News Update Times

Lahore (Muhammad Yasir) Dulux, a leading decorative paints brand by AkzoNobel, showcased two key innovations in interior and exterior paint products; Dulux EasyCare & Weathershield PowerFlexx respectively at IAPEX – the international exhibition of building materials & international architectural conference of leading manufacturers and traders, attended by prominent architects, allied professionals and thousands of visitors every year.

For exterior paints, Dulux Weathershield Powerflexx features superior protection and performance through its elastomeric properties and the ability to cover hairline cracks on walls as well as the ability to reflect UV rays, reducing exterior wall surface temperatures up to 5⁰C. For interior paints, Dulux EasyCare with anti-bacterial properties works to prevent and delay stains from penetrating deep into the paint film through a stain-resistant coating.

At the event, AkzoNobel also announced the winner of the Dulux Lets Colour Award 2018 – an annual award handed out to an architectural or interior design project that utilizes color in the most innovative manner. This award gives architects and designers the opportunity to showcase their colourful vision, whether by incorporating current colour trends or setting the scene for the future of colour in Pakistan. Like each year, a cash prize of Rs. 25,000 was awarded to Mr. Dabeer Aemani of Indus Academy and another Rs. 25,000 to Mr. Tariq Alexander from Qaiser Associates for best architectural design entries.

Commenting on the awards, Mr. Usman Hafaz, Head of Brand & Customer Marketing, Dulux said, “The Dulux Let’s Colour Award is a celebration of originality and ingenious use of colour across the creative industries and events in Pakistan. Each year we give this award to appreciate and encourage local talent in the country. Dulux colour collections are expertly crafted by our global colour team, providing combinations that match every desire. And it is gratifying to see people use our products in inspiring ways.”

The LG’s Latest Air Conditioning Technology brings the ultimate in Performance, Reliability and Efficiency

Lahore (Muhammad Yasir) Following a successful launch in many markets around the world, LG Electronics (LG) has announced the release of its brand new MULTI V_TM 5 Variable Refrigerant Flow (VRF) Air conditioning solution designed to offer exceptional performance. The latest in the company’s successful MULTI V line, the advanced model pushes boundaries even in the most extreme climate conditions with its streamlined functionality optimizing energy efficiency and maximizing user comfort.

His Excellency Mr. Kim Donggi, Council General of Embassy of Korea and Mr. Sookwang Lee, Commercial Air Conditioner Sales Team Leader of LG Electronics Gulf FZE were the chief guests at the recently held launch event. The seminar was also attended by leading MEP consultants, contractors, developers, architects and other stakeholders of the industry. 

The MULTI V_TM 5 is equipped with innovative Dual Sensing Control that monitors temperature and humidity levels to efficiently manage cooling and heating. Equipped with LG’s Ultimate Inverter Compressor and boasting a large capacity for outdoor units, the MULTI V_TM 5 is a powerful climate control solution that excels in even the most strenuous climates.

“As our fifth generation VRF system, it implements a range of innovative technologies to offer customers unparalleled energy efficiency and comfort. Making advanced climate control technology even more accessible, this industry-leading solution provides excellent operational savings and greater comfort to our customers. We are extremely proud of the MULTI V_TM 5, our new flagship system air conditioning solution,” said Mr.Jong Youl Lee, General Manager LG Pakistan.

According to latest industry reports, Pakistan Air Conditioner market is projected to grow at a CAGR of 7.2% during 2017-2023. Pakistan air conditioner market is growing at a healthy rate owing to increasing disposable income and expanding middle class population. Income of households in Pakistan have eventually increased owing to growing working population resulting in high purchasing power, which is further contributing to the growth of air conditioner market in the country.

Further speaking at the launch event, Mr. Imran Jamil Khan, CEO Iceberg Industries said “We are extremely proud to partner with LG Electronics for the distribution of MULTI V_TM 5 in Pakistan. With the experience of over three decades, the Iceberg Industries is proud to introduce the LG’s latest Multi V-5 VRF system, the ultimate HVAC Solution.”

Also speaking at the launch, Mr. Syed Farrukh Raza Alam, Head of B2B business at LG Pakistan, added, “Pakistan is one of the potential markets for air conditioners in the Asia-Pacific region; led by rising investments, public & private infrastructure development as well as government Vision 2025, which would drive government spending in several sectors such as housing, infrastructure, commercial, hospitality, manufacturing, education, and healthcare. LG’s latest line-up of air conditioning solutions are a perfect fit for the evolving Pakistani market.”

