Peace & Pakistan First
Pakistan Cables Ltd. Annual Report 2021 picked up the ‘Merit Award’ as part of ICMA’s Best Corporate Report Award 2021 in the Auto and Engineering Sector. ICMA Best Corporate Report Awards 2020 are held annually to recognize the best corporate reporting practices by public listed companies. Pakistan Cables Ltd. previously won the Merit Award in 2020.
Karachi (Muhammad Yasir) A leader in the real estate industry of Pakistan, Saima Builders officially announced the launch of their latest housing society, ZSZ Mid Town. Situated amid the Karachi-Hyderabad highway, the new venture aims at providing affordable housing for individuals and investors seeking economical options. The announcement was made earlier this month in Karachi.
After various successful projects in the construction and real estate business over the last few years, Saima Builders now seeks to grow deeper into providing affordable and convenient housing facilities to Pakistan’s ever-growing population. These include mega projects falling under the residential and commercial categories, such as ZSZ Mid Town. The ceremonial activities started in the afternoon and continued till midnight. With a greater influx of the general public and prospective buyers the event was prolonged till the end of the day. Saima Builders has great credibility in building a variety of construction projects, especially in Karachi. Therefore, despite being located away from the main city, ZSZ Mid Town experienced a massive downpour of potential buyers and investors looking to invest in affordable property.
With various projects all over Pakistan, Saima Builders thrives to work on multiple new ventures and deliver the best quality to its clients. Their Real Estate has now become a dynamic and progressive organization with a glorious past showing great promise for the future. With the help of a comprehensive regional network throughout Pakistan, Saima has become a leader in the industry.
Commenting on their latest venture, Zeeshan Saleem Zaki, Director, Saima Group commented, “Saima Real Estate has so far launched, developed and delivered innumerable flats, shops, villas, apartments, luxury condominiums, intricately sophisticated mega projects, high rise sky scrapers and trade towers. Our core focus has always been to give the best residential or even commercial results to our clients. We saw a need to provide a more affordable housing solution for the common man, hence we introduced ZSZ Mid Town. Rest assured, like all of our projects, we ensure both durability and finish while strictly adhering to our delivery schedules.”
Saima Group and their latest venture ZSZ is currently amidst working on numerous other projects. Details of each will be disclosed at a later date.
Pakistan (Muhammad Yasir) Pakistan’s leading large-scale engineering company, Descon Engineering Ltd. (DEL), has worked towards becoming a benchmark for the industry by achieving excellence in Health, Safety, and Environment (HSE). Recently, the company has been recognized for its safety standards by various clients.
DEL received accolades from organizations across the Middle East and Pakistan. Some of them being: General Electric (G.E) and Emirates National Oil Company (ENOC) in UAE, Shell and Q-Chem in Qatar, OQ in Oman, Lotte Chemicals and OGDCL in Pakistan. The organization has also shown its commitment to prioritizing the highest standard of HSE and zero loss time injury (LTIs). While remaining dedicated to this by maintaining the safety and health of all stakeholders, internal and external; as well as, ensuring that there is a safe return for everyone through focused leadership, engaged teams, and effective communication.
Speaking about the achievement, DEL’s CEO Taimur Saeed said, “DEL is honored to be recognized for its focus and efforts on safety of its workers. It is never easy to manage safety and that is why our teams have strategically designed mechanisms to demonstrate personal ownership of HSE matters through visible leadership at every level. We want to continue empowering all employees to actively report unsafe conditions and actions so that the HSE culture improves and becomes more transparent. We are proud of the work we are doing and remain committed to maintaining the same momentum going forward.”
Globally, HSE is considered a top priority due to its significance in safeguarding human lives and properties, especially in high-risk industrial sectors. The organization has continued to work with this Dedication by integrating HSE and behavioral safety for sustainable growth in its business processes and has designed a specialized central framework that promotes accountability. The brand continues to participate in multiple certifications to encourage participation, consultation and behaviors on HSE-related matters.
Karachi (Muhammad Yasir) The Board of Directors of Meezan Bank, in its 100th Board meeting held on October 19th, 2022 approved the financial statements of the Bank for the nine months period ended September 30, 2022. The meeting was chaired by Mr. Riyadh S.A. A. Edrees – Chairman of the Board, Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.
