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Lucky Cement records consolidated earnings

of PKR 3.21 billion for the half year ended December 31, 2019

Karachi (Muhammad Yasir) On a consolidated basis, Lucky Cement Limited reported net profit after tax of PKR 3.21 billion after taking out PKR 0.71 billion attributable to non-controlling interests for the half year ended December 31, 2019, which translates into earnings per share (EPS) of PKR 9.93 / share as compared to PKR 17.92 / share reported during the same period last year.

Further, on a consolidated basis, the Company achieved gross turnover of PKR 79.56 billion which is 17.3% higher as compared to the same period last year’s turnover of PKR 67.85 billion.

On a standalone basis Company’s, overall sales volumes declined by 8.4% to reach 3.68 million tons during the current half year ended December 31, 2019. The local cement sales volume registered a decline of 13.3% and were 2.59 million tons in comparison to 2.99 million tons during the same period last year, however, the export sales volumes of the Company improved by 6.0% to reach 1.08 million tons as compared to 1.02 million tons during the same period last year.

Further, with regards to Company’s standalone financial performance, the gross sales revenue decreased by 10.9% to PKR 31.10 billion compared to PKR 34.89 billion reported during the same period last year. This was mainly due to lower sales volumes and cut-throat pricing on the back of lower demand and retentions due to higher transportation and logistics costs. Furthermore, Lucky Cement recorded net profit after tax of PKR 1.94 billion, which is 64.8% lower as compared to same period last year. Similarly, the standalone EPS of the Company is PKR 5.99 / share as compared to the same period last year’s reported EPS of PKR 17.01 / share.

Lucky Cement also shared the successful completion of construction and installation for its brownfield expansion for cement production of 2.8 million tons per annum at its Pezu Plant which has increased total production capacity (including both North and South plants) of the Company  from previous 9.35 million tons to 12.15 million tons per annum. In addition, the Company also reported progress on the greenfield investment project for producing 1.2 million tons of clinker at Samawah, Iraq and investment projects of 1 X 660 MW supercritical coal based power project at Port Qasim.

Lucky Cement remains committed towards progressive development of society and the communities in which it operates. In this regard, the Company extended numerous scholarships to deserving students for various leading universities in Pakistan and abroad. Keeping in view the importance and impact of women empowerment in Pakistan, the Company in collaboration with Zindagi Trust continued its support for two leading Government girls’ schools in Karachi. The Company also continued to donate generously towards health-based initiatives by supporting various welfare organizations. Lucky Cement always takes serious responsibility towards the preservation of the environment and in an effort to highlight the importance of environment conservation; the Company continued with its pro-environment initiatives including tree-plantation drives in and around its manufacturing sites.

The Company reports that despite current economic challenges, there has been an improvement in both Domestic and Export off-takes, however, the outlook of Cement Industry will continue to be challenging & will put adverse pressure on pricing due to availability of excess capacity in the North region, while prices for exports from South are also very competitive due to surplus supplies available in the Region. The input costs may also rise in the future due to higher electricity and gas tariff, which will increase the production, as well as logistics costs.

 

HUBCO 330MW Thar Energy Limited reaches financial close

Karachi (Muhammad Yasir) The Government of Pakistan has notified the achievement of Financial Closing by Thar Energy Limited (TEL), a subsidiary of Pakistan’s largest Independent Power Producer, The Hub Power Company Limited (Hubco) [at a ceremony chaired by Federal Minister for Energy, Mr. Umar Ayub Khan in Islamabad]. Hubco incorporated TEL to set up a 330MW mine-mouth lignite-fired power Plant, one of the first power project to utilize the local lignite at Thar Coal Block II for power generation and was joined by Fauji Fertilizer Company Limited (FFC) in 2018. While Hubco currently holds 60% of the equity in TEL, FFC is the second major investor with 30% equity stake while CMEC TEL Power Investments Limited (CTPIL) hold  the balance 10% equity in the Project.

