NBP funds health takaful plan launched
NBP Funds announced the launch of NBP Funds Health Takaful Plan that gives you a unique opportunity to avail Health Takaful Hospitalization Coverage on your investment.
The plan offers you peace of mind by helping you meet your financial goals while covering your hospitalization expenses in unforeseen circumstances from a wide range of reputable hospitals nationwide.
Pride of Pakistan: 3 Pakistani students make ACCA’s global toppers list
ACCA (the Association of Chartered Certified Accountants) has announced the pass rates of its latest exam sitting for March 2021 and three students from Pakistan are on the list of its global prize winners who’ve made the country proud by scoring highest marks among all exam sitters from around the world.
Inspired by the recent successes of Pakistani students like Zara Naeem Dar and Muhammad Abdullah, it’s heartening to see country’s youth vying for the top spots in the field of education and highlighting Pakistan globally as a hub for world-class talent in accountancy and finance.
“Whilst COVID-19 continues to be the greatest challenge of our time, our students have made tremendous strides in their ACCA journeys in this latest exam session. We’re particularly proud of the fact that ACCA students from Pakistan are consistently making the country proud with their excellent exam performance. We’ll continue to nurture the dreams of our youth by offering them global platforms and exciting career opportunities,” said Sajjeed Aslam, head of ACCA Pakistan.
Considered the gold standard in accountancy, the ACCA Qualification rigorously tests the skills, abilities and competencies that a modern-day business professional needs, with a firm grounding in ethics and professionalism. It prepares students for a rewarding, global career as a qualified and ethical finance professional.
Meet the ACCA’s March 2021 global prizewinners from Pakistan:
Kahaf Moid, a young girl from Karachi, has scored highest marks in Audit and Assurance paper and once again proved that young women are the bright future of our country. Kahaf’s father is a telecom engineer currently working in Dubai and her mother is here in Pakistan providing her all the support, allowing her to test her wings in professional accountancy.
“My mother was unable to continue her education after matric, so she is doing everything that she can to see her daughter realize her full potential and become a source of pride for the family,” said Kahaf Moid, ACCA global prize winner.
Kahaf was a science student and has completed her A-Level with subjects like Biology, Physics, Chemistry and Maths. Due to her extraordinary exam performance, she was awarded a full scholarship by her college in Karachi in A-level.
Global recognition, flexibility, and affordability are some of the reasons that made Kahaf choose ACCA, she added, “I was also impressed by the idea that while pursuing ACCA you also have option to earn a BSc from Oxford Brookes and an MSc from University of London. It’s the best combination one can ask for.”
After qualifying ACCA, Kahaf wants to represent Pakistan on various international forum and serve at global organisations. She wants to correct the outdated perception about Pakistani women for being backward and forbidden.
“We’re not the ones with our wings clipped, we’re already flying high and making a difference. Pakistani women are the future global leaders and it’s just about time that the world will see it for themselves,” said Kahaf Moid.
Fakiha Maqsood, another bright young girl from Faisalabad, is the global topper and has scored the highest marks in Advanced Taxation paper. She has also achieved the highest marks by any student in Pakistan in the Strategic Business Reporting exam.
After completing her O/A levels from Pakistan, Fakiha went to the UK to attend City, University of London for a BSc Hons. in accounting and finance where she scored the second position in the entire batch. Fakiha had topped Punjab in her A-level exams and was previously national position holder in ACCA’s Financial Management exam.
“My father is also a professional accountant and it’s his integrity, discipline and composure that made me choose accountancy as a career for myself. Having studied in the UK, I knew the global recognition of ACCA and the limitless opportunities this qualification offers. And that’s why I enrolled myself in ACCA soon after returning to Pakistan,” said Fakiha Maqsood, ACCA global prize winner.
After qualifying ACCA, Faikha wants to play a part in the modernisation of textile sector in Faisalabad. Using her global expertise and future-focused insights acquired in ACCA, she wants to help the sector prepare for the future and revive its global standing as world’s biggest exporting city by embracing digitization and innovation.
Ali Shan from Karachi has scored the highest marks in Financial Reporting exam and has been declared the global prize winner under outshining students from around the world.
Ali Shan is the eldest son in the family of 5 and wants to do something big for himself, as well as for the people around him. Ali’s father is in the field of marketing and his mother teaches at a school. He started ACCA after completing Intermediate in Commerce with an A-1 grade.
