Month: February 2021

Engro Powergen nets Rs2.079 million annual profit

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The company posted a decline of 38.2 percent in earnings, as against the profit of Rs3.4 million and EPS of Rs10.51 in 2019, primarily due to subdued demand and lower sales. Company’s sales revenues clocked in at Rs8.09 million in 2020, down 38.7 percent compared with the revenues of Rs13.2 million in the corresponding year. Engro Powergen also announced final cash dividend of Rs1.75 ie 17.5 percent along with corporate announcement, which is in addition to interim cash dividend for the half year ended June 30, 2020 already paid at…

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Dana Gas posts 2020 net loss of $376 million

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DUBAI: United Arab Emirates energy firm Dana Gas said on Thursday it posted a 2020 net loss of $376 million compared to a net profit of $157 million the year prior. “Following the sharp decline in oil prices and associated negative effects as a result of the COVID-19 pandemic, the group recognised a non cash impairment of $244 million (AED 894 million) in respect of Egyptian assets and a further impairment of $163 million (AED 597 million) in respect of goodwill following sale of the company’s onshore assets in Egypt,”…

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B3 connections: Zero-rated sector seeks increase in grid ceiling to 6.5MW

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LAHORE: The zero-rated sector sought an increase in grid ceiling from 5MW to 6.5 MW for B3 Industrial Consumers as it would help boosting up exports, augmenting foreign exchange earnings and creating additional employment opportunities, said Power Division sources. They said the request for increase in grid ceiling has been made in the backdrop of Jan 21 decision of Cabinet Committee on Energy (CCOE) to discontinue gas supply to the Captive Power Plants from 01.02.2021 to non-export industry from 15.03.2021 to the export industry and finally the industry having co-generation…

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Global regulators back plan for climate risk disclosures body

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LONDON: Global market regulators have thrown their weight behind plans for a new international standards body for company disclosures on climate risks and sustainability, saying it would cut the scope for so-called greenwashing. The current patchwork of voluntary public and private initiatives for disclosures has at times given misleading and inconsistent information to investors, said Ashley Alder, chair of the International Organisation of Securities Commissions or IOSCO. “This can lead to cherry picking and shopping around for reporting standards in ratings… this makes greenwashing obviously easier,” Alder told a City and Financial…

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Ordering IPPs forensic audit govt’s ‘prerogative’

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The prerogative to conduct forensic audit of the Independent Power Plants (IPPs) rests with the government, said the Power Division, adding under no circumstances it gave up on any of its right during lengthy negotiations towards a reaching a final agreement with them. In a recent meeting, Cabinet Committee on Energy (CCoE) Chairman Asad Umar sought clarification whether any right of the government had been compromised and affected including forensic audit of the IPPs. The Power Division noted that no right of the government would be affected. The IPPs are…

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