Pakistan Oilfields profit up 10 percent to Rs14.564bln

KARACHI: Pakistan Oilfields Limited profit climbed 10 percent to Rs14.564 billion for the year ended June 30, 2020 translating into earnings per share (EPS) of Rs51.23, a bourse filing said on Wednesday.

The company earned Rs13.281 million with EPS of Rs46.77 in the year ended June 30, 2019. The company announced final cash dividend for FY20 at Rs30/share, equivalent to 300 percent. This was in addition to interim dividend already paid at Rs20/share, which was equivalent to 200 percent, the Pakistan Stock Exchange (PSX) notice said. Net sales of the company declined 12 percent to Rs39.106 billion in FY20 compared to Rs44.529 billion in FY19.

Brokerage Arif Habib Limited in its research note attributed that to declines in off-take during the fourth quarter because of substantial fall in realised oil prices due to weak demand of oil globally, and a drop in oil and gas production.

Other income of the company also took a hit of 51 percent in the fiscal, as it clocked in at Rs4.476 billion in FY20 compared to Rs6.763 billion in Fy19. This, the brokerage attributed to lower exchange gain realised in the fourth quarter.

Attock Petroleum FY20 profit falls 74pc

Attock Petroleum Limited profit fell 74 percent to Rs1.008 billion for the year ended June 30, 2020 translating into EPS of Rs10.13, a bourse filing said. The company earned Rs3.960 billion with EPS of Rs39.79 in FY19. The company announced final cash dividend for the year ended June 30, 2020 at Rs4/share which was equivalent to 40 percent. This was in addition to interim dividend already paid at Rs5/share; equivalent to 50 percent, the Pakistan Stock Exchange notice said.

Other income of the company declined 22 percent to only Rs898.534 million in FY20, from Rs1.148 billion in FY19. Moreover, net losses of the company on financial assets increased more than 400 percent – Rs373.948 million up from Rs70.798 million - which affected its overall operating profit. Higher interest rates impacted Attock Petroleum as well, and the company’s finance costs increased 88 percent to Rs1.597 billion from Rs848.992 million.

Attock Refinery posts Rs4.685bln year-end loss

Attock Refinery posted loss of Rs3.379 billion in financial year 2019/20 with LPS of Rs26.50, a bourse filing said.

The company incurred losses worth Rs6.541 billion with LPS of Rs50.51 in FY19. The company did not announce any dividends.

Net sales of the company declined 32 percent to Rs119.819 billion from Rs176.754 billion in FY19.

Bank Alfalah half-year profit declines 10pc

Bank Alfalah Limited profit declined 10 percent to Rs5.778 billion for the half-year end June 30, 2020 translating into EPS of Rs3.25, a bourse filing said.

The bank earned Rs6.316 billion with EPS of Rs3.56 in the half-year ended June 30, 2019. Cash dividend was not announced.

Brokerage Arif Habib Limited in a research note said, “Net interest income of the bank settled at Rs23.4 billion, improving eight percent YoY during 1HCY20 while declining two percent QoQ.” Healthy capital gains (Rs1.8 billion during Q2CY20) on the bond portfolio supported NFI of the bank (up 32 percent YoY/54 percent QoQ) fee income took a 21 percent QoQ hit in line with industry trend following economic slowdown and SBP waivers on digital transactions.

Effective tax rate clocked in at 42 percent for the half under review vis-à-vis 45 percent in the same period last year.

Soneri Bank 6-month profit up 16pc

Soneri Bank Limited profit increased 16 percent to Rs1.129 billion in the half-year ended June 30, 2020, with EPS of Rs1.0243, a PSX notice showed.

The bank earned Rs974.999 million translating to an EPS of Rs0.8844. The board of directors of the bank did not approve any dividends for the half-year ended June 30, 2020.

The bank’s net advances portfolio stood at Rs198,542 million as at June 30, three percent lower than the year-end 2019 level. Non-performing loans decreased from Rs10,903 million on 31 December 2019 to Rs10,682 million on June 30, 2020.

The board of directors recognised and appreciated the efforts of the management in delivering steady performance amidst a challenging environment.

“In particular, the board appreciated the services of the bank’s front line staff, who have helped ensure continuity of services for our customers during the uncertain times following the COVID-19 outbreak,” a statement issued by the bank said.

Attock Cement earns Rs2.567bln in FY20

Attock Cement Company Limited profit increased 23 percent to Rs2.567 billion for the year end June 30, 2020 translating into earnings per share (EPS) of Rs14.43, a PSX filing said.

The company earned Rs2.073 billion with EPS of Rs15.09 in the year ended June 30, 2019. There was no announcement of any cash dividend for the year ended June 30, 2020.

Brokerage Sherman Securities in its research note said, “The company reported 29 percent YoY increase in its selling expense which is attributable to higher cement export dispatches of 30 percent YoY.

On a sequential basis, lower earnings are due to significant decline in dispatches by 30 percent QoQ owing to lockdown in Q4.”

Cherat Cement posts loss of Rs1.893bln

Cherat Cement Company Limited declared loss of Rs1.893 billion for the year ended June 30, 2020 translating into loss per share (LPS) of Rs9.74, a bourse filing said.

The company earned Rs1.762 billion with EPS of Rs9.07 during the last fiscal. It did not announce any cash dividend for the year ended June 30, 2020.

Analysts attribute the decline to supply glut in the northern parts of the country, lockdown that started in the mid of March, and higher borrowings with higher interest rates as the company’s financial charges increased 121 percent to Rs2.527 billion in FY20 from Rs1.142 billion in FY19.

Topline went up by eight percent to Rs17.090 billion compared to Rs15.862 billion in FY19.

International Steel profit slides 81pc

International Steels Limited profit fell 81 percent to Rs494 million for the year end June 30, 2020 translating into EPS of Rs1.14, a bourse filing said.

International Steels earned Rs2.664 billion with EPS of Rs6.12 in FY19. The company did not announce any cash dividend for the year ended June 30, 2020.

Topline Securities in its research note said, “The result came in below industry expectations mainly due to higher than expected fall in sales, down by 27 percent QoQ amid COVID-19 outbreak.”

Revenue declined by 16 percent YoY in FY20, mainly attributable to depressed demand throughout the outgoing year due to tough economic conditions and COVID-led lockdown, the report added.

The demand for CRC dwindled further in Q4FY20 as main demand driving sectors (electronic appliances and automobiles) experienced the heat of COVID-19. Appliances and auto factories remained closed for one-two months in Q4FY20. Consequently, the company also observed 25-30 days of non-production.

The company also recorded tax reversal of Rs44 million in Q4FY20, Analyst Hammad Akram from Topline Securities said.