“I’ve always been fascinated by numbers and enjoy being analytical. So accounting was a natural choice for me. I want to change how businesses operate in the country and would like to play my role in promoting innovation and ethics at workplace. As a country we’ve been left behind because we’ve unfortunately normalised unethical practices and discourage new way of doing things. Using my knowledge gained in ACCA, I will be a catalyst for change in the corporate sector,” said Ali Shan, ACCA global prize winner.
With 227,000 members and 544,000 future members based in 176 countries, ACCA is recognised as a global passport to build a truly international career with world’s leading brands.
Mian Zahid lauds pm for taking notice of Sindh, Karachi situation
– Wants Rs446 billion package should be implemented rightly
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday lauded Prime Minister Imran Khan for taking notice of the dwindling infrastructure in Karachi and other areas of Sindh.
The PM has announced Rs.446 billion package for Sindh which will resolve many problems and ensure rapid development of the province, he said.
Mian Zahid Hussain said that the provincial and federal government has announced many packages in the past but to no avail, therefore, the recent package should be implemented in letter and spirit.
Talking to the business community, the veteran business leader said that the federal government should take provincial government in confidence for swift execution of the package which includes agricultural development, construction of a dam, a motorway and provision of gas to neglected areas.
He said that uplifting neglected areas will improve the quality of life of people which is a positive development.
He said that many vegetables could not fetch proper price resulting in heavy losses to the farmers therefore a chain of cold storages should be established across the province.
Karachi is not only provincial capital but one of the most important cities of the country therefore the Rs. 1.1tr package announced for this city should be implemented which will trigger economic growth, create jobs and revenue while strengthening the local currency, he added.
Mian Zahid Hussain said that sometimes the federal and provincial governments seem more interested in point-scoring than catering for the problems which hit the masses and the business community therefore they should shun the war of words and join hands to provide relief to the masses.
Many residential areas and industrial estates look like archaeological sites that need urgent attention of the authorities, he said.
Mian Zahid praises govt, sbp over jump remittances, exports and fx reserves, rupee stability
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said for the first time in the history of country monthly exports and remittances have surpassed five billion dollars.
Moreover, foreign exchange reserves are at $23.22 billion, the highest since July 2017 while the rupee is continuously gaining strength against the US dollar and the credit of these positive development goes to the Government and SBP, he said.
Talking to the business community, the veteran business leader said that coronavirus has damaged economic activities across the world including Pakistan but some sectors are showing positive signs while over one hundred thousand people have invested in Roshan Digital Accounts, a recent initiative of SBP chief Dr. Raza Baqir.
Remittances have remained over 2 billion dollars per month pushing its share in GDP to 10 percent and annual receipts can hit the mark of 27.28 billion dollars.
Exports have also remained over 2 billion dollars since last six months while the monthly exports in March were highest in a decade.
Mian Zahid Hussain said that imports are also picking up; March imports were one billion dollars more than that of February indicating increased economic activity.
World Bank has recently said that Pakistan can enhance exports to 88.1 billion dollars which should be taken seriously as it will provide jobs to five million people and increased revenue by 1.74 billion dollars.
The export jump will require continued supply of energy on regionally competitive rates coupled with enabling policies, he said.
JBS invests Rs300m in ENA, a green tech, power & IOT startup
Jaffer Business Systems (JBS) has acquired significant share of ENA (Energy N Automation), a Green Tech, Power and IoT startup by investing 300 million rupees.
The investment agreement was signed between JBS and ENA in an online ceremony, while adhering to Government’s COVID-19 SOPs. JBS is amongst the leaders in the Information Technology industry in Pakistan. Over the years, JBS has been successfully providing innovative, unique, and cost-effective solutions to businesses.
After acquiring significant share of Blutech 4 years ago, ENA is the second startup to become part of JBS.
On this occasion, Syed Veqar Ul Islam, CEO, Jaffer Business Systems (Pvt) Limited, said “Against common belief, it is observed that only 16% startups fail due to lack of access to finance. Our model of investment, while promoting entrepreneurship, provides for the structure and platform, which is essential to the success of a new setup. Our role is to work with startups in a manner that we mitigate the risks of failure and provide them with the structure, governance, and support, which helps them to scale, innovate and be successful.”