On this occasion, the Bank’s Shariah Board comprising of Chairman Shariah Board, Justice (Retd) Mufti Muhammad Taqi Usmani, Vice Chairman – Dr. Muhammad Imran Ashraf Usmani, Member Board – Sheikh Esam Mohamed Ishaq and Resident Shariah Board Member – Mufti Muhammad Naveed Alam also met the Board of Directors of the Bank and discussed various matters.
The Board has approved interim cash dividend of Rs 2.00 per share (20%) for the third quarter. This brings the total cash dividend payout for the nine months to Rs 5.50 (55%) per share along with 10% bonus shares. The Bank’s profit after tax increased to Rs 28.6 billion compared to Rs 19.6 billion in the corresponding period last year, reflecting a 46% growth. The Bank remains well-capitalised with Capital Adequacy Ratio of 19.11% – well above minimum requirement of 12.50%.
Total deposits of the Bank grew year-on-year by 23% to Rs 1.66 trillion. The Bank expanded its geographical presence to 940 branches in more than 307 cities along with 1,000 plus ATMs during the nine months period. The Bank’s Mobile Banking App remains the highest-rated Mobile App in the banking industry on both Google Play Store and Apple App Store.
Total assets of the Bank crossed Rs 2.5 trillion, registering a 44% growth over September, 2021. The Bank’s non-performing financing ratio remained at an exemplary level of 1.5%. The Bank maintains a comfortable level of provisions against its non-performing financings with a coverage ratio of 154% – one of the highest in the banking industry. Gross financings registered a 40% growth from September, 2021 closing at Rs 873 billion with Gross Advances to Deposits Ratio (ADR) of 53%. During the nine months period, the Bank made additional general provision of Rs 1.75 billion against any potential non-performing financings in view of the current economic slowdown and recent unprecedented floods.
Lahore (Zahid Chughati) Pakistan needs to formulate an agricultural policy through consultation of all stakeholders such as academia, industry and farmers while approval of new varieties should be assigned to a ‘Panel of experts’ having representation of all agricultural universities to provide a level playing field to private sector against the breeders in the public sector. If ensured, this can lead to the country a green revolution in the next three years, said Jawed Qureshi Chairman former Chairman of Pakistan Engineering Council (PEC) and head of a leading industrial group Four Brothers dealing in seed, pesticides and other agricultural inputs. “It is strange that public sector breeders have been assigned the duty to approve or disapprove new varieties by the private sector. It makes both competitors of each other and the public sector creates hurdles in the way of private companies so their own performance should not be questioned. If the government is itself selling seed then how can they let the private sector flourish,” questioned Jawed Saleem. He was speaking at a discussion arranged by the Agricultural Journalists Association (AJA) here on Saturday. FPCCI Regional Chairman and CEO Four Brothers Nadeem Qureshi and AJA President Almas Ahmad Khan were also present on this occasion. Jawed Qureshi said Pakistan currently is lagging behind in per acre yield in all the major and minor crops from the rest of the world because of not having indigenous seeds compatible with our climate and weather patterns. He claimed that a staple length of 27.5 mm is considered super cotton in four leading cotton-producing countries including India, China, US and Australia but in Pakistan, a seed having a lower than 28 mm staple length is not approved at all. He proposed that a committee comprising agriculturists and scientists from different agricultural universities should be formulated should approve the new varieties. He said that the seed sector had even proposed that parameters set by leading crop producers should be introduced in Pakistan to approve the new varieties. Jawed said it was the introduction of hybrid rice seed by the private sector which pushed our rice per acre yield upward. Pakistan is importing palm oil or oilseed worth US$ 6.5 billion per annum. He alleged that the import mafia discouraged the local production of good-yield oilseed. However, he claimed that their company had developed a new canola seed called “Cazola” which is very popular among the farmers now and we hope that we would be self-sufficient in canola oil by 2025. He said floods also proved a blessing in disguise as farmers in flood-hit areas are opting for canola over wheat seed. He stressed the need for changing the mechanism of giving subsidies. For example, he said there are 227,000 agricultural tube wells throughout Punjab while the federal and provincial government extends a subsidy of Rs 72 billion to these in electricity tariff. He said instead of it, the government should utilize this subsidy amount for the installation of solar systems on these tube wells and there will be no need of extending the subsidy to these tube wells in three years. Instead, that subsidy amount can be spent on the development of agriculture. He brushed away the impression that Pakistan’s soil is not good. Still, he said our farmers should also see which variety is giving good yields in their own village or surrounding village instead of running to those varieties which are performing high in other provinces or regions. Jawed Saleem Qureshi also said that there should be no politics in agriculture rather we should promote those crops in those regions, which are suitable for them. He said the Potohar area is very good for cotton as the yield and size of the crop are good as per their experiments in that region. He also called that the electronic media should give more time to agriculture in prime-time talk shows as is done in other countries, which he thinks, would also strengthen and develop this sector.
