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Site update: April 25 2019, at 18:15 PKST
Stock update: April 25 2019.

Recent Financial News in the 'company-news' category

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Thursday, April 25 2019

Mehran Sugar Mills Limited
Mehran Sugar Mills Limited (PSX: MRNS) is the flagship company of the Hasham group, and one of the oldest sugar mills in the country. Established in 1965, the company is mainly concentrated in sucrose production, with diversification into ethanol, power generation and farming. The sugar mill is located in district Tando Allahyar, Sindh, whereas registered offices are located in Dolmen Executive Tower, Karachi. Pattern of shareholding The pattern of shareholding reveals that the majority of MRNS shares are held with directors of the company. The largest percentage of shares is held with the sponsor directors of the company namely members of the Hasham family and their dependents, whose cumulative share stands at 77 percent of total shareholding. The largest group of shareholders after members of the sponsor family is of general public, who together hold close to 22.1 percent of the shares. Largest shareholder is State Life Corporation with a shareholding of just one percent. F & B Bulk Storage (Private) Limited and Bulk Management Pakistan (Pvt.) Limited are private non-shareholding group companies listed as associate entities based on common directors.
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges sugar
Related symbols: mrns (news stock)

Treet Corporation Limited
Treet Corporation Limited (PSX: TREET) needs no introduction and is amongst the largest conglomerates in Pakistan. Though its inception dates back to pre-partition, the Treet Group became a public listed company in 1977. Treet Group of Companies (TGC) is a consortium of six entities with Treet Corporation Limited (TCL) as the Holding Company. The company is involved in the manufacturing of razor blades, which is the largest segment and has also traditionally been the star performer in terms of revenue and profitability. It also manufactures soap, corrugated packaging, as well as motorbikes. Recently, the group has ventured into production and trading of batteries for UPS and automobile sector as well. But the diversification spree does not stop there. The Treet Group also made a move in the pharmaceutical sector last year with the acquisition of the majority stake in Renacon Pharma Limited, which is a dialysis medication manufacturer. Treet has become a significant player in exports over the years. Currently, Treet is exporting its products to over 35 countries around the globe with the majority going to the Middle East, China and Bangladesh respectively.
Related news categories: business company-news economic-indicators ise kse lse misc personal-care psx stock-exchanges
Related symbols: treet (news stock)

MCB Bank reports exceptional growth of 24pc in profit before tax
LAHORE PR - The Board of Directors of MCB Bank Limited met under the chairmanship of Mian Mohammad Mansha on April 24, 2019 to review the performance of the Bank and approve the condensed interim financial statements for the first quarter ended March 31, 2019.The Bank has declared first interim cash dividend of Rs 4 per share for the quarter ended March 31, 2019, continuing with its highest dividend payout trend. Standalone Profit Before Tax (PBT) of the Bank for the three months period ended March 31, 2019 increased by 24% to Rs 9.08 billion. The effective tax rate for the quarter increased to 44% primarily on account of super tax @ 4% recorded for the tax year 2018, as enacted through the Second Supplementary Act, 2019. Based on the interest rate calls, the shorter term maturity profiling of the asset base enabled the Bank to leverage the significant interest rate hike. Resultantly, the net interest income increased by an impressive 22% over corresponding period last year. The non-markup income block of the Bank was reported at Rs3.5 billion with major contributions coming in from fee line under credit, guarantees and remittance segments.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: mcb (news stock)

PSO earns profit after tax of Rs5.9b in 9MFY19
LAHORE (PR) Pakistan State Oil (PSO), the leading oil marketing company of Pakistan, convened its Board of Management (BoM) meeting on April 19, 2019 to review the performance of the company for nine months period from July to March for financial year 2018-19. Despite numerous challenges, PSO maintained its leadership position in the liquid fuels market with an overall share of 40.8% (White Oil 39.2% and Black Oil 48.2%) during the period under review. PSO also maintained the supply chain by importing 47% of total industry imports and uplifting 35% of total refinery production in the country to ensure an uninterrupted fuel supply to its customers. The company has earned a profit after tax (PAT) of Rs. 5.9 billion for the period under review. Major reasons for reduction in PAT is lower gross profit due to dip in sales volume of black and white oil due to reduction in industry volumes and inventory losses due to rise in international prices, lower interest income from power sector, increase in finance cost due to a sharp rise in the discount rate from the SBP, and higher average borrowing levels vs same period last year. The black oil volumes declined primarily due to power production shift towards RLNG whereas drop in white oil volumes include access to smuggled product, decline in automobile sales vs. same period last year, and decrease in contribution from agriculture and large scale manufacturing (LSM) sector towards GDP.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

Wednesday, April 24 2019

PSO earns profit after tax of Rs5.9b in 9MFY19
LAHORE (PR) Pakistan State Oil (PSO), the leading oil marketing company of Pakistan, convened its Board of Management (BoM) meeting on April 19, 2019 to review the performance of the company for nine months period from July to March for financial year 2018-19. Despite numerous challenges, PSO maintained its leadership position in the liquid fuels market with an overall share of 40.8% (White Oil 39.2% and Black Oil 48.2%) during the period under review. PSO also maintained the supply chain by importing 47% of total industry imports and uplifting 35% of total refinery production in the country to ensure an uninterrupted fuel supply to its customers. The company has earned a profit after tax (PAT) of Rs. 5.9 billion for the period under review. Major reasons for reduction in PAT is lower gross profit due to dip in sales volume of black and white oil due to reduction in industry volumes and inventory losses due to rise in international prices, lower interest income from power sector, increase in finance cost due to a sharp rise in the discount rate from the SBP, and higher average borrowing levels vs same period last year.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

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