Profit of companies at PSX jumps 82%
Earnings of 94 firms clock-in at record high of Rs243 billion in Jan-Mar quarter
PHOTO: AFP
KARACHI:
The net profit earned by the top 94 Pakistani companies - mostly belonging to industrial and services sectors - surged 82% to a record high of Rs243 billion in the quarter ended March 31, suggesting that economic activities were in full swing during the start of the third wave of Covid-19 pandemic.
These companies are listed at the Pakistan Stock Exchange (PSX) and are part of the benchmark KSE-100 index, which is a group of top 100 performing companies. These companies had earned a net profit of Rs133.65 billion in the same quarter last year when the first wave shot down economic activities in the country, Topline Securities reported on Monday. “The largest contributors to KSE-100 profitability were oil marketing companies (OMCs) followed by fertiliser, cement, banks and chemical sector companies,” Topline Deputy Head of Research Shankar
Business
February 14, 2021
KARACHI: Construction sector borrowed Rs88 billion from banking institutions during the first half of the current fiscal year of 2020/21, showing 44 percent growth over the preceding same period, as the tax incentives and lower interest rate encouraged participation in real estate, analysts said on Saturday.
Companies attached to residential sector borrowed Rs41 billion in the six months ended December 31, 2020 compared to Rs29 billion, showing 41 percent growth, the analysts said, citing the central bank’s data. Borrowing for non-residential sector showed a rise of 51 percent to Rs47 billion.
Topline Securities Deputy Head of Research Shankar Talreja said the borrowing of the construction sector is likely to gain more momentum going forward due to increase in economic activity and subsidised markup scheme of the State Bank of Pakistan (SBP).
Industrialists decry ban on gas supply
Urge federal govt to immediately withdraw decision taken by Power Division
Industrialists have expressed grave concern over the decision taken by the government to cut gas supply to all industrial units from February 2021, terming it a counterproductive move.
In a statement, North Karachi Association of Trade and Industry (NKATI) President Faisal Moiz Khan, while opposing the decision taken by the Power Division, urged the federal government and Minister for Planning, Development and Special Initiatives Asad Umar to immediately withdraw the decision.
Labelling it as unwise and anti-industry move, he requested the government not to make decisions that would hamper production activities, otherwise industrialists would stop relying on government policies and would be reluctant to invest in future.
Pandemic, locust batter agriculture sector
Farmers suffered heavy losses as lockdowns disrupted supply
DESIGN: IBRAHIM YAHYA
The pandemic delivered a heavy blow to many sectors of the economy but the agriculture sector may have been the only one hit with the dual threat of Covid-19 and locust infestations. While on the one hand rains lashed across the country, unfavourable weather conditions on the other caused substantial damage to many crops.
This was not the only trouble facing the sector, as negligence of authorities to promote research and development also hampered growth.
An integral part of Pakistan’s economy, agriculture contributes over 19% to GDP and employs about 39% of the country’s total labour force, according to the Pakistan Bureau of Statistics. Not only this, the sector also has a significant share in the country’s exports.