Corporate Results

Indus Motor Company profit up 3.05pc

KARACHI: Indus Motor Company has announced a net profit of Rs6.074 billion for the half-year ended December 31, 2016, which is 3.05 percent higher than the profit of Rs5.894 billion earned during the same period of the last year.

The earnings per share (EPS) clocked in at Rs77.28 as compared to Rs75 last year. The company also announced an interim dividend of Rs25/share, which is in addition to the first interim dividend of Rs25/share already paid to the shareholders.

Sales for the half-year ended December 31, 2016 stood at Rs51.399 billion as compared to Rs51.33 billion during the same period of the last year.

 Hashim Sohail at Topline Securities said sales turnover marginally contracted. “However, reported revenues stood above expectations where higher priced variants contributed more towards the sales mix, we believe.”

The company posted net profit of Rs3.027 billion for the quarter ended December 31, 2016, translating into the EPS of Rs38.51 as compared to the profit of Rs2.96 billion and the EPS of Rs37.67 last year.

“The company sold a total of 14,121 units during Oct-Dec 2016, down 10 percent YoY. Amid declining volumes, average revenue per car grew seven percent due to increased sales of higher priced variants of flagship ‘Corolla’, while the newly-launched ‘Hilux Revo’ further supported the revenues during the quarter.  Analysts underline unfavourable movement in exchange rate and commodity prices, regulatory changes, which can allow import of used cars, increased competition from existing and new players, and disruptions in operations of principal company, as key risks for the company.

Nishat Chunian profit down 5.5pc

Nishat Chunian Limited has announced a net profit of Rs1.592 billion for the half-year ended December 31, 2016, which is 5.5 percent lower than the profit of Rs1.686 billion earned during the same period of the last year.

The earnings per share (EPS) for the period under review clocked in at Rs3.82 as compared to Rs3.59 last year. The company did not announce any payouts along with the corporate results.  Sales for the half-year stood at Rs22.133 billion, up 7.3 percent from Rs20.62 billion during the same period of the last year.

“We cite increase in revenues to higher sales of fabric and rise in demand for weaving products from Europe along with identification of new markets,” Arsalan Hanif, an analyst, said in a report issued by Arif Habib Limited.

For the quarter ended December 31, 2016, the company posted net profit of Rs617.855 million, translating into the EPS of Rs1.26 as compared to the profit of Rs916.92 million and the EPS of Rs2.10 last year.

Nishat Chunian Power profit falls 17pc

Nishat Chunian Power Limited has announced a net profit of Rs1.38 billion for the half-year ended December 31, 2016, which is 17 percent lower than the profit of Rs1.66 billion earned during the same period of the last year.

The earnings per share (EPS) clocked in at Rs3.759 as compared to Rs4.528 last year. The company did not announce any payouts along with the corporate results.  Sales for the half-year stood at Rs7.418 billion, down 10.5 percent from Rs8.29 billion during the same period of the last year.

Analyst Mehwish Zafar in a report issued by JS Global attributed lower revenues to lower power dispatches.

For the quarter ended December 31, 2016, the company posted net profit of Rs644.987 million, translating into the EPS of Rs1.756 as compared to the profit of Rs790.47 million and the EPS of Rs2.152 last year.

Bank Alfalah full-year profit up five percent 

Bank Alfalah posted full-year net profit of Rs7.9 billion in 2016, depicting a five percent increase, compared to Rs7.5 billion recorded by the bank in 2015, a statement said on Friday.   

The earnings per share were reported at Rs4.96 as compared to Rs4.73 in previous year.

“Bank Alfalah’s performance in 2016 reflects yet another year of sound financial results amidst a challenging business environment," said Atif Bajwa, president at Bank Alfalah. “During the year, we continued to create value for our shareholders and customers. We have strived to promote financial and digital inclusion in the country through various initiatives, and remain committed to expand our impact further, and to touch the lives of as many people as possible.”

The bank’s total revenue remained at Rs37.6 billion in 2016 against Rs37.5 billion last year. “While we continued investing in innovation, the management of the bank placed further controls over expenses. Resultantly, growth of non-markup expenses was restricted to 3.7 percent,” Bajwa said.

The bank’s total assets till December 31, 2016 stood at Rs917 billion as compared to Rs903 billion last year.  Deposits remained at Rs640 billion with current and savings account mix improved to 83.3 percent.

The bank’s lending activity remained healthy with gross advances increased by 13 percent to Rs396 billion in December 2016.    The bank had a gross advance-to-deposit ration at 62 percent in 2016, one of the highest amongst peers.