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Company News: Pakistan


United Bank Limited (UBL) announced 1Q2015 earnings of Rs 7.5 billion (EPS Rs 6.2), up by 15 percent QoQ and 37 percent YoY led by growth in core earnings. The bank also announced cash dividend of Rs 3 per share. The results were above market consensus estimates, said analysts at Topline Research. This "impressive" earnings growth is likely to be attributed to the higher core income witnessed by the bank during the period under review, they said.

Bank Alfalah reported Rs 3.039 billion as profit before tax for the first quarter of 2015, registering an impressive increase of 78 percent as compared to the first quarter of 2014. Profit after tax was recorded at Rs 1.982 billion in March 2015 as against Rs 1.128 billion earned in March 2014. Profit before provisions and taxation was Rs 3.737 billion, representing an increase of 104 percent as against the corresponding period last year.
Allied Bank Limited (ABL) has recorded an earning of PkR 4.2bn (EPS: PkR3.7) in 1QCY15, up by 30 percent YoY. The earnings were in line with the expectations of PkR4.1bn (EPS: PkR3.6). The results were accompanied by a dividend of PkR1.75/sh vs. PkR1.5/sh projected. Similarly, the bank's payout stands at 47 percent vs. 42 percent anticipated.
The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting, held on April 23, at OGDCL Head Office Islamabad announced the financial results for the nine months ended March 31. The Company's net sales revenue registered Rs 162.693 billion. Net profit after tax stood at Rs 68.006 billion translating into earnings per share of Rs 15.81. The Board of Directors announced third interim cash dividend of Rs 1.75 per share (17.5 percent). This is in addition to cumulative Interim dividends already paid at Rs 4.50 per share (45 percent).
Nestle Pakistan (NESTLE) announced record 1Q2015 earnings of Rs 3.6bn (EPS Rs 81) as against Rs 2bn (EPS Rs 45.8) in the same quarter last year. This result was well above market consensus estimates. Nestle Pakistan, the country's largest FMCG with market cap of $4.2bn, posted surprisingly positive result for 1Q2015.
Lucky Cement Limited continued to lead the cement industry with a significant rise during the last nine months of year 2014-15. The Company recorded net profit for the nine months ended 31st March 2015 of Rs 9.30 billion which is 13.7 percent higher than the net profit of the corresponding period last year.
Maple Leaf Cement (MLCF) announced 9MFY15 earnings of Rs 2.3bn (EPS Rs 4.4) down 3percent YoY, in line with market consensus estimates. However, profit before tax increased by 29 percent. In 9MFY15, MLCF recorded revenue of Rs 15bn as against Rs 13.7bn last year which is up 9 percent, led by 9 percent increase in volumetric sales to 2.1m tons compared to 1.9m tons in 9MFY15. However, average net retention prices remained flat at Rs 363/bag.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln