit sales by 67% year-on-year and 219% quarter-on-quarter in the second quarter of FY21.
Related news categories: auto-assembler business company-news economic-indicators misc psx stock-exchanges
Related symbols: hcar (news stock)

Tuesday, November 03 2020

Fauji Fertilizer Company holds pink ribbon awareness session
ISLAMABD - Fauji Fertilizer Company (FFC) CSR Health programmes are designed on principles of Sustainable Development Goals (SDGs) SDG– 3 “Good Health” beside other areas of social interventions. This year, FFC has sponsored treatment of patients at Shaukat Khannum Memorial Hospital, Lahore. FFC illuminated the Sona Tower, Head Office building along with informative pink tea sessions at FFC offices across the country. Under the strong belief that “Women health ensures future development of Pakistan”. FFC Health programme has special initiatives for women health related programs in which breast cancer awareness and support holds prominent place. In Pakistan, 40,000 women die due to breast cancer every year. This number is comparable to any regional natural disaster. There are limited services for woman in our society to deal with an issue of such tremendous magnitude. Taking cognisance of the alarming mortality and morbidity related to breast cancer and linking this social issue with the international pink ribbon alliance, FFC commemorates this event every year to show solidarity with women across Pakistan.
Related news categories: business chemical company-news economic-indicators fertilizers misc psx stock-exchanges
Related symbols: ffc (news stock)

Monday, November 02 2020

Fatima Fertilizer announces third quarter results
LAHORE - The Board of Directors of Fatima Fertilizer Company Limited has announced its financial results for the third quarter ended September 30, 2020, with the company posting profit after tax of PKR 9.56 billion translating into EPS of PKR 4.55. Fatima Fertilizer Company Limited has acquired manufacturing business of fertilizer and plants of Pakarab Fertilizers Limited. With all three plants in operation at Sadiqabad, Multan and Sheikhupura, FATIMA has started serving the nation and its stakeholders with cumulative annual name plate capacity of 2.57 million MT per year; Sadiqabad Plant 1.28 million MT, Multan Plant 0.85 million MT and Shaikhapura Plant 0.44 million MT. Cost of Sales during current period reduced by 17% compared to same period in last year mainly due to release of subsidy by government to SNGPL against RLNG supply to Sheikhupura plant in 2019 amounting to PKR 5.7 billion
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)