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profitepaper pakistantoday 26th February, 2013
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Ufone attractspotentialemployees at theBritish CouncilEmployers’ FairISLAMABAD: British Council Employers’
Fair concluded with its last event held in
Islamabad after conducting one-day
fairs in Karachi and Lahore. Ufone being
the key participant remained the most
sought after employer amongst the
youth and students visiting the fair at all
three stations, said a press release
issued on Monday. The Ufone team
present at the fair provided career
guidance and resume writing tips in
order to enhance the skills of fresh
graduates. It also shared actual
vacancies available at Ufone alongside
the interviewers also interviewed
potential candidates. Tahir Husain, a
Master Trainer at Pitstop International,
present at the event appreciated Ufone
for offering Graduate CV Coaching
services. “The students showed great
interest, appreciated the help and
guidance on best practices. They left
motivated having learnt new techniques,
and confident of their chances of getting
a job brighter than before,” commented
Tahir Hussain. Syed Zulfiqar Ali Zaidi GM
Human Resources Ufone said, “Events
like these help identify potential
employers for returning graduates while
at the same time nurture our
commitment to giving talent a fair
chance. It is indeed a very welcome
initiative by the British Council.” Ufone
believes that partnering with the British
Council is a key step in reversing the
brain drain, and bringing back our
intellect to Pakistan, he further added.
He interviewed several candidates to
give maximum opportunity to the fresh
graduates to gain experience at one of
the largest and leading cellular
companies of Pakistan. Nadia Kamran,
Country Head Education UK at British
Council Pakistan hoped to sustain and
strengthen British Council’s partnership
with Ufone for similar future events in
2014 and 2015. She said that such
corporate initiative will help in bridging
the gap between Pakistani students
studying in the UK and potential
employers in Pakistan. STAFF REPORT
UBL earning pershare grows by16pc in 2012KARACHI: The United Bank Limited
(UBL) announced 2012 unconsolidated
EPS of Rs14.7 compared to EPS of
Rs12.7 last year, up by 16%. The bank
also announced final cash dividend of
Rs3.5 per share, taking the total
payout to Rs8.5 per share for the year,
said the analysts at Topline Research
Monday. Though the net interest
income (NII) declined by 2% to
Rs38.5.2bn, 35% jump in non-interest
income to Rs17.1bn and lower
provisioning (down 43%) to Rs4.1bn
mainly contributed to the earnings
growth, they said. Despite rising
deposit, NII remained flat due to lower
spreads on account of 1) decline in
interest rates and 2) increase in
minimum deposit rates at 6%. On the
other hand, the analysts said, better
dividend income related to
treasury/trading led overall growth in
non–interest income. Moreover,
controlled lending along with improved
paying capacity of borrowers after
decline in interest rates led overall
provisioning to decline from Rs6.2bn to
Rs3.2bn. In 4Q212, UBL posted EPS of
Rs3.23, down 17%QoQ due to
declining spreads. STAFF REPORT
01
KARACHI
STAFF REPORT
PAKISTANI investors are tak-ing keen interest in setting upbusinesses in Ajman FreeZone Authority (AFZA)
where the number of international in-vestors is still increasing.
Over 7,200 companies are alreadyregistered at AFZA from around theworld and Pakistani businesses rankamongst top five AFZA’s registeredbusinesses. This was stated by Ali Hus-sain Fahmi, AFZA’s head of customerservice, while briefing media here at theKarachi Press Club Monday.
Flanked by Abdalla Yehia Goharand Rafeeah Al Suweidi, respectivelythe head of financial planning divisionand manager customer service atAFZA, Fahmi said a three-memberhigh profile delegation from the Au-thority would meet Pakistani investorsin a seminar on Tuesday, 26th February,to further explore the growing inwardinvestments from Pakistan.
“We want to enhance business rela-tions, promote trade and strengthen tieswith Pakistan’s business community. Theroad show is aimed at Pakistani business-men, entrepreneurs and investors thatwould like to spread their operations in-
ter-nation-a l l yespecially in the Mid-dle Eastern region whereby the UAEserves as a springboard and a centre pointto enter the regional markets,” he quotedMahmood Al Hashemi, Director Generalof AFZA, as saying.During their visit, the AFZA officialswould meet investors from various indus-tries, trade and service sector and show-case multiple facilities and businessinvestment opportunities available for thePakistan business community.
The convenient set-up solutions, di-verse range of licensing options along
with a tax free operation aresome of the core subjects tobe discussed with theprospective investors.
Abdalla Yehia Goharsaid with cost-effectiveset-up packages, the reg-ulations and proceduresfor investment at AFZAhave been kept simple tofacilitate the investors.