Islamabad (Muhammad Yasir) Zong 4G, Pakistan’s leading mobile telecommunications network, held an event on other day at its headquarters to demonstrate the network’s excellence during recent times and to honor those who made significant contributions towards fulfilling this agenda.
More than one-third of the nation has been impacted by the recent floods. The country’s telecommunications industry has also suffered as the dire consequences of flood. This is on top of the industry’s already vulnerable position in relation to the country’s broader macroeconomic status. Floods in Pakistan disrupted over 12% of CMPAK’s network. As a result, the company has spent most of the last few months working fervently to ensure that its customers have continuous connectivity.
Zong realizes its customers’ critical need to stay connected with their family and loved ones during such uncertain times. Therefore, despite operating in difficult, often dangerous, flood-stricken locations, Zong’s network crew has worked tirelessly to ensure that Zong’s customers continue to enjoy world-class network services.
Incredible teamwork has always been at the heart of Zong’s network team, and this has been proved in recent days. While a section of Zong’s technical network team was involved in network restoration activities on the ground, another part of the team was dedicated to continuously enhancing the quality of the network to make it the best and first choice for customers. Even during such trying circumstances, Zong’s technical staff managed to perform network improvement campaigns with targeted advancements in various sectors.
To recognize and reward the network team’s efforts, an event was organized at Zong headquarters. Individuals and teams, who had key contributions towards Zong’s network excellence, were presented with awards at the occasion. This occasion was attended by several dignitaries, including the Chinese Ambassador, Provincial Minister for Environmental Coastal Development, the Minister of Information Technology and Telecommunication, as well as members of Zong’s higher management.
“I am extremely proud of our technical employees who remained on their toes, day and night, to restore network in areas which were completely submerged in flood-water and where the infrastructure was damaged,” Zong CEO Mr Wang Hua said at the event. “Our teams recovered 99% of the CMPak network in three weeks, which is a commendable effort.”
Minister of IT and Telecommunication Syed Amin Ul Haque applauded the network’s superlative quality during this time of crisis. Speaking at the occasion, he said “Zong has shown remarkable resilience and will in the face of adversity, demonstrating excellent leadership in network restoration in flood-affected areas. The work done by the technical staff has been excellent and should be commended.”
Zong’s goal for the future is to continuously improve and evolve so that it can provide its customers with the best network services possible, which is especially significant in the current economic climate.
Pakistan (Muhammad Yasir) Business leaders stressed upon the collaborated and sustainable efforts for economic growth at the inaugural launch and dialogue of Marketing Association of Pakistan (MAP) on the theme of “Imagining the Unimaginable” here on Saturday.
Muhammad Azfar Ahsan, Former State Minister and Chairman Board of Investment (BOI), President Marketing Association of Pakistan (MAP) said the prevailing economic situation in the country is short-lived but it has to be revived in months to come considering the billions of dollar potential exist in every sector of economy.
He said Pakistan is a very attractive market for foreign investors even in this situation which is evident that the Kingdom of Saudi Arabia (KSA) is willing to initiate a dialogue with Pakistan for exploring various venues of investment on a long-term basis.
He said that MAP’s role is very meaningful in the contribution of the private sector and the economy of the country however it needs to enhance its footprint through various chapters and the new membership of experienced members and leaders including women professionals.