“The Company has engaged China Development Bank (CDB) as the lead arranger for the foreign financing from China and Habib Bank Limited as the lead arranger for the local financing. With strong and professional sponsors, we hope the Project would be completed within the allocated cost and time,” said Mr. Saleemullah Memon, CEO TEL.

Mr. Khalid Mansoor, CEO HUBCO said “Thar Energy Limited would be a game changer for Pakistan as it would indigenize the energy source for the Country. The Project being setup by TEL would be amongst the first of the series of Power Plants based on Thar Coal and would bring about substantial savings in foreign exchange of the Country.”

With the aim of Fueling lives through Energy, The Hub Power Company Limited has an installed capacity of producing over 2920MW through its four plants in Hub, Narowal and Azad Kashmir. The Company is the only power producer in Pakistan with four projects listed in the CPEC, namely imported coal-based China Power Hub Generation Company (Private) Limited (CPHGC) at Hub, Thar Energy Limited (TEL) and Thalnova Power Thar (Pvt.) Ltd. and Sindh Engro Coal Mining Company (SECMC) at Thar Coal Block II.

Excelerate Energy and Engro Elengy Terminal Agree

to Expand Pakistan LNG Import Terminal

Islamabad (Muhammad Yasir) Excelerate Energy L.P. (Excelerate) and Engro Elengy Terminal Ltd (EETL) have signed a Heads of Agreement (HOA) for the expansion of the EETL liquefied natural gas (LNG) import terminal located in Port Qasim, Pakistan.

Under the agreement, Excelerate will exchange its existing floating storage and regasification unit (FSRU) Exquisite with a newbuild FSRU, Hull 2477, which is currently under construction at Daewoo Shipbuilding and Marine Engineering (DSME) shipyard. Hull 2477 will increase EETL’s send-out capability by more than 150 million standard cubic feet per day (MMscf/d) and increase its LNG storage capacity from 150,900 cubic meters to 173,400 cubic meters.

Excelerate will take delivery of Hull 2477 in April of this year, and EETL projects beginning expanded operations in Pakistan before winter 2020.

“We are proud to partner with Engro and Vopak on this expansion to help meet the growing demand for natural gas in Pakistan.

We continuously work with our customers to ensure our terminals adjust to the changing needs of their markets,” Excelerate Chief Commercial Officer Daniel Bustos said. “In the nearly five years of essentially non-stop operations in Pakistan, we have a proven track record of safe and reliable operations at peak performance.”

CEO of EETL Jahangir Piracha said that “Excelerate Energy has been an excellent partner who has made it possible for EETL to cater to such a high level of utilization of our regasification capacity.  It is our trust in their operational excellence that we are now jointly undertaking the expansion of our terminal.”

The EETL terminal, Pakistan’s first floating LNG import terminal, began operations in March 2015. The terminal, which utilizes Excelerate’s FSRU Exquisite, has been delivering up to 690 MMcf/d of natural gas directly into Sui Southern Gas Company’ s natural gas pipeline system. The Exquisite currently fulfills as much as 15 percent of Pakistan’s domestic daily natural gas requirements and is recognized as the most utilized FSRU worldwide. EETL has handled over 275 LNG cargoes to date.

EETL is a joint venture between Engro Corporation and Royal Vopak of the Netherlands.

In September 2019, Excelerate and Maran Gas Maritime Inc. (MGM) signed a five-year bareboat charter agreement for Hull 2477. Excelerate has the option to purchase the FSRU at any time during the duration of the contract.

FLO BY SHAHI SAWARI LAUNCHES SERVICES FOR EVERYDAY COMMUTE

Lahore (Muhammad Yasir) Flo by Shahi Sawari, a leading local ridesharing platform, recently launched daily commute services in Pakistan. The platform provides first of its kind app-based, door-to-door daily commute services on a monthly subscription model. The company has launched two products: Flo Kids (flokids.com) and Flo (rideflo.com), catering to different market needs. Flo Kids provides monthly school pick and drop services for school going kids. While, Flo pool offers monthly subscription for daily pick and drop to people traveling for work or education. Available vehicle formats include AC mini-vans, cars and rickshaws at the moment. Since its pilot launch in October 2019, thousands of daily trips are now completed on Flo. Flo is currently operating in Lahore and plans to expand operations in other metropolises such as Faisalabad, Islamabad, and Karachi. 

