Author: PakPositive Staff
In FY 2023-24, foreign companies repatriated $750 million in profits, marking a significant 245% YoY increase, driven by sectors like Petroleum Refining and Food. The resolution of profit backlog contributed to this surge.
Atlas Honda Limited impresses with a notable profit surge, reaching Rs6.08 billion for the nine months ending December 2023, driven by a robust 12.63% growth in its top line. Despite challenges, the company maintains a strong financial stance, reflecting resilience in its performance.
The Pakistan Engineering Council Excellence Awards celebrated 29 exceptional engineers in diverse fields, acknowledging their significant contributions. President Dr. Arif Alvi commended the pivotal role of engineers in past Gulf country development and stressed the importance of their continued contributions for sustainable progress in Pakistan.
Pakistan’s telecom sector thrived, recording a 17% revenue growth at Rs. 850 billion in FY23, showcasing resilience amid economic challenges, as reported by the Pakistan Telecommunication Authority. The achievement includes a remarkable 90% accessibility to mobile services nationwide and significant growth in mobile and broadband users, contributing positively to the country’s economic landscape.
The Pakistani rupee secured its eighth straight gain against the US Dollar, closing at 279 after touching 278 briefly. Despite positive trends, concerns about political developments loom before the upcoming February election.
Ministry of Energy announces the first national Oil, Gas and Minerals Career Expo, ‘Fuelling Futures’, fostering industry-academia collaboration and offering students a unique platform to explore career opportunities in the energy and mining sector. Register at www.careerexpo2024.com to connect with leading companies and industry experts.
Fauji Fertilizer Company Limited (FFC) marked a robust financial performance, posting a 48% YoY surge in its annual profit after tax, reaching Rs. 29.67 billion. The company’s substantial contributions to national revenue and a declared cash dividend affirm its resilience in a challenging economic environment.
Lucky Cement Limited achieves a robust 92% YoY growth in unconsolidated net profit at Rs. 13.7 billion for 1HFY24, fueled by increased earnings from cement operations and strategic initiatives. The company anticipates a positive outlook for its cement sector and is set to enhance operational efficiencies with a new clinker line in Iraq, while the automobile sector faces challenges with a significant decline in volumes.
Lucky Core Industries Limited (LCI) reports a robust Q2 performance with a 104% YoY increase in profit after tax, reaching Rs. 2.5 billion, driven by higher gross margins and a substantial rise in other income. Despite challenges, including inflation and high tax incidence, LCI declares a cash dividend of Rs. 27 per share.
The Pakistani rupee, having maintained stability against the US Dollar, closed at 279.66, recording a minimal daily appreciation. Market sentiment was influenced by subdued domestic bond performance and anticipation of a potential reduction in the central bank’s benchmark policy rate.