TC Jan-Feb 2016 PDF

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Trade Chronicle 

PAKISTAN'S LEADING MONTHLY MAGAZINE OF COMMERCE, INDUSTRY & PUBLIC AFFAIRS 

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CONTENTS 

Founded by: 

Late Abdul Rauf Siddiqi 

Editor: 

ABDUL RAB SIDDIQI 

 

EDITORIAL 

2nd Pakistan Mega Leather Fair concluds successfully 

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ABDUL RAFAY SIDDIQI 

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Shoukat Hayat 

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LNG import – a right step to resolve energy crises 

Green Bus project: vital for Karachi 

Qatargas signs long-term agreement with Pakistan State Oil 

Government actions to avoid CPEC becoming next Kalabagh 

stressed 

PSX formally launched 

Special Report on PMLS 2016 

Khurram Dastagir Khan announces formation of 

Leather Concil for Pakistan Leather Industry 

Chairman PTA Gulzar Firoz reviews and proposes remidal measures 

for increase in leather export 

PFMA Chairman Wasim Zakaria demands restoration of 6% R&D 

A review of successful conclusion of 2nd Pakistan Mega Leather 

Show 

PSO announces upswing in profitability for 1HFY16 

Engro Polymer gross profit jumps to Rs.2.77bn in 2015 

Commissioner Karachi & President KCCI emphasized on social 

investments 

Noregian envoy sees great trade potential in Pakistan 

Captain Haleem Ahmad Siddiqui wins the Lifetime Achievement 

Award 

 

 

 

 

 

 

COMMENTS 

ARTICLES & FEATURES 

REGULAR FEATURES 

People & Events 

Port & Shipping News 

Telecommunication News 

Cement Industry 

Banking & Insurance News 

Aviation & Hotel News

TRADE CHRONICLE 

We begin with the name of Allah, the Magnificient 

From 

Editor's 

Desk 

2nd Pakistan Mega Leather Show concluds successfully 

Pakistan leather industry has achieved another milestone, when 

it announced successful conclusion of the 2nd Pakistan Mega 

Leather Show, organized by Pakistan Tanners Association and 

Pakistan Footwear Manufacturers Association (PFMA) along with 

other leather industry stakeholders, at Lahore in late January 

2016. Post review report, released by PTA, says that more 

than 450 exhibitors participated in fair (an increase of 50% 

over last year). Besides, a large number of foreign sellers/ 

buyers/customers, which includes firms from China, India, Italy, 

Turkey, Spain, Poland, Thailand, Germany, Russia, UK, South 

Korea and Taiwan, South Africa, Brazil, France, Finland and 

New Zealand and local companies have participated. We hope 

orders worth million of dollars would have been materialized. 

The fair was inaugurated by Federal Commerce Minister, Engr., 

Khurram Dastgir Khan and also attended by Mr. Jean Francois 

Cautain, Honourble Ambassador of the European Union to 

Pakistan, Mr. S.M. Muneer, CEO/TDAP, Mr. M. Rauf Alam, 

President of FPCCI and others. 

On this occasion, the Federal Commerce Minister Engr., 

Khurram Dastgir Khan has announced the formation of “Leather 

Export Promotion Council – LEPC” in Pakistan, which would 

be real autonomous platform for addressing & resolving Leather 

Sector issues promptly. He assured resolving of Pakistan leather 

Industry problems and provision for some incentives through 

new trade policy, which would be announced soon. 

Gulzar Firoz, Chairman, PTA and Wasim Zakaria, Chairman, 

PFMA in their welcome addresses, have pointed out number of 

irritants, which in their opinion were hindering the exports of 

leather and its products. 

ABDUL RAB SIDDIQI 

They suggested Government to take necessary steps to arrest 

declining trend in leather exports by giving some incentives 

which are imperative in view of tough competition with 

neighbouring countries. PTA requested incentive of 4% on FOB 

value on enhanced value of export of finished leather, Export 

Refinance Rate of 3%, abolishment of 3% import duty on raw 

materials, upward revision of duty drawback rebates and reduce 

rate of energy tariff for export industry. Also, grants for setting 

up Effluent Treatment Plants (ETPs) and setting of Labs in the 

country. 

PFMA requested the Govt. more or less the same incentives as 

demanded by PTA, in addition to 6% R&D support to the 

footwear sector, expeditious processing and payment of 

exporter’s refunds of sales & income taxes and uninterrupted 

power supply to the sector to ensure smooth productions. 

Trade Chronicle - January - February 2016 - Page # 04


We hope government would 

look into their problems, 

keeping in view the leather 

exports, which are stagnant for 

the last five years in Pakistan, 

whereas export from the 

regional competitors’ 

countries, have tremendously 

increased. 

Separately, Chairman, 

Pakistan Leather Garments 

Manufacturers & Exporters 

Association (PLGMEA), has 

urged upon the government to 

intervene and resolve issues 

and provide relief to the 

leather garments industry to 

boost leather garments 

exports. 

Furthermore, the PTA has set 

date for 3rd Pakistan Mega 

Leather Show (27th - 29th Jan. 

2017) which itself tells the 

success of fair. However, we 

suggest that the organizers 

should start its publicity at 

international level at the 

earliest, so that, foreign buyers 

could chalk out their plan 

accordingly, consider better 

facilities such as arrangements 

for B2B meetings, media room 

for local and foreign 

journalists, visits to industry 

leading leather manufacturing 

facilities and historical site 

tour for foreign buyers in 

Lahore. 

The organizer may take step in 

next year to publish special 

report on first and last day of 

fair as in practice in international 

fairs, all over the world. There is 

also a need to emphasis the 

importance of participation in 

seminar and technical 

presentations, being held on the 

sidelines of fair, as leather 

industry people present therein, 

were noticed thin in earlier fairs. 

EDITORIAL 

COMMENTS 

LNG import – a 

raight step to resolve 

energy crises 

Pakistan Government announced 

that it has signed 

US$16bn LNG deal with Qatar, 

to import 3.75 million tons of 

LNG to meet its energy requirements. 

The shipment will start 

from March this year and contract 

is valid for 15 years. A 

Govt, announcement claims 

that the deal is cheaper than 

Pak Iran Gas Pipe Line and 

Turkmenistan Gas Pipe Line 

projects, i.e. $ 5.35 mmbtu, 

whereas, Iran Pipe Line $ 5.70 

mmbtu and Turkmenistan $ 

5.90 mmbtu. 

Petroleum Minister, Shahid 

Khaqan Abbasi, who signed the 

agreement, says that imported 

LNG would meet around 20% of 

country's energy requirements 

and can revive the closed power 

and urea plants. Apart from benefits 

for the power sector, petroleum 

minister has explicitly 

mentioned that LNG will put an 

end to costly urea imports and 

revive urea plants, which remain 

shut due to shortage of 

gas. 

We hope that the import of LNG 

will provide a sigh of relief for 

urea plants in particularly and 

industry in general. 

Abdul Rauf Alam, President, 

FPCCI has righty appreciated 

the historic agreement of LNG 

supplying from Qatar and said 

that this agreement will be a 

milestone in resolving the energy 

crises and shows keen interest 

of our Prime Minister to 

remove the energy crises in 

next 2 years. 

In Pakistan natural gas production 

has been stagnant at 4,000 

Million Cubic Feet per Day 

(MMCFD) against burgeoning 

demands for gas for last couple 

of years due to insufficient finding 

of new gas reserves and depleting 

of old gas fields. Therefore, 

under the agreement, the 

LNG imports from Qatar which 

will fulfill estimated twenty 

percent needs of Pakistan and 

ensures uninterrupted supply 

of Natural Gas to the Industrial 

consumers, which will have 

favourable affects on the industrial 

production, investment 

and employment in the country 

and will ultimately be transferred 

into the higher rate of 

GDP growth. 

We hope government would 

also remove doubts as reported 

in media, about the transparency 

of LNG deal. The government 

should also take necessary 

step regarding laying of 

pipe line for transporting LNG 

from port to upcountry, if it is 

not transferred through local 

gas utility system. 

It is a good sign that government 

has also allowed private 

sector to import LNG, this will 

definitely create healthy competition 

in country and resolve 

energy crisis as well. 

Green Bus project: 

vital for Karachi 

The Prime Minister of Pakistan 

Nawaz Sharif inaugurated the 

Green Line Bus Rapid Transit 

System (BRT) at Anu Bhai Park 

in Karachi recently. It shows 

that his government is keen to 

resolve chronic mass transport 

problems in Karachi. 

The city is totally at the mercy 

of private transporters who doe 



not want to modernize their bus 

and van fleet to eas the life of 

Karachiites for travelling. 

The minibuses, no doubt, 

served the people, but this not 

the substitute of a modern mass 

transit system for a city whose 

population is rapidly increasing. 

The government planned two 

bus projects, the green and blue. 

The green project starts from 

Karachi’s Surjani Town area all 

the way till Guru Mandir. This 

project is extremely necessary 

for improving the transport system 

in Karachi and should be 

completed as planned. Besides, 

bus projects, we hope government 

particularly Sindh, would 

also revive the Karachi Circular 

Railway as Japanese and 

Chinese companies are keen to 

revive it by money and technology, 

provided the authorities 

remove the encroachment on 

the track side. 

The Japanese companies want 

to invest in Pakistan for building 

Karachi Circular Railway, 

which is expected to redress the 

sufferings of millions of commuters 

in the metropolitan city, 

which has a huge demand for 

urban transport. However, encroachments 

by land mafia 

along the project routes are considered 

a major hurdle to the 

revival of the project. Now, the 

Ministry of Railways has reportedly 

allocated 250 acres of land 

to shift all encroachments and 

relocate the displaced people. It 

should be done at the earliest 

to meet the demands of foreign 

investors. 

Karachi has seven industrial 

zones which are playing an important 

role in powering the 

national economy needs a mass 

transport proejct. The mass 

transport project either Circular 

Railway or Bus projects, will 

provide new job opportunities 

in the city and improve standard 

of living of people in 

Karachi. 

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Qatargas signs long-term agreement with Pakistan State Oil 

Company to supply 3.75 million tonnes of LNG per annum 

Pakistan and Qatar signed a long 

term liquefied natural gas (LNG) 

supply agreement in Doha recently 

as a part of Prime Minister's two days 

visit to the Middle Eastern Country. 

The agreement was jointly signed by 

Federal Minister for Petroleum and 

Natural Resources Shahid Khaqan 

Abbasiand and Chairman of Qatar 

Gas Board of Directors Saad Sherida 

Al-Kaabi at a ceremony in Diwane-Emiri 

in Doha, according to which 

the kingdom will provide a billion 

dollars’ worth of LNG to Pakistan 

annually. 

Earlier, Liquefied Gas Company 

Limited (“Qatargas ”) signed a longterm 

agreement to supply Pakistan 

State Oil Company Limited (PSO) 

with Liquefied Natural Gas (LNG), 

according to a press release of 

company. 

The Sales and Purchase Agreement 

(SPA) was signed by Mr. Saad 

Sherida Al-Kaabi, Qatar Petroleum 

President & CEO, and Chairman of 

Qatargas Board of Directors, and 

Mr. Sheikh Imran ul Haque, 

Managing Director & Chief 

Executive Officer of PSO. 

Under the terms of the agreement, 

Qatargas 2 will supply 3.75 million 

tonnes per annum (MTPA) of LNG 

to PSO for a period of 15 years with 

the first cargo expected to be 

delivered in March 2016. 

Mr. Saad Sherida Al-Kaabi, 

Chairman of Qatargas Board of 

Directors described the agreement as 

“a very important milestone in 

Pakistan Prime Minister Muhammad Nawaz Sharif being received at airport 

Qatar’s standing as a reliable energy 

supplier as it marks the first direct 

long term agreement between the 

two companies.” 

Mr. Al-Kaabi said: “The State of 

Qatar Under the leadership and 

guidance of His Highness Sheikh 

Tamim Bin Hamad Al-Thani the Emir 

of the State of Qatar is constantly 

looking to expand and enhance its 

LNG market share while at the same 

time helping countries around the 

world meet their growing energy 

needs. I’m very proud to welcome 

Pakistan to our customer portfolio, 

and would like to thank His 

Excellency Mr. Shahid Khaqan 

Abbasi, Pakistan’s Minister of 

Petroleum and Natural Resources, 

who along with the leadership in 

Pakistan, have been instrumental in 

achieving this important milestone.” 

“I would like to take this opportunity 

to register my sincere appreciation to 

Sheikh Khalid Bin Khalifa Al-Thani, 

Chief Executive Officer of Qatargas, 

and his team for their excellent work 

to finalize this important agreement,” 

Mr. Al-Kaabi added. 

On his part, Sheikh Khalid Bin 

Khalifa Al-Thani, Chief Executive 

Officer of Qatargas Operating 

Company Limited, said: 

“Emanating from our vision to 

establish new markets with a new 

portfolio of customers, the signing of 

this agreement represents a 

momentous occasion for Qatargas as 

we continue to play a key role as a 

world leader in the supply of clean, 

reliable energy to global markets. 

After delivering the commissioning 

cargo in April last year, we are 

delighted that our discussions with 

PSO regarding a long term agreement 

have come to fruition. Taking this 

opportunity, we thank the team at 

PSO for their hard work and we look 

forward to a strong and enduring 

partnership with PSO and Pakistan.” 

In April 2015, Qatargas delivered the 

first commissioning cargo to PSO 

onboard the LNG vessel, Excelerate 

Exquisite, the Floating Storage and 

Regasification Unit (FSRU), moored 

at Port Qassim as part of the Elengy 

LNG terminal, Pakistan’s first LNG 

import terminal. 