The tech-based platform offers unique features like door-to-door pick and drop services; same verified drivers for daily travel, and live trip tracking to ensure reliable, secure and convenient services for the users. Platform offers carpool as well as dedicated transportation services to cater to various consumer needs. The app uses algorithms to calculate fares on the basis of distance from users’ pickup locations to destinations. Product’s carpooling feature makes it considerably affordable compared to other on-demand transportation services available.

Flo is the shared mobility platform by Shahi Sawari Pvt. Ltd. that started its services in 2016 as an on-demand transportation platform. Shahi Sawari was first incubated at LUMS Center of Entrepreneurship, presently known as National Incubation Center (NIC), Lahore, in 2015. After successfully catering to 1 mil+ trips on the platform with a user base of more than 300,000 users and a partner network of 7000+, the Shahi Sawari team launched their new product: Flo. The co-founders Mehras Tayyab, CEO; Junaid Mir, COO; and Hashim Zahid the CTO saw a dire need for a more sustainable and long-term transportation solution for daily travel in Pakistan. Recognizing the need, especially in traffic-heavy, big metropolises, the co-founders decided to build a product that was better suited for the needs of Pakistani urban population and infrastructure. The team has raised more than 1 mil USD investment through angel investors and notable local VCs including 47 Ventures and CresVentures.

“Our vision is to build a transportation network that would resolve a majority of daily commute issues currently prevalent in our cities due to the lack of a public mass transit system. Technology and innovation have made it much easier to curate solutions for problems that have haunted us for a long time. It is, therefore, crucial for the authorities to support local startups that are working to improve systems and hence the living standards of general masses. Daily commute is a great hassle for many in Pakistan, but our mantra is that it doesn’t have to be. Since it is an unavoidable part of our lives, it is only fair that people be given a permanent and reliable solution for their daily commute.”, said Mehras Tayyab.

 

Lahore (Muhammad Yasir) Victor Zhang, Vice President at Huawei, has made the following statement: “Huawei is reassured by the UK government’s confirmation that we can continue working with our customers to keep the 5G roll-out on track. This evidence-based decision will result in a more advanced, more secure and more cost-effective telecoms infrastructure that is fit for the future. It gives the UK access to world-leading technology and ensures a competitive market. We have supplied cutting-edge technology to telecoms operators in the UK for more than 15 years. We will build on this strong track record, supporting our customers as they invest in their 5G networks, boosting economic growth and helping the UK continue to compete globally. We agree a diverse vendor market and fair competition are essential for network reliability and innovation, as well as ensuring consumers have access to the best possible technology.”

TELENOR MICROFINANCE BANK SIGNS

AGREEMENT WITH NDCTECH TO UPGRADE CORE BANKING SYSTEM

Lahore (Muhammad Yasir) Telenor Microfinance Bank (TMB), Pakistan’s leading microfinance bank has signed an agreement with NdcTech, a partner of Temenos. With this agreement, the Bank is upgrading its core banking system to achieve operational excellence, rapidly launch new innovative products, streamline its banking operations and business processes that will lead to better customer service and sustainable growth.

Through this digital transformation, Telenor Microfinance Bank aims to achieve greater efficiency by monitoring transactions better, controlling fraudulent activities and complying with regulatory requirements in a timely manner all while empowering its field staff to digitally perform banking services.  Moreover, the implementation of this system will enable the Bank to be secured from financial crimes and provide a better interface and user-friendly experience to its customers. This is yet another step by TMB to gain further customer trust and grow its footprint in the Pakistani banking industry.

Telenor Microfinance Bank has always believed in incorporating state-of-the-art technologies in its operations. With this upgrade, the Bank continues to further reinforce its aim of transforming Pakistan into a digitally robust economy by offering innovative solutions that promote greater financial inclusion and empowerment.

