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

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(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...
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Engro employees who were earlier in contact with the victim test negative for Covid-19

Engro Corporation Limited in its latest Press Release has informed that the employees who were in contact with their colleague affected by the COVID-19 ، undertook the lab test and tested negative for the virus. “On Tuesday (March 11), a few Engro employees who were in contact with their colleague affected by the Coronavirus COVID-19 – undertook the lab test. Results show that all of them have tested negative for the COVID-19 and they have been given a clear bill of health by doctors” the press release said. “The Engro employee who earlier tested positive for the virus is doing well at a local medical facility. The Engro team has been in close touch with the doctors and his family and is extending all possible support” it added. As communicated earlier, Engro offices at The Harbour Front Building shall resume on Monday, March 16, 2020. Employees will continue to work from home till then. In the interim, all Engro floors at the building will be deep cleaned and disinfected.  A...
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