Speakers at the meeting of Shura 

Hamdard Karachi chapter urged the 

government to take actions to avoid 

CPEC to become next Kalabagh dam. 

The meeting was held on Thursday 

January 14, 2016 on the theme: “China 

Pakistan Economic Corridor and its 

economic and social effects”, presided 

over by Justice (Rtd) Haziqul Khairi at 

a local hall. 

Speaking on the occasion, Mrs. Sadia 

Rashid, President, Hamdard Foundation 

Pakistan said, it was Shaheed Hakim 

Mohammed Said, founder, Hamdard 

Pakistan, who first of all on a political 

level had foreseen the potential and great 

worth of Republic of China to be the 

new global economic power in near 

future as he led a medical delegation to 

China in November 1963, established 

relations on public level between peoples 

of China and Pakistan and wrote a 

voluminous book: ‘Medicine in China’ 

after coming back from China; during 

his tour he met with Chinese social and 

political leaders, including Marshel Chun 

Ei. Hakim Sahib was a great advocate 

of Pak – China friendship and always 

emphasized on establishing the closest 

relationship between the two countries, 

she added. 

Justice (Rtd) Haziqul Khairi said that all 

political parties and their leaders were 

agreed on CPEC, what happened now 

that some of them were raising 

dissenting voices, if there were some 

reservations that should be resolved 

amicably through mutual talks. 

Former Senator Abdul Haseeb Khan 

said that the economic corridor would 

be a game changer for Pakistan and it 

should be made at any cost. Dr. Shahid 

Government actions to avoid CPEC becoming 

Next Kalabagh stressed 

Hasan Siddiqui, an economist said that 

the strategic position of Pakistan made 

China to take interest in the construction 

of CPEC, because China would get 

tremendous facilities in exporting its 

goods as its exports were reaching up to 

$ 4 trillions. But this corridor would not 

be a game changer for Pakistan unless 

China’s big investment of $ 35 billion, 

reserved for energy sector only, would 

also be given to other sectors of 

Pakistan’s economy, he added. 

‘People don’t give taxes, it is also 

terrorism and as fatal for the country and 

the nation as the gun terrorism’, he 

maintained. Prof. Dr. Akhtar Saeed 

Siddiqui said that there was no dispute 

on CPEC but on its routes which was a 

result of government attitude of keeping 

many things in secret. Government 

should take all stakeholders in confidence 

to make consensus on CPEC, he added. 

M. Abul Fazal, a former diplomat said 

that the welcoming sign of CPEC was 

that China would not exploit us as it had 

never adopted a policy of exploitation. 

Chinese had developed their heavy 

industries by their own indigenous 

resources and skills and they would 

support us if we would ask them to help 

in establishing heavy industries, he said, 

adding that the nexus of USA and India 

Trade Chronicle - January - February 2016 - Page # 08 

had compelled China to come closure to 

Pakistan. Commodore (Rtd) Sadeed 

Anwar Malik said that China would take 

the big advantage out of the deal of 

CPEC as more than half of the distance 

and expenditure of its transportation 

would be reduced by exporting its goods 

from Gawadar port instead of Shanghai 

port. All matter including industrial zones 

and power plants to be set up under 

CPEC be made transparent, he stressed. 

Naushaba Khalil said that ultimately 

China would be the more beneficiary than 

Pakistan in CPEC as its cost of 

production was much lesser than our. 

Chinese goods have already occupied 

our markets, resulting in closer of our 

industries, which was alarming for the 

country. 

Col (Rtd) Mukhtar Ahmed Butt said that 

the CPEC would definitely provide 

benefits to China as Pakistan was the 

only way for China to reach at Arabian 

Sea and Middle East. $ 46 billion was a 

huge investment but it was being 

sacrificed on the altercation of our bad 

politics. Government should bring this 

matter before parliament and public and 

remove the reservations of small 

provinces, he observed. 

Anwar Aziz Jakartawalla was of the 

view that without local funding the project 

of CPEC would not be successful. Dr.


PSX formally launched: 

Dar anticipates increased 

foreign investment 

Inaugurating a unified or integrated 

stock exchange of the country - 

Pakistan Stock Exchange (PSX) - 

recently, Finance Minister Ishaq Dar 

said that the PSX would play a major 

role towards country''s economic 

development and consolidating its 

gains. He was addressing the launch 

ceremony of the PSX, which has been 

formed by merging Karachi Stock 

Exchange (KSE), Lahore Stock 

Exchange (LSE) and Islamabad Stock 

Exchange (ISE) into one national 

stock exchange. 

Earlier, he rang the Gong to launch 

the trading activity on the PSX. On 

the occasion, the messages of Mattias 

Martinsson, CIO/Partner, Tundra 

Fonder AB (representative of 

Scandinavian commission) and the 

US Commodity Exchange were 

read. Tuncay DINÇ, Chief Executive 

Officer, Borsa Istanbul A.S., highly 

appreciated the creation of the PSX. 

Ishaq Dar termed the day a historic 

one saying that it took 15 years to 

make this dream come true. He said 

the formation of single national stock 

exchange would send a positive 

message abroad and would attract 

more foreign investors to the 

country's capital market. He said the 

government was determined to 

facilitate the law-making process in 

the capital market and most of the 

work has been done successfully 

while work on Bills including 

Securities and Exchange Commission 

of Pakistan (SECP) Bill, 2015, the 

Competition Restructuring Bill 2015 

was in process and they would also 

be passed soon. 

He told the audience that the 

Finance Minister Senator Mohammad Ishaq Dar rings the gong to mark opening 

of Pakistan Stock Exchange at the ceremony organised by SECP in Islamabad 

on January 11, 2016. 

country''s foreign reserves have 

increased from $11.5 billion to $20 

billion due to prudent economic 

policies of the government. Dar said 

the PML- N government has 

achieved economic stability of the 

country and now is focusing on GDP 

growth and job creation. 

He termed the event a milestone in 

the history of Pakistan''s financial and 

capital markets and said it will go a 

long way towards country''s 

sustainable development. 

He said now due to a rapidly 

improving economy, foreign investors 

were taking keen interest to invest in 

Pakistan. "The $46 billion mega 

project of the China-Pakistan 

Economic Corridor is a game 

changer and it would bring prosperity 

and stability in the country," the 

minister added. 

He said the government had also 

introduced measures to enhance 

revenue collection and the 

government's Voluntary Tax 

Compliance Scheme was part of 

those measures which would help 

bring hundreds of thousands new 

taxpayers into the tax net. The 

scheme was no amnesty scheme; it 

was in fact a voluntary scheme which 

was introduced for the facilitation of 

small traders. 

He said the government was 

endeavouring to resolve energy crisis 

and to end the load shedding by end 

2017 or by the start of 2018 as 10,000 

MW more electricity would be added 

to the national grid by that time. 

In his speech, Chairman SECP Zafar 

Hijazi said the SECP has realised that 

unless the three stock exchanges 

integrate, no strategic investor would 

come forward and therefore the 

SECP remained engaged in dialogue 

with the stock exchanges for their 

integration and fully facilitated a 

consultative process. 

He said that Pakistan needs a stock 

exchange that commands absolute 

confidence of domestic and foreign 

investors and is able to mobilise capital 

for economic growth. To achieve 

such absolute confidence, he said PSX 

must demonstrate the highest 

standards of governance, 

transparency, ensure the best 

technology and availability of 

innovative products, without which it 



cannot compete in today's globalise 

stiff competition. 

Meanwhile, addressing the ceremony, 

Munir Kamal, Chairman PSX, said 

the formation of PSX was a 

"watershed event" for the country's 

capital market. He said due to rapidly 

improving economic situation of the 

country, not only local investors but 

the foreign investors were also taking 

keen interest in Pakistan''s capital 

market. 

He said Pakistan's corporate 

governance performance was close 

to the world standards and after the 

formation of one national stock 

exchange the performance would 

become better in future. He said there 

were some flaws in the taxation 

system. We would like to present 

some proposals during the next 

budget and if the government accepts 

those proposals, the taxation system 

would become more improved." 

Mukhtar Hussain Jaffri, Chairman 

ISE Board, said the decision of 

amalgamation of three stock 

exchanges was made after mutual 

consultation and agreement and the 

concerns of stakeholders were 

addressed. The Chairman, 

Demutualization Committee ISE, 

Mukhtar Ahmed Jaffery, Chairman 

Demutualization Committee LSE 

Yasser Mahmood, eminent business 

leader Arif Habib addressed the 

ceremony of PSX launch. 

The ceremony was attended by highlevel 

foreign diplomats, including 

Chinese, Canadian, Italian and Turkish 

delegates, as well as senior 

parliamentarians and prominent 

members of the brokerage, media and 

legal fraternity. Other notable 

speakers on the occasion, included 

Arif Habib, Ferozuddin Cassim, 

Muhammad Naeem, Syed Mukhtar 

Hussain Jaffery and Dr Yasir 

Mahmood. They appreciated PSX as 

a milestone achievement for 

Pakistan. The ceremony was 

attended by Governor and Deputy 

Governor State Bank of Pakistan, 

members of the SECP Policy Board, 

Chairperson Competition Commission 

of Pakistan, Chairman National 

Investment Trust, Chief Executives 

and board members of PSX and the 

former exchanges, clearing company, 

depository company, commodity 

exchange, and prominent business 

leaders from the banking, capital 

market, insurance and non-banking 

financial sector. 



Special Report t on PMLS 2016 

Khurram Dastgir Khan announces formation of 

Leather Concil for Pakistan Leather Industry 

Chairman PTA Gulzar Firoz reviews and proposes remidal measures 

for increase in leather export 

PFMA Chairman Wasim Zakaria demands restoration of 6% R&D 

Commerce Minister Khurram 

Dastgir Khan has inaugurated 

"Pakistan Mega Leather Show 2016" 

at the International Expo Centre in 

Lahore in late January. Chief 

Executive of Trade Development 

Authority of Pakistan S M Muneer, 

Chairman Pakistan Footwear 

Manufacturers Association Wasim 

Zakaria and Pakistan Tanners 

Association Chairman Gulzar Firoz 

also spoke on the occasion. FPCCI 

President Abdul Rauf Alam, 

Ambassador of the European Union 

to Pakistan Jean-Francois Cautain, 

Chairman Pakistan Leather 

Garments Manufacturers and 

Exporters Association Chaudhry 

Zulfiqar Hayat, Pakistan Glove 

Manufacturers and Exporters 

Association's Sadaqat Ali Khan, Vice 

President SAARC Chamber of 

Commerce and Industry Iftikhar Ali 

Malik, Convenor, Steering Committee 

of Pakistan Mega Leather Show 

2016, Muhammad Musaddiq were 

also present on the occasion. 

The minister also announced 

formation of Pakistan Leather Export 

Promotion Council and said the 

notification would be issued in next 

week. 

The Strategic Trade Policy 

Framework will be announced soon 

while we are going to launch branding 

campaign for the Pakistan 

Commerce Minister Khurram Dastgir Khan visiting Siddiq Leather stall. 

Muhammad Musaddiq is seen explaning about Company progress to Chief Guest. 

Gulzar Firoz, Chairman PTA is also seen in picture. 

merchandise internationally. Pakistan 

is getting reconnected with the world. 

Pakistan has achieved political 

stability which leads to policy and then 

economic stability. He also 

announced to double the capacity of 

Expo Centre Lahore and setting up 

Expo Centre in Peshawar. 

Dastgir said that the current year 

would be challenging in term of 

exports, mainly because of the 

economic slowdown in China and 

there could be a decline in the import 

orders from the Chinese companies 

which used to buy Pakistani yarn. 

Moreover, depreciation of the euro 

against the dollar internationally would 

also negatively impact the country 

exports. As a result, we may also lose 

the impact of 15 percent increase in 

exports to EU countries following grant 

of GSP Plus status, the minister added. 

He said the efforts are underway to 

collect taxes through one-window 

that would be distributed later among 

the federating units. During the 

current winter, zero load-shedding 

was observed at all the industrial 

feeders across the country. 

He said that not only the industrial but 

the domestic consumers would be 

getting electricity at competitive rate 



Gulzar Firoz, Chairman of 

Pakistan Tanners Association 

(PTA) in his welcome address has 

informed the audience that 

leather industry in Pakistan, is 

2nd only in foreign exchange 

earners after textile in the 

manufacturing sector. It 

contributes 5% of exports 

earning of the country. It also 

contributes 2.67% to GDP and 

employees over 01 million 

workers, thus it is a valuable value 

added industry with intensive 

labour employment. 

Its exports in the year 2014-15 were 

US$ 1.195 billion. here are over 800 

Tanneries in Pakistan and represents 

as “Mother Industry” for Leather 

Footwear, Leather Garments, 

Leather Gloves and Leather Goods. 

Pakistan is an agro based country and 

is very rich in livestock having cow, 

buffalo, sheep and goat which are 

considered as one of the best raw 

materials in the world. 

He pointed out that the leather 

exports are stagnant in the last five 

years whereas regional competitors 

countries exports have tremendously 

increased. For example in China 

exports increased by about 19%, 

India 63% and Bangladesh about 

73.58%, in the last five years. This 

clearly shows that whereas the 

neighbouring countries are adopting 

incentive policies, in Pakistan the 

Government is not giving priority to 

the leather sector. 

He requested the Government to 

take necessary steps to stop declining 

in export of leather by giving some 

incentives which are required to have 

level playing field with the 

neighbouring countries. 

