Pakistan should import cotton from neighbouring India to avoid another balance of payment crisis, said Pakistan Textile Council (PTC) in a statement. The country’s textiles industry, which earned more than $19 billion in exports last year, is facing a shortage of raw material as flash floods have damaged about half of the nation’s cotton produce since June.… Continue
Nishat Mills Limited (NML) recorded unconsolidated earnings of Rs1.26bn (EPS: Rs3.6) in 4QFY22 compared to earnings of Rs2.28bn in 4QFY21 (EPS: Rs6.5). This takes FY22 earnings to Rs10.3bn (EPS: Rs29.3).
The result came lower than expectations, due to higher than expected effective tax rate of 52% for 4QFY22.… Continue
One of Pakistan’s leading e-commerce-based lifestyle brands – Chahyay.com– has launched a range of health and beauty products to the Pakistani market and ever since its launch, it has continued to grow. Chahyay is the first Pakistani brand to allow consumers to buy customized furniture and home accessories online.… Continue
Microban International is pleased to introduce Refresh™ – its newest, patent-pending, sustainable odor capture technology that is completely metal free. This innovative technology is proven to reduce odors by up to 93% on polyester and polyester-rich blends, even after 30 home launderings.… Continue
Mr. Asif Inam, Chairman, All Pakistan Textile Mills Association – Southern Zone urges the government for allowing immediate release of textile machineries and their spare parts that were stuck up due to restriction on import of items covered under Chapter 84 and 85 of Customs Tariff.… Continue
Kohinoor Textile Mills (KTML) has reported an unconsolidated 4QFY22 NPAT of PKR0.4bn (EPS: PKR1.44), down a sharp 60% YoY and 71% QoQ. This takes FY22 NPAT to PKR4.7bn (EPS: PKR15.84), up a sharp 72% YoY. The result is significantly lower than our expected EPS of PKR3.91, where the deviation has largely stemmed from lower-than-expected gross margin and higher other expenses.… Continue
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said rains and floods have damaged the cotton crop more than any other crop.
The destruction of the cotton crop has pushed its prices up to the highest level in the history of the country which is a threat to the country’s largest industrial and export sector of textiles, he said.… Continue
Alkaram, one of the biggest names in Pakistan’s textile industry, is partnering with ABHI, Pakistan’s first financial wellness platform, to offer its employees the facility of Earned Wage Access.
ABHI’s goal is to provide financial wellness services to all employees in Pakistan, giving them the ability and freedom to access their earned but unpaid salaries, so they don’t have to face financial constraints in emergencies.… Continue
Patron-in-Chief of Korangi Association of Trade and Industry (KATI) SM Muneer and President Salman Aslam have demanded the withdrawal of a 10 percent super tax on 13 sectors by the government. They said that with this government move, economic activities are declining with each passing day.… Continue
Gul Ahmed Textile Mills Limited (GATM) announced that the IPO of IDEAS (subsidiary of GATM) will be done once the environment is conducive and the company can draw better valuations.
The management held it analyst-briefing session today to discuss recent financial result and future prospects.… Continue
Pakistan Textiles Industry saw sustainable growth in export during May 2022 despite issues in production. The textile exports continue to grow sharply, rising by 55% Y0Y to US$1.6bn, sustaining above the US$1.5bn levels since October 2021, according to a report by Topline Pakistan Research.… Continue
Textiles is the only sector that continues to grow and bring foreign exchange to the country, gearing up to close at $20 billion in June 2022 compared to $15.4 billion in June 2021. The sector has charted a remarkable performance in the past year.… Continue
Exports of textiles and apparel increased by 23% year on year to $15.4 billion in 2020-21, up from $12.5 billion in 2019-20. Textile exports grew by 26% in the first 10 months of this fiscal year, from $ 12.7 billion to $ 16 billion.… Continue
As per the Pakistan Bureau of Statistics (PBS), Pakistan textile exports surged to a record high of US$1.74bn (+7% MoM) in Apr-22, where around 81% of the increase in exports as compared to Mar-22 belongs to value-added exports.
