Browsing: Business

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.

Pak-China Huazi Green Energy introduces the ‘Cool Series’ of affordable mini electric vehicles in Pakistan, offering various range options and features like ABS, sports seats, and GPS navigation. With prices below Rs. 4 million, these EVs aim to contribute to the growing electric vehicle market in the country.

The Ministry of Finance plans to auction Rs. 100 billion sovereign Sukuk at the Pakistan Stock Exchange on January 23, 2023, with offerings spanning 1, 3, and 5 years. This move aligns with the government’s commitment to Shariah-compliant financing, as demonstrated by the successful oversubscription of a Rs. 30 billion Sukuk in December 2023.

Pakistan’s listed fertilizer companies are poised for a robust Q4 2023, with a projected 104% YoY profit surge to Rs. 25 billion, driven by increased retention prices. Fauji Fertilizer Company and Engro Fertilizers are expected to declare dividends, showcasing sector resilience amid shifting dynamics.

FFC’s ‘Management Trainees Program’ in Pakistan invites young talent in engineering and chemistry for top-notch training and career opportunities. With a focus on fostering talent, FFC offers a dynamic environment, international exposure, and a commitment to professional growth.

Pakistan’s economic landscape witnessed a downturn in the textile sector, declining by 5%, but the rice export sector thrived, surging by 76.5% to $1.638 billion, driven by India’s export ban. This success in exports, however, was accompanied by domestic challenges as staple prices soared over 100%, impacting millions of Pakistanis and highlighting the nuanced nature of the country’s economic dynamics.

In response to economic challenges, Pakistan Suzuki Motor Company introduces enticing incentives, such as a Rs. 100,000 ‘Purchase Bonus’ for Wagon R, to stimulate sales, resulting in a recent 7% monthly increase despite a significant 55% year-on-year decline.

Chery is introducing new car models in Pakistan, featuring the electric Omoda E5 with a 430 km range and the versatile Jaecoo J7 SUV. With a commitment to innovation, Chery aims to elevate the automotive experience in the evolving Pakistani market.