He rightly suggest that Pakistan’s 

global share in leather exports is 

negligible therefore we have to 

consider measures to increase our 

leather exports as well as to take steps 

to add to value added products. 

ISSUES & PROPOSALS 

a) Incentive of 4% on FOB value on 

enhanced value of exports: 

It is requested that like other value 

added exports 4% incentive which is 

being given to leather products in case 

of 10% increased, the same incentive 

of 4% on FOB value may be given 

on the export of finished leather. 

b) Export Refinance Rate 

The State Bank of Pakistan recently 

reduced the refinance rates for textile 

sector only from 3.5% to 3%. He 

requested that the same rate of 3% 

may be applied to the Leather Sector. 

c) Custom Duty 

The Custom Duty may be abolished 

on raw material. 

d) Duty Drawback Rebates 

He pointed out that the Duty 

Drawback Rebates for leather sector 

in Pakistan are much lower than 

neighbouring countries and it should 

be revised. (For Shoe) in Pakistan 

Duty Drawback rate is 0.8% whereas 

in India Duty Drawback rate is 5.8%, 

in China 7.50% and in Bangladesh 

12.50%. 

He also requested that Duty 

Drawback and sales tax are refund 

immediately which are pending with 

concerned departments for months 

and in some cases more than 02 

years. This will greatly improve the 

liquidity of the leather sector which 

is undergoing recession and there are 

huge stocks piled up. 

e) Energy cost 

It is requested that Export Industries 

there should be a special tariff with 

reduced rates. 

He requested the Federal Minister for 

Commerce to announce Strategic 

Trade Policy and grant fund for 

setting up Effluent Treatment Plants 

(ETPs) on individual basis.Beside 

Setting of Labs on sharing basis and 

25% financial cost will be given by 

the Government. 

Wasim Zakaria, Chairman, 

Pakistan 

Footwear 

Manufacturers Association 

(PFMA) in his welcome address 

shared some basic information 

about the footwear industry. 

According to recent data the global 

footwear trade is worth $200 billion. 

Out of this, Pakistan contributes only 

$100 million. Pakistan total export has 

been hovering around this figure for 

the past many years with record 

export witnessed in 2014 when it 

peaked at $130 million mark. In other 

words Pakistan represents only 

0.065% of the global footwear 

business. 

Domestically we are market worth 

Rs. 200 billion with huge potential for 

growth, he said. The chiramn of 

PFMA has requested government for 

revision of duty drawback, as an 

average footwear enjoys 9-12% duty 

drawback rates in the region whereas 

in Pakistan we have a meager 1.85% 

and that too is not realized on time. 

He asked for 4% relief to exporters 

whose exports had grown by more 

than 10% in 2014. He emphasized 

that in order to boost exports, the 

sector needs a level playing field to 

compete in the international arena. He 



A review of successful conclusion of 

2nd Pakistan Mega Leather Show 

Pakistan Tanners Association (PTA) 

has informed that the 2nd Pakistan 

Mega Leather Show in consecutive 

was held in Lahore International Expo 

Centre, Lahore (Pakistan) from 27- 

29th January’2016. 

It was jointly organized by all 

stakeholders of Leather Sector of 

Pakistan such as Finished Leather 

(Pakistan Tanners’ Association - 

PTA), Leather Footwear (Pakistan 

Footwear Manufacturers Association 

– PFMA), Leather Garments 

(Pakistan Leather Garments 

Manufacturers & Exporters 

Association – PLGMEA) and 

Leather Gloves (Pakistan Leather 

Gloves Manufacturers & Exporters 

Association – PGMEA) with the 

patronage of Government of 

Pakistan, Trade Development 

Authority of Pakistan. 

It was a joint collaborated efforts 

for organizing 2nd Pakistan Mega 

Leather Show in Lahore 

(Pakistan) with the exclusive 

motive(s) 1) To portray and 

improve the positive image of 

Pakistan to the World’s business 

community 2) To motivate the 

leather business entrepreneurs for 

business growth 3) To enhance the 

confidence of investors in 

Pakistan’s business market and to 

attract international masses 

towards the tremendous potentials 

that exist in the leather sector of 

Pakistan and enhance the domestic 

potential strength to provide viable 

platform within the country for ties/ 

joint collaborations between the 

allied industries of Leather Sector 

Mr. Muhammad Musaddiq, Convener, PMLS’16 addressing to Print & 

Electronic media during press conference for PMLS’2016, held in Lahore. 

of Pakistan and foreign companies. 

The first activity of Pakistan Mega 

Leather Show (PMLS) 2016 was 

holding of Press Conference which 

was held on 25th January’2016 at 

hotel in Lahore. The Press 

Conference was addressed by Mr. 

Muhammad Musaddiq, Convener, 

PMLS-2016 and was attended by Mr. 

Wasim Zakaria, Chairman, Pakistan 

Footwear Manufacturers Association 

(PFMA), Mr. Agha Saiddain and 

Inauguration of Trend 

Gallery at PMLS’2016, 

Lahore 

Significant feature of the Show this 

year (2016) was a “Trend Gallery” 

prepared at the Entrance of the 

venue/Hall in PMLS’16, which was 

inaugurated by the Honourable Chief 

Executive, Trade Development 

Authority of Pakistan, Government of 

Pakistan, Mr. S.M. Muneer. 

The trend gallery was embellished 

with all products of Leather Sector 

i.e. Finished Leather, Leather 

Footwear, Leather Gloves, Leather 

Products, Leather Bags, Leather 

Belts and swatches of innovative 

articles of finished leather to attract 

Visit of H.E The 

Ambassador of Italy in 

Pakistan to PMLS’2016 

in Lahore on 27.01.2016 

H.E. The Honourable Ambassador of 

Italy in Pakistan, Mr. Stefano 

Pontecorvo paid a visit to 

PMLS’2016, Lahore and visited to 

the Italian Group Pavilion located in 

Hall # 1 in particular and also visited 

the Show. The Honourable 

Ambassador also attended a Seminar 

within the venue organized by 

ASSOMAC/Italian Trade Agencies 



in coordination with PTA on the 

subject of “Italian workshop/seminar 

on Tanning and Footwear 

Technologies” which was so 

productive for the participants 

attended largely. Mr. Gulzar Firoz, 

Chairman, PTA delivered a welcome 

Address to the Ambassador and 

shared the views of Mr.Muhammad 

Musaddiq, Convener, PMLS’16, 

Lahore with the gathering. He gave 

details of leather export from Pakistan 

to Italy and informed that Italy is our 

one of the important leather buyer in 

the world. 

Mr. S.M.Muneer, CEO/TDAP inaugurating the Trend Gallery in 

PMLS’2016 in Lahore. 

The Honourable Federal Commerce 

Minister has announced the formation 

of “Leather Export Promotion Council 

– LEPC ” in Pakistan, which would 

be real autonomous platform for 

addressing & resolving Leather 

Sector issues promptly. 

Int’l Symposium on 

Developing Pakistan 

Leather and Value Added 

Industries held on 

28.01.2016 at venue 

A Symposium was held on the above 

subject organized by PITCO (Pvt) 

Ltd., duly sponsored by EU under its 

assigned programme for Pakistan and 

Mr. Mr. Jean Francois Cautain, 

Honourble Ambassador of the 

European Union to Pakistan was the 

Chief Guest at the symposium. The 

symposium was much conducive for 

the participants for the up gradation 

with the international standard 

techniques to enable much more 

attractive value addition to the 

domestic industry of Leather Sector 

as to further penetration could be 

made to the international market with 

competitiveness in all respect. 

Besides, another Seminar organized 

by Shafi Reso Chem within the venue 

A group photograph with H.E. The Ambassador of Italy in Pakistan on his 

visit to PMLS’16, Lahore. 

Honourable Federal Commerce Minister inaugurating the Show on 

28.01.2016. 



Grand Dinner on 

28.01.2016 at the venue 

of the Show 

A Grand Dinner was hosted on 

28.01.2016 within the Venue and 

the Honourable Government of 

Punjab, Malik Rafique Rajawana 

Sahib was the “Chief Guest”. The 

dinner was attended by all the 

Exhibitors, Foreign Guests/ 

Participants, Government 

Officials, imminent personalities of 

the city etc., and the following 

ceremonies were also held during 

the Dinner :- 

a) Shields were awarded to the 

Members of Steering Committee 

of PMLS’2016, Lahore to 

acknowledge their untiring efforts. 

Mr. Jean Francois Cautain, Honourble Ambassador of the European Union 

to Pakistan addressing to the Gathering of Symposium held on 28.01.2016) 

on “Cost saving through modern 

techniques’ 

on 29.01.2016 which was helpful & 

conducive for the participants. 

b) Shields were awarded to 

Secretary Generals of the 

Associations to appreciate their 

vigorous efforts for organizing 

such a big & beautiful event of 2nd 

PMLS’16, Lahore. 

c) Prize Distribution for the best 3 

Stalls in PTA & PFMA’s 

participants and as per Jury’s 

decision the following were 

selected :- 

PTA’s side 

1st Best Stall : Shafi Reso 

Chem 

2nd Best Stall: Khawaja 

Tanneries(Pvt)Ltd. 

3rd Best Stall: Passari Org., 

PFMA’s Side 

1st Best Stall: Quadri Group 

2nd Best Stall: Urbansole/Shafi 

(pvt.) Ltd. 

3rd Best Stall: Intra-Keck 

Distribution of Shields to 

the Exhibitors/ 

Participants of 2nd 

PMLS’2016 in Lahore 

In order to acknowledge the 

participation, Shields prepared 

specially were distributed to each 

Stand Holders of the Show on the 

last day of the Show with special 

thanks for their participation in 

PMLS’2016 in Lahore, which was 

the real essence for the success of 

the Show. 

Seminar organized by 

Shafi Reso Chem 

within the venue on 

29.01.2016 

In order to create awareness, a 

Seminar on the subject of “Say No 

to Health Hazards Chemicals” was 

organized by one of the Exhibitors, 

Shafi Reso Chem within the venue 

Announcement of next 

PMLS’2017 in Lahore 

During the Speech, the Convener, 

Pakistan Mega Leather Show, Mr. 

Muhammad Musaddiq announced the 

dates of Next “3rd Pakistan Mega 

Leather Show” scheduled to be held 

from 27-29th January’2017 at Lahore 

Int’l Expo Centre, Lahore with regular 

& much more new features of the 

Show and would try to expand the size 

of participation to be covered with 3 or 

4 Halls at the Venue to accommodate 

all interested participants. 

Pakistan Mega Leather Show in 

Lahore has now become an icon of 

Leather Sector of Pakistan as 

already established its recognition 

domestically & internationally that 

offers countless business 

opportunities and is surely the most 

cost effective means for boosting the 

sales potential/exports. As such, all 

interested may avail this unique & 

vital opportunity/platform in Pakistan 

as most potential destination of the 



PSO announces upswing in profitability for 1HFY16 

The Board of Management (BOM) 

of Pakistan State Oil Company 

Limited (PSOCL) has reviewed the 

performance of the Company for the 

first half of financial year 2015-16 

(1HFY16) recently. 

During the period under review i.e. 

1HFY16; PSO’s market share stood 

at 55.5% with 46.9% share in White 

Oil (Mogas, HSD, SKO, JP-1) and 

69.6% share in Black Oil (FO, LDO). 

The Company’s sale volume of Motor 

Gasoline grew by 26% over Same 

Period Last Year (SPLY) mainly due 

to decrease in price of gasoline and 

subsequent increase in customer 

demand. Additionally, HSD sales 

recorded an increase of 0.7% over 

SPLY while 5.7% growth was 

witnessed in JP-1 on account of 

increased upliftment by PIA and 

international airlines. FO volumes 

declined by 4.3% due to lower 

upliftment by IPP’s primarily due to 

shifting from FO to natural gas. 

The Company’s profitability for 

1HFY16 witnessed marked 

improvement and rose by 57% to Rs 

6.7 billion as compared to Rs 4.3 billion 

during SPLY. This increase in 

revenue was mainly due to growth in 

sales volume and margins of white 

oil products and decreased inventory 

losses. A significant drop in operating 

and finance costs by 18% and 39% 

respectively also contributed to 

enhancement in the Company’s 

profitability. However, decrease in 

black oil margins owing to reduction 

of 48% in the OPEC price of crude 

Engro Polymer gross profit jumps to 

Rs.2.77bn in 2015 

oil per barrel had an adverse impact 

on profitability of the Company. 

Pakistan and Qatar inked a historic 

agreement for the provision of 

Liquefied Natural Gas (LNG) to 

meet the growing energy needs of 

Pakistan. Being the designated entity 

by Government of Pakistan for 

procuring LNG to meet the gas deficit 

of the country, PSO entered into 

Long term LNG Sale Purchase 

Agreement (SPA) with Qatar 

Liquefied Gas Company Limited 

(QG2). Under this agreement the 

Company will be acting as the sole 

LNG buyer for Pakistan keeping in 

view the company’s international 

credibility and expertise in the energy 

supply chain. 

Fatima Fertilzer plans 

to rasie $ 300 million for 

overseas unit 

Engro Polymer and Chemicals Ltd 

(EPCL) posted a net loss of Rs649 

million (loss per share at Rs0.98) 

during 2015 compared to Rs1.02bn 

a year ago, the company announced 

recently. Net revenue for the year 

amounted to Rs22.3bn, down from 

Rs23.8bn in 2014. Reduced cost of 

sales pushed gross profit up to 

Rs2.77bn from Rs1.67bn. The 

company recorded an operating 

profit of Rs778m, jumping out of a 

Rs370m operating loss in the 

preceding year. 

