SECP takes its financial literacy drive to Air University

ISLAMABAD (Staff Reporter): The SECP, taking forward its financial literacy campaign on investment education and awareness, organised a seminar for the students of Air University in Islamabad. The SECP chairman’s vision for increasing awareness of financial markets, products with particular emphasis on fraud prevention was communicated to students. The students were informed about the SECP’s role as the apex regulator of non-banking finance sector.  Students were motivated and eager to acquire learned financial behavior to make well-informed investment decisions. The focus of the seminar remained on promoting a culture of savings and investments.

A comprehensive portion of the seminar was about mutual funds, its risks and benefits, working of mutual funds, important considerations for the investors, various categories of mutual funds and the oversight and accountability by the SECP. A sizable group of students from various disciplines attended the seminar. The seminar consisted of an interactive discussion and a Q&A session.  The participants appreciated the SECP for fulfilling its social responsibility in the area of investor education and awareness and expressed their interest in having more activities of similar nature.

Byco posts operating profit of Rs1.165b

KARACHI (Staff Reporter): Byco Petroleum Pakistan Limited has announced financial results for the half year ending 31st December of its financial year 2015-16. The company posted net sales of Rs 36.397 billion that resulted in an operating profit of Rs. 1.165 billion. Byco Petroleum Pakistan Limited declared an after-tax net profit of Rs 534 million for the second quarter ending 31st December, 2015. Earnings per share (EPS) for this quarter was Rs. 0.55/- per share. During this time period crude oil and product prices fell on an average by 40%. It is worth mentioning that Byco Petroleum is now a member of the Top 30 Index at the Pakistan Stock Exchange.

This is in addition to the company being added to the MSCI Global Equity Index. Indeed Byco is well placed on its well-defined path to success.

Engro Corp announces

year-end results

KARACHI (Staff Reporter): Engro Corporation announced its year-end results showcasing a strong performance overall in its businesses. Overall, Engro Corporation had another year running with revenue of Rs 184,264 million vs Rs 175,958 million in 2014 on a consolidated basis, achieving a 4.7% YoY top line growth. Despite the challenges posed in some of its key businesses, the company posted a consolidated profit-after-tax (attributable to owners) of Rs 13,784 million as opposed to Rs 7,007 million during 2014. Profitability was driven by Engro Fertilizers which had another unprecedented year on the back of 2-plant operations owing to continued gas supply throughout the year.

Engro Corporation successfully restructured its fertilizer trading and rice businesses as EXIMP was acquired by Engro Fertilizers and Engro EXIMP Agriproducts was acquired by Engro Corporation. However, the profitability was partially offset by losses in rice business primarily due to non-cash impairment loss of Rs 3,384 million booked against Property, Plant & Equipment and Stores & Spares. Also, the petrochemicals business, in line with the bearish global commodity prices, suffered losses due to declining Ethylene-PVC price delta. The company also announced a final cash dividend of PKR 7/share for the year ended December 31, 2015.

Hi-Tech Lubricants declares

interim dividend

LAHORE (Sstaff Reporter): Hi-Tech Lubricants, the company behind the famous motor oil brand ZIC, has declared an interim cash dividend of Rs1.30 per share ahead of its formal listing at Pakistan Stock Exchange. The company released its six monthly audited financial statements ending Dec 31, 2015 here Friday. In a notice sent to Pakistan Stock Exchange, the company declared its sales to reach at Rs 3.4b up from Rs 2.3b during the corresponding period ending Dec 31, 2014. The company’s sales showed an impressive growth of 47% over the corresponding period under review. The company’s basic and diluted earnings per share clocked at Rs. 3.36/- per share.

Delegation of 45th Course of Navy College visits LCCI

LAHORE (Staff Reporter): A 87-member delegation of 45th Course of Pakistan Navy War College visited the Lahore Chamber of Commerce & Industry to get awareness about the role of business community for economic well being of the country. LCCI Senior Vice President Almas Hyder Almas Hyder addressed the delegation that was headed by Rear Admiral M. Amjad Khan Niazi. LCCI Executive Committee members were also present on the occasion. Almas Hyder said that only economically strong countries could play leading role at global level. Business community of the country is well versed of the fact and utilizing its best abilities for economic uplift of the country.

He said that despite having all kinds of resources, we are not there where we should be therefore we have to take full advantage of our best strategic location and vast minerals.