OGDCL’s Q3 profit up 15pc

KARACHI: Profit of Oil and Gas Development Company Limited rose 15 percent year on year to Rs20.149 billion for the third quarter ended March 31, 2018, translating into earnings per share (EPS) of Rs4.68, a bourse filing said on Friday.

OGDC recorded a profit of Rs17.586 billion with EPS of Rs4.09 during the same quarter a year earlier, the company said in a statement to Pakistan Stock Exchange (PSX). The company announced cash dividend of Rs2.75/share, which was in addition to interim dividend of Rs4.75/share already paid.

Ahsan Arshad, analyst at Taurus Securities said OGDCL’s sales surged 13.6 percent year on year to Rs51.8 billion during the quarter due to robust oil prices in international market. Other income went up 40.9 percent year on year to settle at Rs4.6 billion on exchange gains after rupee devaluation. Other income and share of profits from associates, up 41 percent and 54 percent year on year, respectively, supported the company’s bottom-line. Increase in other income was mainly on the back of higher interest income and exchange gain, while improvement in profitability of Mari Petroleum supported profits from associates.

OGDCL’s profit, for the nine months ended March 31, 2018, amounted to Rs56.821 billion with EPS of Rs13.2 as compared to Rs47.594 billion in the corresponding period a year earlier with EPS of Rs11.07. The company’s sales surged to Rs147.712 billion in July-March period from Rs126.629 billion in the comparable period a year earlier.

HBL earns Rs4.69bln in Q1

Habib Bank Limited’s (HBL) profit sharply fell 48 percent year on year in the January-March period due to a decline in net interest income, stock analysts said.

HBL’s profit amounted to Rs4.687 billion in the quarter under review with EPS of Rs3.12 as compared to Rs9.079 billion with EPS of Rs6.16, according to a PSX’s statement. The bank announced cash dividend of Re1/share The bank, in a statement, said its core domestic business remained strong, with steady growth and improvement in key drivers. Total domestic deposits increased three percent, crossing Rs1.8 trillion and increasing market share to 14.4 percent. “The bulk of the growth came from CASA (current account, savings account) deposits as a result of which, the CASA ratio improved to 86.5 percent as at March 31, 2018. The domestic loan book increased Rs26 billion during the quarter with the ADR (advance-to-deposit ratio) rising to nearly 43 percent,” it said in a statement. HBL’s average domestic loans grew 29 percent, with positive contributions from all business segments and average domestic current accounts for the first quarter of 2018 increased Rs86 billion over Q12017.

“With continued margin compression and reduction in the international balance sheet from the bank’s de-risking exercise, overall net interest income declined slightly compared to Q1 17,” the bank said. “With a steady stream of recoveries, total provisions for the quarter recorded a reversal of Rs111 million compared to a charge of Rs359 million in Q12017.” The HBL’s non-performing loan coverage ratio remained strong at 90.5 percent.

NBP’s Q1 profit rises 16.5 percent

National Bank of Pakistan’s (NBP) profit increased 16.5 percent to Rs4.89 billion, translating into EPS of Rs2.30 in the first quarter of January-March. The bank recorded a profit of Rs4.20 billion with EPS of Rs1.98. Operating income of the bank inched up to Rs20.02 billion in January-March 2018 from Rs19.69 billion a year earlier. The bank’s net interest/mark-up income rose 14.9 percent to Rs14.12 billion. Non-interest/mark-up income declined 20.3 percent year on year to Rs5.89 billion mainly due to decline in capital gains and exchange income. The pre-tax and after-tax return on average equity was 23.62 percent and 15.27 percent, respectively. “As we continued expanding our market outreach through multiple delivery channels, we are making our income more sustainable by putting more emphasis on core banking activities,” the NBP said in a statement. “With a 10.84 percent year on year increase against Rs1,936 billion as of March 31, 2017, asset base of the bank reached at Rs2,146 billion as of March 31, 2018.”

IMC Q3 profit remained at Rs4.271bln

Profit of Indus Motor Company Limited (IMC) increased to Rs4.271 billion in the third quarter ended March 31, 2018, translating into EPS of Rs54.35.

IMC recorded profit of Rs4.169 billion with EPS of Rs53.05 during the same quarter a year earlier.

The automaker announced cash dividend of Rs32.5/share. This is in addition to combined interim cash dividend of Rs62.50/share.

Analyst Rai Omar Basharat at Topline Securities said IMC’s sales increased 12 percent year on year during 3QFY18 as higher priced variants contributed more towards the sales mix. The company sold a total of 16,293 units during the quarter, down 5.5 percent year on year.

The company sales turnover, for the nine months ended March 31, 2018, increased 19 percent to Rs100.2 billion, while profit after tax increased 14 percent to Rs11.6 billion in July-March period.

Ali Asghar Jamali, chief executive officer at Indus Motor Company said the increase in revenues and net profit was mainly attributable to improved turnover of both completely knocked down and complete built-up vehicles on account of minor model changes of all major vehicles during the year and improvement in operation efficiencies and sales mix. Sales of locally-manufactured cars and light commercial vehicles witnessed an increase of 23 percent to 198,176 units in the nine-month period.