PSX witnesses bullish trend, gains 508.48 points
The 100-index of the Pakistan Stock Exchange (PSX) witnessed a bullish trend on Thursday (April 20), gaining 508.48 points, with a positive change of 1.26 per cent, closing at 41,007.82 against 40,499.34 points on the previous day. A total of 173,790,631 shares were traded during the day as compared to 84,164,030 shares the previous day,…
Adil Aziz
FrieslandCampina Engro Pakistan Limited posts strong financial results in Q1, 2023
FrieslandCampina Engro Pakistan Limited (FCEPL) announced its financial results for Q1, 2023. The Company reported a revenue of PKR 22,651 million in the first quarter, showcasing 62% topline growth versus last year, driven by mix improvement, widening our distribution footprint, and volume growth in both, the Dairy-Based Products and the Frozen Desserts segments. Despite inflation…
Airlines will hike ticket prices to pay for costly sustainable fuel: IATA
DEVELOPING more sustainable aviation fuel (SAF) is key to reducing the airline industry’s carbon footprint — but customers will end up footing the bill in airfare prices, according to Willie Walsh, director-general of the International Air Transport Association (Iata). Speaking on Wednesday (Apr 19) at a panel at the Bloomberg New Economy Gateway Europe conference…
Meezan Bank declares Rs15.4 Billion profit after tax in Q1
Meezan Bank Limited’s profit after tax increased to Rs 15.4 billion from Rs 9.2 billion in the corresponding period last year with a growth of 68% for the quarter that ended March 31, 2023. The Board of Directors of Meezan Bank Limited held to approve the financial statements of the Bank for the quarter that…
At UN, Pakistan to unveil its climate investment portfolio seeking funding for projects
Pakistan is set to present its climate investment portfolio evening at a session of the United Nations Sustainable Development Goals (SDGs) Investment Fair 2023, which brings together governments, the private sector, and financial intermediaries to boost financing for development. “Basically we are seeking foreign investments into projects that can help the Government of Pakistan tackle…
POL import bill contracts by 11.66% in 9 months
The imports of the overall petroleum group contracted by 11.66 percent during the first nine months of the current fiscal year (2022-23) as compared to the corresponding period of the last year. The total imports of the petroleum group during July-March (2022-23) stood at $13,083.145 million, as against the imports of $14,810.060 million during the…
Meta prepares more layoffs across Facebook, WhatsApp, Instagram
META Platforms is set to commence company wide layoffs on Wednesday (Apr 19) as it restructures teams and works towards founder Mark Zuckerberg’s goal of greater efficiency. The Facebook parent company notified managers to prepare to announce job cuts on Wednesday, via a memo seen by Bloomberg News. It indicates Facebook, WhatsApp, Instagram and Reality…
Compliance center opened at commerce ministry to facilitate businesses, exports
Ministry of Commerce Syed Naveed Qamar inaugurated the first-ever National Compliance Centre (NCC) to ensure international compliance requirements and facilitate the manufacturers, exporters, and certification agencies through information sharing and training/capacity building. Addressing the launching ceremony of the center, the minister reiterated the resolve of the government to accelerate efforts for promoting sustainable and inclusive…
OGDCL partners with TCF to promote quality education in Pakistan
Under its Corporate Social Responsibility Program, the Oil and Gas Development Company Limited (OGDCL) signed a Memorandum of Understanding (MOU) with The Citizens Foundation (TCF) here to promote quality education for underprivileged children in Pakistan. The MOU aims to construct and operationalize primary level schools in the OGDCL’s operational areas in collaboration with TCF, to…
PTCL Group Posts Double Digit Revenue Growth of 23%
Pakistan Telecommunication Company Limited (PTCL), the leading provider of telecom and ICT services in the country, has announced its financial results for the quarter ended March 31, 2023. The announcement was made during a Board of Directors’ meeting held in Islamabad on April 17, 2023. During the first quarter of 2023, PTCL Group sustained its…