Month: February 2023

Pakistan’s premier conglomerate, the Engro Corporation Limited, has announced its financial results for the year ended December 31, 2022. Overview of financial performance during 2022: the Engro Corporation’s standalone revenue increased from Rs 21 billion in 2021 to Rs 24 billion in 2022, exhibiting healthy growth of 14 percent. Higher revenue was primarily due to higher dividends received from Engro Polymer and Chemicals Limited (EPCL), Engro Fertilizers Limited (EFERT) and Engro Energy Limited (EEL) which, in turn, were driven by strong underlying business performance. Resultantly, the Company achieved an 11…

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State Minister for Energy (Petroleum Division) Musadik Malik has opposed the supply of subsidised gas to fertiliser manufacturers and power producers, as poor people are paying a high price for the “elite capture”. Speaking at the concluding session of the sixth edition of The Future Summit, organised by the Nutshell Group, Malik underlined that the government was supplying gas at 70 cents per million British thermal units (mmbtu) to fertiliser manufacturers and at $1.34 per mmbtu to power producers. In comparison, energy-rich Saudi Arabia was providing gas to its fertiliser…

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Digitisation has the potential to add $60 billion to Pakistan’s economy within the next seven to eight years says the Overseas Investors Chamber of Commerce and Industry (OICCI) in its recently published report. The OICCI report titled “Recommendations for Digital Transformation in Pakistan”, presented to the president of Pakistan, aims to help the country on its digital journey. The report covers suggestions on e-commerce, fintech, IT exports and web 3.0 technologies etc. “Digitisation offers innovative employment prospects to 23% of the population falling in the age bracket of 20–34 years…

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National Electric Power Regulatory Authority (Nepra) has constituted a five-member inquiry committee to thoroughly investigate power breakdown due to contradictory stances of concerned entities. Due to system disturbance in the transmission network of NTDC, a total power system collapse occurred on January 23, 2023 around 07:34 a.m. which plunged the whole country into darkness and the system was completely restored after a longer time. According to an official statement, the Authority took serious notice of the above incident and acquired a preliminary report from NTDC and KE. Subsequently, a briefing/…

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