Bank Islami’s highest-ever profits

BankIslami Pakistan Limited announced its financial results for the year ending December 31, 2022, declaring a remarkable growth of 142pc in profit before tax, i.e. Rs8.23bn compared to Rs3.39bn during last year, says a press release.

Profit after tax closed at Rs4.44bn as compared to Rs2.13bn closed during last year, i.e. growth of 108pc despite a significant increase in tax rates. The year 2022 was a great success for BankIslami, where it achieved the highest-ever profitability and announced its first-ever dividend of 10pc to its shareholders.

SLIC’s record numbers

Under the leadership of Shoaib Javed Hussain, Chairman of State Life Insurance Company (SLIC), the company delivered the strongest business numbers in its history and grew its premium revenue to Rs279bn billion, increasing by 64pc from last year, according to a press release. The new business was Rs173bn, increasing by over 161pc from 2021. The category of ‘Individual Life’ recorded the highest-ever premium collection since inception, and ‘Group Life and Health’ reported record numbers of bringing in new business.

New OICCI chief

Mr Amir Paracha, Chairman and CEO Unilever Pakistan Limited, has taken over as the president of the Overseas Investors Chamber of Commerce and Industry (OICCI) for the 2023 term. This was announced at the 163rd Annual General Meeting of the OICCI held at the Chambers on Tuesday, February 28, 2023, as per a press release. Rehan Muhammad Shaikh, CEO of Standard Chartered Bank (Pakistan) Limited, was elected as the vice president.

Top performer ZEM Builders

According to a press release, ZEM Builders, a leading player in the real estate industry, has emerged as a top performer and awarded a Toyota REVO to a respected client in the recently concluded Peshawar Inter­national Property Expo & Convention held from 17th to February 19, 2023, at Marbella Cave Marquee, Warsak Road — Peshawar. The expo is attended by thousands of visitors and brings together the business elite, senior members of prestigious companies, social personalities, associations, business groups and individuals.

ABHI partners with Hilal

ABHI, a financial technology company, has partnered with Hilal Group, a leading fast-moving consumer goods company, to provide AbhiSalary, an Earned Wage Access product, to Hilal’s workforce, according to a press release. The move aims to reduce financial stress and improve productivity among Hilal’s employees, who can now access their earned salaries before payday in just 30 seconds.

New offices of IELTS

IDP Education Pakistan, a leading provider of international education services and proud co-owner of IELTS, is pleased to announce the opening of its two new offices in Faisalabad and Gujrat, making quality study abroad services and IELTS testing more accessible to the youth of both cities, says a press release.

Enhancing dairy exports

FrieslandCampina Engro Pakistan (FCEPL) and Engro Eximp FZE (EEF) signed a Franchise Agreement to enhance dairy exports from Pakistan, according to a press release. In line with FCEPL’s global purpose of nourishing by nature, this partnership will enable it to expand its global footprint. Together, FCEPL and EEF will serve the Pakistani diaspora and milk-deficient markets and uplift the dairy farmer community of Pakistan.

Almoiz wins six awards

Almoiz Group of Industries, a leading conglomerate, recently won six awards at the National Forum on Environment and Health Annual CSR Summit 2023, as per a press release. The event was attended by representatives of various industries that have excelled in multiple areas of Corporate Social Responsibility in their respective industries.

Published in Dawn, The Business and Finance Weekly, March 6th, 2023