PakStox Outlook

HBL announced Financial Results for the Year Ending 31 Dec 2022. Cash Dividend: Rs. 1.5 per share. This is in addition to Rs. 5.25 already paid. Making a total of Rs. 6.75/share for the whole year. EPS (Year 2022) Rs. 23.23 (last year Rs. 23.88). Profit after Tax (Year 2022): Rs. 34.4 billion, down 3% over last year of PAT of Rs. 35.5 billion. Profit before tax had increased over 24% but higher income tax at 55% ( last year 43%) impacted the bottom line negatively. HBL Net Interest Income had also boosted by 26%. In addition 269% increase in 'Foreign Exchange Income' (Int) was nullified by higher income tax rate.

Fauji Cement:  On its way to become the third largest cement company. Has 3 plant locations. The recent addition of 2mn tons at Nizampur has taken the capacity to 8.4mn tons. Planned expansion at Dera Ghazi Khan of 2mn tons, is expected to commence operations by CY23 end. CapEx is estimated at Rs38bn financed with a Debt: Rs23bn & Equity: Rs15bn. Major portion with debt under TERF and LTFF arrangements. FCCL could only manage to secure Rs4bn under TERF and it will now not be able to avail LTFF rates for the upcoming expansion. This will have an impact of Rs800mn.  40% of the equipment import is remaining. FCCL fuel mix for 1HFY23: Afghan coal being 44% ,local coal  at 52-53% in the coal mix. Afghan coal prices are  around Rs52-55k/ton, while local coal is at Rs33-35k/ton. Landed cost for imported coal comes to around Rs60-62k/ton. current coal cost ia around Rs42-43k/ton compared to around Rs 38k/ton in 2QFY23. More at:  FCCL - Stock quote Pakistan Stock Ex...

 IMF staff-level pact likely this week:  With the implementation of all major prior actions, Pakistan is eyeing a staff-level agreement with the International Monetary Fund (IMF) this week. Read Fuel cost for power generation rises 59pc:  The rise in the fuel cost was triggered by a decline in hydel- and nuclear-based power generation. Read Cabinet extends duty for 40 days:  According to the cabinet’s August 2022 decision, these higher rates had to come to an end on February 21. Additional customs duty of up to 28% on cars has also been extended till the end of March. Dow closes nearly 700 points lower in broad selloff, as all indexes cap their worst day of 2023:  The benchmark 10-year Treasury yield climbed to 3.9%, while the 2-year rate advanced to 4.7%. Read "The VIX is still a touch below 23 even with today’s market meltdown.  It needs to hit 35, as it did last Fall during the S&P 500 lows, before the complacency is fully wrung out." tweet Indian ru...