News Update Times

Ghias Khan elected President of OICCI – the largest business Chamber in Pakistan based on economic contribution

Karachi (Muhammad Yasir) Mr Ghias Khan, President & Chief Executive Officer, Engro Corporation Limited has taken over as the President of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2022 term.

This was announced at the 162nd Annual General Meeting of the OICCI held at the Chamber on Monday, January 31, 2022. Mr. Amir Rasool Paracha, Chairman & Chief Executive Officer, Unilever Pakistan Limited, was elected as the Vice President.

The other elected members of the OICCI Managing Committee for 2022 are MR. AHMED ZAHID ZAHEER, CHEVRON PAKISTAN LUBRICANTS (PVT) LIMITED, MR. ALI AHMED KHAN, FRIESLANDCAMPINA ENGRO PAKISTAN LIMITED, MS. ERUM SHAKIR RAHIM, GLAXOSMITHKLINE PAKISTAN LIMITED, MR. ALI ASGHAR JAMALI, INDUS MOTOR COMPANY LIMITED, MR. SAMER CHEDID, NESTLE PAKISTAN LIMITED, MR. WAQAR IRSHAD SIDDIQUI, SHELL PAKISTAN LIMITED, MR. MARKUS STROHMEIER, SIEMENS PAKISTAN ENGINEERING COMPANY LIMITED and MR. REHAN MUHAMMAD SHAIKH, STANDARD CHARTERED BANK (PAKISTAN) LIMITED.

In his message to the members, Incoming President Ghias Khan said he strongly believes that Pakistan offers considerable growth potential for existing and new foreign investors. He lauded OICCI’s role in promoting Pakistan to potential foreign investors. He further appreciated the quality of OICCI Business surveys and the Chamber’s focused and continuing advocacy efforts for streamlining the taxation system, pragmatic policy input for increasing the efficiency of energy sector, initiatives on women empowerment, gender equality, climate and sustainability, and the Chamber’s role in pursuing an effective Intellectual Property Rights regime in Pakistan.

Ghias Khan holds an MBA from the Institute of Business Administration, Karachi and also serves as Chairman on the Boards of Engro Fertilizers Limited, Engro Polymer & Chemicals Limited, Engro Enfrashare (Pvt) Limited, and Engro Energy Limited.

 

Lahore (Muhammad Yasir) Gas & Oil Pakistan Limited (GO), Pakistan’s fastest growing oil marketing company has announced that it has decided to increase the salaries of its employees by up to 50%.

Making the announcement, CEO, Mr. Khalid Riaz stated that “GO is the fastest growing oil marketing company and as a responsible corporate citizen, and in response to the appeal by Prime Minister Imran Khan, we are implementing a revised salary structure that will involve increases of up to 50%. We are not only covering our own employees but will also ensure that our dealer partners and contractors do the same, a move that will impact more than 20,000 frontline workers.” 

As a result of the initiative, it is expected that all the frontline workers associated with the company whether as direct employees or through contractors, will earn at least Rs. 30,000 per month. The company will bear the incremental costs of this revision. The company will also work with its dealer partners to ensure that the initiative is cascaded throughout the GO retail network. We expect this initiative to result in higher earnings for more than 100,000 people. 

 GO operates more than 950 retail outlets and has the 2nd largest upcountry storage network. The company also has the largest network of Company Owned Company Operated (COCO) retail outlets in the country with presence on M4 and M5 Motorways.

Lahore (Muhammad Yasir) Pakistan’s digital frontrunner, Zong 4G, in collaboration with telehealth startup, Sehat Kahani, organized a digital health session on the Omicron variant of the novel coronavirus for all the country at large. Employees and their families also attended this useful session. Of late, Omicron has taken the world by storm as the most infectious variant of Covid, causing a rapid surge in the spread of Covid-19 worldwide and giving rise to the 5th wave of the pandemic in Pakistan. Being aware of the virus’s changing patterns and the risks it brings for Pakistan, Zong joined forces with Sehat Kahani to educate the people about preventing the disease and leading a healthy life amid the pandemic and its new variants.

“We want to equip all our people with the right information regarding Coronavirus and its emerging variants of which Omicron is the latest and most infectious,” shared Zong’s official spokesperson. “With most of the people continuing to work from home, it was crucial to educate them and those around them on the hazards of Omicron and the ways to prevent it to lead a healthy life amid the surge.” “We’re happy to have joined hands with Sehat Kahani once again, this time to appraise our people and their loved ones about how Omicron behaves so that it can be avoided as much as possible. This is just a small show of our care for Zong employees and all other Pakistanis,” the spokesperson added.

