Category: Shortcode

“Engro Fertilizers Achieves Record Annual Profit of Rs26.19 Billion in 2023”

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ENGRO-1

Engro Fertilizers Limited has reported a remarkable annual profit of Rs26.19 billion for the year 2023, marking a substantial increase of 64 percent compared to the previous year. This significant growth was fueled by elevated sales and reduced interest costs. The company, a subsidiary of Engro Corporation Limited, disclosed this information in a statement to the Pakistan Stock Exchange on Friday, highlighting that its earnings per share surged from Rs11.98 in 2022 to Rs19.61 in 2023. Additionally, Engro Fertilizers declared a final cash dividend of Rs8 per share, resulting in…

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PPIB Urges SBP to Settle $789 Million Outstanding Dues of IPPs

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ppib

The Private Power & Infrastructure Board (PPIB) has called upon the State Bank of Pakistan (SBP) to clear the outstanding payments of $789 million owed to power projects, including those under the China Pakistan Economic Corridor (CPEC), to ensure the seamless progress and operations of these projects. Sources close to the Managing Director (MD) of PPIB disclosed this information to Business Recorder. In a letter addressed to the Governor of SBP, Jameel Ahmed, MD PPIB Shah Jahan Mirza referred to previous communications, highlighting the urgency of resolving the issue. The…

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Gas Price Hike Hits Unprotected Consumers Hard

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LNG-import

In line with the federal cabinet’s decision, the Oil and Gas Regulatory Authority (OGRA) has announced a significant increase in natural gas prices effective from February 1, 2024, with unprotected consumers facing the brunt of the hike. Protected consumers will experience a gradual increase in tariff slabs, ranging from Rs. 80 to Rs. 100 per Million British Thermal Units (MMBtu), with a cross subsidy of Rs. 108 billion. However, unprotected consumers will see a larger spike in prices, ranging from Rs. 200 to Rs. 300 per MMBtu. The monthly fixed…

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Regulator Reduces RLNG Prices for February Due to Lower International Prices

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lng

In response to significant system losses and decreasing international prices, the Oil and Gas Regulatory Authority (Ogra) has announced a reduction in the sale price of Regasified Liquefied Natural Gas (RLNG) for Sui Southern Gas Company Ltd (SSGCL) and Sui Northern Gas Pipelines Ltd (SNGPL) for the current month, effective Feb 1. This marks the second consecutive month of decline in RLNG prices, following an 8% drop in the previous month, subsequent to a 10% increase in December 2023. For SSGCL, the transmission stage price has been reduced by 9.02%…

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Solar Panel Prices Surge in Pakistan

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solar-energy

Karachi: In a concerning trend, the prices of solar panels in Pakistan have witnessed a significant uptick, with costs escalating from a previous range of 75,000 to a staggering 300,000 rupees. This surge, according to industry insiders, can be attributed to a confluence of economic variables and governmental policies.The steady increase in solar panel prices has caught the attention of both consumers and experts alike. Analysts point to a combination of factors contributing to this sharp rise, with economic conditions playing a pivotal role. The fluctuating exchange rates and inflationary…

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