Earlier in autumn, Engro 

Corporation Ltd announced that it 

had decided to part ways with its 

subsidiary EPCL by divesting 

56.19pc (373m shares) stake along 

with management control. 

EPCL, established in 1997, is 

manufactures, markets and sells 

polyvinyl chloride (PVC), vinyl 

chloride monomer (VCM), caustic 

soda and other related chemical 

products. However, EPCL’s 

performance over the last few 

years has been far from 

satisfactory. 

At the time Engro announced its 

decision to sell its stake in EPCL, it 

was unclear if the other two major 

shareholders — the International 

Finance Corporation with a 14.64pc 

stake and the Mitsubishi 

Corporation with a 10.24pc interest 

in the company — had decided to 

retain or sell off their stake following 

Engro’s withdrawal. 

Fatima Fertilizer Company (FCC), 

major stakeholder in the Midwest 

Fertilizer (FFC), has planned to raise 

$300 million through tax incrementfinancing 

bonds to fund its 

manufacturing facility in Indiana, 

United States, company officials 

said recently. “Citibank (the financial 

advisor) has advised that the month 

of March would be an appropriate 

time to raise the funds from the 

international market,” Arif Habib, 

chairman FFC, told media. The 

project will be partially funded by an 

already secured $1.259bn taxexempt 

debt borrowed for the 

company and facilitated by an 

Indiana county, under the Heartland 

Disaster Tax Relief Act of 2008. The 

remaining funds will be comprised 

of equity, tax increment-financing 

bonds, and some term debt. 



Commissioner Karachi & President KCCI emphasized on 

social investments 

Addressing to the big gathering of 

corporate CEO’s and head of 

renowned NGO’s at the flagship 

conference of 5th Summit & Awards 

on Corporate Social Responsibility 

held on February 11th, 2016 at a local 

hotel organized by The Professionals 

Network, the Commissioner Karachi 

Asif Hyder Shah said it is extremely 

important for each citizen to contribute 

towards well-being of the society and 

play its part and its role by 

acknowledging his obligations and 

duties towards society. He also 

articulated that our Religion Islam 

believes in fair distribution of wealth 

which is ultimately Corporate Social 

Responsibility. He also said Islam 

believes in charity and it is not the 

sole responsibility of the government 

to contribute and shoulder the underprivilege 

segment of the society as 

Government, Corporate Sector & 

Society Individuals needs to work 

hand-in-hand to do so. 

Chief Guest Mr. Younus Bashir 

(President KCCI) speaking to the 

audience said KCCI being the largest 

chamber of Pakistan and the subcontinent 

attaches importance to CSR 

and best corporate practices. He 

added that it is satisfying to note that 

over the years in Pakistan; the 

corporate sector has focused on 

responsible business practices 

highlighting sustainability, social and 

environmental issues. 

Mehmood Tareen (CEO & President 

The Professionals Network - TPN) 

during his welcome address that TPN 

has taken an initiative in March 2012 

to bridging the gap between the 

corporate companies & NGO’s and 

provide them a platform of interaction 

and networking to find the best 

available solutions within the 

resources available in our country. 

Ateeq-ur-Rehman during his 

Introductory Address said that CSR 

activities mitigate risks, enhance 

reputation, and contribute to business 

results, that is all to the good. He 

emphasized on the need of 

contributing towards the sectors of 

Health, Education through CSR 

Initiatives. 

Abdul Haseeb Khan (Ex-Senator, 

President & CEO Brooks Pharma 

Pvt. Ltd) on the subject-matter of 

Inspiring People through CSR stated 

that it is not something which is hard 

to understand or impossible to 

practice as CSR is engraved in the 

human being. 

Keynote Speaker Mr. Sirajuddin Aziz 

(President & CEO Habib 

Metropolitan Bank) said at this 

platform that Honesty & Moral 

Responsibility are basic principles of 

our religion as ethics begin since birth 

and practicing them while dealing 

people is business ethics. 

Mr. Emil Wyss (Consul General of 

Switzerland) during his exclusive 

address said that I am seeing a stage 

of transformation in Pakistan and I 

see situation in Pakistan is getting 

better gradually which is really 

fascinating to witness. He said 

considering the rapidly changing 

situation in the country; many swiss 

organizations and companies are 

looking forward to invest in various 

projects in Pakistan. Mr. Jakob Rogild 

Jakobsen, Deputy Head of Mission 

Embassy of Denmark said smallest 

of organizations benefit when putting 

Corporate Social Responsibility 

(CSR) at the heart of their business, 

Contd. on page # 18 



Norwegian envoy sees great trade potential in Pakistan 

Ambassador of Norway Tore 

Nedrebo has said that there is a great 

potential for Pakistan and Norway to 

increased trade as many Norwegian 

companies are interested in making 

investments in Pakistan. “Norwegian 

companies are exploring investment 

opportunities around the world and if 

they see such opportunities in 

Pakistan, they will surely come to 

invest in this country as well,” 

Nedrebo said while addressing a 

meeting at the Karachi Chamber of 

Commerce and Industry (KCCI). 

The Norwegian envoy said, that “the 

existing trade volume of $70 to $80 

million which fortunately was in 

favour of Pakistan was not a lot. We 

need to do a lot more for improving it 

further.” 

Highlighting some glaring examples 

of Norwegian investments in 

Ambassador of Norway Tore Nedrebo receiving KCCI momento. 

Pakistan, Nedrebo said that 

Norwegian companies planned to 

establish a solar power plant in Sindh 

for which ground work would begin 

this year with an initial investment of 

$250 million which might grow further 

keeping in view Pakistan’s need for 

energy”. He further said that a 

hydropower project would also by 

established in northern areas of 

Pakistan. 

Earlier in his speech, President KCCI 

Younus Muhammad Bashir 

welcomed the Norwegian 

ambassador and said that Karachi 

offered profitable investment 

opportunities. 

Commenting on trade ties between 

Pakistan and Norway, Bashir said the 

two countries shared healthy 

diplomatic relations and it was 

heartening to note that Norway had 

been providing development 

assistance to Pakistan, particularly in 

the areas of governance and 

education. 

Bashir pointed out that during the 

fiscal year 2015, Pakistan exported 

goods worth $54 million to Norway 

while the imports from Norway stood 

at $9.20 million. He was of the view 

that there was much potential for 

enhancing bilateral trade relations 

between Norway and Pakistan, as 

Norway imported $3 to $4 billion of 

textiles related items from around the 

globe. He said Pakistan had a good 

chance to enhance its exports share 

of textiles in the Norwegian market. 

“We also want to promote Norwegian 

investment in Pakistan and do 

everything for the development of 

Pakistan-Norwegian business 

cooperation,” concluded the KCCI 

chief. 

Cont. from Page #: 17 

starting with small changes on a 

simple environmental policy list. 

Other Speakers were Fasihul Karim 

Siddiqi, Secretary & Focal Point for 

Pakistan UN Global Compact Abdul 

Rauf Khajjak, GM CSR OGDCL, Air 

Commodore Shabbir A. Khan, 

Director Rashid Memorial Welfare 

Organization, Dr. Altaf Hashmi, 

Professor SIUT, Abbas Akberali, 

Chairman Amreli Steels, Madiha 

Javed Qureshi, Nestle Pakistan, 

Rehan Hanif, Chairman Future 

Group, Ziad Chowdhery, CFO & 

Director Bayer Pakistan, Rana Azfar 

Zafar, GM Novo Nordisk Pakistan, 

Shahbaz Islam, GM Corporate 

Communication SSGC & Mr. Umair 

Jaliawala, Director & CEO School 

of Leadership. 

The event was Sponsored by, 

OGDCL, Pakistan Bait Ul Mal, 

Habib Metropolitan Bank Ltd, 

Bank Alfalah Limited, Future 

Group, Engro Corporation, 

Syngenta Pakistan, Amreli Steels 

Ltd, Maersk Line Pakistan, Bayer 



People & Events 

Zakaria assumes charge 

as FO spokesperson 

Mohammed Nafees Zakaria has took 

over charge as the new spokesperson 

of the Foreign Office, replacing Qazi 

Khalilullah. A career diplomat around 

28 years, Zakaria was aeronautical 

engineer before joining Foreign 

Service of Pakistan in November 

1988. Since then, he has served at 

headquarters in Islamabad and 

Pakistan Diplomatic Missions abroad 

on various assignments. 

He attended National Security and 

War Course at the National Defence 

University, Islamabad, from August 

2015 to January 2016. 

Zakaria replaced Qazi Khalilullah 

who has been appointed as Pakistan's 

Ambassador to Russian Federation. 

New OICCI president 

Mr Rizvi was elected as OICCI 

president at the 156th annual general 

meeting held recently and Khalid 

Mansoor as vice-president. Other 

elected members of the OICCI 

managing committee for 2016 are: 

Aftab Husain, Kimihide Ando, 

Marek Andrzey Minkiewicz, 

Nauman Ansari, Nadeem Lodhi and 

Omar Yaqoob Sheikh, said a press 

release. 

Yousafzai assumes 

charge as CEO Pesco 

Anwar Ul Haq Yousafzai has 

assumed charge as Chief Executive 

Officer (CEO) Peshawar Electricity 

Supply Company (PESCO). He 

obtained MBA degree from Quaide-Azam 

College of Commerce 

University of Peshawar. He joined 

FATA Development Corporation as 

Accounts Officer. In 1991 he joined 

Wapda as Deputy Director Finance 

and after performing duties on 

different important posts in WAPDA 

Academy Tarbela, Tarbela Dam 

Project, Ghazi Barotha Project, 

PEPCO and PESCO. In 2014 he was 

designated as General Manager 

Finance Pesco and succeeded in 

bringing down PESCO's deficit from 

Rs 34 billion to Rs 16 billion by 

implementing financial management. 

The newly elected president of the 

Overseas Investors Chamber of 

Imran Gardezi 

Secretary IB&NH Imran 

Gardezi assumes charge 

Newly appointed Secretary 

Information, Broadcasting and 

National Heritage Syed Muhammad 

Imran Gardezi recently assumed 

charge of his office. 

He is the most senior officer in the 

Information Group who brings with 

him rich experience of serving as 

Press Secretary to the Prime Minister 

and has served in London and 

Washington as the Press Minister. He 

also served as Principal Information 

Officer (PIO), Director General 

External Publicity Wing and Director 

General of Paksitan Broadcasting 

Corporation (PBC). 

Commerce and Industry (OICCI) 

has said the chamber would focus 

on streamlining taxation system and 

giving policy input on resolving 

energy supply gap in the country 

during his tenure. 

Shahab Rizvi said that better 

security environment, especially in 

Karachi, and contribution towards 

improving intellectual property rights 

(IPR) regime in Pakistan would be 

another key area to focus during this 

year. 



Iftikhar Ali Malik elected 

VP Saarc CCI 

The Chairman of United Business 

Group and veteran business leader, 

Iftikhar Ali Malik, was elected 

unopposed as Vice President 

SAARC Chamber of Commerce and 

Industry for the 5th consecutive 

times. 

Premier Insurance 

appoints Dr Imran Taqi 

as advisor 

Premier Insurance Limited (PIL), a 

leading insurer with a vision of 

serving the nation has appointed Dr 

Muhammad Imran Taqi Usmani as 

Shariah Advisor and Ernst & Young 

Ford Rhodes Sidat Hyder as Shariah 

Auditor. Dr Muhammad Imran Taqi 

Usmani, a renowned Islamic scholar 

holds LLB, M. Phil and Ph.D. 

Degrees in Islamic Finance. 

He also holds an Alamiyya and a 

Takhassus (Specialisation in Islamic 

Jurisprudence) from Jamia Darul- 

Uloom, Karachi. 

Prof Dr Arshad new ED 

HEC 

The Higher Education Commission 

(HEC) has approved the appointment 

of Prof Dr Arshad Ali as ED HEC. 

Dr Arshad Ali was serving as Rector 

Textile University, Faisalabad. 

M Azfar Ahsan 

appointed chairman 

MARCON-2016 body 

The Executive Council of 

Marketing Association of Pakistan 

appointed Muhammad Azfar 

Ahsan as Chairman of MARCON 

2016 Committee. He is a member 

of Executive Council and 

Chairman Program Committee of 

Marketing Association of Pakistan. 

KUJ elects office-bearers 

The Green Panel swept the Karachi 

Union of Journalists (KUJ) elections 

for 2016-2017. S. Hassan Abbas was 

elected president with a majority vote 

of 796 of the 838 polled in the 

elections held recently. His rival Rafiq 

Ahmed Shaikh polled 27 votes. 

Wajid Raza Isfahani was elected 

general secretary and Zaheer Ahmed 

Khan and Aijaz Ahmed as vice 

presidents unopposed. For the post of 

joint secretary Lubna Jerar and 

Naseem Rajput and for Treasurer 

Nasir Sharif were also elected 

unopposed. 

A 10-member executive council of 

the KUJ was also elected. They are 

Ghulam Akbar Jafri, Ghulam Mustafa 

Aziz, Imran Zakir, Ishaque Baloch, M 

Azeem, M Salahuddin, Mohammad 

Ali Hafeez, S Mazhar Abbas, Shazia 

Khan and Zamir Hassan. 

APBF appoints Maaz 

Mahmood as General 

Secretary 

The ‘All Pakistan Business Forum’ 

(APBF) has appointed Maaz 

Mahmood as its new General 

Secretary. 