Dual Sensing Control

One of the most impressive features of LG’s MULTI V_TM 5 is its Dual Sensing Control which helps the air conditioning unit evaluate climate conditions down to the smallest detail. Unlike conventional air conditioners which only track temperature, the MULTI V_TM 5 measures both temperature and humidity levels for outdoor and indoor environments. This comprehensive understanding of multiple climate conditions helps the solution determine its parameters in order to achieve optimal energy efficiency and maximum indoor comfort levels.Efficient systems like the Smart Load Control make it possible to effectively regulate outdoor unit discharge refrigerant temperature, increasing energy efficiency anywhere from 15 to 31 percent depending on humidity conditions. This is ideal especially for tropical environments as the Smart Load Control function’s comprehensive understanding of its surroundings helps optimize energy efficiency while maximizing indoor comfort levels. Typical VRFs normally fluctuate considerably in order to maintain a set indoor temperature, making them highly inefficient.

Ultimate Inverter Compressor

The LG MULTI V_TM 5’s new Ultimate Inverter Compressor offers unrivaled efficiency, reliability and durability. Improving on the 15 to 150 Hz operational range of its predecessor, it operates from 10 Hz to 165 Hz. This widened range increases part load efficiency and enhances the MULTI V_TM 5’s ability to quickly reach the desired temperature. The MULTI V_TM 5 features an enhanced bearing system layered with PEEK (Polyetheretherketone) – an advanced material normally used in airplane engines – this efficient infrastructure allows the MULTI V_TM 5 to operate for sustained periods without any oil. In addition, the MULTI V_TM 5’s Smart Oil Management uses sensors to check the compressor’s oil balance in real time, minimizing unnecessary oil recovery operation.

Large Capacity ODU

With an innovative biomimetic fan, 4-sided heat exchanger, and improved compressor performance, the MULTI V_TM 5’s efficiency and capacity have each been enhanced, making it possible for a single ODU to reach 20 HP. Utilizing research from the Seoul National University’s Department of Mechanical and Aerospace Engineering, the engineers behind the MULTI V_TM 5 drew on inspiration from humpback whale flippers when designing the fan. Moreover, the solution’s advanced biomimetic fan significantly increases wind capacity.

Ocean Black Fin

Equipped with LG’s exclusive Ocean Black Fin, the MULTI V_TM 5 is protected from corrosive substances such as salt, sand and other elements brought in by sea winds as well as industrial pollution. The black coating of the Ocean Black Fin heat exchanger keeps water from accumulating in order to minimize moisture buildup. This durability enhancement prolongs the product’s lifespan and lowers maintenance costs, paving the way for improved performance.

Auto Dust Removal

Unlike previous models that required manual cleaning, the Auto Dust Removal feature allows the LG MULTI V_TM 5 to provide fully automated, convenient cleaning. The feature removes dust on the outdoor unit’s heat exchanger by reversing fan rotation to eliminate accumulated sand and dust. This makes it possible for users to operate their air conditioners comfortably without worrying about the malfunctions that can occur due to dust accumulation, a particularly welcome addition in desert climates.

 

Lahore (Muhammad Yasir) HBL today declared a profit after tax of Rs 4.7 billion, with earnings per share for Q1 18 at Rs 3.12. Along with the results, the Board declared a dividend of Rs 1.00 per share (10%). Profit before tax was Rs 7.4 billion for the first quarter of 2018. The consolidated Capital Adequacy Ratio (CAR) as at March 31, 2018 increased to 16.5% with the Tier 1 CAR at 12.3%.

HBL’s core domestic business remains strong, with steady growth and improvement in key drivers. Total domestic deposits increased by 3%, crossing Rs. 1.8 trillion and increasing market share to 14.4%. The bulk of the  growth came from CASA deposits as a result of which, the CASA ratio improved to 86.5% as at March 31, 2018. The domestic loan book increased by Rs 26 billion during the quarter with the ADR rising to nearly 43%.

Average domestic loans grew by 29%, with positive contributions from all business segments and average domestic current accounts for the first quarter of 2018 increased by Rs 86 billion over Q1 17.  However, with continued margin compression and reduction in the international balance sheet from the Bank’s de-risking exercise, overall net interest income declined slightly compared to Q1 17, by 0.8% to Rs 20.0 billion. With a steady stream of recoveries, total provisions for the quarter recorded a reversal of Rs 111 million compared to a charge of Rs 359 million in Q1 17. The NPL coverage ratio remains strong at 90.5%.

HBL widened its reach further during the quarter, adding over 300,000 customers and expanding its contact points with the addition of new ATMs and POS terminals. The Bank now reaches customers through over 1,700 branches, 2,044 ATMs and nearly 18,600 POS machines across Pakistan.

