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Company News: Pakistan


For a firm that more than trebled its third quarter profits for the period ending March 2015, shareholders in Millat Tractors Ltd (MRL) haven't exactly been responding with excitement. The firm's stock price increased only about 1.9 percent on April 22 - the day when MTL's latest results were announced - and has risen 1.2 percent since then. That's not exactly a great reception for the kind of financial performance MTL has posted in the fiscal year to date - especially considering that its stock had already been rather depressed between January 1 to April 22 - falling 5 percent in that period when the broader market was up 5 percent.

The Friday before last, Professor Jean-Pascal van Ypersele, Vice-Chairman of the United Nations Intergovernmental Panel on Climate Change (IPCC) had flown to Islamabad for a one-day visit. The purpose: to gain support for his candidature for the IPCC chair, following the resignation of the body's former head Rajendra Pachauri. This short interview was held at the house of Belgian Ambassador, Peter Claes, whose diplomatic staff had kindly arranged this last minute hurriedly scheduled meeting at 10:30 am in the morning. Below are edited transcripts of that interview.
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.


Index Closing Chg%
Arrow DJIA 18,037.97 0.23
Arrow Nasdaq 5,060.25 0.63
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Arrow H.Seng 28,433.59 1.33
Arrow Sensex 27,176.99 0.95

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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