Category: Highlights

Attock Refinery Limited (ATRL) has posted a substantial increase in its earnings for the first half of fiscal year 2024 (1HFY24), reporting a profit after tax of Rs17.56 billion [EPS: Rs164.7].

Admin
New-ARL

This compares to a profit of Rs15.91 billion [EPS: Rs149.21] in the same period last year. The Board of Directors (BoD) has also declared an interim cash dividend of Rs2.50 per share (25%) for the review period. The company’s top line witnessed an 18.12% YoY surge to Rs270.29 billion compared to Rs228.83 billion in the same period last year. Despite a significant increase in taxes, duties, levies, and price differentials towards sales, the net revenue reached Rs205.96 billion, reflecting growth from the Rs189.03 billion recorded in 1HFY23. The gross profit…

Read More

Mari acquires working interest in Zarghun South and Nareli Block

Admin
Mari-Petroleum

Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, has acquired a working interest from Spud Energy Pty Ltd (SEPL) in Zarghun South and Nareli Block. Mari shared the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “Mari and SEPL have signed agreements today (February 07, 2024) for the acquisition of 40% working interest in Zarghun South D&PL and 27.55% working interest in Nareli Block by Mari from SEPL,” read the notice. Mari shared the said acquisitions are subject to requisite regulatory approvals and…

Read More

PTA Confirms Internet Services to Remain Operational on Pakistan Election Day.

Admin
General-Election

Islamabad: The Pakistan Telecommunication Authority (PTA) has quashed rumors of a planned internet shutdown on election day (February 8), asserting that internet services will continue without interruption. Despite previous concerns and past instances of disruptions, government officials have assured the public of internet accessibility during the upcoming elections. Shutdowns pose significant economic consequences, with telecom companies facing losses of Rs940 million per day, resulting in a substantial impact on tax revenue for the national exchequer. The IT freelance industry, in particular, suffers losses of approximately $2 million daily during internet…

Read More

Ogra Proposes Significant Gas Price Hike to Fulfill IMF Conditions

Admin
OGRA

In response to the IMF’s requirements and to meet a mid-February deadline, the Oil and Gas Regulatory Authority (Ogra) has proposed substantial increases in gas tariffs, aiming to extract an additional Rs100 billion from consumers over the next four months. This move follows a significant tariff hike in November, as part of the government’s commitment to the IMF. Notably, Ogra streamlined its public hearing process, holding only one session each in Lahore and Karachi for Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGC) respectively, excluding…

Read More

Oil/gas sector in limelight as KSE-100 gains over 850 points

Admin
IMF-board

The Pakistan Stock Exchange (PSX) saw interest in the oil and gas sector as the benchmark KSE-100 index gained over 850 points during trading on Tuesday. At 2pm, the benchmark index was hovering at the 63,855.95 level, an increase of 853.04 points or 1.35%. Index-heavy stocks including OGDC and PPL were trading in the positive, amid reported developments on the government’s circular debt plan. Business Recorder reported that the caretaker government’s team on Monday formally interacted with the International Monetary Fund (IMF) through a video call to seek the latter’s support for…

Read More