Zong had partnered with Sehat Kahani last year to offer thousands of free remote and online consultations for the marginalized strata of the society. This collaboration is still on-going and shall continue to support the people of Pakistan. Zong offered more than 12,000 e-health consultations to the underprivileged members of the community via the Sehat Kahani Retail app. 7,000 of these consultations facilitated Covid-19 relief patients whereas 5,000 consultations were applicable to non-Covid cases.

AAA associates holds AAA job marathon 2022 for the youth of twin cities In collaboration with Kamyab Jawan program

Islamabad (Muhammad Yasir) AAA Associates in collaboration with the Prime Minister’s Kamyab Jawan Programme held AAA Job Marathon, 2022″ on Saturday 29th & Sunday 30th January at Topi Rakh Ayub Park, Rawalpindi. Mr. Usman Dar, Special Assistant to Prime Minister on Youth Affairs (SAPM) graced the occasion as chief guest. The event provided more than 100 jobs to aspiring  candidates.  AAA Associates understands the importance of induction of fresh talent into its outstanding team of architects, engineers, android developers, executive sales staff, data analysis, support and maintenance personnel in addition to a whole sleuth of domains.

Mr. Usman Dar, SAPM on Youth Affairs appreciated the efforts of AAA Associates and emphasised on arranging such events frequently. Addressing the event, he said, “Such events should take place regularly, and companies from various business sectors should bring forth such events to support the workforce find better job opportunities. This also helps employers to find right human resource as per their professional requirements” 

Mr. Dar said that a number of Initiatives haven launched for youth development under the umbrella of Kamyab Jawan Programme. “ We have disbursed about Rs. 32 billions for business loans to young entrepreneurs in our efforts to create employment opportunities in the country. Under Rs. 10 billion Kamyab Jawan’s Skills Scholarships programme, more than 100,000 youth have been skilled, especially in hi-tech fields. Admissions for more than 60,000 more scholarships are open in about 1000 institutes across Pakistan”. 

Mr. Dar said that the private sector must be the main provider and engine of creating jobs in the market. He stressed that youth must get skills to meet the growing needs of industries in the country.

Mr. Sheikh Fawad Bashir, Chairman AAA Associates thanked the chief guest and respectable members of society for their participation in the event and making it a success. He further added, “AAA Associates is humbled to offer employement opportunities through AAA Associates’ sub-companies AAA Real Estate, AAA Builders, Hype advertising, AAA IT Solutions, AAA Marketing, Yusaied and many more to the deserving candidates and will always be involved in endeavours to make the country’s economy stronger”. 

Managing Director AAA Associates Lt. Col Shahzad Ali Kiani (Retd) thanked the chief guest for his support and participation in the event. He said, ” Events like these connect the right people with the right job which facilitates the career growth for young employees. AAA Associates will continue to play its role in the social development and uplift of the communities of twincities.”

Creating jobs in this manner is extremely encouraging, for it boosts the morale of the youth, by creating awareness and transparency. AAA Associates is thus resolute to provide these platforms for the youth and help them turn into a productive workforce for the country.

Islamabad (Muhammad Yasir) Jazz, Pakistan’s number one 4G operator and the largest internet and broadband service provider, has on boarded twelve women under its ‘She’s Back – Women Returnship Program.’ This is a comprehensive six-month program for women returning to corporate positions after a career break.

 

After a rigorous recruitment process, these women have been assigned with roles spread across various functions – from People Experience to Product Development, Legal to Sales, Ethics & Compliance to Network Supervision. The returnees are women who have had to pause their careers for more than one and a half years to raise children, care for family members, pursue higher education amidst other reasons. Through this program Jazz aims to facilitate their professional growth by building their confidence, reconnecting them to the workforce, developing their functional and technical skills, and providing them access to other learning opportunities.

 

“Women enrolled in this program will gain an enriching experience through a number of development and engagement initiatives. The best part of all is that at the end of this program these women will have an opportunity to join Jazz on a permanent basis”, said Wajida Leclerc, Chief People Officer, Jazz.  

 

She’s Back – Women Returnship Program along with a number of other initiatives reaffirms Jazz’s commitment to Diversity and Inclusion.

Lahore (Muhammad Yasir) The Pakistan Footwear Manufacturers Association (PFMA) in collaboration with Pakistan Tanners Association (PTA) inaugurated 7^th Pakistan Mega Leather show 2022 organized with the support of Pakistan Gloves Manufacturers and Exporters Association (PGMEA) and Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) to promote the robust leather industry of Pakistan at global level. The Event is graced by Mr. Zahid Hussain, Chairman, Pakistan Footwear Manufacturers Association (PFMA), Mr. Amanullah Aftab- Chairman PTA , Mr. Tasawar Hussain, Chairman, Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA), Mr. Amjad Hussain Sheikh, Chairman, Pakistan Gloves Manufacturers & Exporters Association (PGMEA), Mr. Muhammad Musaddiq Convener PMLS-2022, Mr. Rashad Islam., Sr. Vice Chairman, PFMA, Co-Convener, Steering Committee of Pakistan Mega Leather Show-2022 and members of Diplomatic Corps, Foreign Guests along with members of all Sector of Leather Trade. 

