Earnings per share were Rs68.21 during Q1FY22 slightly up from Rs67.96 in Q1FY21, notice to the Pakistan Stock Exchange said.
Arif Habib Limited in its report said the company’s net sales witnessed an uptick of 2 percent YoY, settling at Rs20.726 billion in contrast to Rs20.363 billion in the same period last year amid increase in oil and gas production of 62 percent and 1 percent YoY, respectively. However, well-head gas of Mari Field dropped by 1 percent YoY.
Analyst Saad Hanif of Insight Securities in his note said the results of the petroleum company were in line with expectations; however, skipping dividend of Rs55/share was not expected.
During Q1, revenue witnessed a meagre increase of 1.7 percent YoY, despite higher crude oil prices and rupee depreciation attributable to lower revision in well-head gas prices (6-month lag mechanism).
Exploration expenses of the company increased 43.3 percent YoY (3.1x YoY), due to a spike in seismic activity during the quarter under review. Financial income decreased by 7.7 percent YoY (36.5 percent QoQ) mainly due to distribution of dividends, which resulted in lower cash and cash equivalents.
The company recorded other income of Rs18 million in Q1FY22 against other expenses of Rs507 million in Q1FY21, owed to higher income from seismic unit. International Steel posts Rs2.688bln Q1 profit
International Steels Limited net profit spiked 377 percent to Rs2.668 billion with EPS of Rs6.13 during the quarter ended September 30, 2021, a bourse filing said. It earned Rs559.110 million with EPS of Rs1.29 during the same quarter last year. The company did not announce any cash dividend for Q1FY22.
Analyst Muhammad Ali of Insight Securities in his note said the result was above expectations. Net sales stood at Rs24.4 billion (up 56.3 percent/29.7 percent YoY/QoQ), increase was “primarily attributable to recuperating economic activity and elevated flat steel prices in domestic/international markets”.
Gross profit for the quarter clocked in at Rs4.35 billion (gross margin: 17.7 percent) vs Rs1.39 billion (gross margin: 8.88 percent) in the same period last year. Selling and distribution stood at Rs179 million (down 10.8 percent/59.8 percent YoY/QoQ) while other operating charges were also down by 58 percent QoQ due to higher base in the previous quarter (substantial impairment on PPE and exchange losses).
Finance cost of the company stood at Rs175.9 million (down 32.1 percent/18.6 percent YoY/QoQ). Amreli Steel Q1 profit jumps 534pc Amreli Steel Limited (ASTL) profit jumped 534 percent to Rs701.855 million with EPS of Rs2.36 during the quarter ended September 30, 2021, a bourse filing said.
ASTL earned Rs110.625 million with EPS of Re0.37 during the same quarter last year. Cash dividend was not announced. Analyst Muqeet Naeem of Ismail Iqbal Securities in his note said, “The result is above our estimate of EPS: Rs1.29/share, where the deviation largely stemmed from higher than estimated gross margins.”
Topline arrived at Rs11.844 billion, which the analyst said was in line with estimates, “but largely flat QoQ where the likely fall in sales volumes would have been offset by the rise in rebar prices (+18.8 percent)”. In a corporate briefing on Tuesday, the company said scrap prices have gone up to $532/tonne in Q1FY22 from $296/tonne in Q1FY21, whereas it was $444/tonne in Q4FY21.
Indus Motor Company Limited profit after tax surged 194 percent to Rs5.425 billion with EPS of Rs69.02 during the first quarter ended September 30, 2021, a bourse filing said. The company earned Rs1.845 billion profit translating into EPS of Rs23.48 in the same quarter last fiscal. It also announced a dividend of Rs34.5/share.
Analyst Ali Asif of Insight Securities said that during Q1, revenue stood at Rs65.55 billion compared to Rs34.19 billion in the same period last year, witnessing an increase of 91.7 percent, “attributable to increase in volumetric growth in car sales, which rose 59.2 percent YoY”. The increase in volumetric growth was attributed to reduction in federal excise duty and sales tax, as well as lower financing rate.
Gross margin clocked in at 11ppt, down by 1.45ppt QoQ on the back of rupee depreciation, higher steel prices and an abrupt increase in freight charges. Other income of the company increased 88 percent/21 percent YoY/QoQ, “possibly due to rise in order booking resulting in higher cash and cash equivalent”.
Company’s finance cost declined by 16 percent/47 percent YoY/QoQ, mainly due to payment of long-term debt, the analyst said.
Soneri Bank Q3 profit declines 21pc
Soneri Bank Limited net profit declined 21 percent to Rs535.657 million during the quarter ended September 30, 2021, translating into EPS of Re0.4859, a bourse filing said. The bank earned Rs681.995 million with EPS of Re0.6186 during the same quarter last year. The bank did not announce any cash dividend.
January-September net profit of the bank was Rs2.358 billion compared to Rs1.811 billion in the same period last year.The EPS was recorded at Rs2.14 for the current reporting period, as compared to Rs1.64 for the comparative prior period, indicating growth of 30.18 percent.
Total revenue for the nine months was reported at Rs11.476 billion, improving by 3.67 percent against Rs11.069 billion reported for the same period last year. Growth in expenses was restricted at 12.62 percent as compared to the prior period with non-markup expenses reported at Rs7.519 billion for the nine months ended September 30, 2021.
The bank continues to remain adequately capitalized, with CAR of 15.14 percent.
Nestle Pakistan Q3 profit swells 43pc
Nestlé Pakistan’s net profit climbed up 43 percent to Rs3.309 billion during the third quarter ended September 30, 2021, with EPS of Rs72.98, a bourse filing said.
The company posted Rs2.319 billion with EPS of Rs51.15 during the same quarter last year. Second interim cash dividend was announced at Rs80/share, which was 800 percent.
The revenue continues to show signs of recovery in the third quarter, a company statement said.
For the nine months ended September 30, 2021, revenue continued to improve, clocking a growth of 13.2 percent, as compared to the same period last year.
“Increase in volume resulting from uptick in economic activities after the government relaxed Covid-19 restrictions as well as pricing management contributed to this growth,” it added.
Net profit for the same period has also benefitted from reduction in financing costs.
The company remains cautiously optimistic despite the continuous rise in commodity and energy costs as well as the devaluation of the rupee.
The rising input costs would pose challenges not just this year; the impact would trickle well into the next year, the statement said.
ICI Pakistan Q1FY22 profit rises 322pc
ICI Pakistan’s consolidated net profit increased 322 percent to Rs3.735 billion during the first quarter ended September 30, 2021, with EPS of Rs39, a bourse filing said.
The company earned Rs885.678 million with EPS of Rs10.66 during the same period last year.
On a consolidated basis (including the results of the company’s subsidiaries: ICI Pakistan PowerGen Limited, NutriCo Morinaga (Private) Limited and NutriCo Pakistan (Private) Limited), net turnover for the quarter under review at Rs21.468 billion, which is 48 percent higher than the same period last year.
Operating profit at Rs3.062 billion, is 110 percent higher compared to the same period last year.
“Improved performances were delivered by all the company’s businesses, with the polyester, pharmaceuticals and animal health businesses being the major contributors,” a company statement said.
The company completed acquisition of an additional 11 percent shareholding in NutriCo Pakistan, taking its total shareholding to 51 percent and making the company a subsidiary.