The Bank has embarked on a global business and compliance transformation project and will continue to invest in this area, in state of the art technology, and in building on its market leading brand presence. HBL’s core businesses remain on track and the Bank has adequate reserves of liquidity and capital. HBL is conscious of its responsibility towards the development of Pakistan and the financial inclusion of the country’s population and is committed to remain at the forefront of these activities.

Unilever to invest USD 120 million to increase capacity across four factories

Lahore (Muhammad Yasir) Unilever Pakistan has announced plans to enhance manufacturing operations across its four factories in Punjab, with a total investment of USD 120 million over the next three years. Details of this investment strategy were unveiled during a conference at a local hotel.

The investment acknowledges Pakistan’s macro-economic stability and high potential for long-term growth. Unilever highlighted its commitment to growing the business in Pakistan by creating state of the art facilities to manufacture as per global best practices.

Faheem Khan, Head of Supply Chain, Unilever Pakistan Limited, highlighted, “Our investment plans are a response to the increasing preference for consumer good products across the country. In addition to enhancing Unilever’s own manufacturing capabilities, the investment will also create value for our extended value chain as suppliers and service providers will benefit from Unilever’s increased manufacturing activities in the country.”

Shazia Syed, Chairperson & CEO, Unilever Pakistan Limited added, “We have been a part of Pakistan’s growth for nearly 70 years, during which time we have seen our business grow to over 30 brands in areas of Home Care, Personal Care, Foods, Beverages and Ice Cream. We take pride in the fact that over 95% of our brands are produced locally, creating employment for thousands, contributing to the exchequer of the country and simultaneously creating a better future every day for the people of Pakistan.”

Unilever’s operations in Pakistan are counted amongst the best performing businesses units within Unilever’s global operations.  In 2013, Unilever Overseas Holding, which is a majority shareholder in Unilever Pakistan Limited, invested over €400 Million (USD 530 Million) in Pakistan which is the single largest foreign direct investment in the recent history of Pakistan. This investment re-affirmed Unilever’s strong commitment to local operations and to Pakistan’s economic potential.

Lahore (Muhammad Yasir) GE Power’s Grid Solutions business (NYSE: GE) was recently awarded a contract by Power Cement Limited (PCL), a company of Arif Habib Group, to design, manufacture and deliver a 132/6.3 kilovolt (kV) air-insulated switchgear (AIS) grid station that will support the organization in their efforts to operate a new manufacturing line. The new grid station will be delivered on a turnkey basis at the existing PCL production facility in Nooriabad Industrial Area, District Jamshoro, Sindh, which currently has an annual production capacity of 0.9 million tons of cement.

Tahir Iqbal, Chief Financial Officer and Company Secretary, Power Cement said, “As one of Pakistan’s leading cement producers, we are keen to ensure continuous growth that supports the needs of our customers and exceeds the expectations of our shareholders. GE Power’s Grid Solutions business is a global industry leader in the design, development and servicing of grid stations, with experience spanning across a wide range of industries and applications and we are pleased to work with them on this critical project.”

Under the agreement, GE will undertake the Engineering, Procurement and Construction (EPC) of a 132/6.3 kilovolt (kV) grid station, which is expected to be complete in early 2019. The station is designed to provide efficient, reliable power to PCL from Hyderabad Electric Supply Company (HESCO), enabling them to increase annual production capacity after the above-referred expansion to 3.5 million tons of cement.

“GE Power is committed to helping our customers protect and utilize critical assets through the safe and effective supply and management of electricity,” said Mohammed Mohaisen, President & CEO of GE Power’s Grid Solutions business in the Middle East, North Africa, Pakistan & Turkey. “Reliable power underpins modern society and industrial systems and we are delighted to be a part of Power Cement’s growth story by setting up a new grid station for them.”

Pakistan’s cement industry does not only cater to domestic consumers but also helps meet foreign demand. It has gradually become an important driver of economic growth, infrastructure development and employment generation in Pakistan, contributing to urbanization, modernization and foreign exchange reserves.

“GE has been a leading partner of the manufacturing industry in Pakistan providing a wide suite of captive power solutions that are efficient, reliable and sustainable, giving our customers peace of mind and helping them focus on what they do best, producing and delivering value to their customers in turn,” said Sarim Sheikh, President & CEO of GE Pakistan, Iran & Afghanistan.

Lahore (Muhammad Yasir)  Oman Air, the award-winning national airline for the Sultanate of Oman, unveiled the new First Class Mini Suite of its Dreamliner 787 – 9 fleet, on the opening day of Arabian Travel Market, a key travel and tourism event taking place from 22 – 25 April, held at the Dubai International Convention and Exhibition Centre.

