Hascol appoints CEO & director

Alan Duncan has joined the Board of the Directors of the Company as nominee Director of Vitol Dubai Limited. Alan is a former UK government minister. After studying at Oxford and Harvard, he worked first for Shell and then spent 10 years as an oil trader with Marc Rich now Glencore-. From 1992-2020 he was a member of the Parliament of UK, and was an International Development Minister 2010-14, and Foreign Minister 2016-19. Earlier, the Board of Directors had appointed Waheed Ahmed Shaikh as CEO of the Company on 4th March 2020. Shaikh was previously Chief Operating Officer of Al-Dabbagh Group and played a pivotal role in the acquisition of the Petromin Corporation, Al-Dabbagh Group's wholly-owned entity. Prior to joining Al-Dabbagh Group, he spent 12 years working in Shell Pakistan Limited. Shaikh holds a Master's degree in Business Administration from the University of Hawaii in the US and a Bachelors in Mechanical Engineering from the University of Engineering & Technology in Pakistan.

Comments

State Bank of Pakistan issued new instructions over the Interest Rates and Deposit Rates

(FFC) Urea price differential may lead to higher offtake for FFC

A 3pc YoY decline in urea offtake has neutralised the impact of higher urea prices (Rs260 per bag over 2019 vs. gas price hike impact of Rs180 per bag), keeping the gross profit flattish. Results remained below their expectations due to one-off. Naeem shared that Fauji Fertilizer Company FFC posted 19pc YoY higher profit after tax of Rs17.1 billion (EPS: Rs13.45). Higher other income, up 85pc YoY, led by interest earned on cash reserves (GIDC accumulation) was the major earnings growth driver during CY19 while major drags included (i) 51pc YoY higher finance cost and, (ii) 62pc YoY higher other expenses, led by Rs1.1bn of impairment of FFL recorded (-ve EPS impact: Rs0.61/share) during 4QCY19. HIGHER OFFTAKE She recalled that the ECC had approved the removal of Gas Infrastructure Development Cess on feed/fuel gas supply for the fertilizer sector on January 20, in a move to make urea prices more affordable. Following the GIDC waiver, FFC announced Rs300/bag urea price...

After the initial snub, US formally invites Pakistan to President Biden’s first summit on climate

Backtracking its earlier decision, largely viewed as a snub in Pakistan, the United States has now extended a formal invitation to Pakistan to participate in the global climate summit scheduled to take place virtually on April 22 and 23. SAPM on Climate Change Malik Amin Aslam will represent Pakistan at the summit. Pakistan was not among the 40 countries initially invited to the summit when it was announced by US President Joe Biden last month. The summit “will be a key milestone on the road to the United Nations Climate Change Conference [COP26] this November in Glasgow [in the U.K.],” said the White House. BR

Business News

Search This Blog