Highlighting the incen-tives for investment at the
zone, he said free zone offers100pc foreign ownership with
the facility of 100pc repatriationof capital and profit. “There is no
personal income tax for investors atAFZA,” he added. Rafeeah Al Suweiditold reporters that having a diversefocus, the Zone offered a range of li-censes to accommodate all businesstypes, which helps us in accommodat-ing companies form all fields, and wecan provide a platform across the boardin facilitating their business.He said AFZA offered Trading Licenses(Also known as commercial license) forimport and export, service licenses, in-dustrial license and national industrial li-cense. Investors can benefit from array offacilities ranging from Smart Office (deskspace), offices, Warehouse and Land.
BUSINESS
BTuesday, 26 February, 2013
After signing memoranda of understanding with Russia
and other countries, the production of Pakistan Steel Mills
would be enhanced up to 50 percent. – Anwar Ali Cheema
Pakistani businessesamongst top five at UAE-basedAjman Free Zone: Fahmi
KARACHI
STAFF REPORT
In pursuance of its mandate to encourageand promote investment, the Securities andExchange Commission of Pakistan (SECP)has been working on an initiative to pro-vide a one-window operation to foreign en-tities for obtaining security clearancecertificate for incorporation in Pakistan.
In this regard, the SECP organized animportant meeting on Monday with the con-
cerned officials representing the ministry ofinterior, corporate sector and legal fraternity.
With Federal Interior Minister AbdulRehman Malik in the chair, the meeting wasattended among others by SECP ChairmanMuhammad Ali and Commissioner Com-pany Law Division Tahir Mahmood.
The participants compared notes on de-vising a mechanism for expeditious securityclearance for foreign-funded businesses.They also discussed the resolution of casespending for processing of security clearanceof foreign investors at the earliest. Promi-nent business leaders who attended themeeting expressed their concern to the inte-rior minister regarding the lengthy proce-dure for obtaining security clearance.
Currently, all foreign companies set-ting up businesses in Pakistan and foreignnationals interested in investing in localcompanies are required to obtain a securityclearance (NoC) from the security agen-
cies, which is a prerequisite before regis-tration and acceptance of statutory returns.
Under the 1973 Rules of Business, theministry of interior is primarily responsiblefor regulating entry and exit of foreigners;therefore, the SECP as a matter of policyforwards the cases to ministry of interiorfor security clearance.
Besides, it is also incumbent on for-eign companies to obtain a prior NOCfrom the Board of Investment before start-ing their business activities.
The SECP in coordination with the in-terior ministry has been striving to stream-line the process of obtaining securityclearance and to remove unnecessary bar-riers in the way of foreign investment. Thedelay in security clearance is also exposedto public litigation and many complaintsfrom the general public and chartered ac-countant firms have also been received.
The SECP believes that due to rela-
tively lower domestic investment and re-sources, the Foreign Direct Investment(FDI) is critical to spurring country’s pro-ductivity and growth.
The encouragement of foreign invest-ment in the country and development ofcorporate sector and capital market in Pak-istan is possible only through coordinatedefforts of all stakeholders.
To facilitate investors, the SECPchairman requested the interior ministrythat the SECP may be allowed to proceedwith incorporation of companies/registra-tion of statutory returns having foreigninvestment/directors and appointment offoreign directors by making it mandatoryto file all relevant documents necessaryfor security clearance along with an un-dertaking that in case of refusal of secu-rity clearance by the interior ministry, therelevant returns shall be de-registeredforthwith and directorship cancelled.
CFOs want newrecruits to becomplete financeprofessionals, findsnew ACCA research
ISLAMABAD
STAFF REPORT
The majority of Chief Financial Officers(CFOs) looking to appoint new staff fortheir businesses say they should ideallyhave both a breadth and depth of financeexpertise and capabilities, a new reportfrom ACCA (the Association of CharteredCertified Accountants) reveals.ACCA asked CFOs what was important tothem when it comes to appointing newlyqualified accountants and what skills enablethem to grow their business, particularlysince the financial crisis. The resultingreport, The Complete Finance Professional:Why breadth and depth of finance capabilitymatter in today’s finance functionhttp://www.accaglobal.com/content/dam/acca/global/pdf-campaigns/cfo-survey.pdfoutlines why broad-based financequalifications remain valuable ineconomically turbulent times.