Syed Maaz Mahmood, has extensive 

experience as a Director of Supreme 

Powder Coatings Pvt Ltd. He is a 

highly-qualified and successful 

entrepreneur with a Masters degree 

in Chemical Engineering and an MBA 

degree from the University of Punjab. 

The APBF is a vibrant business 

association, with high-profiled 

participation from many dynamic 

enterprises, associations and 

institutions. 

Election of Office 

Bearers of ICSP for the 

Year 2016 

The National Council of the Institute 

of Corporate Secretaries of Pakistan 

(ICSP) in its meeting held in Karachi 

on 29th February 2016 has elected 

the following office bearers for the 

year 2016: President : Mr. 

Mohammed Zaki (FCIS, FCA, FPFA) 

Vice President : Mr. Abdul Rehman 

(FCIS, FCMA) Vice President : Mr. 

Muhammad Sabihuddin (FCIS, FCA, 

FCMA, FPFA) Treasurer : Mr. 

Salman Ahmad (FCIS, ACA, IIA) 

Secretary : Mr. Shamim Akhter 

(FCIS, LLB, FPFA) 



Photograph taken at a dinner held in honor of Mian Khurshid Mahmud Kasuri, former Foreign Minister of Pakistan and 

Begum Kasuri, by Mr. & Mrs. Abdul Kader Jaffer, former Pakistan High Commissioner to U.K. along with distinguished 

guests, local diplomats and elite of Karachi. 

Photograph taken at a farewell dinner held in honor of His Excellency Rodolfo José Martin Saravia, Ambassador of 

Republic of Argentina, & Mrs. Susana Martin Saravia by Mr. & Mrs. Abdul Kader Jaffer, former Pakistan High Commissioner 

to U.K. along with distinguished guests, local diplomats and elite of Karachi. 

CLII elects office-bearers 

The Council of Lahore Insurance 

Institute (CLII) has elected Syed 

Imran Rabbani as Chairman, Liaquat 

Ali Khan as Vice Chairman and S 

Daood Ali Shah as Honorary 

Secretary for 2016-17. 

The Council members include 

Mohamd Ishaque Khan, Mohammad 

Ikram, Muhammad Aslam Sabir, 

Abdul Haye, Muhammad Hisham, 

Anjum Rasheed Chaudhry, 

Naeemuddin, Chaudhry Ghulam 

Mustafa, Zulfiqar Ali Khan, Amir 

Hameed and Adnan Ahmed 

Chaudhary as ex-officio member. 

Sadiq elected Gapuic 

vice chairman 

National Assembly Speaker Ayaz 

Sadiq was unanimously elected 

vice chairman of the 11th General 

Assembly of the Parliamentary 

Union of the Islamic Countries 

(Gapuic), according to a 

statement received from Baghdad 

recently. 

Gapuic was jointly inaugurated in 

Baghdad by Iraqi President Fuad 

Masum and Prime Minister Haider 

Jawad Kadhim Al Abadi. 

PBC gets new chairman 

President and CEO of Bank Alfalah, 

Atif Aslam Bajwa, was unanimously 

elected as the chairman of Pakistan 

Business Council (PBC), said a press 

release recently. At the 54th meeting 

of a newly formed PBC board, Lucky 

Cement CEO Muhammad Ali Tabba 

was named vice-chairman, it added. 



Mr. Khalid Rehman, MD SSGC, Dr. Faizullah Abbasi, Vice Chancellor Dawood University and Assistant Professor Salim A. 

Mughal speaking to Expose on Unaccounted for Gas at Dawood University Auditorium. 

Shahbaz Islam (7th from R), head of Corporate Communications, SSGC presenting a cheque for financial support to 225 

children suffering from Thalessemia to Zaki Ahmed (9th from R), President Afzaal Memorial Thalessemia Foundation (5th 

from R), through its Corporate Social Responsibility program. 

Head of Corporate Communication SSGC, Shahbaz Islam receiving 5th CSR Award from President KCCI Younus Bashir. 

This award was conferred upon SSGC by The Professional Network in the category of Sustainability Initiatives. 



Port t & Shipping News 

PNSC profit grows 

despite falling freight 

The Board of Directors of Pakistan 

National Shipping Corporation 

(PNSC) reviewed 

and approved the 

financial results of the 

national flag-carrier 

for the period ending 

December 31, 2015. 

With Minister Ports 

and Shipping Senator 

Kamran Michael in 

attendance, the 

PNSC board said the 

company had made 

after tax profit of Rs 

810 million as of 

December 31st, 2015 

compared to Rs 793 

million of the 

corresponding period last year. 

PNSC's net profit for the period 

under review came out to Rs 1.20 

million at the end of 2015. The 

resulting impact is the increase in 

earnings per share (EPS) for the 

whole group which stands presently 

at Rs 6.14 at the close of this year, 

whereas it remained last year at Rs 

6.00 during the corresponding period. 

Minister Ports and Shipping Senator Kamran Michael is presiding PNSC 

board meeting. Chairman PNSC Arif Elahi is also seen in picture alone 

with others. 

The achievement of PNSC is despite 

the recession in global shipping 

industry they have faced due to drastic 

reductions in bulk freight rates 

internationally and has become 

possible due to more focused 

approach of PNSC for considering 

profitable ventures besides retaining 

its repute as one of the major 

contributor of sea borne trade in 

Pakistan. 

Through best 

p o s s i b l e 

combination of 

foreign charter 

and PNSC's own 

fleet, a substantial 

growth in the slot 

area and vessel oil 

business by 

PNSC while 

maintaining 

performance at 

competitive 

levels. During the 

board meeting, 

the possibilities of commencing ferry 

service also came under discussion 

with the federal minister issuing 

necessary instructions to the directors 

and Chairman PNSC. 

Karachi Port cargo 

handling grows 13pc 

The Karachi Port handled 24.485 

million tonnes of cargo during the first 

half (July-December) of 2015-16 as 

compared to 21.652m tonnes handled 

in the same period last year, an 

increase of 13.08 per cent. 

Bulk of cargo handled by the port was 

related to imports which grew by 

18.15pc year-on-year while export 

cargo registered a decline of 

4.13pc.As per the official data, import 

of dry general cargo grew by 21.87pc 

to 8.321m tonnes from 6.828m tonnes 

Dry bulk cargo handling also grew by 

8.64pc to 4.314m tonnes from 3.971m 

tonnes in the same period last year. 

Import of liquid bulk cargo rose 

20.24pc to 7.131m tonnes from 

5.930m tonnes in July-December 

2014-15. However, handling of export 

cargo fell to 4.718m tonnes from 

4.921m tonnes. 

As per the break-up of exports, the 

port handled 3.746m tonnes of dry 

general cargo as compared to 3.587m 

tonnes, an increase of 4.43pc yearon-year. 

However, export of dry bulk cargo 

declined by 45.56pc to 323,807 tonnes 

from 594,757 tonnes. Export of liquid 

bulk cargo also dipped 12.33pc to 

648,127 tonnes from 739,317 tonnes 

in the same period last year. 

During July-December 2015-16, the 

port handled 938,258 TEUs as 

compared to 833,158 TEUs in the 

same period last year, a growth of 

12.61pc. 

As per the details, handling of import 

containers grew 12.94pc to 484,797 

TEUs from 429,238 TEUs. While, 

handling of export cargo containers 

also rose 12.27pc to 453,461 TEUs 

from 403,920 TEUs in July- 

December 2014-15. 



Captain Haleem Ahmad Siddiqui, 

Chairman Marine Group of 

Comapnies, wins the Lifetime 

Achievement Award, sponsored by 

Kuwait Oil Tanker Company, at the 

Lloyd’s List Middle East and Indian 

Subcontinent Awards, held recently. 

Lifetime Achievement Award 

The Lloyd's List Awards series 

recognises the industry’s successes, 

setting a benchmark for excellence 

while rewarding innovative ideas and 

concepts that have pushed the 

boundaries of what is possible. 

This year the Lloyd’s List Middle East 

and Indian Subcontinent Awards 

recognised many who had contributed 

to the changing nature of the shipping 

industry, with new awards given to 

the outstanding individuals shaping 

some of these changes and to the 

companies driving change with their 

training, environmental and 

humanitarian projects. Captain 

Haleem Ahmad Siddiqui won the 

Lifetime Achievement Award at the 

Lloyd’s List Middle East and Indian 

Subcontinent Awards, presented at 

the esteemed Armani Hotel Dubai on 

Wednesday 9th December 2015. 

The Lloyd’s List Award series 

recognises the industry’s successes, 

setting a benchmark for excellence 

while rewarding innovative ideas and 

concepts that have pushed the 

boundaries of what is possible. 

Captain Haleem Ahmad Siddiqui receiving the award. 

This year’s lifetime achievement 

award goes Capt. Haleem, who has 

been instrumental in the development 

and growth of shipping and ports in 

Pakistan. 

A former cadet in the late 1950’s he 

worked through the ranks to become 

shipmaster, and then after starting his 

own businesses in 1971 went on to 

become part of Pakistan’s efforts to 

privatise the port and shipping industries. 

From 1993 till 2003 he became a major 

political figure and served as a federal 

minister of communications, and a 

minister of state for water and power. 

Holding a large number of influential 

posts within the industry, as well as a 

growing list of professional 

accreditations within the shipping, ship 

masters and logistics industries and 

is a respected philanthropist in his 

home country, offering generous 

support for schools for under 

privileged children and hospitals. 

Now, after 60 years and counting in 

the shipping industry, Capt. Haleem 

is chairman of one of Pakistan’s 

largest and most widely known 

businesses, the Marine Group of 

Companies. 

PQA Plans Coal 

Conveying System For 

PIBT Terminal 

Port Qasim Authority (PQA), 

Ministry of Ports & Shipping 

Government of Pakistan plans to 

construct Coal Conveying System 

from Pakistan International Bulk 

Terminal (PIBT) to existing Railway 

Network at Port Qasim, Karachi 

Sindh. PQA sought applications for 

pre qualification of contractor for 

construction of work. 

The scope of work includes 

construction of coal stockyard, 

supply & installation of belt conveyor 

4.5 Km long approximately, rapid 

load-out station, mechanical 

equipment and other ancillary 

buildings and infrastructure works 

including water supply, fire fighting 

power supply, surveillance system 

and monitoring, workshop, storage 

etc. 

The project would take 12 months 

to complete. 



Mobilink becomes First 

Telco in the World to 

Launch Facebook at 

Work 

In a move to increase efficiency and 

collaboration amongst employees 

spread across the country and ensure 

communication can become more 

efficient, Mobilink has become the 

first Telco in the world to launch 

Facebook at Work, the business 

version of Facebook that allows 

companies to build more productive, 

efficient and collaborative 

workplaces. 

The enterprise service shares a 

similar look and feel to the personal 

Facebook network but is completely 

separate from the consumer 

Facebook service. The service also 

has built in enterprise-grade security 

and administration tools. “As we 

move towards digitalization, 

Facebook at Work will serve as a 

platform which will not only connect 

our employees better but will also 

serve as an informal platform for 

information sharing. I am confident 

that the use of Facebook at Work will 

enhance our ability to communicate 

more effectively and help develop a 

better integrated Mobilink family,” 

said Jeffrey Hedberg, President and 

CEO - Mobilink. 

Telecommunication News 

PTCL declares 20 

percent cash dividend 

PTCL has announced its annual 

financial results for the year ended 

December 31, 2015 in a meeting 

of PTCL Board of Directors held 

at Islamabad. PTCL has declared 

20 percent final cash dividend, 

inclusive of 10 percent interim 

dividend. PTCL earned revenues 

of Rs 75.8 billion for the FY 2015. 

Data revenues significantly 

increased by 12 percent compared 

with last year. 

The company's profitability 

continued to remain stable despite 

competition, especially in the 

broadband segment. Gross and net 

profit of the company stood at Rs 

22.0 billion and Rs 8.8 billion 

respectively. PTCL group's 

revenues for the year stood at Rs 

118.6 billion. 

PTCL cash flows remained healthy 

and stable in FY 2015 due to 

continuous efforts to optimise costs 

as well as strong market position. 

This impetus continued across all 

business activities of PTCL 

including the fixed and wireless 

broadband and enterprise solutions. 

Walid Irshaid, President & CEO 

PTCL said, "Our robust results 

again demonstrate the ability of our 

diversified line of business to 

perform to the expectations of our 

shareholders." He further added, 

"PTCL's performance during the 

past year is a strong indicator of 

our dynamic corporate direction, as 

well as our customers' continued 

satisfaction in company's products 

and services". 

Number of mobile phone 

users soars to 128.042m: 

PTA 

The number of mobile phone users in 

Pakistan reached 128.042 million at 

the end of January 2016, after five 

cellular companies added a combined 

user base of 2.14 million customers 

during the reported month, according 

to data released by the Pakistan 

Telecommunications Authority 

(PTA). 

Mobilink leads the charts with 36.97 

million customers while Telenor is 

closing in the gap with 35.39 million 

subscribers. However, after planned 

merger of Mobilink and Warid, 

Mobilink will be able to widen the lead 

with more than 47 million post-merger 

customers. 

Zong has 24.61 million customers at 

the end of January 2016 while Ufone 

stood with 20.26 million customers till 

the time. Warid has a total of 10.79 

million customers. However, the data 

shows that the number of 3G/4G 

users reached at 24.709 million by 

January, 2016 compared to 23.165 

million by December 2015, showing 

a reasonable growth in modern 

mobile broadband services with each 

passing month. 