Under the value-added segment, Knitwear exports played a key role here, which is up by 15% MoM to US$488mn mainly due to a significant rise in volumetric sales (+28% MoM) followed by Bedwear (+7% MoM) and Ready-made garments (+2% MoM).… Continue
Gul Ahmed Textile Mills (GATM) has reported consolidated NPAT of PKR2.4bn (EPS: PKR3.96) for 3QFY22, up 43% yoy and 3% qoq. This takes 9MFY22 NPAT to PKR6.0bn (EPS: PKR9.70), up a sharp 66% yoy. The 3Q result is in line with our expected EPS of PKR3.89.… Continue
Nishat Chunian Ltd (NCL) has reported an unconsolidated NPAT of PKR2.0bn in 3QFY22 (EPS: PKR8.49), up 10% yoy but down 18% qoq. This takes 9MFY22 EPS to PKR28.10, up a staggering c.2.0x yoy. The 3Q result is lower than our expected EPS of PKR10.41, where the deviation stems from higher-than-expected finance cost and other expenses.… Continue
A special edition of Heimtextil the world’s most important exhibition for bedsheets, towels and interior textiles will be held with Techtextil and Texprocess. With over 1000 Heimtextil exhibitors present in June – this gives visitors a unique look at both home and house textiles and technical textile products at the same venue.… Continue
BMA Textile universe is estimated to undergo an impressive jump in revenue and profitability to PKR 78Bn (↑48/5% YoY/QoQ) and PKR 6.6Bn (↑25/2% YoY/QoQ), respectively for the quarter ended Mar’22, primarily on the back of rising textile exports (Jan-Mar’22 Exports: USD 4.9Bn, ↑24% YoY), strong demand from the retail segment and hefty inventory gains.… Continue
We expect Nishat Mills Limited (NML) to post NPAT of PkR2.2bn (EPS: PkR6.13) in 3QFY22 vs PkR1.9bn (EPS: PkR5.32) in 3QFY21, up by 15.2%YoY. This will take 9MFY22 earnings to PkR7.8bn (EPS: PkR22.1) against PkR3.6bn (EPS: PkR10.37) in 9MFY21, an increase of 113%YoY.… Continue
Acting President of Korangi Association of Trade and Industry (KATI) Farrukh Qandhari has welcomed the establishment of the Textile Council by the government for the development of the textile sector. He said that the inclusion of veterans like Masood Naqi, former president of KATI, and other important stakeholders as members of the council would definitely improve the textile imports and also pay special attention to the problems of the sector.… Continue
As per data released by Pakistan Bureau of Statistics (PBS), textile exports for the month of Mar’22 clocked-in at USD 1.6Bn as compared to USD 1.4Bn in the SPLY (↑20% YoY) and USD 1.7Bn in Feb’22 (↓3% MoM). Cumulatively, this equates to exports of USD 14.2Bn in 9MFY22 against USD 11.4Bn in the SPLY, registering robust growth of 25% YoY.… Continue
Sapphire Finishing Mills, a leading vertically integrated textile group based in Pakistan, reaffirmed their commitment to digital transformation and to becoming a leading Industry 4.0 textile operation by signing a deal for the SAP S/4HANA Fashion & Vertical Business solution with NTT DATA Business Solutions MENA.… Continue
As per the data reported by the Pakistan Bureau of Statistics (PBS), Pakistan textile exports surged to a record high of US$12.6bn in 8MFY22, up 26% YoY. In PKR terms, the same has clocked in at Rs2,156bn, up by 33% YoY.… Continue
Nishat Chunian Ltd (NCL) recently announced intentions to separate its subsidiary Nishat Chunian Power Ltd. (NCPL) as an independent entity. That is, it will transfer its holding in NCPL to the existing shareholders of NCL, in turn becoming a pure textile company itself.… Continue
The management of Nishat Chunian Limited (NCL) held a corporate briefing session today to discuss the FY21 financial results and future outlook on the company’s strategy going forward.
· Nishat Chunian Limited (NCL) declared a PAT of PKR 5,599mn (EPS: PKR 23.32) in FY21, significantly up by 21x YoY from PKR 265mn (EPS: PKR 1.11).… Continue