Hyundai Nishat reduces car prices, passing on currency gains to loyal customers, and invites new buyers to benefit immediately, making their car models more attractive in today’s budget-conscious market.
Engro Corporation (PSX: ENGRO) delivered strong financial results, with a significant 42.85% year-on-year profit increase, reaching Rs 43.87 billion in the first nine months of CY23. The company also declared an interim cash dividend of Rs4 per share, reflecting its solid performance.
Honda is reducing car prices in response to the US dollar’s weakening against the Pakistani rupee, with up to Rs. 300,000 in cuts. This follows similar moves by other automakers and comes as the industry grapples with production disruptions caused by inventory shortages.
Pakistan’s textile exports to the EU have seen remarkable growth, reaching EUR 7.1 billion in 2022, thanks to the benefits of GSP+ status, providing duty-free access to 66% of product categories. The EU’s role as Pakistan’s primary export destination, particularly in textiles, underscores the importance of GSP+ for the country’s trade.
Hub Power Company (HUBC) posted a robust 93% YoY profit surge in Q1FY24, driven by increased earnings from associates and joint ventures, notably the ThalNova Power Plant. HUBC’s stock rose 0.91% to Rs. 97.4 on the day of the announcement.
The National Bank of Pakistan (NBP) posted a remarkable 2.05 times increase in profit for the first 9 months of 2023, reaching Rs39.52 billion. This growth was primarily fueled by a substantial rise in net interest income, although foreign exchange income declined.
Fauji Cement Company Limited (FCCL) recorded a 13% increase in quarterly profit, reaching Rs. 2.61 billion. Their net sales also surged by 38.2% to Rs. 20.3 billion in the first quarter of FY24.
United Bank Limited (UBL) achieved a record nine-month profit of Rs. 42 billion, marking a significant 126% increase year-on-year, driven by higher net interest income and provisioning reversals. UBL’s dividend announcement of Rs. 11 per share further solidifies its reputation as a top dividend payer in the banking industry.
Habib Metropolitan Bank (HMB) has reported strong financial results for the first nine months of 2023 (9MCY23), with a significant profit increase of 82.72% compared to the same period last year. The bank’s net interest income (NII) surged, driven by increased interest earnings, while it also experienced growth in non-markup income.
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