Askari Bank Ltd. Elevates Dividend Amid Positive Financial Performance

Karachi, Askari Bank Ltd. (AKBL) has announced an increase in its dividend distribution for the year 2024, setting the rate at 25%, an improvement from the 15% bonus distribution reported in 2023. The bank's daily weighted average share price was recorded at 20.16 PKR. With a paid-up capital of 14,492.99 million PKR, Askari Bank maintains a significant stake in Pakistan's banking sector. The financial report released to the Pakistan Stock Exchange revealed an earnings per share (EPS) of 11.16 PKR for the January-February 2024 period. Established in 1992, AKBL has consistently contributed to the country's banking landscape, showcasing a positive trajectory in its financial outcomes.

OGDCL Announces New Gas and Condensate Discovery in Kohat Block, Khyber Pakhtunkhwa

Islamabad, The Oil and Gas Development Company Limited (OGDCL), as the operator of the Kohat Exploration License in Khyber Pakhtunkhwa, has made a significant discovery of gas and condensate at the Togh-02 (Slant) exploratory segment in the Lumshiwal-II Formation. This discovery, achieved in collaboration between OGDCL holding a 75% stake and M/s Saif Energy Limited (SEL) with a 25% stake, marks a notable extension in the hydrocarbon play area within the region.

According to Oil and Gas Development Company Limited, the well was spudded on August 28, 2023, and reached its total depth of 2,600 meters measured depth (MD) successfully. The discovery was confirmed through the interpretation of wireline logs, followed by a Cased Hole Drill Stem Test (CHDST-01) in the Lumshiwal-II Formation. The test results were promising, with the well flowing at a rate of 2.842 million standard cubic feet per day (MMSCFD) of gas and 28 barrels per day of condensate (BPDC), under a wellhead flowing pressure of 540 pounds per square inch (PSI) using a 32/64" choke size.

This gas and condensate discovery is particularly significant as it not only adds to the hydrocarbon reserves in the Togh Structure but also opens up new opportunities for exploration and development in the area. The successful discovery is in line with OGDCL’s continued efforts to explore and develop new hydrocarbon reserves in the country, contributing to the energy sector's growth and stability. The information regarding this discovery has been disclosed in compliance with the Securities Act, 2015, and PSX Regulations, aiming to inform stakeholders and the public about the new potential in the Kohat Block.

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HBL Islamic Money Market Fund Reports 4.20% Distribution for 2023

Karachi, In a recent financial update, the HBL Islamic Money Market Fund reported a 4.20% distribution for the year, translating to Rs 4.20 per unit. This announcement, aimed at investors and market analysts, indicates the fund's consistent performance with an offer price of 102.31 and a redemption price of 101.17. Operational since 2011, the fund continues to be a stable option for those seeking Islamic money market solutions.

Ghani Global Holdings Reports Minimal Earnings in Fiscal Year 2022/2023

Karachi, Ghani Global Holdings (GGL), involved in the chemical industry, posted a daily weighted average rate of 9.93 RS. with an earnings per share of just 0.05 RS. for 2022/2023. The company did not announce any distributions for the years 2022, 2023, and 2024, indicating a challenging period. With a par value of 10 RS. and a market lot of 1, Ghani Global Holdings, which has been listed since 2010, faces the task of improving its financial performance in the upcoming periods.

PACRA Upgrades H. Sheikh Noor-ud-Din and Sons Ratings Amid Strong Performance

Lahore, The Pakistan Credit Rating Agency Limited (PACRA) has upgraded the entity ratings of H. Sheikh Noor-ud-Din and Sons (Private) Limited (HSNDS), reflecting the company's strong financial performance and growth trajectory. The upgrade moves the long-term rating from BBB to BBB+ and maintains the short-term rating at A2, with a stable outlook for both.

According to The Pakistan Credit Rating Agency Limited, the upgrade is a testament to HSNDS's significant growth and robust financial health. The company, a key manufacturing and production arm of NRS Relief, specializes in the production and sale of innovative relief products, including tents, tarpaulins, canvas, mosquito nets, and other items for humanitarian organizations. The rating upgrade follows a family transaction completed at the end of 2023 that resulted in changes to the company's ownership structure but affirmed the strong industry-specific knowledge and expertise of its sponsors.

HSNDS has demonstrated commendable growth, with a 196% year-over-year increase in its top line, largely driven by successful bids for new contracts with international relief agencies. This growth has come in response to the rising global demand for relief equipment due to recent global conflicts and natural calamities. While the company’s gross profitability margin saw a slight dilution, its net profitability margin significantly increased due to complete deleveraging, leading to a reduction in finance costs and a substantial increase in the bottom line.

The company's improved financial risk profile, attributed to the deleveraged capital structure following the repayment of its entire debt portfolio, played a crucial role in the rating upgrade. Improved working capital management and healthy cash flows during the year further supported this enhancement. The ratings also consider the company's long-term associations with international donor agencies such as the UN, UNHCR, UNICEF, and the Red Cross, alongside adequate support from sponsors and other group businesses.

For the future, PACRA notes that maintaining a deleveraged capital structure and sustaining the growth trajectory in sales volumes and profitability are crucial for the sustainability of the upgraded ratings. The agency also points out that the sustainability of the ownership structure, governance, sales volumes, and margin stability remain critical for the ratings, highlighting that any deterioration in coverages and cash flows could impact future assessments.

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Grays Leasing Ltd Maintains Status Quo in Latest Financial Announcements

Karachi, Grays Leasing Ltd, a prominent name within the leasing sector, disclosed no new dividends or earnings per share in its latest financial updates for January-February 2024, as reported to the Pakistan Stock Exchange. The company, listed since 1997, has maintained its position with a paid-up capital reported in millions, though specific figures were not disclosed. Despite the absence of dividend announcements, Grays Leasing Ltd continues to be an entity of interest in the financial markets, with historical data indicating a consistent engagement with its shareholders. The lack of dividend distribution for the years 2022, 2023, and 2024 aligns with its previous stance, marking a period of stability or strategic financial planning. The market lot remains set at 500, maintaining accessibility for investors.

JS Bank Limited Schedules Coupon Date for Ten-Year Tier-II TFC

Karachi, JS Bank Limited has set the next coupon date for its Tier-II Term Finance Certificate (TFC), JSBLTFC4, as May 29, 2024. This ten-year debt security, with a face value of Rs. 100,000, forms a crucial part of a Rs. 3.5 billion issuances, underscoring the bank’s approach to long-term financing.