The number of 4G (Zong) users 

jumped from 282,701 subscribers in 

December 2015 to 416,676 

subscribers in January 2016. 

According to the PTA, the number 

of 3G users of Zong, Mobilink, Ufone 

and Telenor reached 5,083,597, 

7,648,548, 4,548,824 and 6,777,091 

respectively by January 2016. Warid 

LTE subscriber reached 235,239 

during this period. 



Ufone bags two 

prestigious CSR awards 

Ufone received two awards in the 5th 

Corporate Social Responsibility 

Award selection. Impressed by 

Ufone’s vision and implementation of 

CSR activities, the panel of judges 

unanimously voted to acknowledge 

Ufone’s contributions in the 

categories of “Innovation” and 

“Employee Engagement.” This 

award is the first and only registered 

CSR Award of Pakistan. 

Mr.Amir Pasha, Head of PR & CSR at Ufone receiving CSR award from Mr. 

Younus Muhammad Bashir, President Karachi Chamber of Commerce & Industry 

at the 5th CSR Conference & Awards. 

The decision of the panel has 

subsequently been ratified by the 

executive board of The Professionals 

Network (TPN) and Ethical Business 

Update (EBU). 

The Innovation Award was given to 

the Ufone Emergency Alert System 

(EAS). In view of the overall security 

situation of the country, Ufone in 

collaboration with the Punjab Police, 

launched a single click EAS. The 

Police Department can extend the 

EAS to schools throughout Punjab for 

enhanced security. The system is free 

of cost and works on any cell phone 

using Ufone SIMs. Schools are able 

to register their Ufone numbers with 

the Police Department and any alarm 

generated through the number would 

alert the Police providing details such 

as the name of the school, the person 

who initiated the alarm and location. 

Mehmood Tareen, Founder & Chief 

Executive, The Professionals 

Network, said, “A stringent criteria 

was followed in selecting the winners 

of the awards as a panel of judges 

studied the projects to ensure they 

demonstrate a holistic application of 

sustainability principles. The judges 

also sought out practices and 

initiatives that genuinely push the 

boundaries and drove real change. 

Hence, Ufone has received these 

awards for implementing well thought 

out CSR initiatives.” 

Zong holds annual 

business conference 

Zong recently held its annual business 

conference in Islamabad with 

representations of middle and senior 

management from all over Pakistan. 

Zong’s CEO, Liu Dianfeng graced 

the occasion as the chief guest with 

opening remarks. 

The main agenda of the conference 

was to review the organization’s 2015 

key performance achievements as 

well as highlight their plan for 2016. 

Liu stressed on adding more 

investment in improving Zong core 

network of 3G & 4G as well as its 

human capability potential in the 

Liu Dianfeng CEO of Zong along with management team at annual business 

conference. 

coming years to be able to enhance 

the lifestyle of Pakistani people 

through technology, innovation and 

capability. 

It is to be noted that Zong is the only 

3G & 4G network operator in 

Pakistan with the largest 3G & 4G 

spectrum of 20MhZ combined 

amongst all other operators. 

The conference was conducted by 

Zong’s Director Corporate Affairs 

Maham Dard, followed by an 

exhilarating award ceremony by 

Human Resource Department to 

appreciate the organization’s star 

performers. 



Banking & Insurance News 

President urges experts, Ulema to work out strategy 

President Mamnoon Hussain addressing a seminar on “Islamic Banking in Pakistan: Prospects and challenges” Organized 

by the Islamic Research Institute of International Islamic University in Islamabad on February 24, 2016. 

President Mamnoon Hussain has 

called upon the banking experts and 

Ulema (religious leaders) to jointly 

focus their research on finding a 

workable strategy for promoting 

Islamic banking in the country. 

Addressing a national seminar on 

"Islamic banking and finance: 

Prospects and challenges" here at the 

Islamic International University, the 

President said the benefits of Islamic 

financial should reach the common 

man to end poverty. 

The President said Islamic banking 

had immense potential of growth in 

Pakistan, adding that the subject 

needed profound research by the 

relevant experts. He said for being 

Muslim citizens of this country, it was 

obligatory to work for implementing 

Islamic financial system. 

The President said the Islamic banking 

system was being given patronage at 

the government-level. He said there 

was a need to flourish the culture of 

research in the country to explore the 

horizons of knowledge, which he said 

was a key to success for a nation. 

The President said economics had 

outclassed the importance of politics 

in global scenario, and said with 

research-based knowledge, a country 

could achieve economic stability and 

prosperity. 

He said the government during the 

two-and-a-half years had made 

remarkable progress in stabilising the 

economy which was also 

acknowledged by the international 

monetary rating organisations. The 

President mentioned that corruption 

had negatively impacted the very 

fabric of society and emphasised on 

waging a Jihad against this menace. 

He pointed out that during tenures of 

the past governments, no significant 

development projects were carried out. 

He mentioned that during his meeting 

with Saudi King Salman bin Abdul 

Aziz Al Saud, he proposed for opening 

of a campus of Islamic International 

University in Saudi Arabia. He said 

the step would help Pakistani 

expatriates continue their goals of 

higher education. 

Deputy Governor State Bank of 

Pakistan Saeed Ahmed said 

implementation of Islamic financial 

system was important to ensure social 

justice for the people through microfinance 

to end poverty. He said at 

present, five banks in the country 

were entirely Islamic, one was a 

subsidiary branch of a bank while 16 

banks were offering both 

conventional and Islamic systems to 

consumers. 

About the challenges in the 

implementation of Islamic financial 

system, he mentioned lack of enabling 

environment, research and qualified 

human resource and increased 

taxation on Islamic banks as 

compared to their conventional 

counterparts. Head of Dar-ul-Uloom 

Karachi, Mufti Muhammad Rafi 

Osmani, President IIU, Professor 

Ahmed Yusuf Al Darvesh and Rector 



NBP records 51pc 

growth in profit 

NBP’s Board of Directors held a 

meeting on February 19, 2016 

National Bank of Pakistan achieved 

profit of Rs. 33.2 billion in 2015 that 

is an increase of 51 percent from 

2014. This is a complete turnaround 

from 2013 profit 

of Rs.7.1 billion 

(368 percent 

increase). After 

tax profit growth 

was impacted by 

Rs.2.3 billion 

additional tax 

charge due to last 

year’s Federal 

Budget changes. 

However, despite 

this additional 

burden of 

increase of tax of 

Rs. 2.3 billion, 

after tax profit is Rs. 19.2 billion which 

is 28 percent higher than previous 

year. 

These results were achieved through 

an effective execution of strategy 

which encompassed improving 

deposits mix for higher net interest 

income, portfolio optimisation and reprofiling, 

cost controls, automation of 

entire branch network, expansion of 

footprint through ATMs and branch 

network and focused strategy 

towards recoveries against nonperforming 

loans. 

With this performance all key ratios 

have improved significantly. For 

example after tax return on equity 

and assets stands as 17.0 percent and 

1.2 percent respectively, key ratio of 

cost to income is in top bracket at 

0.48, an improvement from 0.55 of 

last year. 

Bank’s key ratios are also solid with 

provision coverage at over 89 percent 

and capital adequacy ratio at 17.6 

percent. Testament to the abovestated 

outstanding performance is the 

fact that NBP has been recently 

awarded “Bank of Year Award – 

2015” by the prestigious “The 

Bankers-UK”, a subsidiary of 

Financial Times Group. 

The bank made significant 

infrastructural growth through adding 

48 branches and making 

technological advancements. During 

the year 500+ new ATM points were 

added and the entire branch network 

has now been made functional on 

Core Banking Application. 

On YoY basis, 

core net interest 

income increased 

by 17 percent 

from Rs. 45.8 

billion to Rs. 53.7 

billion, while noninterest 

income 

increased by 15 

percent from Rs. 

30.4 billion to 

Rs.35.0 billion in 

2 0 1 5 . 

Administrative 

expenses were 

kept under control and increased 

marginally by 5 percent. The bank is 

aggressively endeavouring to 

increase its market share. Deposits 

are at Rs.1. 43 trillion, increasing by 

16 percent in 2015 YoY, higher than 

the sector growth and low cost CASA 

deposits constituting 77 percent of the 

domestic deposits. Total assets of the 

bank have crossed Rs.1.7 trillion 

mark. 

NBP to expand PMYBL 

scheme 

National Bank of Pakistan (NBP) 

commitment and resolve to the 

success of PMYBL (Prime 

Minister’s Youth Business Loan) 

scheme is evident from the fact that 

it has already disbursed 

approximately Rs 6.8 Billion to 7,300 

young entrepreneurs. 

NBP reiterates its resolve to continue 

to support this program and play its 

role in building a strong 

entrepreneurial culture in Pakistan for 

eradicating unemployment in youth 

and expanding and strengthening 

country’s SME sector. 

NBP over the last quarter has 

revamped this scheme to include a 

larger number of youth and 

businesses in this scheme. Our 

branches and marketing teams 

continue to receive applications which 

are in the process of being appraised 

for approval and further expand this 

scheme. NBP has always been at the 

forefront in SME and agriculture 

financing and stands committed to 

greater financial inclusion and 

growing its SME and PMYBL 

portfolio for the youth of the country. 



BankIslami, FAW Motors 

ink strategic alliance 

BankIslami Pakistan Limited & Al- 

Haj FAW Motors Pvt Limited signed 

an agreement whereby both 

BankIslami & FAW Motors would 

mutually work together for the sales 

of FAW vehicles through 

BankIslami's Islami Auto Ijarah. This 

alliance will also help customers to 

get the financing of FAW vehicles 

through BankIslami with competitive 

offerings on security deposit and 

Ijarah rentals. 

EFU life announces 

100% cash dividend 2015 

EFU Life Assurance Ltd, the leading 

private sector life insurance company 

in Pakistan announced its financial 

results for the year ended 31 

December 2015as approved in the 

meeting of the Board of Directors 

held on 13February 2016. The 

Company posted a profit after tax of 

Rs 1.475 Billion for the year 2015with 

earnings per share ofRs 14.75. The 

Company declared a final cash 

dividend of 70%, ie Rs 7 per share, 

taking the total cash dividend payout 

to 100%, ie Rs 10 per share for the year. 

DGKCL investing 

Rs1.26bn in Adamjee Ins. 

D G Khan Cement Company Limited 

(DGKCL) has decided to increase its 

investment in Adamjee Insurance 

Company by Rs 1.26 billion, said a 

stock filing. The fresh investment will 

be made through purchase of 

Adamjee shares at the prevailing 

stock market rate. The DGKCL 

board has authorised the company’s 

CEO and CFO to execute the 

transaction as and when deemed 

appropriate in the interest of the 

company and its shareholders. 

Keenu becomes first merchant payment service 

provider brand in Pakistan 

Wemsol Private Limited is set to 

launch its payment network brand, 

Keenu, at an event recently held at 

a local hotel. Wemsol, a fullyowned 

subsidiary of United Mobile, 

is a service-oriented company that 

was formed in 2011, with the idea 

of delivering complete, end-to-end 

electronic payment and enterprise 

solutions tailored to customers’ 

needs. Ashraf Machiyara is the 

Chairman of the company, while 

Faysal Bank's Barkat Islamic Banking 

becomes the first Islamic banking 

division to offer Prime Minister's 

Youth Business Programme 

(PMYBP) under Shariah-compliant 

modes of finance. The ceremony was 

attended by the Deputy Governor of 

the State Bank of Pakistan, P&CEO 

Faysal Bank, Shariah Board 

Members and the senior 

management of the Bank. 

Under this scheme, Faysal Bank 

Barkat Islamic Banking will offer 

Shariah compliant solutions such as 

Murabaha, Diminishing Musharaka 

and Ijarah to cater to the needs of 

Ejaz Hassan, Saad Niazi, and Raja 

Faisal Zaman are the CEO, COO, 

and Director Technology, 

respectively. The event marks the 

launch of a brand which will change 

the face of the retail industry in 

Pakistan. Keenu offers a number of 

payment solutions, while also 

providing merchant servicing, all 

under the same roof, with valueadditions 

like none other in the 

industry. 

Faysal Bank's Barkat Islamic Banking 

launches PMYBP 

entrepreneurs / SMEs. 

Speaking at the occasion, Deputy 

Governor of the State Bank of 

Pakistan, Saeed Ahmed, expressed 

his appreciation towards Faysal 

Bank for playing its due role in 

providing financial access to the 

youth through the PMYBP for 

starting their own business. 

Addressing the gathering, Nauman 

Ansari, President & Chief Executive 

Officer of Faysal Bank Limited said, 

"It is a matter of privilege for Faysal 

Bank Barkat Islamic Banking to 

become the first Islamic Banking 

division in the industry to launch the 



Habib Bank earns 

Rs35.10 billion in 2015 

Habib Bank Limited’s consolidated 

net profit increased 11.5 percent to 

Rs35.10 billion in the year ended 

December 31, 2015 on outstanding 

gains booked on sale of securities and 

brokerage income, analysts said on 

recently. 

The bank booked the consolidated net 

profit of Rs31.48 billion in the 

previous 2014. Earnings per share 

remained at Rs23.93 in the period 

under review year as compared to 

Rs21.56 last year, said a notice sent 

to the Pakistan Stock Exchange. 

The bank’s board recommended the 

final cash dividend of Rs3.5/share for 

shareholders whose name will appear 

in the register of members on March 

21, 2016. This is in addition to the 

interim dividend already paid at 

Rs10.50/share. 

