News Update Times

Lahore (Muhammad Yasir) METRO Pakistan, the leading wholesale and food retail, as part of its continuous COVID-relief support program, has once again extended its support to the Government of Pakistan in the ongoing fight against the global pandemic. As part of the effort METRO Pakistan has donated 1500 hygiene kits to the civil administration in Islamabad, Lahore, and Karachi for the frontline workers and quarantine centers.  These kits include cleaning products and personal hygiene items like Soap, surface cleaner, sanitizer, wipes, and hand wash.

Last year METRO Pakistan, as a good corporate citizen, contributed 2,750 high quality full body protective suits, 2000 face masks and 2,200 hygiene and health kits, 908 food hampers and 2400 meal boxes to support the Government and the people of Pakistan in fight against COVID-19.

METRO Pakistan is also the recipient of appreciation award from Governor Punjab for organizing a blood camps in all stores on the World Blood Donor Day to raise awareness about the need for safe blood donations as the country was facing shortage of safe blood for patients suffering from Thalassemia, hemophilia, and blood cancer during the epidemic. 

Lahore (Muhammad Yasir) The Board of Directors of Indus Motor Company (IMC) released its financial results for the half-year ended December 31, 2020.

IMC’s combined sales of Completely Knocked Down (CKD) and Completely Built-up Units (CBU) units increased by 82% to 26,362 units against 14,453 units sold in the same period last year. The Company produced 26,383 vehicles, registering an 81 % increase, as compared to 14,555 units produced in the same period last year. IMC’s market share in the overall market stood at approximately 24.7% for the half year ended December 31, 2020.

The Company’s net sales turnover for the half year ended December 31, 2020, increased to Rs. 79.65 billion as compared to Rs. 42.78 billion, for the same period last year, while profit after tax increased to Rs. 4.8 billion as against Rs. 2.3 billion achieved in the same period last year.

The increase in turnover and profitability for the half-year period was mainly owing to higher CKD and CBU volumes, and increased other income due to improved cash flows. However, cost increases mainly due to Rupee devaluation eroded the gross profit margin to 7.55% against 8.81% in same period last year.

The Company experienced an overwhelming response to Toyota Yaris in the first, as well as second quarter of fiscal year 2020-21 which contributed to volume increase in Passenger Car segment. Moreover, Fortuner TRD variant was launched in October 2020 which too was well received by customers.

The Auto policy introduced in 2016 will end by June 2021. The policy enabled green field investments in the auto industry to reach the 500,000 units of annual production capacity, with multiple brands and product offerings. Consumer purchasing power was revitalized, and a reduction in interest rates led to an increase in auto financing, which contributed to demand in the first half of FY 20-21.

The Earnings Per Share of the Company for half year ended December 31, 2020 stood at Rs.61.08 as compared to Rs. 29.32 reported during the same period last year. The Board of Directors with pleasure, have declared second interim cash dividend of Rs. 25 per share for the half year ended December 31, 2020, compared to Rs. 6 per share, for the same period last year.

Expressing his views, CEO IMC, Ali Asghar Jamali, stated, “Overall, the automobile industry is clearly bouncing back. The economic upturn following the gloom and despair hovering over the auto industry during the COVID-19 lockdown, owes itself to the Government’s timely decision to ease the lockdown and introduction of favourable policies. Reduction in interest rates has been another factor that led to an increase in auto financing, bolstering consumer confidence.”

He further added, “We thank our valued customers who have always placed their trust in our products, as well as all our employees, stakeholders and shareholders for their sustained support.”

During the period, the Company received accolades, winning the “Most Outstanding Company in Pakistan 2020 (Automobiles and Component Sector)” awarded by Asiamoney, and the “Best Sustainability Report Award 2019” conferred by the Joint Committee of Institute of Chartered Accountants of Pakistan and Institute of Cost and Management Accountants of Pakistan.

2020 LNG demand holds steady despite COVID-19, set for growth as global economies recover

Lahore (Muhammad Yasir) Global liquefied natural gas (LNG) trade increased to 360 million tonnes in 2020, according to Shell’s latest annual LNG Outlook published today, despite the unprecedented volatility caused by the COVID-19 pandemic which resulted in lockdowns around the world.

Though marginal, the increase in volume reflects the resilience and flexibility of the global LNG market in 2020, a year which saw losses to global GDP of several trillion dollars as economies large and small struggled to contain the COVID-19 outbreak. Demand in 2019 stood at 358 million tonnes.

