NBP announces 40pc dividend

Posted on 02.27.07 by StockPK Team @ 10:57 am    

The National Bank of Pakistan (NBP) on Monday announced a cash dividend of 40 per cent (Rs4 per share) and 15 per cent bonus shares after posting a record pre-tax profit of Rs26.3 billion during 2006.

According to an announcement, the board of directors of NBP which approved the annual accounts for the year ending December 31, 2006 also approved the cash payment of Rs4 on each share. The net profit surged by 38 per cent rising from Rs12.7 billion in 2005 to Rs17 billion in 2006. The Earning Per Share jumped by 34 per cent to Rs24.01 in the period under review.

Foreign institutions hide clients identity

Posted on 02.24.07 by StockPK Team @ 10:34 am    

Zafar Moti Chief Executive Officer of Zafar Moti Capital Securities in an interview with The News said that foreign institutions have refused to provide Universal Identification Numbers (UINs) of their clients which is a huge discrimination between Pakistani clients and foreign clients.

This attitude should be changed and same treatment should be given to all, Zafar said.

He said it is obligatory for us to provide the complete information of our clients it should be compulsory for the foreign institutions to provide the details of their clients. Zafar minced no words in saying that authorities always are interested in facilitating the foreign investors interests but local investors interests are not catered to.

Results of PSO, PTCL, CTTL announced

Posted on 02.23.07 by StockPK Team @ 12:00 pm    

Despite comparatively lower net income the Pakistan State Oil (PSO) registered at the completion of first half of the current fiscal year ended on December 31, 2006, Board of Management of PSO managed to announce first interim cash dividend at Rs6 per share, on Thursday, translating into a cash payout of Rs1.029 billion to its shareholders.

Net income of the Company for the first half recorded a decline of 66 per cent to Rs1.14 billion (EPS Rs6.6) from last year earnings of Rs3.4 billion (EPS Rs19.7). While, sales revenue of the Company reached at Rs169.2 billion from Rs130 billion - a growth of 30 per cent. Despite higher sales, bottom line earnings declined due to heavy inventory losses and 20 per cent margin reduction when compared to similar period of the last year. Other income surged to Rs963 million versus that of Rs574 million last year.

JS Abamco Dividend Announced

Posted on 02.23.07 by StockPK Team @ 11:42 am    

JS Abamco (formerly Abamco Limited) has announced total cash dividend of Rs888.806 million for its three closed-end and one open-end mutual funds. Accordingly, the Board of Directors of the Company approved cash dividend at Re1 per unit for UTP - Large Cap Fund; Rs1.275 per unit for UTP - Growth Fund; Rs7.5 per unit for UTP - A30+ and Re1 per unit for BSJS Balanced Fund. JS Abamco Ltd enjoys an asset manager rating of ‘AM2+’, which is the highest rating ever received by any asset manager in Pakistan and reflects its leadership and strength in the asset management sector. Moreover, PACRA has assigned 5-star ratings for superior performance to all eligible open-end funds.

UBLFM managing funds worth Rs10bn

Posted on 02.22.07 by StockPK Team @ 12:38 pm    

The Board of Directors of UBL Fund Managers (UBLFM), a wholly-owned subsidiary of United Bank, announced on Tuesday that it was managing overall funds of Rs10 billion with over 5,000 unit-holders to date.

The board, after holding a meeting, announced the financial results for the six months ended December 31, 2006, of various funds under its portfolio.

Accordingly, United Growth & Income Fund (UGIF) in the fixed income category recorded a yield of over 12 per cent from July to December 2006. UGIF saw an increase in unit holders by 98 per cent, with a total fund size of over Rs3.3 billion. The net income per unit increased to Rs6.14 as compared to Rs4.29 for the same period last year.

OGDCL declares 17.5pc dividend

Posted on 02.22.07 by StockPK Team @ 11:33 am    

The Board of Directors of Oil and Gas Development Company Limited (OGDCL) on Wednesday announced second interim cash dividend at Rs1.75 per share (ie 17.50 per cent) for the second quarter ended December 31, 2006. This is in addition to the first interim dividend of Rs1.75 per share already declared during the current financial year.

The net income of the company for the first half (July-December 2006), stood at Rs23.1 billion (EPS Rs5.37) compared to Rs20.3 billion (EPS Rs4.72) previously. This represents a growth of 14 per cent in bottom-line.

Better realised prices of oil and gas were responsible for this growth as production remained flat at 160kboe.

Nishat Mills gives no dividend

Posted on 02.21.07 by StockPK Team @ 2:42 pm    

Nishat Mills announced no payouts to the shareholders despite depicting a growth of eight per cent in its net income that surged to Rs875 million (EPS: Rs5.48) for the current fiscal year’s first half ending December 31, 2006 from Rs811 million (EPS: Rs5.08) registered during the same period last year.

Although the overall textile sector exports exhibited a sluggish trend Nishat Mills exports continued to grow consistently posting an eight per cent growth over the corresponding period last year, said Farhan Aziz of JS Research.

Failed coup widens gulf between bourse, SECP

Posted on 02.21.07 by StockPK Team @ 1:40 pm    

The issue of the removal of MA Lodhi, Managing Director of Karachi Stock Exchange (KSE) that ended up with his hard victory, has once again raised the question of transparency at the local bourse and sparked the tension between the SECP nominated non-members directors and KSE elected member directors on board.

The allegations that the Securities and Exchange Commission of Pakistan (SECP) nominated directors pinned on MD was that he was not performing his duties efficiently. They explained that the sitting MD earlier failed to manage the Callmate Telips Telecard Limited (CTTL) crisis that took place a couple of months back. It was not for the first time the issue like CTTL emerged at the local bourse, they explained.

Cement manufacturers asked to cut prices

Posted on 02.21.07 by StockPK Team @ 12:39 pm    

The federal government on Tuesday warned the cement manufacturers that if they did not reduce prices within one week, they would have to face the music.

The cement price issue was discussed in a meeting between the federal government officials and cement industry tycoons here, but it apparently failed to yield any positive results.

The meeting was attended by the chairman All Pakistan Cement Manufacturers Association, All Pakistan Contractors Association, Association of Builders and Developers and government high-ups.

Govt may withdraw deposits if banks levy service charges

Posted on 02.20.07 by StockPK Team @ 1:07 pm    

The government may withdraw its deposits, in billions, from different commercial banks to avoid the anticipated levy of service charges, it is learnt.

At the moment, the finance ministry is contemplating upon various options, including withdrawal of billions of rupees deposits, from the commercial bank to bar them levying services charges on accounts holders of 1.5 million public sector employees.

All officials in the finance ministry were reluctant to say anything on the record on this subject. When spokesman of the State Bank of Pakistan, Syed Wasimuddin, was contacted on his mobile for comments, he said that the central bank would oppose any move for levying services charges on account holders of the public servants in view of its existing circular.