ENA is a startup, founded in 2016, that provides Internet-of-Things (IoT) and power solutions to businesses focusing on the financial sector. ENA’s mission is to connect the world through IoT and contribute to a greener world by reducing carbon footprint and fuel consumption, thus redefining power, and connectivity. Our vision for 2024 is to connect to 25,000 IoT devices leading to energy savings up to 32,500MW, also install 10,000 super capacitor modules and reduce 105 million liters of fuel consumption, reduction of 300,000 tons CO2 emissions: work of 14 million trees.
Amir Salman, CEO of ENA, said “We are a company with a vision to power and connect the business world. We aim to enable the world with the latest hybrid technologies that save fuel, reduce operational costs, and significantly contribute towards a green environment. As we move into the future, our IoT used cases will develop connectivity that helps reduce power consumption and provides for a better control of electricity bills and saves against misuse. JBS provides us with the right platform and brand image, which will significantly help us exceed our goals for scale, excellence, and innovation.”
JBS strategy is to make material impact on the entrepreneurial ecosystem of the country, by enabling and helping structure startups for success. JBS plans to further invest in at least 8-10 more startups that are offering innovative products and solutions to create an impact on the lives of people, businesses, and communities in the areas it operates in. From JBS’s dynamic platform, ENA will scale and innovate further with excellence.
Being one of the leading IT companies, JBS is constantly striving to improve and strengthen the entrepreneurial ecosystem by supporting and assisting new startups and budding entrepreneurs of Pakistan.
MCB unconsolidated profit increased to Rs 6.8bn in 1q’21
The Board of Directors of MCB Bank Limited (MCB) in its meeting under the Chairmanship of Mian Mohammad Mansha, on April 20, 2021 reviewed the performance of the Bank and approved the condensed interim financial statements for the first quarter ended March 31, 2021. The Board of Directors has declared first interim cash dividend of Rs. 4.5 per share, continuing with its highest dividend payout trend.
During the period under review, MCB continued with its strategic focus on generating sustainable stakeholder value, while proactively monitoring the resurgence in COVID-19 outbreak and its potential ramifications on the macroeconomic and operating environment.
MCB’s unconsolidated Profit After Tax (PAT) for the three month period ended March 31, 2021 increased to Rs. 6.79 billion; translating into an Earning Per Share (EPS) of Rs. 5.73 against an EPS of Rs. 5.50 in corresponding period last year. Net Interest income reported at Rs. 15.24 billion with a drop of 6.5% on account of decreased earning margins due to the expansionary monetary policy regime adopted by the State Bank of Pakistan to combat the downside risks emanating from COVID-19 outbreak.
Non-markup income registered an increase of 22%to reach Rs. 4.75 billion as the improving transactional volumes and surging business activities supplemented a growth of 17% in fee income while dividend income increased by 86% over corresponding period last year.
On the operating expenses side (excluding pension fund reversal), despite sustained inflationary pressures, expansion in branch outreach, continued investment in technological infrastructure and regular performance and merit adjustments of the Human Capital, the Bank’s focus of balancing short term tactical cost reductions with long term cost initiatives assisted in containing the growth in administrative expenses to 5%.
On the provision front, the Bank reversed provision on disposal of equity scrips, resulting in a net reversal of Rs. 570 million for the first quarter 2021. Based on the objective and subjective downgrades, net provision amounting to Rs. 444 was made against advances.
On the financial position side, the total asset base of the Bank on an unconsolidated basis was reported at Rs. 1.77 trillion. Analysis of the asset mix highlights that the net investments increased by Rs. 75 billion (7.4%) whereas the gross advances decreased by Rs. 33 billion (-6.5%) over December 2020.However, consumer lending book grew by Rs. 2.2 billion (+8%) in the first quarter 2021.
Persistent focus on maintaining a robust risk management framework encompassing structured assessment models, effective pre-disbursement evaluation tools and an array of post disbursement monitoring systems has enabled MCB to effectively manage its credit risk. The non-performing loan (NPLs) base of the Bank hence recorded a marginal increase of 1.2% over December 2020 to report at Rs. 51.8 billion. The Bank has not taken FSV benefit in calculation of specific provision and carries un-encumbered general provision reserve of Rs. 4.06 billion. The coverage and infection ratios of the Bank were reported at 98.1% and 10.8% respectively.