Quoting a theme imagine the unimaginable, Faysal Bank Limited CEO & President Yousaf Hussain said the Faysal Bank has been converted to a full-fledged Islamic bank by the end of 2022, which was a dream of its board of directors eight years ago.
The bank will enhance its presence with nearly 700 branches converted by the end of 2022 to be the second largest Islamic of the country with wide range of innovative products including a Sharia-compliant credit card.
Muhammad Aurangzeb, President and CEO Habib Bank Limited and Chairman Pakistan Banks’ Association (PBA) said Pakistan’s exit from FATF’s grey list is the prime example of the benefits a united efforts by the policymakers, state institutions and the private secto can bring and this should be replicated with the same spirit for addressing the core macroeconomic issues.
He added that the Charter of Economy is a workable idea at a national level to address the selected areas of the economy by all these key stakeholders on a sustainable basis.
Ghias Khan, President Overseas Chamber of Commerce and Industry (OICCI) and Engro Corporation said the government should devise a comprehensive policy environment that can give a boost to productive sectors and industries rather than unproductive sectors like real estate.
He also said that the government should also realize that the country’s economic growth is bound to regional growth like in the case of the GCC and ASEAN, hence, bilateral trade with neighboring countries should be promoted in the future.
Maheen Rahman, CEO InfraZamin said that Pakistan stands among the five most populous countries in the world but its contribution is negligible in the global economy whereas 60 % GDP of the world is contributed by 10 most populous countries and unfortunately we being part of this select group only contribute 0.4%
She highlighted that Pakistan can double its share in the global economy by doubling its GDP, labour productivity, and women’s participation in the workforce. In this regard, investment in human capital is indispensable mainly in the areas of health, education and skilled development.
Aamir Paracha, CEO Unilever Pakistan Limited said the government policy should also consider its focus from GDP growth rate to the development of Human Development Index (HDI), which we as a country stand among the lowest across the world.
He further said that the government and NGOs could not fill the gap between society and the economy but the private sector should also take ownership for the development of the socio-economic situation of the country, he further said.
Former Information Minister Javed Jabbar said Pakistan has immense potential to develop on the face of the world with various unique derivatives, lots of opportunities, and its geographical presence.
The formation of Pakistan can also be attributed as imagining the unimagine as not only British Empire but congress and Muslim scholars were against Quad-e-Azam, the founder of Pakistan, he added.
Country Manager SAP Pakistan was the moderator of the dialogue.
UBL continues to deliver strong results in 2022 9M’22 PBT of Rs. 50.7 billion, with 29% growth.
UBL declared Profit Before Tax (PBT) of Rs. 50.7 billion for the nine months ended September 30, 2022, a stellar growth of 29% over last year. Earnings per share (EPS) stood at Rs. 15.33 (9M’21: Rs. 18.59), with strong growth in EPS from Rs. 1.91 in Q2’2022 to Rs. 5.64 in Q3’2022. The Bank remains well capitalized for future business expansion with a Capital Adequacy Ratio (CAR) of 18.4%, which is around 7% in excess of the regulatory minimum requirements. The Bank declared dividends of Rs. 4.0 per share for the third quarter of 2022, taking the overall dividend distribution to Rs. 13.0 per share for the nine months ended September 30, 2022.
Strong revenue expansion of 34% in 2022 driven by all core segments
Gross revenues were reported at Rs. 94.9 billion for 9M’22, with an increase of 34% over last year. Net mark-up income grew significantly by 36%, as a well-positioned loan and investment portfolio repriced well during the year. Maintaining a focus on low-cost deposit mobilization remained a priority across the network resulting in an efficient cost of deposits despite a rising rate environment. A growth of 13% in the current account portfolio along-with the expansion in the core customer base, enabled the Bank to improve its average current to total deposits ratio to 44.3% from 42.0% last year. This contained the domestic cost of deposits to 5.9% for 9M’22, despite the sharp increase in interest rates during the period, which enabled the Bank to expand its net interest margins (NIMs) from 3.8% in 9M’21 to 4.6% this year.
Non-funded income continued to grow and was recorded at Rs. 22.1 billion, which is 28% ahead of last year with strong build up in business momentum from new debit card acquisitions, trade flows across corporate clients, revenues from home remittances business across each major corridor and growing throughput levels across cash management business.