Global LNG prices hit a record low early in the year but ended the 12-month period at a six-year high as demand in parts of Asia recovered and winter buying increased against tightened supply.

“LNG provided flexible energy which the world needed during the COVID-19 pandemic, demonstrating its resilience and ability to power people’s lives in these unprecedented times,” said Maarten Wetselaar, Integrated Gas, Renewables and Energy Solutions Director at Shell.“Around the world countries and companies, including Shell, are adopting net-zero emissions targets and seeking to create lower-carbon energy systems. As the cleanest-burning fossil fuel, natural gas and LNG have a central role to play in delivering the energy the world needs and helping power progress towards these targets.”

Natural gas emits between 45% and 55% fewer greenhouse gas emissions and less than one-tenth of the air pollutants than coal when used to generate electricity.

Demand rebounds in Asia

China and India led the recovery in demand for LNG following the outbreak of the pandemic. China increased its LNG imports by 7 million tonnes to 67 million tonnes, an 11% increase for the year.

China’s announcement of a target to become carbon neutral by 2060 is expected to continue driving up its LNG demand through the key role gas can play in decarbonising hard-to-abate sectors, namely buildings, heavy industry, shipping and heavy-duty road transport.

India increased imports by 11% in 2020 as it took advantage of lower-priced LNG to supplement its domestic gas production.

Two other major Asian LNG-importing countries – Japan and South Korea – also announced net-zero emissions targets in 2020. To meet its net-zero target, South Korea aims to switch 24 coal-fired power plants to cleaner-burning LNG by 2034.

Demand in Europe, alongside flexible US supply, helped to balance the global LNG market in the first half of 2020. However, supply outages in other basins, structural constraints and extreme weather later in the year resulted in higher prices.

LNG market to 2040

Overall, global LNG demand is estimated to hit 700 million tonnes by 2040. Asia is expected to drive nearly 75% of this growth as domestic gas production declines and LNG substitutes higher emission energy sources, tackling air quality concerns and meeting emissions targets.

For instance, China’s heavy-duty transport sector consumed nearly 13 million tonnes of LNG in 2020, almost doubling from 2018, to serve the fast-growing fleet of well over 500,000 LNG-fuelled trucks and buses. LNG-fuelled shipping is also growing, with the number of vessels expected to more than double and global LNG bunkering vessels set to reach 45 by 2023.

As demand grows, a supply-demand gap is expected to open in the middle of the current decade with less new production coming on-stream than previously projected. Just 3 million tonnes in new LNG production capacity was announced in 2020, down from an expected 60 million tonnes.

According to estimates, more than half of future LNG demand will come from countries with net-zero emissions targets. The LNG industry will need to innovate at every stage of the value chain to lower emissions and play a key role in powering hard-to-abate sectors.

View Shell’s LNG Outlook 2021 at www.shell.com/lngoutlook

Lahore (Muhammad Yasir) Haleeb Foods Limited (HFL) the pioneer dairy processing company in Pakistan and Bank of Punjab (BOP) have entered into a far reaching collaboration to deliver easily accessible financing to dairy farmers associated with HFL. This initiative will enable the dairy farmers to avail affordable financing from BOP, on soft terms and lowest markup rates. Such loans shall exclusively be utilized to expand and modernize their existing dairy-farming businesses.

The agreement signing ceremony was held at HFL Head Office, Lahore. Mr. Zafar Masud, President & CEO, Bank of Punjab and Mr. Syed Mazher Iqbal, CEO, Haleeb Foods signed the agreement in the presence of Senior Management from both the organizations, Dairy Farmers from across Punjab and notable Media Persons. Talking on the occasion Syed Mazher Iqbal, CEO, HFL said, “Haleeb Foods has always been committed towards the economic growth of the country and community at large.

We are happy to be a part of this initiative of greater public interest, which shall definitely help the otherwise unstructured / small-scale Dairy Farming Community. BOP taking an extension of PM Kamyab Jawan Scheme and Punjab Rozgar Scheme shall facilitate the small scale dairy farmers associated with HFL. We strongly believe that this initiative has the ability to positively contribute to the landscape of the Agri Sector of Pakistan.”

Expressing his views Mr. Zafar Masud, President & CEO, BOP, said, “We are excited to be partner on this initiative that has the potential to transform the agricultural landscape of Pakistan by promoting organized financial inclusion of Dairy farmers and improving dairy farming practice. Prioritizing the financial inclusion and well-being of small farmers is key to develop the agricultural sector, which in return contributes towards economic growth of Pakistan.

