Daily Archives: August 30, 2018

Board of directors meeting of Shield Corporation Limited

Karachi, Shield Corporation Limited informed Pakistan Stock Exchange that board of directors meeting of the company will be held on September 06, 2018 at Karachi. The agenda of the meeting will to consider the Annual Accounts for the period ended June 30, 2018.

Further, the company has declared the closed period from August 31, 2018 to September 06, 2018.

Shield Corporation Limited was incorporated in Pakistan on January 10, 1975. It manufactures fast moving consumer goods including dental care and baby care products. The operations of the company are ISO 9001: 2008 & 14001: 2004 certified. The shares of the company are quoted on Karachi, Lahore and Islamabad Stock Exchanges in Pakistan. The company has a workforce of more than 118 employees. The registered office of the company is located in Karachi.

The symbol “SCL” is being used by the stock exchanges for the shares of Shield Corporation Limited.

Growth maintained; After-tax Profit increase by 46%

Karachi, August 30, 2018 (PPI-OT): Meeting of the Board of Directors (BoD) of National Bank of Pakistan (Bank) was held on August 30, 2018 at Bank’s Head Office in Karachi in which the BoD approved the financial statements of the Bank for half year ended June 30, 2018.

The Bank recorded a pre-tax profit of Rs. 17.16 billion being 26% higher than the Rs. 13.61 billion earned during the corresponding six months period of 2017. The after-tax profit for the period amounted to Rs. 12.49 billion i.e. 46% higher than the Rs. 8.55 billion for the corresponding period of 2017. This translates into earnings per share of Rs 5.87 as against Rs. 4.02 for the corresponding period last year.

Bank’s net interest / mark-up income increased by 15.7% to Rs. 31.14 billion against Rs. 26.05 billion for the corresponding period of 2017. This was achieved through maintaining an efficient asset-mix of high-yield loans and investments. The Bank has recently introduced changes in its operating structure for better service quality in order to enhance customer loyalty. Income from dividend and capital gains however recorded a drop due to the lacklustre performance of Stock Market. Overall non mark-up / interest income for the period amounted to Rs. 15.25 billion which is marginally lower by 2.7% as compared to Rs. 15.68 billion for the corresponding period of last year.

With a 12.1% growth by reference to December 31, 2017, the balance sheet size of the Bank has increased to Rs. 2.66 trillion. As of June 2018, Bank’s deposits amounted to Rs. 1910.67 billion being 10.6% higher as compared to that of December 31, 2017. The net advances also increased to Rs. 790.4 billion showing an increase of 6.8% as compared to December, 2017.

For more information, contact:
Vice President / Divisional Head (A)
National Bank of Pakistan (NBP)
Corporate Communication and Brand Management Division
Head Office, NBP Building, I.I. Chundrigar Road,
Karachi, Pakistan
Tel: +92-21-99220773
Cell: +92-300-8202184
Fax: +92-21-99212734
Email: ibne.hassan@nbp.com.pk

Pakistan Industrial and Traders Associations Front new office bearers

Lahore, August 30, 2018 (PPI-OT): Pakistan Industrial and Traders Association Front (PIAF) has elected Mian Nauman Kabir as its new chairman unopposed while Nasir Hameed Khan and Javed Iqbal Siddiqi were elected as senior vice chairman and vice chairman respectively.

The announcement in this regard was made by the PIAF supreme council at its executive committee meeting here. Mian Nauman Kabeer is former provincial minister and ex-senior vice president of LCCI. The newly-appointed chairman said that he will play his role to resolve all issues of traders and minimize the gap between traders and the government.

He appreciated the new government for its commitment of taking the business community in confidence over ongoing economic policies and sharing their economic agenda with the stakeholders. He said that this is great initiative on the part of the government as it has removed lot many misconceptions besides strengthening public-private sector liaison.

He said that the practice should be made a regular feature for the sake of continuity in policies. Meanwhile, PIAF former chairman Irfan Iqbal Sheikh, former Senior vice chairman Tanveer Sufi, former vice chairman Khawaja Shahzeb Akram, Mian Anjum Nisar, Mian Shafqat Ali, Muhammad Ali Mian, Mian Abuzar Shad and Irfan Qaiser Sheikh, have welcomed the elections of new PIAF body.

For more information, contact:
Pakistan Industrial and Traders Associations Front (PIAF)
110/s Kot Lakhpat Industrial Estate, Lahore, Pakistan
Tel: +92-42-5123522
Fax: +92-42-5123522
Email: Info@piaf.pk

Recognizing Gender Diversity at Workplace: Special Recognition, Local Industry Awarded to National Foods Limited

Karachi, August 30, 2018 (PPI-OT): National Foods Limited has been awarded the ’Recognizing Gender Diversity at Workplace: Special Recognition, Local Industry’ by the CFA Society Pakistan. National Foods Limited works actively to build an inclusive workforce at all levels of their organization, based on the UN SDG of Gender Equality.

