Month: October 2020

Nestlé declares financial results for nine-month period ended Sept 2020

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KARACHI: Nestlé Pakistan Limited posted a revenue of PKR 88.7 billion for the nine-months period ended September 2020, an increase of 1.9% compared to the same period last year, despite many difficulties emanating from the COVID-19 crisis. These results were announced following a Board of Directors’ meeting at the Company’s Head Office, says a Press release.Dairy and Nutrition products are the main contributors to this growth as sales of liquid beverage products were negatively impacted by the COVID-19 situation. The Company launched several new products including Milkpak Butter, Nescafé Ice…

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OGDCL 23rd AGM APPROVES 25PC FINAL CASH DIVIDEND TO SHAREHOLDERS FOR THE FISCAL YEAR ENDED JUNE 2020.

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Islamabad-The 23rd annual general meeting of Oil and Gas Development Company Limited was held here in Marriott Hotel Islamabad on Wednesday the 28th of October 2020. The members approved financial statements for the fiscal year ended June 30, 2020 together with the Director’s and Auditor’s report. Final cash dividend of 25% of the par value of the shares i.e Rs 2.5 per ordinary share of Rs 10 each was also approved in the said AGM. Moreover M/s KPMG Taseer Hadi & Co., Chartered Accountants and M/s A.F. Ferguson, Chartered Accountants…

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Mexican Energy Minister: Pemex Is Open To Working With Foreign Oil Companies

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The Mexican government is ready to review offers for so-called farm-outs with Pemex if the projects proposed are feasible, Reuters has reported, quoting Energy Minister Rocio Nahle. This is a marked departure of Nahle’s previous skepticism about the benefits of Pemex working with foreign oil companies. In fact, just last month the Mexican government said it was working on a new infrastructure plan that, according to reports, would not include any new contract possibilities for oil and gas exploration and production. This has not helped troubled Pemex, which is the most indebted…

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BP Beats Forecasts To Return To Small Profit In Q3

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BP (NYSE: BP) avoided a second consecutive loss and beat analyst estimates as it reported on Tuesday a small profit for the third quarter after oil prices stabilized at around $40 a barrel from the slump in Q2. The UK-based supermajor, which is in the process of slashing 10,000 jobs, reported an underlying replacement cost profit—its proxy for net profit—of US$86 million for Q3, compared with a loss of US$6.7 billion for the second quarter of 2020 and US$2.3 billion profit for the third quarter of 2019. Analysts had expected…

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Oil Demand In Doubt As COVID Cases Climb

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The average energy capacity cost of utility-scale battery storage has declined from $2,152 per kilowatt-hour in 2015 to just $625/kWh in 2018. As of the end of 2018, the U.S. had 869 MW of installed energy storage capacity. The U.S. added 152 MW in 2019. In the first 7 months of 2020, the U.S. added 301 MW of energy storage capacity. Market Movers Cenovus Energy (TSE: CVE) and Husky Energy (TSE: HSE) were upgraded to Buy from Hold at Stifel, after Cenovus said it would buy Husky (more on that…

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