The board of directors of Nishat Mills Ltd in a meeting held on Sept 26 declared a gross profit of Rs21 billion and a net profit of Rs12.1bn for 2022-23. The company also announced a final cash dividend of Rs5 per share, a press release said on Wednesday. IMC shuts plant for 12 days Indus Motor Company (IMC) on Wednesday announced that production activities would remain suspended from Sep
Allied Bank Ltd (ABL) is going to set up an exchange company as a wholly owned subsidiary with a capital of Rs1 billion. The announcement by one of the biggest commercial banks on Wednesday follows a recent circular by the State Bank of Pakistan (SBP) in which the banking regulator initiated “structural reforms” in the exchange companies segment. Earlier, other big banks like United Bank Ltd
Thatta Cement Company Ltd said on Wednesday it wants to buy back up to 15 million of its shares constituting about 15 per cent of the total shareholding at the going rate on the stock market. The size of the transaction should hover around Rs215.5m at the prevailing share price of Rs14.37 apiece. The purpose of the exercise is to hold the reacquired shareholding as treasury shares, which do
In FY23, e-banking transactions constituted 85 per cent of total payments processed by banks and microfinance banks (MFBs), while the remaining 15pc were paper-based, according to the State Bank of Pakistan’s annual report on “Payment Systems Review- FY23”, released on Wednesday. This percentage increased from 80pc for e-banking and 20pc for paper-based transactions in FY22, indicating a gradua
Pakistan’s merchandise exports to the United States persistently declined during the first two months of the current fiscal year, primarily attributed to a decrease in the export of textile products. The exports dipped by 23.77 per cent to $0.934 billion in July-August from $1.22bn in the same period last year, according to the data compiled by the State Bank of Pakistan. In the last fiscal