Arif Masud Mirza, Head of ACCAPakistan said: “ The environment inwhich finance professionals now work –one which is increasingly volatile,complex and competitive - requires themto have a broader range of finance skills -and this is certainly the case in Pakistan.Finance functions have to excel in a widerange of capabilities, including supportingbusinesses, managing risk, developingeffective strategies for growth, drivingfinancial insight and ensuring statutoryand regulatory responsibilities are met.Key findings from the 500 global financeprofessionals surveyed for the report show:96% said newly qualified financeprofessionals should know about financialmanagement; 94% said it was important tohave a good understanding ofprofessionalism and ethics. Managementskills scored 73%. 61% said the bestgrounding for a newly qualified financeprofessional to become a future leader was afull appreciation of financial andmanagement accounting. 89% said thatunderstanding the links between all areas offinance enabled recruits to minimise futurefinancial risks, with 88% saying it enabledthem to deal with financial challenges. 80%said it would enable their new recruit to taketheir career in any direction they chose.When it comes to sustainable businessgrowth, 76% said it ‘*really adds value totheir business’ for finance professionals tohave the complete finance knowledge andskills set, from both financial and strategicmanagement accounting. Mirza said: “The fact that finance staffshould have a broad range of skills andexpertise is important to CFOs – shouldalso ensure it is of equal importance toindividuals looking to plan their careersand maximise their employability.”Adamjee Yakoob, FCCA and CFO ofCitibank Pakistan, said: “A strong groundingin accountancy, finance and management aswell as the regulatory and legal context iswhat gives me confidence in new hires.
We want to enhance business relations, promote trade and
strengthen ties with Pakistan’s business community. The road show isaimed at Pakistani businessmen,
entrepreneurs and investors that wouldlike to spread their operations
internationally especially in the MiddleEastern region whereby the UAE serves
as a springboard and a centre point to enter the regional
markets
Govt moves to facilitate foreign investorsMINISTRY OF INTERIOR,SECP AGREE ON ONE-WINDOW SECURITYCLEARANCE OPERATIONFOR FOREIGN INVESTORS
PRO 26-02-2013_Layout 1 2/25/2013 11:40 PM Page 1
BUSINESSTuessday, 26 February, 2013
Major Gainers
COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERUnilever Food 4125.00 4255.00 4255.00 4255.00 130.00 20UniLever Pak 10518.18 10595.00 10361.00 10550.00 31.82 120National Foods 315.00 330.75 323.00 323.60 8.60 20,200Sapphire Fiber XD 166.26 174.49 174.00 174.49 8.23 500Sunrays Textile 181.00 188.90 188.90 188.90 7.90 500
Major LosersColgate Palmolive 1600.00 1520.00 1520.00 1520.00 -80.00 50Clariant Pak 280.41 290.00 266.39 266.39 -14.02 17,900MithchellsFruit XDXB 309.01 309.01 300.00 301.01 -8.00 1,300Pak Services 190.12 190.12 185.00 185.00 -5.12 700AL-Abbas Sugar XD 101.75 96.70 96.70 96.70 -5.05 1,000
Volume Leaders
Telecard Limited 7.10 8.10 7.25 7.96 0.86 35,048,500National Bank Pak 53.39 55.90 52.80 54.74 1.35 31,380,000P.T.C.L.A 23.97 24.59 23.30 23.64 -0.33 27,841,000Jah.Sidd. Co. 18.62 19.18 18.56 18.74 0.12 21,070,500Azgard Nine 7.69 8.69 7.75 8.59 0.90 17,566,000
Interbank RatesUSD PKR 98.1863GBP PKR 148.6344JPY PKR 1.0458EURO PKR 129.9496
ForexBUY SELL
US Dollar 99.1 99.25Australian Dollar 102.5 105Canadian Dollar 98.1 98.6UK Pound Sterling 153 154.2Euro 132.5 133.3Japanese Yen 1.055 1.11Saudi Riyal 26.35 26.6UAE Dirham 27.05 27.3China Yuan 13.5 14
NBP announces profit
and payout ratio of
97.2% for FY 2012KARACHI: Board of Directors’ of National Bank of
Pakistan in their meeting held on February 25, 2012
at the bank’s Head Office Karachi approved the
financial statements of the Bank for the year ended
December 31, 2012 and announced a payout of 15
% Bonus shares and 70% (Rs. 7.0 per share) cash
dividend to the shareholder’s as final dividend for
the year 2012 which translates into payout ratio of
97.2%. The Central bank reduced its policy rate by
250 bps in 2012 making reduction of 450 bps in the
last 15 months. The State Bank of Pakistan
increased the minimum profit rate on deposit from
5% to 6%. Due to these factors the bank’s interest
margin like all other banks remained under
pressure. This reduction was partially offset through
volume growth and improving deposit mix. After tax
profit stood at Rs. 16.2 billion, consequent to the
adjustment in discount rate. Total assets of the bank
increased to Rs.1.31trillion at the year end, up by
14% from year end 2011, an appreciable growth
given the competition and growth in overall banking
sector. The bank’s total deposits increased by Rs.