On the liabilities side, achieving growth in zero-cost and low-cost deposits remained a key strategic objective for the Bank. Thereby, non-remunerative deposits grew by 7% to close at Rs. 521.76 billion; improving their mix in the total deposits to 40% as at March 31, 2021 compared to 38% as at December 31, 2020. CASA mix improved to 93.1% whereas the total deposits of the Bank grew by 2% against a subdued industry growth of 0.17% to close the period at Rs. 1.31 trillion.
Return on Assets and Return on Equity reported at 1.54% and 17.35% respectively, whereas the book value per share was reported at Rs. 127.16.
While complying with the regulatory capital requirements, the Bank’s total Capital Adequacy Ratio (CAR) is 20.11% against the requirement of 11.5% (including capital conservation buffer of 1.50% as reduced under the BPRD Circular Letter No. 12 of 2020). Quality of the capital is evident from Bank’s Common Equity Tier-1 (CET1) to total risk weighted assets ratio which comes to 16.56% against the requirement of 6%. Bank’s capitalization also resulted in a Leverage Ratio of 6.4% which is well above the regulatory limit of 3.0%. The Bank reported Liquidity Coverage Ratio (LCR) of 249.67% and Net Stable Funding Ratio (NSFR) of 188.19% against requirement of 100%.
The Bank enjoys highest local credit ratings of AAA / A1+ categories for long term and short term respectively, based on PACRA notification dated June 26, 2020.
HBL delivers stellar performance with q1 2021 profit doubling to Rs14.5bn
– HBL wins 2021 Asiamoney Award for Best Domestic Bank, ‘Best Customer Franchise’, ‘Best Bank for SME’ and ‘Best Investment Banking’ by the Pakistan Banking Awards
HBL declared a consolidated profit before tax of Rs 14.5 billion for the quarter ended March 31, 2021, more than double that for the same period last year. Profit after tax recorded a growth of 108% over Q1 2020 to Rs 8.6 billion. The Bank’s earnings per share increased from Rs 2.79 to Rs 5.68 in Q1 2021. Along with the results, the Bank declared a dividend of Rs 1.75 per share (17.5%). Helped by the strong profitability, the Bank’s Tier 1 CAR rose to 13.9%, with Total CAR increasing to 17.9%.
The Bank’s total deposit base closed at Rs 2.8 trillion, with robust CA and CASA ratios of 35.1% and 83.1% respectively. Average domestic deposits increased by a multi-year high of nearly 20% over Q1 2020, with average current accounts rising by more than Rs 120 billion. This led to a nearly Rs 500 billion expansion in the Bank’s average balance sheet in Q1 2021. Consequently, despite a much lower interest rate environment, net interest income rose to Rs 32.5 billion, a 16% growth over Q1 2020.
HBL’s market-leading consumer business continues to outperform in multiple aspects, with loans growing to nearly Rs 85 billion; total advances of the Bank were maintained at Dec 2020 levels of Rs 1.2 trillion. Total non-fund income of the Bank has grown by 42% over Q1 2020 to Rs 8.2 billion. Fees and commissions continued to accelerate, increasing by 25% over Q1 2020 to Rs 5.9 billion.
Expenses remain well contained despite the Bank’s continued investments in people and technology. The Bank reduced its administrative expenses by 7% over Q1 2020 as the cost to income ratio (excluding capital gains) improved to 58.4% in Q1 2021 from 81.4% in Q1 2020. Total NPLs of the Bank declined by Rs 0.7 billion over Dec 2020, with the infection ratio remaining stable at a record low of 6.3%. The Bank’s total coverage improved to over 100%, with the specific coverage at 86%.
Commenting on the bank’s performance, Muhammad Aurangzeb, President & CEO – HBL said, “The Bank’s growth momentum continues in the new year with all activity drivers showing an upward trajectory. The growth was broad-based across all business lines, with strong performance from the deposits, cards, trade and consumer finance businesses. The revenue growth was ably supported by a more stringent operating cost regime. Q1 2021 saw the landmark opening of HBL’s Beijing branch in China. Continuing with our response to the challenge of the Pandemic, with the strong support of the Board, HBL arranged to make available Covid-19 vaccines to all staff working at the Bank, adding to its industry-leading benefits for its employees.”
