Profit statements

Meezan Bank’s third-quarter profit jumps 64% to 11.6 billion rupees

KARACHI: Meezan Bank Limited (MEBL), the country’s largest Islamic bank, reported a 64% rise in third-quarter net profit on Wednesday, helped by an increase in bank revenue.

In a statement to the Pakistan Stock Exchange, the bank reported net profit of 11.619 billion rupees for the third quarter which ended September 30, compared to 7.067 billion rupees in the same period last year.

MEBL has announced an interim cash dividend of Rs2 per share, which is in addition to the interim cash dividend already paid at Rs 3.50 per share.

Earnings per share (EPS) stood at Rs6.46 per share, compared to Rs3.92 per share last year.

The bank said its profit-generated revenue for the quarter rose to 65.609 billion rupees from 27.498 billion rupees a year earlier. Profit expenditure remained higher at Rs33.858 billion against Rs10.189 billion a year ago.

For the nine months ended September 30, the bank recorded a net profit of 28.756 billion rupees, compared to 19.969 billion rupees in the same period last year. EPS for the nine-month period was recorded at Rs15.99 against Rs11.04 in the same period a year ago.

Engro Corp’s Q3 profit up 22%

Engro Corporation announced a 22% increase in net profit in the third quarter thanks to an increase in net sales.

In a statement to the Pakistan Stock Exchange, the company reported net profit of 13.896 billion rupees for the third quarter which ended September 30, compared to 11.393 billion rupees in the same period of the previous year. .

The company has announced an interim cash dividend of Rs10 per share, which is in addition to the interim cash dividend already paid at Rs23 per share.

The EPS came in at Rs13.91 per share, up from Rs10.62 per share last year.

The company said its net revenue for the quarter rose to 91.285 billion rupees from 84.261 billion rupees a year earlier. Revenue cost also remained higher at 64.642 billion rupees from 61.269 billion rupees a year ago.

For nine months ending September 30, the company posted a net profit of Rs 30.709 billion compared to Rs 40.503 billion in the same period last year. EPS for the nine-month period was recorded at Rs26.78 against Rs40.22 in the same period a year ago.

Shell Pakistan records losses

Shell Pakistan Limited (SPL) reported a net loss of 4.644 billion rupees for the quarter ended September 30, weighed down by the devaluation of the rupee, volatility in international oil prices and a reduction in industry volumes.

The company had made a profit of 296.5 million rupees in the same period last year.

For nine months ending September 30, SPL reported a cumulative profit after tax of 2.863 billion rupees compared to last year’s profit of 2.447 billion rupees.

The company said the oil sector has felt the impact of macro-economic challenges such as the unprecedented devaluation of the rupiah, continued volatility in international oil prices as well as the impact of devastating floods, which have reduced industry volumes.

It was able to maintain its market share and remained focused on its strategic priorities, operational excellence and budgetary prudence.

According to SPL, its mobility business, with a strong supply and distribution network, delivered products safely and compliantly at a time when most supply routes were under severe strain. The company is also on the right track with the expansion of its network.

The company’s lubricants business has successfully increased its market share in the consumer channel, through consumer and influencer outreach.

SPL has built a solar-powered milk refrigeration plant in Basti Katimar, South Punjab, in collaboration with the National Rural Support Programme, enabling 240 dairy farmers to access a milk refrigeration unit. The program helps dairy producers increase the shelf life of milk and increase their own profitability.