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Last update: Sun, 11 Dec 2016 02pm

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The pioneer of online food ordering in the country, Urbanite.pk has been acquired by EatOye! which is itself a subsidiary of Food Panda. The online food ordering market in the country has been white hot in the past two weeks with mergers and acquisitions in quick succession.
Spreads may well be low, conditions may not be conducive for private sector lending, the regulator may well be tightening requirements on deposit returns – but all of it will not matter if you are a bank as big as HBL. One single variable may be good enough to overcome all these issues, as a risk free, sovereign willing borrower was there throughout the year to borrow at lucrative rates. What would a bank do? Just invest in the government papers and feast on the meal and this is what HBL like many of its peers did in CY14.
A more favourable asset mix and an even better deposit mix, is the perfect recipe for commercial banks and Bank Al Habib Limited (BAHL) did just that in CY14. The annual financial results announced yesterday showed BAHL increased its yearly profits by a healthy 23 percent year-on-year, thanks to a strong bottom line growth.
Even amid the deciding times for the 650MW of electricity from the nation grid, K-Electric’s financial performance for 1HFY15 was a marked improvement on year-on-year basis. The power company’s earnings for the first six months of FY15 jumped by more than 2.8 times that of 1HFY14, while the increase in earnings for second quarter alone was thrice that of 2QFY14.
One of the largest cement manufacturers of the country reported its financial performance for 1HFY15, reporting an uptick in its top line much like the rest of the sector. The break-up of the company’s sales tally also mimicked the broader sector as the proportion of domestic sales increased to about 79 percent in the outgoing period, compared to 73 percent in the corresponding period of the previous fiscal.
The oil and gas Exploration and production sector has sagged to multi-year low crude oil prices. And the sector’s performance hinges directly on a rebound in the oil prices. The E&P players in the country have been affected similarly. All three major E&P firms (OGDC, PPL POL) have registered a decline in oil revenues due to oil prices.
Apropos the piece titled “AKBL turns over a new leaf” published on February 16, 2015 in Business Recorder, it should be clarified that the statement saying “reversals continue to uplift the bottom line” did not reflect the true picture. In CY14, profitability of the bank was mainly the result of its strong core operations and the impact of reversals in provisioning was insignificant.