HBL is actively working on enhancing the digital experience of its clients across the network. Digital transactions continue exponential growth with HBL’s Mobile Banking and Internet Banking volumes more than doubling from Rs 95 billion in Q1 2020 to Rs 212 billion in Q1 2021. Konnect App users reached 1.8 million with transaction volumes portraying a 77% growth over Q1 2020. HBL Mobile app users also reached 2 million with a 127% growth in traction volume over the same period last year. Transactions through the Bank’s E-commerce merchants also doubled over the same period last year. HBL expanded its POS network to nearly 31,000 terminals and spend on the Bank’s 6.2 million debit and credit cards grew nearly 40%. In Q1 2021, the Bank increased its trade market share to over 12% with a nearly 50% YoY growth in volumes, while home remittances and cash management also exhibited high double-digit growth.
Under ‘HBL Pay’ all onboarding and payment solutions for businesses were consolidated under a single platform. In Q1 2021, the Bank launched a Cognitive Robotics initiative for internal process digitization, to complement the digital initiatives being undertaken for customer channels. HBL continues to be the only bank in Pakistan enabling its customers to avail both a credit card and personal loan through its app.
In Q1 2021 the Bank successfully launched a refreshed website. The new easy-to-navigate UI and UX helps customers find products and services best suited to their needs andenjoy a seamless banking experience.
HBL retained its #1 position in Consumer Finance. The Bank came first in Credit Cards, Debit Cards, Merchant Acquiring, Personal Loans and second in Auto Loans. Personal loans at Rs. 38.7 billion, delivered a growth of 16% over the same period last year. Auto finance recorded an increase of Rs. 3 billion, 57% over the same period last year. Credit and Debit Cards business recorded the highest ever spend / usage generated on any card in Pakistan.
Through the eBanc Roshan Digital Account (RDA), a special investment account created for overseas Pakistanis, since its launch over 21,000 Pakistanis from 130 countries have set up RDA accounts and remitted more than USD 130 million in a short span of three months.
HBL’s Islamic Banking, with the addition of a dedicated HBL Islamic Commercial Centre, Trade Hub and Branch in Karachi, now provides Shariah compliant financial services from over 911 branches/windows nationwide. Supporting the Government of Pakistan’s vision of providing Affordable Housing Units, to underserved segments of society through Naya Pakistan Housing and Development Authority, HBL also became the first bank in Pakistan to enter a partnership with Akhuwat Foundation.
HBL maintained its position as the lead private sector financier of the agriculture sector, with a 30% market share. The Bank’s Development Finance Group (DFG) has successfully launched pilots on major food crops involving optimized agronomy advisory for each farmerby agronomists employed by HBL.
HBL continues to retain its leadership position in the corporate and investment banking space in Pakistan. In Q1 2021 the Bank successfully concluded several transactions across various sectors including oil & gas, real estate and renewable/conventional power generation, and maintained momentum by securing several advisory & arrangement mandates. HBL maintains its lead in the market in adopting Environmental, Social & Governance (ESG) principles. During Q1 2021 HBL successfully completed a series of modules on Social Risk Management led by CDC UK under its capacity building initiative. The Bank has also initiated a phase wise roll out of its SEMS Policy across its international network.
In Q1 2021, HBL extended its international footprint by becoming the first Pakistani bank to open a branch in Beijing, China. HBL Beijing has become HBL’s second branch and its managing branch in China; both branches in Beijing and Urumqi are equipped with foreign exchange and RMB license to better facilitate customers’ requirements in multiple currencies.
During Q1 2021, HBL won the 2021 Asiamoney Award for Best Domestic Bank. HBL also won the “Best Customer Franchise”, “Best Bank for SME” and “Best Investment Banking” by the Pakistan Banking Awards.
Accounting profession has a key role in achieving climate action and building a sustainable recovery, says helen brand, chief executive, ACCA
ACCA is marking the Earth Day 2021 with its activities around the world focusing on how professional accountants can play a key role in making businesses more sustainable.
In Pakistan, ACCA has partnered with WWF-Pakistan to hold ‘Earth Day Conversation 2021’ featuring top thought leaders educating the business community on serious climate risks and sharing how professionals can address climate change impacts and promote sustainability. Eric Wikramanayake, Director of Wildlife and Wetlands, WWF Hong Kong, Ayla Majid FCCA, Founder and CEO, Planetive, Rab Nawaz, Senior Director – Programmes, WWF Pakistan, and Jimmy Greer, ACCA’s Head of Sustainability are among the speakers.