This award is a testament to NFL’s efforts being made to recognize the efforts of women. It was based on the proportion of female employees at all management levels and on their Board of Directors. The proportion of the compensation made to women was taken into account as well.

The award also evaluates the initiatives taken by NFL to empower the female population of the country. The Company has been running initiatives such as Project HOPE, Elevate and Aagahi Adult Literacy Program, through which over 80,000 women have been trained so far. These initiatives have been empowering women in different areas of Pakistan.

Speaking at the event Ms. Sana Abbas, CSR and Corporate Communications Lead of National Foods Limited said, “We are honored to be recognized for our efforts towards gender diversity and women empowerment. The culture at NFL has enabled the female workforce to grow in their careers and areas of expertise. We will work diligently at ensuring their economic empowerment which will ultimately lead to increase in literacy and progress for the entire nation.”

The event was graced by Dr. Ishrat Hussain, Advisor to Prime Minister on Institutional Reforms and Austerity as the Chief Guest. While the Guest of Honor was Mr. Nick Pollard, Managing Director Asia Pacific, CFA Institute. The award was received by Ms. Amber Imran – CFO of ATC Technology Consultants, NFL’s holding company.

For more information, contact:
Corporate Office,
National Foods Limited
409-410, The Forum, 4th Floor,
Khayaban-e-Jami, Clifton, Karachi, Pakistan
Tel: +92-21-35821243-46
Email: info@nfoods.com
Website: www.nfoods.com

FPCCI Organizes Roundtable on Water Scarcity in Pakistan

Karachi, August 30, 2018 (PPI-OT): The Research and Policy Division of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) organized Roundtable on water scarcity in Pakistan at FPCCI Head Office Karachi, Capital Office Islamabad and Regional Office Lahore through Video conferencing. The aim of this roundtable was to discuss the water scarcity in Pakistan for minimizing risk and maximizing benefits. The session was graced by Lieut. General ® Muzammil Hussain Chairman WAPDA and attended by Leaders of Business Community, Office Bearers of FPCCI, water research councils, stakeholders, representative of academia and trade bodies.

In his welcome address, Mr. Ghazanfar Bilour President FPCCI stated that Water scarcity presents a transnational and transboundary problem which seriously affects our agriculture and industrial sector productivity. He added that Pakistan has very little capacity of storage water compared to India, China and USA. Successful reforms in the water sector need to be accompanied by improvements in the agricultural production techniques, recycling plants and construction of small and large dams. FPCCI Vice Presidents Mr. Tariq Haleem, Mr. Zahid Saeed, Mr. Waheed Ahmed, Mr. Karim Aziz, Mr. Arfan Yousuf, Mrs. Saeeda Bano, Mrs. Shabnum Zafar and Mr. Shafique Anjum also highlighted water scarcity issues and emphasized on concrete steps for resolving the issues.

In his remarks, Mr. S. M. Muneer Former President FPCCI stated that water scarcity is a serious issue in Pakistan which may dry-out Pakistan by 2025 because of over depletion, overexploitation and pollution of water resources. Pakistan is blessed with one of the world’s best and largest irrigation system, but we failed to get maximum benefit from the system by utilizing efficiently. At present per capita availability of water is just 1000 cubic meters. He also highlighted challenges related to the global warming like rising of sea level, high temperature, frequency of flood, high frequency of droughts and melting of glaciers etc. but Pakistan doesn’t prepare itself for these challenges.

Mr. Iftikhar Ali Malik, Sr. Vice President SAARC-CCI stated that water is a chronic issue that affects yield per hectare, livestock, energy and minerals explorations. There is a need that all provinces and political parties should be same page for resolving of water issues. He added that industrial and household waste is another issue that affects the quality of water and subsequently increases death rate due to water borne diseases.

Lt. Gen Muzammil Hussain ®, Chairman WAPDA in his keynote address said that WAPDA being the biggest stakeholder is aware on water issues whereon economic growth, food security, development and security of Pakistan depend. He added that Pakistan receives 145 million acre feet of water every year but only 14m acre feet of water is preserved. Due to soil gathering at the base of Tarbela and Mangla Dam, the storage capacity of the dam has decreased by 35 to 40 percent.