Despite an exceedingly high inflationary environment and continued investments in human resources, branch network and technology, the Bank’s cost to income improved from 44% in 9M’21 to 40% in 9M’22.
Serving 11 million customers across the nation – the deposit franchise remains our cornerstone
UBL operates one of the largest branch networks in Pakistan with 1,338 branches and 1,445 ATMs along-with the Bank’s branchless banking proposition, UBL Omni spread all over the country. The network is augmented by the Banks’ award winning and industry leading Digital Banking services, which together serve over 11 million customers nationwide. UBL remains the preferred partner to the Pakistani diaspora with a market share of over 21% within the home remittance space. The Bank is a key partner in the SBP’s Roshan Digital initiative, having opened over 88,000 accounts, with inflows crossing the USD 700 million mark recently.
Branch Banking Group continues to provide the foundation for the Bank’s core earnings. UBL’s domestic deposits averaged Rs. 1.6 trillion for 9M’22, an increase of 7% year on year. The Bank on-boarded 450,000 new current account relationships during the year which resulted in a 13% growth in average current deposits. This was made possible by the growing momentum of our Good Citizen Product, a current account for active tax filers, which has grown to Rs. 22 billion this year. As part of the Bank’s Diversity and Inclusion agenda, UBL further enriched its exclusive product for women, “UBL Urooj” with a dedicated debit card and targeted alliances to meet the specific needs of women. Since its launch, the portfolio has built up to over 21,000 account holders with Rs. 4.0 billion in deposits.
We continue to build our loan book, with good asset quality and NFI growth in 2022
UBL continues to expand its intermediation role within all key segment and regions, as Bank level performing advances averaged Rs. 647 billion in 9M’22, with a strong growth of 19%. The Bank is serving and building on long standing relationships while leveraging a growing suite of digital capabilities. We are integrating financial services across value chains within all major sectors. Deepening customer relationships through cross sell enabled the Bank to record a 23% growth in domestic trade and guarantee business income, with a 17% growth in earnings from cash management. The Bank continues to expand within the mid-market segment as the average portfolio of SME and Agri loans recorded a 17% growth over last year.
UBL Digital – Recognized as the best in the industry, our innovation spirit leads the way
UBL’s Digital Banking Services continue to be the hallmark in the Pakistani banking space. With its digital transformation strategy, the Bank is actively delivering innovative digital solutions and providing easy access to financial services in a seamless and convenient manner. The Bank’s digitally registered customer base now stands at over 3.1 million customers with payments throughput of Rs. 1.8 trillion, which is up 51% year on year. In recognition of our industry leading services, UBL was once again declared Pakistan’s Best Digital Bank by Asiamoney, an associate of Euromoney, for the third year in a row in 2022. The award is a testament to UBL’s contribution towards digitization of banking in the country.
As an industry first, recently the Bank, in collaboration, hosted the “BuiltByHer 3.0” Hackathon. The Hackathon focused on empowering aspiring female entrepreneurs in creating technologies to address Pakistani women’s economic inclusion issues while promoting STEM education amongst young women. Furthermore, in order to introduce fresh talent to digital financial services, UBL has launched a training program in partnership with a leading university to equip fresh graduates in the areas of design thinking principles and product engineering.
Islamic Banking – UBL ‘Ameen’ a brand gaining ground within its target segment
UBL Ameen continued to build on the momentum of last year with strong results in 2022. UBL Ameen’s branch network now stands at 150 branches (Dec’21: 145 branches) and is further supported by 197 Islamic Banking Windows (IBWs) within conventional branches. UBL Ameen’s deposit base closed at Rs. 234 billion at Sep’22, growing by 68% over Dec’21, while Islamic advances averaged Rs. 62 billion for 9M’22, an increase of 81% over the previous period. The Bank is actively building up its scale and presence and views the Islamic segment as the key driver of growth for the Bank in the near future.
UBL Cares – Relief and sustainability efforts during testing times
The country suffered the worst spell of flooding in recent memory that caused devastation on an unimaginable scale. During these troubling times, UBL has been actively working to provide assistance to thousands of families displaced and affected by the floods, under the Bank’s overall ESG agenda. The Bank provided immediate relief to the distressed families through distribution of cooked meals and dry-food ration bags in the worst affected districts of Sindh and Baluchistan provinces. Furthermore, we also set up medical camps with the help of local NGOs to provide healthcare services to those affected by water-borne diseases.