110 billion or 12%. Despite the economic challenges
the bank’s non performing loans (NPL) remained at
the year 2011 level with NPL ratio improving to
12.2% from 14.9% last year. Provision coverage is
at 82% which improved from 76% of year 2011.
During 2012 several major I.T. initiatives were
undertaken including conversion of almost all the
branches to the online network, expansion of ATM
network, establishment of full fledge 24/7 call center
.The benefits of the said I.T. initiatives coupled with
ongoing I.T. improvement will be further explored in
2013 in the form of further market penetration and
product development. Going forward the bank will
emphasize on reducing administrative and
manpower cost, increasing Current & Saving (CASA)
deposit ratio, reduction in NPLs, increase in
agriculture, SME and consumer advances, capturing
more trade business, and further improvement of
I.T. infrastructure etc. PRESS RELEASE
Emirates says ‘HelloRussia’ to promote flightsto Moscow, St PetersburgKARACHI: Emirates, one of the world’s fastest
growing airlines, and The Consulate of the Russian
Federation have joined together to promote
Pakistani tourism in Russia. The ‘Hello Russia’ event
was organized at the Russian Center of Science &
Culture - Friendship House, Karachi to showcase the
attractions of the two biggest cities in Russia,
Moscow & St. Petersburg. From the historical
landmarks of the capital city of Russia to the
renowned museums and exquisite art galleries of St.
Petersburg, the event highlighted the mixture of
culture and history which the two cities offer, making
visitors’ stays unique and memorable. PRESS RELEASE
Sindh Bank earns Rs 1.290b operating profitKARACHI: The Board of Directors of the Bank has
approved the financial results for the year ended Dec
31, 2012. During the year the bank earned a profit
before tax for Rs 1.290 Billion registering an increase
of 13% over the profit of Rs 1.140 Billion in the last
period comprising of fourteen months. Profit-after-tax
and earnings per share was reported at Rs 887 Million
and Rs 0.89 respectively. The bank’s deposits on Dec
31, 2012 stand at Rs 31.469 Billion as compared to
Rs 23.517 Billion on Dec 31, 2011 registering an
increase of 33.8%. Total no of accounts stand at
77,365 of which 79% are current accounts as on Dec
31, 2012. The banks focus during the year 2012 was
on expansion of network and to expand business
volumes. A total of 110 branches were opened during
the year 2012. Sindh Bank now has a presence in 80
cities across the country with 160 real time on-line
branches providing innovative products and services.
Further approval of 40 branches across the country
has been received from the State Bank of Pakistan
(SBP) for the year 2013 making a total network of
200 branches. The Credit portfolio has also registered
a commendable growth and amounted to Rs 19.282
Billion as on December 31, 2012 as compared to Rs
7.259 Billion as on Dec 31, 2011. During the year the
Board of Directors had approved an interim cash
dividend of Rs 0.60 per share. Such dividend
amounting to Rs 600 million was paid to the sole
owner of the bank i.e. Government of Sindh (GoS) in
July 2012. PRESS RELEASE
Samsung UHD TV
mesmerizes MENA
participantsKARACHI:
Samsung
Electronics Co.
Ltd., a global
leader in digital
media and
convergence
technologies,
unveiled
numerous
innovative
products at the
Samsung
Middle East and
North Africa
(MENA) Forum
2013. Among
these, the revolutionary UHD TV has completely
redefined the concept of home-entertainment, as
it emerges from a new vision for the consumer-
electronics industry. Samsung has introduced its
first 85-inch Ultra High Definition Television (UHD
TV) – the 85S9, which presents a stunning,
Timeless Gallery design, and sets a new standard
for Television craftsmanship. The UHD TV appears
to float within its frame and juxtaposes its classic
minimalism with the imposing 85-inch display
screen. UHD TV 85S9 offers four times the
resolution of Full HD displays to deliver
unmatched picture detail and clarity. It also
includes an up-scaling engine that can
automatically up-convert HD and Full HD content
to UHD resolution, offering a whole new world of
viewing experiences. PRESS RELEASE
Etihad Cargo postsrecord January tonnageKARACHI: Etihad Cargo, a division of United
Arab Emirates flag carrier Etihad Airways, has
posted record monthly uplift figures for January
of 32,613 tonnes, a 27 per cent increase on
January 2012 (25,600 tonnes). In its annual
results announced two weeks ago, Etihad Cargo
reported annual tonnage growth of 19 per cent
for 2012 on the back of a capacity increase of 14
per cent in Available Tonnage Kilometres. Etihad
Airways’ Chief Strategy and Planning Officer,
Kevin Knight, said: “2012 was a record-
breaking year for Etihad Cargo and based on
projections, demand will be greater again in
2013. The impressive tonnage figures for
January were driven largely by increased
demand into and out of China and India.