At present the capacity of water storage is only for 30 days and 94 per cent of surface and groundwater is used for agriculture in Pakistan. He stated that lack of governance is the main problem as there are many anti-dams lobbies that are under control of donors. Pakistan need concrete steps for resolving of water issues like adoption of water efficient technologies, water safety and saving system in agriculture, as Pakistan ranked 46th out of 48th countries in water efficient usage country.

During the technical session, Dr. Mirza Ikhtiar Baig Chairman FPCCI Standing Committee Banking, Finance and Credit indicated that if Pakistan doesn’t take immediate measures to build water reservoirs then Pakistan will face serious crises of water which will be more devastating than terrorism. He also highlighted violation of Indus water treaty agreement by India in term of building of dams on those rivers which are flowing towards Pakistan. Mr. Waseem Vohra Chairman Industry-Academia Committee on Water highlighted wasting of rain water and absence of recycling water.

Mr. Mazhar Talpur President Mega Tech also suggested usage of water efficient technologies. Dr. Moazzam Ali Khan highlighted the movement of saline and contaminated sea water towards the Indus River and water losses during the distribution to household in Karachi. Dr. Shafqat Kakakhel from Glacier Protection Organization suggested the implementation of minimum hygienic standards in water usage. Dr. Ayub Qutub, Director PIEDAT highlighted the social practices in water usage in Pakistan like usage of water in producing sugarcane and others etc and emphasized on the control of water usage.

Mr. Waqar uddin Siddiqui Director NDMA talked about the initiative taken by NDMA for controlling of floods and disasters in Pakistan like disaster policy, 10 years flood management plan and creation of disaster funds etc. Dr. S. M. Imran Professor NED University highlighted the exploration of ground water resources by India on border which may create shortage of ground water to Pakistan. Mr. Tahir Imran Qureshi from NFCIET underlined Thar situation where people are drinking highly saline and fluoride water and facing bones and kidney related diseases. Moreover, malnutrition is another issue that increases the death rates in Pakistan.

During the open discussion session, the participants highlighted corruption related issues, tanker mafia, dumping of industrial wastage in sea, evaporation-losses from reservoirs and creation of reliable data of water resources, frequency of flood, high frequency of droughts, melting of glaciers and establishing of dam by India and Afghanistan etc and suggested installation of desalination plant in Karachi, Reverse Osmosis plant, good governance, establishment of Kalabagh and all other dams, creation of barrage, price of water usage in agriculture sector, maintenance and repairance/restoration of Tarbela and Mangla dams, rivers, canals and storage of rain water and improvement of water quality for food security, alleviation of poverty, stability, sovereignty etc. The house also emphasized that private sector should collaborate with government for resolving water issues and creation of dams.

The house decided to form FPCCI Committee on water scarcity under the head of Mr. S. M. Muneer who will meet and make presentation on water issue to Prime Minister. The committee will make necessary recommendations to be gathered from water experts.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi, Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

Careem Begins Pilot for a Delivery Service in Pakistan

Karachi, August 30, 2018 (PPI-OT): Branching out its platform services, Careem piloted parcel delivery service in Karachi, Lahore, Islamabad and Peshawar in August. Through this affordable delivery service, Customers will be able to send, track, and receive small items, like keys, documents, pharmacy pickups, laundry etc. The service is now available to only 5% of the total customer base but will be fully functional and available for all the customers by the end of the year.

The launch of this service is a reiteration of Careem’s vision to expand into a technology ecosystem and provide solutions to its customers’ day to day problems through digital tools. The customers can now choose ‘Delivery’ car type in their Careem Apps and select the pick-up location of the item. They can then add the information of the item they need to be delivered in the details section and add the drop-off location. Upon delivery, the user will pay the price of the item plus the fare of the ride.

Careem has recruited and trained separate captains, other than those working in its ride-hailing fleet, to ensure top-quality service for the users. The service is also significantly more affordable than a passenger car type.

“Careem delivery service is for anything from forgotten keys to important documents to lunch from your favourite restaurant. We have kept it simple and competitively priced so people can use the Careem App they already have on their phones and know that the same level of service and training will be brought on the table. We want our customers to have a one-stop solution for all their mobility needs, parcels or otherwise,” said Nashit Nawiwala, Operations Manager, Careem Bikes and Deliveries

The launch of the service highlights how fast Pakistan’s digital companies are moving to outdo the competition and Careem’s commitment to remain a market leader with customized solutions for its users. Careem will also launch similar services in the months to come, which will not only facilitates its users but will also create more jobs in the country, eventually affecting the economic growth of Pakistan.

For more information, contact:
CAREEM
Tel: +92-21-111 227 336
Email: go@careem.com
Website: https://www.careem.com/karachi