Meezan Bank Limited has announced 130 percent growth in the net profit to Rs2.29 billion for the nine months ended on September 30 against Rs995 million net profit during the corresponding months last year, a statement said on Monday.
The accounts were approved by the board of directors of Meezan Bank in its 54th meeting held on October 30 at the bank’s new head office in Karachi, presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board, it said.
The earning per share (EPS) increased to Rs2.85 from Rs1.24 during the same period under review. Meezan Bank’s total assets crossed Rs179 billion during the corresponding period.
Deposits also increased from Rs131 billion in December 2010 to Rs151 billion in September, an increase of 16 percent, which is significantly better than the growth in deposits recorded by the banking sector for this quarter.
The board also inaugurated the banks impressive new head office, which now houses approximately 400 staff. A flag-hoisting ceremony was conducted on the occasion Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of Meezan Bank’s Board and M A Rauf Siddiqui, Minister of Industries and Commerce, Government of Sindh.
All members of the bank board, including Vice Chairman Abdullateef A Al-Asfour planted trees at the premises to commemorate the occasion of their first visit to the bank’s new head office building, the statement said.
Former Justice Muhammad Taqi Usmani, Chairman of Meezan Bank’s Shariah Supervisory Board, also visited the head office. He visited the head office building with President and CEO of Meezan Bank, Irfan Siddiqui, and appreciated the facilities provided in the building.
He admired the bank’s contribution towards the establishment of Islamic banking in Pakistan and also planted a tree at the premises to commemorate the occasion. Meezan Bank is the first and largest Islamic bank in Pakistan with a network of 240 branches in over 60 cities across Pakistan and offers a complete range of Islamic banking products and services, including free online banking for all Pakistan rupee accounts at all its branches.
The bank’s retail banking network is supported by 24/7 banking services that include over 190 ATMs, Internet banking and a 24-hour Call Centre.
The bank’s VISA Debit card allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATMs worldwide.
PIA losses surge by 74pc
The losses of Pakistan International Airlines (PIA) surged by 74 percent to Rs19.29 billion for January/September period from Rs11.09 billion incurred during the same period last year, a statement said on Monday.
This translated into a loss per share of Rs7.23 for ‘A’ class ordinary shares of Rs10 from Rs4.55 last year, according to the airlines’ profit and loss accounts available at the Karachi Stock Exchange. The loss is mainly seen due to 224 percent increase in the loss from operations to Rs10.94 billion from Rs3.37 incurred during the same period last year.
The net revenue surges by 12.44 percent to Rs83.38 billion from Rs74.36 billion. During the period under review, the aircraft consumed fuel worth Rs45.38 billion from Rs30.65 billion last year, showing an increase of 48 percent on yearly basis. Alone in the July/September quarter, PIA suffered a loss of Rs8.57 billion from Rs4.60 billion in the same period last year, while the revenue stood at Rs27.79 billion from Rs25.05 billion.
Engro profit grows by 34pc
Engro Corporation’s profit after tax grew 34 percent to Rs5.43 billion in January-September 2011 period from Rs4.5 billion earned in the same period of last year. The Board of Directors of the company recommended the second interim cash dividend of Rs2 per share, which took the cumulative payout so far this year to Rs4 per share.
“With the latest increase in urea prices by Rs400 per bag, we expect annualised profits of its fertiliser business will improve by Rs14-15 per bag in 2012,” said Farhan Mahmood, an analyst at Topline Securities.
He added that much would depend on the level of gas supply to the company. The earnings per share (EPS) increased by 27 percent to Rs14.21 from Rs11.17 last year.
The EPS is calculated after adding profit attributable to non-controlling interest, which rose to Rs5.59 billion from Rs4.39 billion. The net sales of the company increased by 47 percent to Rs78.82 billion from Rs53.56 billion, it added. Mahmood said major contribution in earnings came from its fertiliser business, which accounts for 28 percent of the company’s net revenue. Its share in EPS rose to Rs8.9 from Rs7.3 per share. Share of food business surged to around Rs0.96 from Rs0.14 last year.
Growth in fertiliser business primarily came from better urea sales after the commissioning of new plant (Enven), while food business grew amid higher margins and controlled distribution expenses, he added.
PSO earns Rs2.5bn profit
The Pakistan State Oil (PSO) has reported an after tax profit of Rs2.5 billion in the first quarter of the financial year 20011/12 against Rs0.8 billion in the same period of the last fiscal, a statement said on Monday. The sales revenues of the PSO grew to Rs279 billion during the periods under review representing a growth of 38 percent over the same period last year, it said.
The Board of Management of the PSO convened on Monday at the PSO House to review the company’s performance over the first quarter period from July to September 2011, it said.
During the period under review PSO’s white oil sales grew to 1.3 million tons in comparison to 1.2 million tons during the same period last year. The black oil sales remained steady at 1.8 million tons, the statement said.
The PSO’s market share in the black oil and white oil segments stood at 77.1 percent and 52.5 percent, respectively, thereby contributing to an overall market share of 64.4 percent, it said.
FFC earnings up
The Fauji Fertiliser Company (FFC) reports 97 percent increase in its net earnings to Rs13.83 billion for the nine-month period ended on September 30 against Rs7.02 billion earned during the same period last year.
This translated into an earning per share of Rs16.31 on yearly basis from Rs8.28, according to the profit and loss accounts.
The board of directors also recommended the third interim cash dividend of Rs5.50 per share, taking cumulative cash dividend for the ongoing year to Rs14.75 per share.
The company’s net sales witnessed a growth of 35 percent on yearly basis during the period under review to Rs38.53 billion against Rs28.50 billion in the corresponding period last year.
Gross margins improved to 57 percent from 45 percent in the same period last year.
On the expenses front, distribution costs for the company rose by 13 percent on yearly basis to Rs3.3 billion. The growth in the bottom line was further supported by other income, which grew by 96 percent on yearly basis mainly on account of higher dividend income from Fauji Fertilizer Bin Qasim Limited, JS Research reported.
Alone in the third quarter for the calendar year 2011, the company posted robust EPS of Rs6.7, up by 195 percent on yearly basis.