KARACHI: Sui Southern Gas Company Limited (SSGC) reported a net loss of Rs7.5 billion in the third quarter, , due to an increase in the cost of sales and other operating expenses.
In a consolidated statement to the Pakistan Stock Exchange, the company reported a net loss of Rs7.509 billion for the quarter that ended March 31, up from losses of Rs3.665 billion during the same period the previous year.
The company skipped any payout for this period. Loss per share came in at Rs8.52, compared with LPS of Rs4.16 during the same quarter last year.The company said its net sales for the quarter rose to Rs120.332 billion, compared with Rs77.738 billion (after tariff adjustments) for the same period a year earlier.
The company said its cost of sales increased to Rs101.816 billion during the period against Rs79.500 billion.For the nine months that ended March 31, the company posted net loss of Rs16.827 billion from Rs5.544 billion during the same period last year.
Fatima Fertilizer profit soars 108pc on sales boost
Fatima Fertilizer Company Limited posted a 108 percent increase in first-quarter profit to Rs8.4 billion, driven by higher sales.
In a consolidated statement to the Pakistan Stock Exchange, the company reported a net profit of Rs8.393 billion for the quarter that ended March 31, up from Rs4.041 billion during the same period the previous year.
The company skipped any payout for this period. Earnings per share came in at Rs4, compared with Rs1.92 during the same quarter last year.The company said its net sales for the quarter rose to Rs66.039 billion, compared with Rs38.086 billion for the same period a year earlier. The company said its cost of sales increased to Rs38.600 billion during the period against Rs23.579 billion.
Atlas Honda profit surges 94pc on sales, other income
Atlas Honda reported a 94 percent increase in annual profit to Rs9.7 billion, boosted by higher sales and other income.
In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs9.708 billion for the year that ended March 31, up from Rs5.004 billion during the same period last year.
The company also announced a final cash dividend at Rs30 per share, which is in addition to the interim dividend already paid at Rs17 per share. Earnings per share came in at Rs78.24 a share, compared with earnings per share of Rs40.33 a share a year ago.
The company said its sales for the year rose to Rs159.292 billion, compared with Rs135.485 billion a year earlier. The cost of sales also increased to Rs147.065 billion from Rs125.813 billion.The company said its other income also increased to Rs9.061 billion from Rs4.555 billion, which also supported the profit margins.
BankIslami profit jumps 99pc on investment, financing growth
BankIslami reported a 99 percent increase in first-quarter profit before tax to Rs6.3 billion, driven by growth in its investment and financing portfolios.
"The Bank's profit before tax reached Rs6.3 billion, with a post-tax profit of Rs3.2 billion, representing a growth of 79.2 percent," teh bank said in a statement. "Despite adverse market conditions, the Bank remains committed to financial excellence. Prominently, it demonstrated magnificent cost efficiency, as evidenced by the reduced cost-to-income ratio of 43.1 percent during the period, compared to 47.9 percent in the same period last year."
BankIslami strategically expanded its investment portfolio and grew its financing portfolio despite navigating through ongoing economic uncertainty. "Consequently, the investment portfolio reached Rs332.2 billion, while the financing portfolio was at Rs253.6 billion showing an improvement in infection ratio to 8.2 percent from 9.0 percent in December 2023."
In Q1 2024, in spite of a 4.9 percent decrease in the deposit book compared to December 2023, the bank observed a substantial year-on-year increase of 20.8 percent.
Soneri Bank profit rises 32pc on higher interest income
Soneri Bank Limited posted a 32 percent increase in first-quarter profit to Rs3.6 billion due to higher interest income.
"The bank posted profit before tax of Rs3,554 million and profit after tax of Rs1,760 million for the quarter ended March 2024, as compared to Rs2,694 million and Rs 1,489 million respectively in the same period last year growing impressively by 31.91 percent and 18.20 percent respectively," the bank said in a statement.
The EPS was recorded at Rs1.5965 per share for the current reporting quarter, as compared to Rs1.3506 for the comparative prior period.
The bank’s net interest income for the quarter ended March 31, 2024 improved to Rs 5,849 million from Rs4,839 million for the comparative prior period, indicating an impressive growth of 20.87 percent, on the back of improved volumes and spreads. Non-interest income for the period was reported at Rs1,603 million as against Rs1,770 million for the comparative prior period.
Non-markup expenses were reported at Rs4,385 million for the current year as against Rs3,497 million reported for the comparative prior period.
"Despite high inflation levels and expansionary costs, growth in expenses was restricted at 25.38 percent over the previous year; mainly due to cost rationalization measures and prudent expense control policies and discipline."
SCBPL profit soars 53pc on revenue growth
Standard Chartered Bank Pakistan Limited reported a 53 percent increase in first-quarter profit before tax to Rs24.7 billion due to revenue growth and lower impairments.
Overall revenue grew 44 percent, whereas client revenue increased by 36 percent year on year with positive contributions from all segments. While operating expenses increased 22 percent from comparative period in line with inflation, bank continues to lead the industry with the lowest cost to income ratio of 17 percent.
Moreover, lower impairments as a result of prudent risk approach coupled with recoveries of bad debts led to a net release of Rs500 million in Q1’24 compared to a net charge of Rs200 million in the comparative period.
On the liabilities side, the bank’s total deposits stand at Rs765 billion; up by Rs45 billion, whereas current accounts registered a healthy growth of Rs33 billion up 9 percent since the start of this year and comprise 52 percent of the deposit base. On asset side, net advances were lower by PKR 11 billion or 5 percent since the start of this year.
"On the back of a strong performance, the Board of Directors were pleased to announce an interim cash dividend of 15.0 percent (Rs1.50/- per share) in respect of the three months period ended March 31, 2024," the bank said in a statement.