Bestway Foundation, the charitable foundation operated by the Bank’s principal sponsors, held a fundraising event in London where it raised funds for flood relief. These funds, together with earlier donations by the group for relief efforts amounted to over USD 2 million and are being used to provide sustainable assistance to the scores of people tragically affected by the floods.
Commenting on the results, Mr. Shazad G. Dada, President & CEO of UBL said: “We continue to maintain a strong customer acquisition momentum across our major segments. With a well-positioned asset book, we have seen strong expansion in margins. Our fee-based revenues provide a significant diversification benefit in the long term as we continue to grow our market leading positions. Our results reflect the resilience of our core earnings, built around the strong trust that our customers place in the quality of our services, the UBL brand and our innovative digital solutions. As an institution we always endeavor to deliver best in class services to our valued customers whom we are privileged to serve. In these challenging times, we shall continue to play our role in strengthening and building on the strong potential of the Pakistan banking sector, driven by the unwavering commitment of the UBL staff.”
Karachi (Muhammad Yasir) Arif Habib Dolmen REIT Management Limited (AHDRML) has applied for listing to Pakistan Stock Exchange (PSX) to list Globe Residency REIT (GRR), which once approved would become Pakistan’s first listed Developmental REIT. Globe Residency is a residential project comprising of 2 bed and 3 bed apartments located at Naya Nazimabad, Karachi. AHDRML is the REIT Management Company of GRR and Arif Habib Development and Engineering Consultants (PVT.) Ltd is the Project Manager. In total, GRR is constructing nine towers, which were launched in November 2021 and will be ready for possession within 3 years. Total number of apartments in the project are 1,344 of which 1,098 have already been sold including 408 apartments to Meezan Musharakah. Construction work is in progress in full swing and the grey structure is targeted to be completed by September 2023. The REIT fund size is PKR 2.8 billion; PKR 1.4 billion each of Debt and Equity and the project cost is estimated at PKR 20 billion. Muhammad Ejaz, CEO, AHDRML stated, “Once PSX approves our application, 85% of equity units are proposed to be offered to 2,900 shareholders of Javedan Corporation Limited being the offeror. 10% units will be offered to public, whereas the remaining 5% will be offered to Real Estate Consultants of Naya Nazimabad. Arif Habib Group has always remained at the forefront, introducing new products to the Market. Following the success of Dolmen City REIT, we are certain that the listing of GRR will also garner a similar response.”
Karachi (Muhammad Yasir) Bank Alfalah Limited has always been one of the biggest allies when it comes to supporting cricket in Pakistan, and an even bigger advocate for flood relief operations in the country. This year, Bank Alfalah decided to pledge that it will donate $1000 for every six scored in the Pakistan vs England T20I series.
Throughout the course of the series, a total of 73 sixes were scored and a total of $73,000 is being donated by Bank Alfalah, to JDC Welfare Organization to help them rebuild infrastructure and rehabilitate the flood victims. The donations were a part of the USD 10 million that the Chairman of Bank Alfalah, His Highness Sheikh Nahayan bin Mubarak Al Nahayan and the honorable Board of Directors had asked Bank Alfalah to donate.
Speaking on the occasion, the Head of Marketing at Bank Alfalah, Mr. Raheel Yousuf shared how Bank Alfalah has always come forward to support Pakistan in times of need and will continue doing so in future as well.
“We at Bank Alfalah are humbled at how well-received our flood donation campaign has been during the Pak vs Eng T20I series. As pledged, the Bank is honored to be able to make such a contribution towards the rebuilding of the affected communities and will continue to support flood victims through donations to JDC Welfare Organization. We must not forget about our brothers and sisters in need and do anything we can in our individual as well as collective capacity to uplift them through various initiatives.”
Torrential monsoon rains in Pakistan triggered catastrophic floods drowning a third of the country – washing away villages affecting 33+ million people in need of assistance and at increased risk of waterborne diseases, drowning and malnutrition.
