KARACHI: Meezan Bank Ltd (MEBL) on Tuesday announced financial results for nine months ending on September 30 reporting consolidated profit after tax of Rs6.76 billion, up 74 per cent year-on-year.

The bank reported earnings per share at Rs4.78.

The nine-month cumulative profit of the bank reached at Rs18.295bn; an increase of 72pc YoY basis.

Moreover, fee income also recovered this quarter, reporting 10pc YoY growth. On the other hand, the bank’s cost-to-income ratio declined to 39pc.

The bank also announced first interim cash dividend at Rs4 per share.

Mari to acquire wind energy projects

Mari Petroleum Company Ltd disclosed to the PSX that the meeting of the board on October 19, approved the submission of an expression of interest for acquisition of majority shares collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Ltd in Foundation Wind Energy-1 Ltd and Foundation Wind Energy II Ltd.

According to market sources, Fauji Foundation holds 30pc shares while FFBL has 35pc stake in the two projects.

Mari said that the acquisition was subject to detailed due diligence of the projects, completion of procedural formalities and required approvals from Mari Board and relevant Regulatory Authorities.

TPL approves equity investment by DEG

TPL Insurance Ltd on Tuesday announced that the board of directors of the company had given their approval for an equity investment by DEG—Deutsche Investitions — und Entwicklu­ngsge­sellschaft mbH (DEG), a wholly owned subsidiary of KfW Group based in Cologne, Germany, a major development finance institution, of up to 19.9pc equity interest in TPL Insurance Ltd, by way of fresh issuance of ordinary shares other than by the way of rights issue.

Attock Petroleum PAT rises to Rs1.49bn

Attock Petroleum Ltd announced financial results for the three-months ended September 30, posting profit after tax at Rs1.49bn, translating into EPS at Rs14.92, up by 21pc PAT at Rs1.22bn and EPS at Rs12.31 in the same quarter last year.

During 1QFY21, net sales amounted to Rs45.1bn, down by 24pc year-on-year from Rs59.2bn, which the sector analysts said was due to decline in volumes of 2pc year-on-year and lower petroleum product prices compared to same period last year.

POL profits slide 9pc

Pakistan Oilfields Ltd unveiled 1QFY21 financial results showing profit-after-tax at Rs3.63bn, translating into EPS at Rs12.78, down 9pc from PAT at Rs4bn and EPS at Rs14.12 in 1QFY20.

Net sales dropped to Rs9.21bn, from Rs10.2bn year-on-year due mainly to decline in oil and gas production each and drop in average realised international oil prices on account of weak demand.

Attock Refinery reports Rs135m loss

Attock Refinery Ltd reported its consolidated 1QFY21 loss at Rs135m and loss per share of Rs1.27 against profit after tax at Rs336m and EPS of Rs3.15 in the same period last year.

Net sales stood at Rs28.4bn, down from Rs36.2bn. The results were better than market consensus expectations that sent the value of the share to hit the upper circuit.

Lotte Chemical earns Rs1.04bn

Lotte Chemical Pakistan Ltd reported its 9MFY20 profit after tax at Rs1.04bn and EPS of Re0.69 against PAT at Rs4.73bn and EPS of Rs3.13 in the same period last year.

Total to improve efficiency of stations

Total Parco on Tuesday said it is announcing initiatives at service stations in Islamabad to reduce emissions and improving energy efficiencies, the company said in a press release.

Published in Dawn, October 21st, 2020