BOP will also offer financial assistance under Federal Govt.’s Prime Minister Kamyab Jawan Scheme and Provincial Govt’s Punjab Rozgar Scheme (PRS) which will further strengthen Govt. initiative to empower the youth to undertake their own businesses” Haleeb Foods encourages its traditional dairy farmers to avail the financing facility from BOP to transform and upgrade their dairy-Infrastructure. At present HFL milk collection network is operational in 11 districts of Punjab with 5 main locations in Ellahabad , Arifwal.

Highlights:

• Highest ever revenue of PKR 40.9 bn; growth of 5per cent y/y
• All time high deposit growth of PKR 91 bn; increase of 20per cent y/y
• Total assets crossed the milestone of PKR 700bn

Lahore (Muhammad Yasir) Standard Chartered Bank (Pakistan) Limited, the country’s largest and oldest International bank, announced its Annual Results for 2020, declaring a Profit before tax of PKR 23.6 bn.

Overall revenue grew 5per cent and client revenue increased by 15per cent year on year despite significant reduction in interest rates and economic uncertainty due to the pandemic. Costs remained well managed and increased by only 4per cent year on year. The Bank continued to follow a prudent risk approach and booked loan impairment charge of PKR 4.9bn. The risk environment remains heightened and we continue to monitor the portfolio given uncertainties surrounding COVID 19.

On advances side, portfolio declined 15 per cent year on year, due to the slowdown in economic activity which impacted credit demand. Bank’s balance sheet is well capitalised and liquid and is positioned to leverage the opportunity from resumption in economic activity. With a diversified product and client base, the Bank will continue its strategy to build a profitable, efficient and sustainable portfolio.

On the deposits side, the Bank achieved another milestone, with highest ever growth of PKR 91 bn, as total deposits crossed PKR 550bn. At year end, total deposits closed at PKR 557bn with a growth of 20per cent, whereas current and saving accounts also grew by 19per cent from the start of the year and are now 93per cent of the deposit base. The optimal funding structure of the balance sheet continues to support the Bank’s performance.

During 2020, the Bank contributed around PKR 12.9 bn to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.

For the year 2020, the Board of Directors have recommended a cash dividend of 27.5 per cent (PKR2.75 per share).

Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said,

“I am delighted to announce that the Bank has performed well in 2020, delivering a profit before tax of PKR 23.6bn. Our results demonstrate our strong business fundamentals. Having strengthened our foundations on controls and conduct we are well equipped to manage our risks, capital and liquidity effectively. The prudent and proactive measures that we are taking now will make us leaner and fitter to take advantage of the opportunities that lie ahead.

As we move forward, we will increase our investments in further strengthening our digital infrastructure. These investments will be the fuel for our engine of growth in the future and will drive transformative change in the way we acquire, service and deliver products to our clients.”

CPHGC BAGS 4 CSR Award for their CSR Work in Balochistan

Karachi (Muhammad Yasir) For the 2nd year running, China Power Hub Generation Company (Pvt.) Ltd was recognized for its outstanding commitment to local communities in Hub, Lasbella, Balochistan through sustainable CSR initiatives, at the 13th Annual CSR Summit 2021, held on 25 February 2021. 

The Honourable Governor of Punjab, Chaudhry Mohammad Sarwar was the Chief Guest. Other dignitaries who graced the occasion included Dr. Sania Nishtar, Special Assistant to the Prime Minister of Pakistan.

China Power Hub Generation Company (CPHGC) received these prestigious awards in recognition of its efforts for Corporate Social Responsibility in Times of Covid-19 Pandemic, Excellence in Education & Scholarships, Excellence in Community Development & Services and Excellence in Sustainability Initiative

Speaking at the occasion, Mr. Ren Lihui, CEO, CPHGC reiterated the Company’s commitment to the local communities. “We have been helping the less privileged members of the society since before the commercial operations of the Company started. During the pandemic we have been supporting the local government and the people of the villages around our plant site”.

Through a number of CSR initiatives, CPHGC has spent more than PKR 131 million on various sustainable projects that are helping the local communities improve their living standards, living environment, education and bringing with them a promising future. Part of those projects include the Floating Fishermen-Jetty at Allana Goth; the CPHGC-TCF School in Gaddani; the Clean Hub City program; training of local students and provide them with employment at the Plant; relief supplies to the flood-affected people of District Lasbella, distribute essential ration bags to residents of the villages of Pir Kus; and   Covid-19 prevention supplies donation and assistance to the people and the government of Hub during the pandemic crises.