The gain on sales of securities soared 

eight-fold to Rs11.04 billion in the year 

under review from Rs1.40 billion last 

year. The bank's income on account 

Askari Bank posts 

impressive results for 

2015 

Askari Bank announced annual 

financial results for 2015 with a strong 

bottom line growth well above the 

market expectations. Profit before 

tax at Rs 8.43 billion is showing an 

impressive growth of 46 percent and 

profit after tax of Rs 5.04 billion is 

reflecting a growth of 26 percent, 

resulting in Earnings per share (EPS) 

of Rs 4.00 against Rs 3.19 for the 

last year. 

The Bank's total asset base has 

of fee, commission and brokerage 

income surged to Rs17.08 billion, up 

22 percent over the previous year. 

The bank’s provisions and write-off 

surged four-fold to Rs4.50 billion in 

2015 from Rs1.23 billion in 2014. The 

net interest income, after adjustment 

of provisions and bad debt, increased 

nine percent to Rs73.66 billion. The 

non-interest income rose 56 percent 

to Rs36.58 billion on account of robust 

growth in gains of securities and 

reached Rs 536 billion, registering a 

growth of 20 percent during the year. 

As of December 31, 2015, net 

advances increased by 17 percent to 

Rs 200 billion, while investments grew 

significantly by 23 percent. Net 

interest income increased by an 

impressive 25 percent despite an 

environment of declining spreads in 

market. This appears to have been 

contributed by a 19 percent growth 

in current accounts. Total deposits 

grew by 12 percent to Rs 433 billion. 

Non-fund income of the Bank also 

grew significantly by 23 percent over 

the same period last year mainly 

contributed by a 21 percent increase 

brokerage income. The non-interest 

income stood at Rs23.42 billion in 

2014. 

Besides, a jump of 72 percent in 

dividend income to Rs1.54 billion from 

Rs897.05 billion also helped in pushing 

up the non-interest income in the year 

under review. Its share of profit of 

associates and joint ventures 

remained steady at Rs3.39 billion as 

compared to Rs3.26 billion. 

Income from dealing in foreign 

currencies dropped to Rs2.74 billion 

from Rs2.84 billion. Other income 

came down to Rs743.22 million from 

Rs971.81 billion. 

The bank earned consolidated net 

profit of Rs8.4 billion (earnings per 

share of Rs5.7) in the last quarter as 

compared to Rs9.9 billion (earnings 

per share of Rs6.8) in the same 

quarter last year. Umair Naseer at 

Topline Securities said earnings of 

HBL were down 15 percent year-onyear 

basis in the quarter under review, 

driven by non-interest expense that 

went up 18 percent to Rs12.7 billion 

amid increased focus on technology, 

brand and human resource. 

in fees and commission and gains 

from fixed income bonds. 

Administrative expenses are reported 

to have increased by only 9 percent 

despite aggressive expansion of 

branch network pursued by the Bank. 

The cost-to-income ratio has 

improved to 56 percent from 64 

percent for last year. Asset quality 

reflected by NPLs to gross advances 

ratio improved to 14 percent, 

compared to 16 percent at the end of 

last year. The Bank has announced a 

final cash dividend of Rs 1.25 per 

share (12.5 percent) for the year 

ended December 31, 2015, thus 

making the total payout for the year 

to Rs 2.25 (22.50 percent). 



MCB Bank earns 

Rs25.551bn profit after 

tax 

MCB Bank Ltd receives Award for SAFA Best 

Presented Annual Report 2014 at 

SAFA conference 2016 

The Board of Directors of MCB 

Bank Limited, met under the 

Chairmanship of Mian Mohammad 

Mansha, on February 09, 2016 to 

review the performance of the Bank 

and approve the financial statements 

for the year ended December 31, 

2015. 

MCB Bank reported a Profit Before 

Tax (PBT) of Rs.42.333 billion and a 

Profit After Tax (PAT) of Rs. 25.551 

billion with an increase of 15 percent 

and 5 percent over 2014, respectively. 

This was primarily contributed by 13 

percent increase in Net Markup 

Income and 32 percent increase in 

Non-Markup Income. Net Markup 

Income of the Bank was reported at 

Rs. 49.322 billion whereas Non- 

Markup Income increased to 

Rs.17.115 billion. The increase in 

Non-Markup Income was due to 

capital gains which increased by Rs. 

2.780 billion and fee & commission 

income that increased by Rs. 1.158 

billion over the last year. 

On the gross markup income side, the 

Bank recorded an increase of Rs. 

3.263 billion with major contribution 

from investments income. This 

growth in investment income was 

achieved through prudent placements 

and timely shift in concentration levels 

MCB Bank declared best 

bank in Pakistan 

MCB Bank Ltd, Pakistan's leading 

private sector bank, was determined 

to be Pakistan's best bank in terms 

of deposit franchise (CASA 92 

percent), net interest margins (5.41 

percent), low default rate (43 percent) 

MCB Bank Ltd, Pakistan’s leading 

private sector bank, was awarded 

the SAFA Best Presented Annual 

Report 2014 in the category of 

Private Sector Banks at the SAFA 

Conference 2016. The Award was 

presented to President MCB, Mr. 

of investments. 

On the interest expense side, the Bank 

registered a decrease of Rs. 2.546 

billion over last year, which was 

commensurate with the decreasing 

interest rate environment. 

The total asset base of MCB Bank 

Limited was reported at Rs. 1.017 

and ROA (2.6 percent). The analysis 

was conducted by leading global 

financial services company, Credit 

Suisse and shared in their Asia Pacific 

Financials Strategy sector review 

released in January 2016. 

In its analysis of MCB Bank Ltd's 

performance, the report mentioned 

that the bank had the best saving 

Imran Maqbool by the Federal 

Minister for Finance Mr. 

Mohammad Ishaq Dar in recognition 

of the bank’s excellence in financial 

reporting, management best 

practices and corporate governance 

disclosures. 

trillion signaling a healthy growth of 

9 percent over December 2014. On 

the liabilities side, Bank deposits 

increased by 3% to Rs. 708.091 billion 

as on December 31, 2015. On the 

deposits mix front, current deposits 

increased by 10% to Rs. 259.818 

billion improving the CASA ratio to 

93 percent as compared to 91 percent 

as at December 2014. 

deposit franchise in Asia with 

demand deposits and saving deposits 

constituting 38 percent and 54 percent 

of total deposits, respectively. MCB 

Bank Ltd's net interest margin had 

one of the highest sensitivity to interest 

rates among Pakistani banks, and 

should benefit the most from an 

interest rate rise. 



EFU Life, BMA Capital 

enter into alliance 

EFU Life Assurance Ltd and BMA 

Capital entered into a strategic 

alliance to promote EFU Life financial 

planning products to BMA customers. 

An agreement was signed recently 

in Karachi between the two 

organisations. Speaking on the 

occasion, Taher G. Sachak, CEO & 

MD EFU Life said "We are delighted 

to partner with BMA Capital and are 

pleased to offer our high value 

financial planning solutions to their 

customers. 

BMA is a trusted name in the 

investment advisory services industry 

and we are confident that inclusion 

of our products in their menu will add 

significant value to the customers' 

United Bank’s profit 

surges12pc in 2015 

The United Bank Limited’s 

consolidated net profit surged 12 

percent to Rs27 billion in the year 

ended December 31, 2015 on the back 

of returns on investment in long-term 

government papers and gains on sale 

of securities, analysts said on recently. 

The bank reported a net profit of 

Rs24.02 billion in the previous year. 

This translated into earnings per share 

of Rs21.36 in 2015 as compared to 

Rs19.32 in 2014, it said in a notice to 

the Pakistan Stock Exchange. 

The bank’s board recommended final 

cash dividend of Rs4/share for 

shareholders whose name will appear 

in the register of members on March 

16, 2016. This is in addition to interim 

dividend already paid at Rs9/share. 

overall financial planning universe." 

Nadir Rahman, CEO BMA Capital, 

echoing Sachak's sentiments, added 

"Financial planning and financial 

inclusion remain underserved in 

Pakistan. At BMA, we strive to 

Bank’s net interest income after 

provision increased 19% to Rs 54.03 

billion from Rs 45.57 billion last 

year. 

Jehanzaib Zafar at BMA Capital 

said the growth in the net interest 

income was led by 13 percent surge 

in interest earned on account of 

higher yielding Pakistan Investment 

Bond and muted growth in interest 

expense as cost of funding eased 

on the back of lower average 

discount rate of 7.5 percent. 

Non-interest income posted a growth 

of11 percent to Rs23.68 billion 

primarily on account of higher gains 

realised on sales of securities, up 55 

percent to Rs3.19 billion in the year 

under review. 

On the flipside, operating cost 

reported a jump of seven percent to 

provide diverse investment options to 

the customer base at large. We are 

extremely pleased to work with EFU 

Life, one of the oldest and most 

respected names in the life insurance 

business." 

Rs35.13 billion from Rs32.71 billion 

while tax expense also increased 42 

percent to 16.43 billion. 

The bank earned net profit of Rs6.3 

billion (earnings per share at Rs5.2) 

in the last quarter as against Rs6.5 

billion (earnings per share at Rs5.4) 

in the corresponding period last year. 

Umair Naseer at Topline Securities 

said significant investment in Pakistan 

Investment Bonds and deposit growth 

in the quarter supported 14 percent 

growth in net interest income to 

Rs15.2 billion. 

Despite double digit growth in the 

income, earnings were down four 

percent in the quarter due to higher 

provisioning expense. "Out of the total 

provisioning expense of Rs1.2 billion, 

UBL booked provisioning expense of 

Rs634 million against diminution in 

value of investments," Naseer said. 



State Life signs 

agreement with Silkbank 

State Life Insurance Corporation of 

Pakistan (SLIC) and Silkbank signed 

a Bancassurance Distribution 

agreement. Under this agreement, 

SLIC Bancassurance Products will 

be offered by Silkbank to existing and 

potential customers through the 

Bank's widespread distribution 

channels. 

Offering Bancassurance Products in 

line with SLIC's commitment to 

continuous improvement and product 

innovation, it also aligns with 

Silkbank's strategic intent to be a high 

performance Bank admired for 

innovation, customer service and 

inspired employees. The agreement 

was signed by Gian Chand 

Kewalramani, General Manager 

Soneri Bank's profit after 

tax grows 39.87 percent 

The Board of Directors of Soneri 

Bank Limited met in Lahore under 

the Chairmanship of Alauddin 

Feerasta, on February 11, to review 

the performance of the Bank and 

approved the financial statements for 

the year ended December 31, 2015. 

The Bank has posted a profit after 

tax of Rs 2.21 billion which is 39.87 

percent higher than last year. This 

translates into earnings per share of 

Rs 2.01 (31 December 2014: Rs 

1.44). 

Profit before tax stands at Rs 3.59 

billion being 47.25 percent higher than 

last year. The Board of Directors has 

also announced cash dividend for the 

year ended December 31, 2015 @ 

12.5 percent ie Rs 1.25 per share. The 

Bank has outperformed the market 

Bancassurance SLIC, Asif Azeem, 

Head of Bancassurance Silkbank and 

Mohammad Naseem Rawther, COO 

GBA Services (Pvt) Limited. 

This alliance between SLIC and 

Silkbank provides customers with 

protection that ensures their financial 

in deposit growth and also shown 

reinforcement in all core areas of the 

Bank's operations. Deposits grew by 

13.46 percent over 2014 and net 

advances recorded a growth of 3.74 

percent over 2014. 

Bank also adequately meets the SBP 

Basel III requirements and is well 

positioned to meet its growth plans. 

Analysing the reasons for successful 

performance in 2015, Bank's sources 

explain that the increase in gross 

revenue was registered mainly on 

account of growth in earning assets, 

which increased bank net markup 

income. Furthermore, bank delivered 

well on its strategy to mobilise low 

cost deposits and invest in high 

yielding bonds. This provided the 

offset against pressure on spreads due 

to low rates. The Bank continues to 

follow a prudent policy for making 

provisions for the infected loan 

portfolio in line with regulatory 

requirements and is confident that 

security. With Silkbank as its new 

Bancassurance partner, State Life 

Insurance Corporation looks forward 

to a significant expansion of its 

business which will benefit from a 

wider, strategically-located 

distribution network across the 

country. 

actions taken in 2015 would further 

help in controlling future infections 

and securing upcoming recoveries. 

During the year, the Bank issued 

Listed Term Finance Certificates 

(TFC-2) worth Rs 3.00 billion. The 

issue was successfully closed and 

was oversubscribed by Rs 810 million 

(1.3 times). Issue was structured as 

Pre-IPO subscription of Rs 2.25 

billion and IPO of Rs 0.75 billion 

Soneri Bank has a unique market 

position in trade-finance and 

transactions banking services and 

boasts a loyal and satisfied client-base 

in all its 266 branches all over the 

country. The Bank is committed to 

meet the increasing expectations of 

its customers and continue to provide 

them par-excellence services, for 

which the bank has been investing 

prudently in information technology, 

human resources, marketing and 

infrastructure. 



Meezan Bank earns 

Rs5.023bn PAT in 2015 

The Board of Directors of Meezan 

Bank in its meeting held in Karachi 

approved the financial statements of 

the bank for the year ended 

December 31, 2015. The meeting 

was presided by Riyadh S A A 

Edrees, the newly elected Chairman 

of the Board. 

The bank achieved significant growth 

in all business segments during 2015 

and earned profit-after-tax of Rs 

5.023 billion compared to Rs 4.570 

billion recorded last year, a growth of 

10 percent. The Earnings Per Share 

(EPS) increased to Rs 5.01 from Rs 

4.56. 

