Engro’s profit jumps 50% to Rs15.5b

KARACHI: Engro Corporation reported a 50% increase in profit that reached Rs15.5 billion in the quarter ended September 30, 2020. According to a notice sent to the Pakistan Stock Exchange on Friday, the company had registered a profit of Rs10.3 billion in the corresponding quarter of previous year. Earnings per share (EPS) of the company came in at Rs16.12 for Jul-Sept 2020 compared to Rs10.61 in the same quarter of last year. Alongside the result, the company announced a cash dividend of Rs10 per share, taking cumulative dividend for the…

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Reorganisation of 7 SOEs faces hurdles

ISLAMABAD: The cabinet has allowed the Ministry of Industries and Production to give additional roles to government officers for vacant posts of CEO or managing director of stateowned enterprises (SOEs) until the appointment of new heads. The permission was given in relation to those SOEs that had either been merged, made autonomous or were being privatised. During discussion in a cabinet meeting, the industries and production secretary highlighted the difficulties in the way of implementing recommendations of the Institutional Reforms Cell. It was pointed out that the Institutional Reforms Cell…

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Court bars SSGC from hiring new staff

KARACHI: A court of law has barred Sui Southern Gas Company (SSGC) from hiring new workforce, mostly on officer’s positions, after existing employees approached the court to get overdue promotions which have been on hold for several years. “The defendants (SSGC’s higher management) are directed to act strictly in accordance with the employment policy and no recruitment shall be made in violation and contrary to the employment policy till the next date of hearing (November 4, 2020),” the Sindh High Court said in an interim order dated October 19, 2020.…

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Power production drops 10.5% to 13,104 GWh

KARACHI: Commercial power production dropped to 13,104 gigawatt-hours (GWh) in September 2020 as industrial and residential consumers continued to switch over to cheaper options like generating their own electricity from solar and gas-fired plants to avoid comparatively expensive electricity from the national grid system. Power production dropped 10.5% in September compared to August 2020 and decreased almost 4% compared to September 2019, according to data compiled by power sector regulator National Electric Power Regulatory Authority (Nepra) and research house Arif Habib Limited (AHL). “Industries have gradually shifted to their own…

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Govt ready to make amendments Sindh wants in island ordinance: AGP

The federal government is ready to make the amendments that the Sindh government wants in the Pakistan Island Development Authority Ordinance, said Attorney General of Pakistan Khalid Javed Khan on Thursday. Speaking to the media outside the Sindh High Court (SHC) after appearing before a bench hearing a plea about the ordinance, the attorney general said the issue cannot be solved by the judiciary. He added that if there is development on the islands, it will benefit the people of Sindh. “I assure the people of Sindh that their rights…

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