Pakistan Mega Leather Show 2022 has attracted many international customers towards the tremendous potential that exists in the leather sector of Pakistan and to provide a viable platform for nurturing stronger ties or collaborations between the allied industries of the Leather Sector of Pakistan. The event also features a special exhibition of the high-quality products being produced by the leather Footwear-Manufacturing industry and leather goods of Pakistan. The PMLS 2022 has attracted many potential buyers and investors from Italy, Germany, Thailand, Spain, France, Turkey and Netherlands . The rapid growth of this industry reflects a 5% increase in exports of Footwear Sector during 2020 and it has attracted and will continue to attract many international buyers to invest in Pakistan. These investments will improve the technical skills, productivity and export of Footwear products.

PFMA Chairman Mr. Zahid Hussain thanked participants for their support to make this event a big success. In his speech, He praised Government support towards Footwear industry in enhancing the Rebate on Footwear Export from 1.82% to 4.70%. Rebates for the growth of exports are very essential to compete with our competitors of this region. We request the Government to continue giving rebate and ensure timely payments of rebate and LTLD to exporters if rebate is eliminated or reduced from existing percentage then it will have negative impact on export of Footwear. Footwear Industry requires extension of scheme related to local taxes and levies drawback by extending LTLD scheme for next 3 years, waving off Condition of 10% growth to qualify for grant of balance 50% and rate of LTLD be enhanced at 4%, Rationalization of Custom Duty on Footwear Raw Materials, concessionary tariff rates on electricity by including PFMA name in the List of Export Oriented Sector Associations / Annex A to FBR Circular No. 04 of 2020 – Operations (Sales Tax) with retrospective effect from the date of FBR Circular and allocation of 5 Acre Land and financial grant for the establishment of Pakistan Footwear Institute in Lahore as promised by the Ministry. Pre-Feasibility of Pakistan Footwear Institute has been forwarded to the Ministry of Commerce on 28 Sep 2021.  We are optimistic that the Government will keep up its promises and honor its commitment to facilitate Footwear Industry by making it the leading export sector of Pakistan”.

PTA Chairman Mr. Amanullah Aftab welcomed the Honorable foreign delegates, stakeholders and took the opportunity to share Leather industry important issues which required Government attention to resolve on priority basis. He stated that “With support and cooperation of Ministry of Commerce, finished leather goods of cow, buffalo, sheep & goat skins export has witness steady growth of 39% from July-Nov 2021 as compared to last year, encouraging our country wide members to vigorously committed for further expansion for promotion of exports of finished leather goods. But there are some areas where Leather Industry seeks further support from the Government side like no incentive has been announced in recent STPF 2020-25, Allocation of required funds from EDF for 50% subsidy for the Individual Treatment Plants at Tanneries in Pakistan, which is fundamental requirement for Leather Working Group. This incentive of Rs.500 million for Treatment plants for due reimbursement effective from 2015 till 2022, who already established their treatments at Tanneries. was allowed in last STPF 2009-2014 but unfortunately not continued in recent STPF 2020-2025.SimilaryRs.900 million for the Treatment Plants which are under construction effective from 2022 onward for facilitation to member exporters concerned.

Industry also seeking reduction in Duty Structure on Basic Tanning Chemicals, which is basic ingredients for manufacturing of finished leather with innovation, allocation of remaining funds from EDF out of total requisition for Rs.133 Million for International leather Fairs with increased subsidy percentage from 25% to 50% at least for participation in International Leather Fairs around the globe by PTA member exporters, which is universal tested tool for wide & aggressive marketing for promotion of exports. Government must give a 50% subsidy on Freight Charges, which has already been increased exorbitantly from 200% to 300% during COVID-19 adversely affecting the Leather industry growth in the country.

Pakistan Footwear and Tanning Industry has shown promising growth over the years as the Government has introduced concessional policies and support for the industry. As Industry enters into the next phase of development, they are facing different challenges now which require customized tariff policies and subsidy structure to facilitate the local industry to bring it at par with international standards and competition. With resolution of these issues, Footwear and Leather Industry will be on the right track to prosperity by attracting more investments and raising the bar of Footwear Industry standards.

 

The signing ceremony was held at the Cheetay Head Office in Lahore.