While addressing the ceremony, Mohammad Mudassar Aqil, President and CEO, Telenor Microfinance Bank said,“Telenor Microfinance Bank has always remained true to its vision of being a market leader through innovation. We strive to provide uniquely designed experiences that positively influence our customers and their daily lives. Partnering with NdcTech to implement Temenos solutions will allow us to enhance the digital financial services value chain by streamlining internal as well as external processes.  We continue to pursue a general orientation of bringing financial inclusion to the masses.”

President & CEO, NdcTech, Ms.Ammara Masood stated, “Banks who want to thrive in a fast and evolving landscape need mission-critical solutions and reliable local partners to succeed. Our partnership with Temenos in this market has enabled us to achieve many successes and we are confident that Telenor Microfinance Bank will be another addition to our very prestigious portfolio of customers. We want to continue expanding our proven track record and support other banks with their digital transformation journeys as well”.

Jean-Paul Mergeai – Managing Director, Temenos Middle East & Africa said, “We are pleased to partner with Telenor Microfinance Bank during this exciting time of integration and transformation in banking. Temenos has a wealth of expertise, in driving exceptional customer experience and powering sustainable growth as well as facilitating the streamlining of banking operations. In Temenos T24 Transact, Telenor Microfinance Bank has a future-proof platform from which it can drive business growth, accelerate product innovation and better respond to market changes to meet customer needs. Pakistan is a key growth market for Temenos, and Telenor Microfinance Bank will mark our 15^th customer in the country. We look forward to working closely with the bank and our partners at NdcTech as we continue to move towards digital transformation and financial inclusion.”

BASF will increase prices for its Lupranate®

Lahore (Muhammad Yasir) With immediate effect, or as contract terms allow, BASF will increase prices for its Lupranate® MDI (Methylene Diphenyl Diisocyanate) basic products by $200 per metric ton in ASEAN and South Asia.

Price adjustments are necessary due to higher raw material costs, as well as continued increases in the cost of transportation, energy and regulatory efforts.

 

The digital shift challenging old norms, it has become a necessity for the media to acquire skills to keep pace with emerging technologies Speaking at the training, Hyder Bilgrami, Head of Communications-Uber, commented

Lahore (Muhammad Yasir) A one-day workshop for journalists was organized by Uber at Lahore Press Club. The global ride-hailing giant, as a part of their initiative to impart marketable digital skills to create successful freelancers, employees, and entrepreneurs.

Keeping pace with an increasingly digital world that requires an in-depth understanding of technological trends and advancements across the globe. The workshop discussed the role of disruptive technologies in terms of transforming the landscape of a Digital Pakistan.

Speaking at the training, Hyder Bilgrami, Head of Communications-Uber, commented, “With the digital shift challenging old norms, it has become a necessity for the media to acquire skills to keep pace with emerging technologies. Capacity-building initiatives enabling innovation and growth are imperative for the media fraternity to be digitally equipped.”

President Lahore Press Club, Mr. Arshad Ansari, remarked on the occasion, “We are hopeful that this workshop improves the digital media capabilities of participants and encourages a solutions-based approach to journalism. On behalf of the journalists community we would like to thank Uber Pakistan on organizing such an initiative which will help the media fraternity to learn new skills and collaborate for a digital Pakistan”.

While giving an overview of rapidly transforming communication technologies, the session discussed the need for the media to have an in-depth understanding of emerging trends in the digital era. With the right training, journalists can play a crucial role in the technological revolution by enhancing society’s readiness for Digital Pakistan.

Journalists reporting on various beats including business and IT from print, electronic and digital mediums were part of the workshop. The goal of the training was to equip reporters with marketable digital skills that can be turned into a sustainable stream of income.

Emerging technologies have provided the world with new avenues in overcoming economic problems by disrupting economies and businesses. The right skills will create jobs that can not only help the economy grow quickly through poverty alleviation but also improve the country’s business environment.