HE Maitha Al Mahrouqi, Undersecretary, Oman Ministry of Tourism unveiled the Mini Suite at the Oman Air stand on Sunday 22 April. Media and invited trade guests present at the ceremony witnessed first-hand some of the industry leading features available to guests flying First Class with Oman Air. The suite offers un-paralleled levels of comfort and ultimate luxury with one of the longest lie-flat seat available on any commercial airliner, electronically controlled privacy divider, à la carte dining as well as an in suite minibar.

HE Maitha Al Mahrouqi, said, “It is an honour to be unveiling Oman Air’s new First Class Mini Suite at the Arabian Travel Market. Oman Air works hard to maintain high levels of guest satisfaction and attention to detail in the First Class Mini Suite highlights this. We want visitors to our country to experience the very best of Oman culture from the moment they board our aircraft and travelling with Oman Air, in all classes, offers a real flavour of Omani warmth and hospitality.”

Abdulaziz Al Raisi, Acting CEO of Oman Air, said, “Oman Air is truly committed to ensuring all of our guests have a comfortable and a seamless experience when travelling with us. The launch of the First Class Mini Suite on board our Dreamliner 787 – 9 fleet, comes as a result of responding to the needs of our travellers and providing them with industry leading luxury. We are very proud of our new product and are confident our guests will enjoy the ultimate experience travelling with us to Oman and beyond.”

Oman Air is currently undergoing an exciting fleet and network expansion programme, which will see the airline operate up to 70 aircraft to around 60 destinations by 2022. The airline is committed to constantly improving its product, whilst undergoing its dynamic fleet and network expansion, developing its brand and offering guests an unrivalled experience.

Dedicated stowage for cabin-approved size baggage

• One-piece large meal table
• Cocktail table
• Chilled in-suite minibar
• Literature pocket
• Latest Touch Screen IFE handset
• Headset compartment / hanger
• Life vest compartment
• Ottoman belted seat
• Reading and mood light and Do Not Disturb light controls Touch Screen controlled.
• 22 inch Gen. V Video Screen Monitor
• Two High power USB plugs
• PC power outlet

787 – 9 Mini Suite features:

• Fully enclosed, extra tall, Suite with doors to ensure privacy (55” tall surrounds)
• Fully flat bed (180 degrees)
• Full size bed length (with ottoman) 76” to top of headrest, 78” to soft wall
• Seat width Between the arms 23”, Bed width 30”
• Seat pitch of 82 inches
• Touch Screen Electrically controlled Backrest/Seat bottom/ Leg rest/lumbar
• Electrically controlled privacy divider
• Dedicated wardrobe

Launches world-famous brand ‘Lotte Choco pie’

Lahore (Muhammad Yasir) Lotte Kolson, the manufacturer of one of the most popular snacks brand Slanty, Bravo biscuits & Pasta and part of South Korean industrial conglomerate Lotte Group, has achieved another huge milestone by launching its new, state-of-the-art factory built on 20 acres in Phoolnagur Multan Road, Kasur District, Punjab. This high-tech plant is set to boost the country’s economy and is proof of the collaboration between the countries of South Korea and Pakistan. The factory was inaugurated by H.E Malik Muhammad Rafique Rajwana (Governor Punjab) along with H.E Sungkyu Kwak (Ambassador- Republic of Korea), Mr. Jaehyuk Lee (Vice chairman Lotte Food & Beverages Business Unit) & Mr. Myung Ki Min (President Lotte Confectionery). Top management of Lotte Group both from Republic of Korea and Pakistan, some key Government officials, partner agencies and the media also attended the inauguration. 

Speaking at the occasion of the factory’s inauguration, Mr. Abdul Latif, CEO, Lotte Kolson shared, “Lotte’s new plant in Phoolnagur in Kasur is a huge investment in the Pakistani economy. This investment demonstrates our long-term commitment in expanding operations in Pakistan. Lotte Group is dedicated to pursuing highest quality in every area and hence has ensured that strictest hygiene protocols are followed in the new plant. The factory will produce LOTTE’s globally acclaimed brand LOTTE Choco Pie that has already won the hearts of millions of consumers around the world. Going forward Lotte Group will be bringing the new brands to the Lotte Kolson such as the world-famous Spout and many others.”

Lotte group is eyeing Pakistan with great interest and in near future will make even more investments in multiple categories as more companies of Lotte group will enter into Pakistan to participate in its economic growth.