Pak Elektron Limited (PAEL), the market leader in home appliances and the largest producer of the power segment in Pakistan, announced Friday its half yearly result ended June 2016. As per the result, it seems that the company is selling a huge number of appliances due to an exceptionally hot summer.
Building on its excellent first quarter, one of Pakistan's largest multinational pharmas is continuing along its path of growth for 2016. For the half year ended, Abbott Laboratories' top line was up by 12 percent year-on-year, with lower costs giving a 16 percent growth in gross profit. The bottom line growth for the period was also a healthy 16 percent year-on-year.
HBL, Pakistan's biggest commercial bank, announced its 1HCY16 results yesterday, net profits inched up by one percent. The good news is that in the second quarter net income is up by 20 percent to dilute the fall of first quarter. HBL should be content, as interest rates remained on the lower side. The shareholders too, would not be complaining, having received Rs14 per share in dividends last year, Rs3.5 per share in first quarter, and another Rs3.5 per share as interim dividend for the second quarter.
Engro Corporation Limited, one of the country's largest conglomerates announced its half yearly consolidated accounts for CY16 yesterday, and the group saw a decline in earnings by over 30 percent year-on-year along with a decent interim dividend of Rs7 per share, with almost 60 percent fall in 2QCY16 EPS. Recall that Engro announced consolidated earnings increase of 1.5 percent year-on-year in 1QCY16 along with first interim cash dividend of Rs5 per share.
Packages Limited (PKGS) has once again presented a healthy result for the six-month period ended June 2016. The company has shown a moderate increase in its top line on the back of growing FMCG sector. Moderate sales with growth in other income and lower finance cost have helped Packages Limited to give a tremendously well bottom line of 65 percent year-on-year.
International Industries (PSX: INIL), the leading manufacturer of steel pipes, tubes and plastics in Pakistan, posted its annual account for FY16 yesterday. The earnings per share of the company clocked in at Rs11.99, up 140 percent compared to FY15. The result was also accompanied by a healthy dividend of Rs3.5 per share, which took the full year dividend to Rs4.5.
The importance of a well-functioning and liquid derivative market cannot be stressed enough when it comes to creating a sustainable and robust financial ecosystem. Sadly, in Pakistan there is yet to be a concerted effort aimed at creating a derivative market that will make our integration into the global markets possible.