Year: 2020

Oil and Gas Development Company’s (OGDC) profit fell 14% to Rs23.4 billion in the quarter ended September 30, 2020 due to a massive drop in oil prices in the international market. According to a notice sent to the Pakistan Stock Exchange on Thursday, the company had reported a profit of Rs27.3 billion in the same period of last year. Accordingly, earnings per share (EPS) of the company came in at Rs5.45 during the Jul-Sept 2020 quarter against Rs6.35 in the same quarter of previous fiscal year. Along with the result,…

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HYDERABAD: Federal Energy Minister Omar Ayub on Wednesday announced that Pakistan is planning to lay down a new gas pipeline with the cooperation of Russia. While announcing that gas reservoirs of the country are witnessing a fast decline, he blamed the PPP and PML-N for doing nothing during their previous tenures for tackling the situation. “They did not sign any tender for new gas reservoirs,” he added. The minister said that the recent hike in power tariff is also due to agreements signed by the previous governments, adding that the incumbent…

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Shell Pakistan Limited (‘SPL’) has announced the financial results for Q3 2020. The company posted an after-tax profit of Rs. 1.81 billion, which is 218% or 2.18x higher as compared to the profit of Rs. 570 million in the same period last year. Overall, during the nine months of 2020, the company reported a loss of Rs. 6.06 billion, up by 5.91x as compared to Rs. 877 million recorded in the same period last year. The financials still present a challenging situation, driven primarily by the unprecedented coronavirus pandemic and…

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A continued investment in the technology sector often distinguishes developed nations from developing nations. An increased focus on this sector not only yields positive dividends on growth but also facilitates headway on the development front. This is why countries – like China – which house an overwhelming proportion of the competitive high-tech industry enjoy long-term economic prosperity in the wake of cost-efficient outputs that nimbly tap into both local and foreign markets. However, technology is not an input that any country can code into its economy. It results from sustained…

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