“We are thrilled to have Juggun as our brand ambassador. She is a household name and her vibrant personality resonates with our brand image. Cheetay is committed to driving significant social impact especially in areas like women empowerment, and having a female brand ambassador was our preference,” said Cheetay’s CEO, Majid Khan .

“I use the app at least three times everyday to order groceries and I am happy to be officially part of the Cheetay family. These days I am buying Taste of Pakistan boxes for my family and friends and they love the delicacies from all over the country. I am proud to be associated with a homegrown brand that promotes women empowerment,” said Actress and TV Host, Juggun Kazim.

Cheetay is the fastest growing quick commerce platform that delivers food, groceries, fresh milk and medicines within 40 minutes to your doorsteps. The company’s vision is to lead Pakistan’s tech revolution and revolutionize the way people shop online.

 

 

Karachi (Muhammad Yasir) On a consolidated basis, Lucky Cement Limited reported the profit after tax to date of PKR 17.15 billion of which PKR 4.01 billion is attributable to non-controlling interests for the first half ended December 31, 2021. This translates into earnings per share (EPS) of PKR 40.66 / share as compared to PKR 32.05 / share reported during the same period last year.
 
Further, on a consolidated basis, the Company achieved gross turnover of PKR 154.50 billion which is 24.9% higher as compared to the same period last year’s turnover of PKR 123.72 billion. During the HY 2021-22 under review, the Company’s consolidated net profit (attributable to owners’ of the Holding Company) increased by 26.8% as compared to the same period last year. The increase in Net Profit was mainly attributable to the stellar performance of Company’s Chemicals business. Apart from the one-off unrealized accounting gain recognized on acquisition of controlling shares in NutriCo Pakistan amounting to PKR 1.847 billion, the Chemical business achieved considerable improvement in net profitability on account of impressive growth in its Polyester, Pharma and Animal Health business segments.
 
In the automobile business, Lucky Motor Corporation introduced Kia Stonic in its line up as well as started commercial production of Samsung branded mobile phones during the half year under review. Whereas, profitability of Company’s overseas operations increased mainly due to improvement in sales volume and operations of Company’s Joint Venture Greenfield cement plant in Samawah, Iraq, which achieved its COD in March 2021.
 
On unconsolidated basis Company’s overall sales volumes posted a decline of 5.9% to reach 4.70 million tons during HY 2021-22. Company’s local sales volumes remained almost in line with the corresponding period last year i.e. 3.63 million tons in 1HY 2021-22 versus 3.66 million tons during the same period last year. The export sales volumes of the Company declined by 19.7% to 1.07 million tons as compared to 1.34 million tons during the same period last year.  
 
The decline in overall dispatches is mainly attributed to decline in export volumes on the back of volatily in coal prices and freight costs internationally, which have adversely impacted the viability of cement exports from Pakistan.
 
Further, with regards to Company’s unconsolidated financial performance, the gross sales revenue increased by 20.2% to PKR 50.61 billion compared to PKR 42.11 billion reported during the same period last year. The per ton cost of sales also increased mainly due to increase in coal prices along with other input costs. Lucky Cement recorded net profit after tax of PKR 5.77 billion showing growth of 27.2%. Similarly, the standalone EPS of the Company is PKR 17.86 / share as compared to the same period last year’s reported EPS of PKR 14.04 / share. 
 
The Company reported progress on its brownfield plant expansion activities in KPK with project completion targeted for December 2022.
The construction activity for setting up a 660 MW super critical, lignite coal-based power plant is near to completion and it has been synchronized with the national grid in November 2021. The Project is currently under testing phase and it is targeted to achieve COD in February 2022.
 
Lucky Cement continued its patronage on Education & Scholarship, Women Empowerment, Health, Environment Conservation and reassured its commitment for the development of society and the communities in which it operates.
 
While the previous waves of Covid-19 receded in the past, the pandemic continues to resurge with different variants of the virus. Even with the persistent drive of the Government on compliance of SOPs and getting the masses vaccinated, prudent expectation is that volatile infection rates will continue for the time being. We, however expect that the economy will continue to show resilience against the adverse impacts of such pandemic.
 
On the other hand, the ongoing inflationary trend in commodities globally has resulted in an increase in cost of inputs, such as coal, diesel, furnace oil and freight charges, which are a major cost component of cement. Currency devaluation has further impacted and increased these costs.  Due to increase in costs of other construction materials, the local demand will remain flat. At the same time, cement prices have only partially offset the increase in input costs faced by the manufacturers.
 
Construction of dams, hydropower projects, real estate development and low cost housing schemes will help to maintain the demand of cement in the medium to long term.