While news of expansion has been making rounds in the cement sector of late, the beginning of FY15 seemed to be abysmal. APCMA data shows that total sales fell by 31 percent month-on-month and by 14 percent year on year in July FY15.
So close yet so far! EFU General (EFUG) and Jubilee General (JGIL) insurance companies are the top two insurers in the non-life segment in Pakistan. The former had 26 percent of total premiums written as of March 2014, the latter, 19 percent. But that’s where their closeness ends.
These are good times for Samba Bank. It closed first half with a 235 percent year-on-year bottom line growth. The banking minnow has cemented the first quarter gains with a strong financial performance in the second.
After a few tough years, Packages Ltd (KSE: PKGS) is back to profitability, putting in another round of better performance at the end of 1H CY14.
But, it didn’t start auspiciously. The company’s top line declined to Rs7.9 billion at the six-month mark. Both domestic sales and export sales during 1H CY14 were, to some extent, stunted, actually slithering on quarter-on-quarter basis.
For Kohinoor Energy, FY14 has been another good year as the power company continued to benefit from higher fuel savings throughout the year.
Kohinoor’s fuel savings stemmed from better plant utilisation and ensuing efficiencies. While full-year plant utilisation levels aren’t available as yet, the firm’s power plant had operated at 80.28 percent capacity during 9M FY14 compared to 64.53 percent capacity during 9M FY13.
The toughness in IMF's attitude during the current facility is in sharp contrast to the funds approach in the previous standby facility to Pakistan. The stringent approach stems from twelve equal tranches this time around as compared to lumpy payments in the last arrangement.