“Looking ahead, our forecasts point to continued
strong demand in key exporting and importing
markets such as China, India, Southeast Asia
and Europe, and we remain confident that we
have the right product and fleet strategy to
match customers’ expectations.” PRESS RELEASE
Establishment of
Industrial chair at QAU
ISLAMABAD: Dr Salim-uz-Zaman Siddiqui,
renowned Scientist of Earth Sciences Department
of Quaid-e-Azam University, Islamabad has been
honoured by establishing a chair in recognition
of his services by OGDCL and Government
Holding Private Limited (GHPL) here today at
Islamabad. Dr. Asim Hussain advisor to Prime
Minister was the Chief Guest to grace the
occasion, the ceremony was organized at Quaid-
e-Azam University, Islamabad. Masood Siddiqui
MD OGDCL and Vice Chancellor inked the
Memorandum of Understanding (MOU) in the
presence of Chief Guest. The chair was
sponsored by OGDCL and GHPL with donation of
RS 3.58 million. The objective of chair is to
bridge gap between industry and university and
to initiate research activities in earth sciences
department. PRESS RELEASE
CORPORATE CORNER
02
B
I will make efforts to put the country’s economy
on the right track during my short term in
office. — Finance Minister Saleem Mandviwalla
Indus Motors
announces financial
results for first half
FY 2012-13
KARACHI: The Board of Directors of
Indus Motor Company Limited have
announced the company’s financial and
operating performance for the year ended
December 31, 2012. After a record FY
2011-12, the sales and production of
Indus Motor Company for the first half
year of the current FY 2012-13 ended on
a depressing note. The sales of Toyota
brand (CKD and CBU) vehicles were down
by 38% to 14,994 units compared to
24,341 units sold in the same period last
year. The presence of used imported car
models in the category of Corolla class
also played a part in impacting the sales
of the company and severely restricted
IMC’s market share of locally
manufactured vehicles that declined to
25% compared to 30% achieved for
corresponding period last year. The
sluggish market demand forced the
Company to shut down the plant facility
for 53 non-production days. However, the
Company remained steadfast in its
commitment to its employees and did not
allow any worker layoff which was
appreciated by the entire workforce and
the government. The Company net sales
revenue for first half year ended
December 2012 decreased by 26% to Rs
24 billion as compared to Rs 33 billion for
the same period last year, while profit
after tax amounted to Rs 0.98 billion
versus Rs 1.77 billion for the same period
last year. PRESS RELEASE
ISLAMABAD: Pakistan TelecommunicationsCompany Limited (PTCL) organized a seminar on‘Prevention and Awareness of Hepatitis’ at a localschool in Karachi as part of the company’s CorporateSocial Responsibility (CSR) initiatives. PTCL is or-ganizing a nation-wide drive to create awarenessabout Hepatitis and its preventive measures. Dr.Tariq Saeed of PTCL Medical Services while givinginformation to students said, “Hepatitis is growingat an ever alarming rate now, with women and chil-dren at an increasing risk”. “More than 12 millionPakistanis are infected with hepatitis due to frequentuse of therapeutic injections, re-use of syringes, in-appropriate sterilization practices and poor hospitalwaste management,” Dr Tariq said. “At the commu-
nity and individual level, certain behavioral practicesincrease the risk of these infections substantially andit is the responsibility of every single one of us toconfront this disease”, Dr. Tariq added. Syed MazharHussain, PTCL Senior Executive Vice President(SEVP) HR commented, “PTCL believes in em-powering the youth of the country and the currentdrive is a continuation of this vision. The companybelieves in conducting its business in a mannerwhere it is positively contributing towards thegrowth and development of the society.” It is worthmentioning here that the PTCL is one of few com-panies in Pakistan which has dedicated medical cen-ters catering to the health needs of its employees andtheir families nationwide. PRESS RELEASE
PTCL holds Hepatitisawareness drive
KARACHI: The senior management of DHL
Global Forwarding Pakistan at the induction
ceremony of six 50-footer trucks. PR
KARACHI: Tara Uzra Dawood, president of
Dawood Global, addresses a press conference
to announce the 5th Ladies Fund Women’s
Award for Pakistan. STAFF PhOTO
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