Helen Brand OBE, ACCA’s chief executive says: “This year, Earth Day is themed ‘restore the earth’ and here at ACCA we’re marking this occasion by focusing on the vital role the accountancy profession plays in sustainability and climate action.” “At the New York Climate Action Week in September 2020, ACCA and IFAC organised a global webinar called Creating Value in a Climate Emergency: Recovery, Resilience, and the Transition. We were honoured to be joined by Mark Carney, COP 26 Finance Adviser and UN Special Envoy on Climate Action and Finance, who said that one of the aims of COP26 is to ensure we have the framework in place so that “every financial decision can take climate change into account.”
Mark Carney said that progress is happening with initiatives such as the Task Force on Climate-related Financial Disclosures Recommendations (TCFD), and that he and his COP26 team is working on ways to move from voluntary disclosures to mandatory reporting.
“Mark Carney concluded by saying the accountancy profession is ‘absolutely essential’ in achieving climate action and building a sustainable recovery.”
“And that’s because clear and consistent accounting standards and disclosures, which are understood by business and investors alike, are an essential part of the urgent policy solutions needed to tackle climate change. This is where the accountancy profession can bring its expertise into play, with its technical skills and knowledge to measure and report on progress related to climate disclosures and the UN Sustainable Development Goals (UNSDGs).”
“So as we celebrate Earth Day, and as ACCA begins its own journey to COP26 — whether virtual or not — and our commitments to the UN SDGs, we champion the accountancy profession’s role in climate action. As a global professional body, we strive for climate literacy for all our members, through the ACCA Qualification and the CPD we offer.”
To find out more, ACCA invites people to visit its new Rethinking Sustainable Business Hub: http://accaglobal.com/sustainable-businessand also join the Big Conversation on climate action which is also detailed on the Hub.
Right time to draw in foreign investment, suggests Mian Zahid Hussain
Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said foreign investors are finding new investment destinations therefore Pakistan should try to lure them.
Foreign investors are losing interest in Vietnam, Bangladesh, India and China due to increased wages and some other problems and they are exploring new venues, he said.
Mian Zahid Hussain said that Pakistan can get foreign investment if political stability is ensured, investment policies are improved and consistency in the policies is guaranteed.
Talking to the business community, the veteran business leader said that exports, imports, remittances and the exchange rate is satisfactory but foreign direct investment (FDI) is falling.
FDI has been reduced by 35 percent from July to March while FDI in March was 40 percent short of the FDI in the corresponding month, he said, adding that political instability will further dent the FDI.
He said that many companies have closed their business in Pakistan while the companies that invested billions in the LNG project are tired of the negative tactics of the state-run companies.
The business leader said that Pakistan has faced energy scarcity and security issues for a long time, which have been resolved but the FDI is not picking up which means that foreign investors are still not inclined to prefer Pakistan over other countries.
Similarly, many packages were announced for foreign investors but to no avail and the country remained on 108th position in FDI.
Many countries have attracted foreign investment equalling three percent of their GDP but it has never reached one percent of the GDP in Pakistan which may go down further.
Shell Pakistan posts Rs1.9bn profit for q1 2021
The Board of Directors of Shell Pakistan Limited (SPL) announced the first quarter financial results on April 22nd. The company posted a profit after tax of PKR 1,948 million compared to the loss of PKR4,332 million made in the same period last year.
Q1 saw a significant recovery compared to a very tough last year. The encouraging turnaround is mainly driven by continued focus on strategic priorities and operational excellence. The success was supported by increasing international oil prices coupled with the appreciation of the Pakistan Rupee against the US dollar by 5% during the quarter.
During the quarter, the company continued to grow its network by adding seven new sites.
SPL decided to issue right shares to ensure a healthy financial and cash position, to meet working capital requirements and to enhance shareholders’ value. The rights process was completed inQ1 2021. The right issue was fully subscribed by shareholders and the allotment of shares was made on March 2, 2021. Shell Petroleum Company Ltd invested Rs. 9 billion, increasing its shares in Shell Pakistan from 76.11 to 77.42 percent.
Shell Pakistan continues its focus on driving competitive business plans to deliver top quartile business performance and play a key role in developing Pakistan’s energy future.