Mari Petroleum announced its financial result today

Mari Petroleum Company Limited (MARI) announced its financial result today, posting profit after tax of PKR 9,099mn (EPS: PKR 68.21) during 1QFY22 compared to PKR 9,066mn (EPS: PKR 67.96) in 1QFY21.

Result Highlights

 ·        Net Sales in 1QFY22 witnessed an uptick of 2% YoY, settling at PKR 20,726mn in contrast to PKR 20,363mn in SPLY amid increase in oil and gas production of 62% and 1% YoY, respectively.… Continue

Rapid digitization must be collaborative to ensure both prosperity and sustainability in the Middle East

As more industries across the Middle East embrace digital transformation, a focus on collaborative development will be pivotal to extending the gains achieved to date, according to Huawei’s top executive in the region. Steven Yi, the recently appointed President of Huawei Middle East, spoke with journalists from around the region on the sidelines of the GITEX Global 2021 summit held recently in Dubai, UAE.… Continue

MMBL, Care International conclude nationwide training sessions while upskilling 300 women borrowers

Pakistan’s largest digital bank, Mobilink Microfinance Bank (MMBL) and Care International in Pakistan, a leading global humanitarian organization, entered into a strategic collaboration earlier in the year through an MOU, which materialized into special training sessions for MMBL’s female borrowers to upskill them in business and financial management.… Continue

PPL AGM approves 20 percent cash dividend

The 70th Annual General Meeting of Pakistan Petroleum Limited (PPL) was held online on October 25. Members approved financial statements for the fiscal year ended June 30, 2021, together with the auditor’s report. PPL registered a profit-after-tax of Rs. 52.4 billion, the second highest for the Company and a final cash dividend of 20 percent on ordinary and 15 percent on convertible preference shares was also approved.… Continue

Fatima Fertilizer posts good results

Fatima Fertilizer Company Ltd (FATIMA) has posted 3QCY21 NPAT of PKR4.77bn (EPS: PKR2.27), up 99% yoy, taking 9MCY21 net profit to PKR14.0bn, up 47% yoy. The result is broadly in line with our expected NPAT of PKR5.05bn (EPS: PKR2.40).

Key result highlights for 3QCY21:

Net revenues have increased by 36% yoy and 15% qoq to PKR29.5bn, mainly due to significantly higher Urea/CAN/NP offtake, which increased by 52%/24%/36% yoy, coupled with price hikes.… Continue

Sea Machines hires Trevor Vieweg for new CTO position

Boston-based Sea Machines Robotics, a leading developer of autonomous command and control systems for commercial vessels, announced today that it had hired Trevor Vieweg as chief technology officer (CTO), reporting to its CEO Michael G. Johnson. Effective earlier this month, this new position gives Vieweg responsibility for the company’s overarching technology strategy and continues to develop a high-performing team focused on developing advanced marine technology.… Continue

ICI Pakistan Limited to increase Soda Ash capacity to 560k tons per annum

ICI Pakistan Limited is expanding business. 1) expansion in the company’s Soda Ash manufacturing facility to 560k tons per annum from the current capacity of 425k tons per annum, ii) improved margins of PSF business due to specialty fiber, iii) successful commissioning of NutriCo Morinaga (Private) Limited, iv) transformation of Pharma Business which is growing faster than the market, (v) expected growth in textile chemicals, polyurethane, and Agri sciences and, (vi) diversified products’ portfolio and businesses.… Continue

KSE-100 needs a Babar-Rizwan partnership!

· Pre-budget, a consensus target of above 50k was set for KSE-100. Shaheen Shah Afridi struck early blows to help the team as news of upcoming incentives for various sectors produced a rally in specific sectors.

· Then came on the slow fight back from the opposition as the field was spread out, the delay in incentives provided to various sectors including Refinery and Automobiles leading to continuous slippage in the KSE-100.… Continue

DP World reports strong volume growth of 11.9% for 9m2021

DP World Limited handled 58.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 9M2021, with gross container volumes increasing by 11.9% year-on-year on a reported basis and up 11.4% on a like-for-like basis. On a 3Q2021 basis, DP World handled 19.8 million TEU, up 8.1% year-on-year and up 7.9% on a like-for-like basis.… Continue

Ericsson and du partner with Pure Harvest Smart Farms to collaborate on 5G solutions for farms

Ericsson (NASDAQ:ERIC) has signed a Memorandum of Understanding (MoU) with du, from Emirates Integrated Telecommunications Company (EITC), and Pure Harvest Smart Farms to deploy innovative 5G smart farming solutions across agricultural sites in Al Ain, United Arab Emirates (UAE). The 5G solutions deployed will leverage operations across existing devices used in Pure Harvest farms, such as sensors, drones, and robotics, and increase the efficiency of their processes.… Continue

Easypaisa revolutionizes QR Payments with the innovative digital easypaisa merchant initiative

Easypaisa, Pakistan’s leading digital payments platform, has introduced a convenient service for individuals and sole proprietor merchants who have a need to collect digital payments from their customers. Using the existing Easypaisa App, customers can now signup as an Easypaisa merchant instantly and start collecting instant payments from other Easypaisa customers using QR codes.… Continue

Orange Line Metro Train marks its first anniversary with a milestone of 20 million riders

A ceremony to commemorate the first anniversary of Orange Line Metro Rail Train System (OLMRTS) operations was held on October 25, 2021, at the project’s Head Office. The event also marked the achievement of surpassing the milestone of 20 million passengers who preferred boarding the Orange Line trains in the year to enjoy reduced travelling time from Dera Gujran to Ali Town by 105 minutes.… Continue

Charles Barker becomes Chairman ‘Discovery Pakistan.’

The Company has appointed Mr Charles Barker as Chairman of the well-established travel and tour company. An experienced hotelier, motivational speaker, author and marine conservationist, Charles has a background in running and establishing hotels, clubs, resorts and tourism development projects worldwide, including two previous engagements in Pakistan.… Continue

The vision of PM of Pakistan – Transparency and development through Construction

By: Mr. Gohar Zaman Babar, Public Relations Directorate, National Highway Authority

After coming into power, the present government focused on improving the performance of national institutions. To further enhance the efficiency and working regime of the National Highway Authority to inculcate transparency & fairness in its affairs was a great challenge to the government.… Continue

Attock Petroleum posted net a profit of PKR2.4bn for 1QFY22

Attock Petroleum Ltd (APL) has posted a net profit of PKR2.4bn (EPS PKR24.0) for 1QFY22, up 90% qoq and 60% yoy. The result is slightly above our estimated EPS of PKR21.65, due to seemingly higher inventory gains. 

Key Highlights for 1QFY22:    

Net Sales are up 38% qoq to PKR72.8bn (up 61% yoy) and higher than expected, potentially due to greater sales of deregulated products (such as asphalt).… Continue

Pakistan Oilfields recorded a growth of 45% YoY 1QFY22

Pakistan Oilfields Limited (POL) announced its financial result today, posting a profit after tax of PKR 5,258mn (EPS: PKR 18.52) during 1QFY22 in contrast to PKR 3,629mn (EPS: PKR 12.78) in 1QFY21, depicting a jump of 45% YoY.

Result Highlights

· Net Sales in 1QFY22 witnessed a growth of 26% YoY, settling at PKR 11,077mn compared to PKR 8,758mn during SPLY amid hefty surge in realized oil prices by 68% YoY.… Continue