The Board recommended distribution 

of 12.5 percent final cash dividend for 

the year 2015. This declaration, 

Faysal Bank’s annual 

profit jumps 71 percent 

Faysal Bank Limited’s (FABL) net 

profit jumped 71 percent to Rs4.22 

billion in the year ended 

December 31, 2015 on the 

back of lower provisions 

and write-offs and higher 

gains booked on sales of 

securities, analysts said on 

Thursday. 

A notice issued to the 

Pakistan Stock Exchange 

said the bank earned 

Rs2.47 billion in 2014. The 

bank’s earnings per share 

was recorded at Rs3.52 in 

2015 as compared to 

Rs2.06 a year ago. 

The bank’s board recommended final 

together with the earlier cash dividend 

of 17.5 percent paid in 2015, brings 

the total payout for the year to 30% 

and maintains the bank’s unbroken 

payout record since its date of listing 

on the Stock Exchange. 

The bank’s deposits increased by 24 

percent to Rs 472 billion in 2015 while 

its financing portfolio grew by 18 

percent to Rs 208 billion. The bank’s 

growth in both deposits and financings 

has far exceeded that of the industry 

which was 11.5 percent and 7 percent 

respectively. Furthermore, the nonfunded 

business, which primarily 

includes imports and exports crossed 

Rs 460 billion. 

The bank added 123 branches during 

the year, the largest number of 

branches added in a year in its history. 

With a network of 551 branches in 

143 cities, Meezan Bank now stands 

as the 7th largest bank in Pakistan in 

Total provisions and write-offs 

amounted to Rs1.39 billion in 2015, 

which was 41 percent lower than 

Rs2.35 billion in last year. 

The gain on sales of securities (net) 

surged four-fold to Rs1.73 billion in 

terms of branch network among both 

conventional and Islamic banks. The 

bank has the distinction of being the 

fastest growing bank in the industry. 

A major milestone achieved during 

the year was the launch of the firstever 

Islamic Branchless Banking in 

Pakistan, Meezan Upaisa, to expand 

Islamic banking footprint to people 

who may not otherwise have access 

to formal banking services. 

Meezan Upaisa is available at the 

counters of thousands of agents in 

Pakistan and enables customers to 

send or receive money, pay utility bills 

and top-up their mobile. 

This initiative was launched in 

collaboration with Ufone, a leading 

mobile operator in Pakistan and 

Meezan Bank. Ufone is a wholly 

owned subsidiary of PTCL, which is 

part of the Etisalat group UAE. 

2015 from Rs460.47 million in 2014. 

Amreen Soorani at JS Global 

Research said key drivers of the 

robust earnings were 27 percent yearon-year 

(YoY) jump in non-interest 

income, 41 percent YoY 

decline in provisions and 

nine percent YoY drop in 

operating expenses. 

Soorani said FABL’s 

cost-to-income ratio 

clocked in at 57 percent 

in 2015 as against 68 

percent in 2014, with 

major contribution from 

non-core income. 

The interest income, 

after adjustment of 

provisions, surged nine 

percent to Rs12.56 

billion in 2015. The non-interest 



Lucky Cement wins 

Corporate Excellence 

Award 

Pakistan's leading cement 

manufacturer Lucky Cement 

Limited has won the 31st 

Corporate Excellence Award in the 

cement category, bestowed by the 

Management Association of 

Pakistan (MAP). 

The award was received by Amin 

Ganny, Chief Operating Officer, 

Lucky Cement Limited. "This 

award is an expression of our 

commitment to best management 

and governance practices. Winning 

it second year in a row not only 

gives us pride but also strengthens 

our resolve to continue responsible 

growth," said the Chief Operating 

Officer. 

The award has a prudent criteria 

divided in five phases. In the first 

phase only those public-listed 

companies are shortlisted that have 

disbursed 45% aggregate dividend 

in last three years. 

It pays to 

advertise in 

Trade Chronicle 

note our new no. 

021-34893095 

Cement Industry 

Cement sector remains 

buoyant in domestic 

market 

During the first half of current fiscal, 

cement sector continued to remain 

buoyant in domestic markets while 

exports remained under severe 

pressure thereby affecting the total 

growth in cement despatches. 

Despatches during the six months 

ended on 31st December, 2015 

increased by 6.38 percent to 18.21 

million tons compared with despatches 

of 17.12 million tons during the 

corresponding period of 2014. 

"It is to be noted that this growth is mainly 

led by domestic consumption which 

increased by a healthy 16.34 percent 

to 15.2 million tons during July to 

December 2015 compared to 13.06 

million tons during July to December 

2014" said a spokesman of All Pakistan 

Cement Manufacturers Association. 

He added that during the same period, 

country's exports declined by a massive 

25.68 percent to 3.01 million tons 

compared to 4.06 million tons during July 

to December, 2014. 

Further analysis of despatches 

revealed that the factories located in 

north witnessed 15.32 percent 

increase in domestic consumption by 

selling 12.63 million tons in domestic 

markets from July to December 2015 

against 10.96 million tons during same 

period of last year. The South based 

factories witnessed even more 

growth in domestic dispatches by 

supplying 2.56 million tons of cement 

to local markets from July to 

December 2015 against 2.10 million 

tons during same period of last year 

showing growth of 21.63 percent. In 

exports, the North based mills 

registered decline of 25.09 percent as 

exports were restricted to 1.9 million 

tons in first six months of current 

fiscal compared to 2.54 million tons 

during same period last fiscal. The 

South based factories also suffered 

decline of 26.67% in exports as the 

quantities dropped to 1.11 million tons 

duly July to December of current 

fiscal compared to 1.52 million Tons 

during same period of last fiscal. The 

industry despatched 3.44 million tons 

of cement in December 2015 

compared with 3.11 million tons 

despatched in December 2014 

showing growth of 10.53%. The local 

despatches were 2.98 million tons 

during December 2015 against 2.5 

million tons during December 2014 

depicting increase of 19.28%. The 

exports despatches showed decline 

by 25.39% as against 610,000 tons 

exports during December 2014, the 

industry exported 455,000 tons during 

December 2015. 

He added that the Association has 

time and again drawn government's 

attention towards illegal imports of 

under invoiced cement from Iran. 

The industry has urged that a proper 

vigilance and accountability system 

needs to be put in place to stop 

cement smuggling into the country. 

Government should also impose 20% 

Regulatory Duty for import of cement 

in addition to custom duty in order to 

protect local industry. The spokesman 

further mentioned that the 

government should also give due 

attention to reduce energy costs 

including removal of GIDC imposed 

on gas, reduction of custom duty on 

coal to 0% and additional incentive 

of 5% on export of cement by sea in 

order to reduce the overall cost of 

operations to make the Pakistani 

cement industry competitive globally. 



PIA to be converted into 

public limited company, 

NA told 

The government has once again 

said that the Pakistan 

International Airlines (PIA) 

would not be privatised, rather 

it was being converted into a 

public limited company through 

legislation in parliament. 

Winding up the debate on a 

motion regarding imposition of 

the Pakistan Essential Services 

(Maintenance) Act in the 

National Assembly, Minister for 

Climate Change Zahid Hamid 

said that in the past the same act had 

been invoked starting from the first 

tenure of the incumbent prime 

minister. He said the act was also 

Aviation & Hotel News 

imposed during the tenure of former 

prime ministers Benazir Bhutto, 

Yousuf Raza Gilani and four times 

during the Musharraf government. 

The minister told the House that the 

national flag carrier suffered a loss 

of Rs4.31 billion in different heads 

due to the strike. “It had been 

promised by the prime minister, 

finance minister and chairman of the 

Privatisation Commission that the PIA 

will not be privatised and it will 

continue to act as the national flag 

carrier,” he said. 

He said a statuary 

guarantee was given in 

the bill that no employee 

of the airline would be 

laid off and they would 

continue to receive the 

same remunerations. He 

said it was also aimed to 

upgrade the airline’s 

operation and its 

financial position, adding 

the law would bring more 

transparency, accountability and 

enhance the image of the airline. 

Etihad Airways 

announces global sale in 

Pakistan 

Etihad Airways, the national airline 

of the United Arab Emirates, is 

offering travellers from Pakistan 

fantastic savings in its five-day 

Global Sale starting from January 

26, 2016. 

From key gateways of Karachi, 

Lahore and Islamabad, guests 

travelling in Business and Economy 

Class can choose from a wide 

choice of destinations across 

Europe, Middle East, Africa, North 

America, Asia and Australia. 

Flying via the airline’s Abu Dhabi 

hub with connections as little as two 

hours, guests can avail the special 

offers to popular global cities 

including Los Angeles, New York, 

Frankfurt, London, Istanbul, Munich, 

Rome, Abu Dubai and Sydney. 

Business Class return fares to Los 

Angeles start at PKR 200,970 and 

Frankfurt at PKR 150,720 with a 

bonus offer of triple Etihad Guest 

Miles. In Economy Class, lead-in 

fares to Istanbul start at PKR 45,060 

and London at PK 61,260 with bonus 

double Etihad Guest Miles also given. 

Travellers to the United States have 

the additional benefit of clearing US 

Immigration and Customs at the 

unique US Pre-Clearance facilities at 

Abu Dhabi International Airport 

during their transit. 

Ahmed Zahoor, Etihad Airways’ 

Country Manager Pakistan, said: 

“This is an exciting opportunity for 

travellers from our gateway cities in 

Pakistan looking to travel to diverse 

destinations around the world on 

Etihad Airways’ extensive network, 

enabling them to take advantage of 

great fares and enjoy a world-class 

travel experience on board our 

modern fleet of aircraft.” 



Avari Towers Hotel 

welcomes Chef Imran Ali 

khan as Executive Chef 

An iconic Hotel in the centre of city, 

Avari Towers Hotel is delighted that 

Chef Imran Ali Khan has joined as 

Executive Chef. Possessed by an 

incredible mixture of experience, 

education, and foresight, Imran has 

worked with Hotels such as 

InterContinental Dubai and Marriott 

Hotels. Imran hold s a Bachelor’s 

degree and specializes in the area of 

Hospitality, Culinary, Restaurant 

management, Sanitation and hygiene. 

Yahya Polani nominated 

as FPCCI body chief 

Polani Group MD and Former 

Chairman, Travel Agent Association 

of Pakistan (TAAP) Yahya Polani has 

been nominated as chairman of the 

Federation of Pakistan Chambers of 

Commerce and Industry (FPCCI) 

Committee on Aviation for 2016 by 

FPCCI President Abdul Rauf Alam. 

Polani has many times served as 

chairman of FPCCI Aviation and Hajj 

and Umrah committees. 

Pearl Continental to 

invest Rs1.6bln for 

business expansion 

Pearl Continental, Pakistan’s 

leading hospitality industry player, 

has decided to initially invest Rs1.6 

billion to expand its business in the 

country’s industrial hub as it is 

expecting an increase in its hotel’s 

occupancy rate, its senior official 

said recently. 

“The company has decided to 

acquire a property at a prime 

location in Karachi against the total 

purchase consideration of 

approximately Rs1.6 billion for the 

business expansion,” said Mansoor 

Khan, company secretary at 

Pakistan Services Limited, the 

owner of Pearl-Continental Hotels 

and Resorts in the country, in a 

notice issued to the Pakistan Stock 

Cathay Pacific releases 

combined traffic figures 

for January 2016 

Cathay Pacific Airways today 

released combined Cathay Pacific 

and Dragonair traffic figures for 

January 2016 that show a doubledigit 

increase in the number of 

passengers carried compared to 

the same month in 2015, but only 

a marginal rise in the volume of 

cargo and mail uplifted. 

Cathay Pacific and Dragonair 

carried a total of 2,897,890 

passengers last month – an 

increase of 10.9% compared to 

January 2015. The passenger load 

factor grew by 3.3 percentage 

points to 86.0% while capacity, 

measured in available seat 

kilometres (ASKs), grew by 5.9%. 

Exchange recently. 

The Pakistan Pearl-Continental 

Hotels and Resorts (PC Hotel) will 

build another hotel in Karachi city, 

where law and order situation has 

improved over the last one year. 

“The visiting international or 

domestic businessmen and tourists 

usually stay at our hotels,” he said. 

“Improvement in the law and order 

has helped us in attracting more 

guests.” 

"In the second phase, we will 

prepare a feasibility report for the 

construction,” he added. “It is premature 

to share a timeline about 

when the project will be launched.” 

The local hotel chain is already 

engaged in construction of two fivestar 

hotels in the country. One is in 

Multan and the other in Mirpur of 

Azad Kashmir. 

Air Arabia profit slips six 

percent in 2015 

Sharjah-based budget carrier Air 

Arabia said recently 2015 net profit 

fell six percent to 531 million dirhams 

($144.69 million) although turnover 

rose slightly. The Middle East''s first 

and largest low-cost airline said its 

turnover was 3.8 billion dirhams 

($1.04 billion) in 2015, three percent 

up on the previous year, while 

passenger numbers rose 12 percent 

to 7.6 million. In the fourth quarter, 

net profit was 13 percent lower than 

in 2014, standing at 59 million dirhams 

($16.08 million). "The impact of low 

oil prices continues to have its effect 

on the wider global economy, while 

pressure on yields and geo-political 

uncertainty continued to weigh on the 

aviation industry," Air Arabia chairman 

Sheikh Abdullah bin Mohammad al- 

Thani said in a statement.

TC Jan-Feb 2016 PDF

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