Jubilee Life Insurance declares 115 pc final cash dividend

KARACHI (Staff Reporter); Jubilee Life Insurance Company reported a pre-tax profit of Rs3,152 million for the year ended on December 31, 2016 as compared to Rs2,442 million in 2015, representing an increase of 29 percent. The profit after tax was recorded at Rs.2,108 million, as compared to Rs1,622 million during the year 2015, an increase of 30 percent. The earnings per share (EPS) increased from Rs22.48 in 2015 to Rs29.23 in 2016, an increase of 30 percent. The results were declared by the Board of Directors who met under the chairmanship of Kamal A Chinoy to review the annual performance of the company. The company announced impressive financial results for the year ending on December 31, 2016, recommending a final cash dividend of 115 percent (Rs11.50 per share), and a proposed bonus issue in the proportion of 10 (ten) shares for every 100 shares held, i.e. 10 percent. This is in addition to interim cash dividend of 30% declared earlier.


SECP nominates contact persons for

provident funds

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP) has nominated sector-wise contact persons to facilitate submission of provident fund or provident fund trust six-monthly statement to the SECP. The SECP has notified the Employees’ Provident Fund (Investment in Listed Securities) Rules, 2016, on August 17, 2016.  Sub-rule 5 of the rules requires every company constituting a provident fund or provident fund trust to submit a statement to the SECP, containing certain mandatory financial information. The information to be submitted to the SECP includes size of provident fund or provident fund trust which is its total assets, cost of investment, fair value of investments and percentage of investment with break-up of fair value of investment out of provident fund or provident fund trust thereof; in listed debt securities, listed equity securities, listed debt collective investment schemes, listed equity collective investment schemes, government securities, bank balances and other investments respectively. 

The companies are require to submit the statement/information within one month of the close of every six months of the financial year.  In order to facilitate submission of the aforesaid information to the SECP, sector-wise contact persons have been nominated by the SECP; with details specified on its official website (https://www.secp.gov.pk/laws/rules/). Every company constituting a provident fund or provident fund trust shall submit the requisite financial information duly approved by the chief executive in case of a company or by head of trustees in case of a trust, to the relevant dealing officers of the SECP within the stipulated period.

PIAF welcomes 200MW wind power commercial operation

Lahore (Staff Reporter): Pakistan Industrial and Traders Associations Front (PIAF) chairman Irfan Iqbal Sheikh has welcomed the commercial operation of country’s three wind power projects of 200MW under China-Pakistan Economic Corridor to be started this year, saying Pakistan's energy crisis and environmental challenges could be overcome by using green technologies.  In a joint statement with SVC Tanveer Sufi and VC Shahzeb Akram, he said that alternate and renewable energy resources are a very viable option to meet future energy requirements. Pakistan has abundant resources for alternate and renewable energy production but unfortunately policy makers in Pakistan could not foresee the energy spectrum. It is good news for the industry that the 50 megawatt Hydro China Dawood wind power project is expected to be completed by next month whereas UEP wind power project with installed capacity of 99 megawatts is likely to be completed by September, 2017.

Additionally, the commercial operation date of the 50 megawatt Sachal Energy Development wind project is set in June, 2017.

Irfan Iqbal said that at the moment Pakistan relies heavily on fossil fuels to meet its energy requirements and the nation is spending more than 11 billion dollars on import of petroleum products every year and it is estimated that by the passage of time this will increase manifold. Apart from its very high financial cost, Pakistan remains at strategic risk because it remains heavily dependent even for its vital service.

PIAF chairman further said that there is a strong correlation between economic growth and reduction in waste, greenhouse gases, making optimum use of natural and human resources, and the production and conservation of energy to meet the environmental and human development challenges in a changing world.

 RTO seizes huge cache of non-duty

paid cigarettes

Lahore (Staff Reporter): Regional Tax Office (RTO) has seized a huge cache of non-duty paid, smuggled and illegal cigarettes during raids conducted on a tip received by the Officer Incharge Intelligence (Investigation & Prosecution Cell) RTO, Fazal Malik. Chief Commissioner, Regional Tax Office (RTO), Abbottabad Mahmood Aslam confirmed the raids and seizure of the huge cache of smuggled and non-duty paid cigarettes in different raids. He vowed not to allow anyone to sell and smoking of smuggled, non-duty paid cigarettes, saying Hazara Division has no space for the sellers of the smuggled cigarettes. He said that raids on non-duty paid cigarettes. He warned those involved in the business of illegal cigarettes should stop their business forthwith, otherwise stern action would be taken against them. To a question regarding the volume of the seized smuggled and non-duty paid cigarettes, the Chief Commissioner said that the counting the contraband is in progress.

However, he said it is filled in thousands of sakes and cartons. He said that the smuggled and non-duty paid cigarettes seized from Hazara Mall and Mansehra Mall in Mansehra city is 4 million to 6 million sticks of cigarettes.