Last update: Sat, 13 Feb 2016 09am

Company News: Pakistan


The Board of Directors of Soneri Bank Limited met in Lahore under the Chairmanship of Alauddin Feerasta, on February 11, to review the performance of the Bank and approved the financial statements for the year ended December 31, 2015. The Bank has posted a profit after tax of Rs 2.21 billion which is 39.87 percent higher than last year. This translates into earnings per share of Rs 2.01 (31 December 2014: Rs 1.44).
Prior to accepting to serve as Managing Director of Careem in Pakistan, Junaid Iqbal has already had an illustrious career which spans from financial markets, to media, and even a market regulator. He graduated from the University of Michigan-Ann Arbor and worked as an energy futures analyst for American Electric Power (AP) for two years.
During 2015, ABL focused on balance sheet growth without compromising on asset quality while optimising earning asset mix enabling maintenance of stable profitability. The Bank retained its focus on expanding its outreach and provision of customer centric solutions through utilisation of its superior technology platform and robust risk management framework.
PTCL has announced its annual financial results for the year ended December 31, 2015 in a meeting of PTCL Board of Directors held at Islamabad. PTCL has declared 20 percent final cash dividend, inclusive of 10 percent interim dividend. PTCL earned revenues of Rs 75.8 billion for the FY 2015. Data revenues significantly increased by 12 percent compared with last year.
Biafo Industries Limited (PSX: BIFO) is mainly a producer of 'Tovex'. Tovex is a water gel explosive compound that it is used in various industries, the most prominent being the cement, mining and oil and gas sectors. The company, which takes its name from the glacier in the Karakoram Mountains of Gilgit-Baltistan, also sells accessories that are complementary to the use of the compound. It is worth mentioning here that Tovex is considered to be more efficient and a safe explosive to use in place of dynamite in construction, mining, quarrying, seismic tunnelling, and similar purposes.
The Board of Directors of MCB Bank Limited, met under the Chairmanship of Mian Mohammad Mansha, on Tuesday to review the performance of the Bank and approve the financial statements for the year ended December 31, 2015. The Bank continued with its strong performance on account of its low cost deposits base, improved quality of advances and significant contribution from non-mark-up income.
For years, K-Electric Limited (previously KESC) (PSX:KEL) had more notoriety than fame. Its financial performance was all over the place, just like its operations. Lately though, the power giant's repute has had a positive turn. The company has over a hundred years of experience, being created in 1913 under the Indian Companies Act to 1882. Following independence, it was nationalised in 1952, and then re-privatised in 2005, with the government keeping 26 percent of the stake and transferring 71 percent to a foreign consortium.