Trade Chronicle Sep - Oct - 2020 issue

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TRADE CHRONICLE - Sep - Oct - 2020 - Page # 12

TRADE CHRONICLE - Sep - Oct - 2020

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CONTENTS

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editorial

• Breast cancer awareness in Pakistan

editorial comments

• High inflation needs to be controlled

Breast cancer month

• Celebrating Pinktober, BIMA Mobile hosts #GoPinkwithBIMA!

• Why is Breast Cancer Increasing in Pakistan?

• Early diagnosis of breast cancer can save thousands of lives

article & feature

• An outlook on Inflation in Pakistan

By Dr. Muhammad Nawaz Iqbal

leather industry

• Anjum Zafar becomes new Chairman PTA

• Danish Khan elected Chairman PLGMA

• Imran Malik becomes PFMA Chairman for the year 2020-2021

• Pakistan leather industry earning falls in 03MFY20

• PTA urges government to restore DLTL scheme

• Bangladesh leather exports shrink in July-Sept period

• The Italy-Pakistan Footwear Technological Centre inaugurated in Lahore

• PTA(SZ) and UNIDO organize workshop

ports & Shipping

• Mr. Aasim.A. Siddiqui Elected Chairman of All Pakistan Shipping Association ..

the Year 2020-2021

• Rajpar becomes Chairman of PSAA

• Hasan new PMA auxiliar registrar

• Maritime’s unveils new website

• PNSC (Group) consolidated profits rise by 10% in FY 2019/20

• PICTL financial results for the halfyear ended June 30, 2020

• DP World reports +3.1% gross volume growth in 3Q2020

• Maldivian businessmen visit PNSC head office

• PIBTL anticipates capacity utilization could reach 100% in 1 or 2 years

• DP World and CDPQ expand global to US$8.2 billion

• DP World supports P&O ferrymasters to enable smarter flows of trade with first

and Trace’ system for containers in Europe

regular features

• Automobile News, Banking & Insurance News, Cement Industry,

• People Events, Telecommunication News & Travel World

New features

• Oil & Gas and Steel & Allied Industry


TRADE CHRONICLE

We begin with the name of Allah the Magnificient

Breast cancer awareness in Pakistan

The Breast Cancer Awareness Month (BCAM) began in 1985 as a partnership between the

American Cancer Society and the pharmaceutical division of Imperial Chemical Industries.

It is an annual international health campaign organized by major breast cancer charities

every October to increase the awareness of the disease and to raise funds for research into

its cause, prevention, diagnosis, treatment and cure. This campaign starts on October 1 and

ends on October 31 every year.

Pakistan too, observes this month on the patronage of federal and provincial governments

with the support of doctors, philanthropists, civil society, military institutions, hospitals,

schools, universities and NGOs to create the maximum awareness about breast cancer.

A variety of events held in October, including walks and runs, and the pink illumination of

landmark buildings.

It is heartening to note that with every passing year, there is an increase in activity during

October in Pakistan as well and the cause has found a new champion, Begum Samina Arif

Alvi, the first lady of Pakistan, who is working tirelessly to create awareness and action on

breast cancer, her efforts are commendable.

From

the

editor’s

desk

According to studies, over 1.3 million patients are diagnosed with breast cancer globally

every year. Unfortunately, the mortality rate for the disease in the world is around 3 to 4 %.

In contrast, the mortality rate in Pakistan is almost 45 %, which is indeed an alarming rate

and requires the attention of all segment of the society. Experts say, if the breast cancer

symptoms are identified in the early stage, it can be cured and the chance of survival could

be 95%. Thus, the mortality rate can be reduced through educating women in the country to

remain alert about the first signs of the disease and if so, immediately starts of treatment.

A point of concern is that Pakistan has the highest prevalence of breast cancer among Asian

countries, with an estimated 90,000 new cases emerging annually. One in every nine women

in Pakistan have a life-time risk of having breast cancer, and a 2019 study found that large

increases in breast cancer are expected for women in the 50-64 years’ age bracket.

ABDUL RAB SIDDIQI

Although it is difficult to pinpoint the exact causes of breast cancer, experts have identified

various risk factors that contribute to the likelihood of developing breast cancer, including

age, reproductive health history, hereditary and lifestyle factors. Whereas, breast cancer

treatment options include surgery, chemotherapy, radiation therapy, hormonal therapy,

holistic medicine and targeted therapy – a costly and lengthy treatment procedure followed

by regular checkup and tests.

The most effective targeted treatment for breast cancer is Herceptin (Trastuzumab) sold

at Rs130,000 per injection. It is good that some NGOs provide some injection-free of cost

to patients. Its value may be brought down if manufactured locally with the import of raw

materials from India.

Last but not least, Karachi Institute of Radiotherapy and Nuclear Medicine (KIRAN), one

of 18 cancer hospitals in the country, being run by Pakistan Atomic Energy Commission,

specializes in diagnosis and treatment of cancer is playing an essential role in the

fight against the breast cancer. Pakistan Baitul Mal, Patient Welfare Societies and other

philanthropists are very active in helping out the patients in these hospitals. Besides, Pink

Ribbon Pakistan is rendering the services relentlessly.

We hope that the government would invest in strengthening the primary healthcare system

while keeping up a consistent awareness campaign to be able to effect change in the

prevalence and morbidity of breast cancer. There is a need to set up more dedicated Breast

Cancer Hospital where deserving patients will get free of cost treatment under one roof. We

would urge women to take breast cancer seriously, learn self-examination and don’t feel

ashamed to discuss it with mother and doctors.


TRADE CHRONICLE

Editorial Comments

High inflation needs to be controlled

The incumbent government of

PTI in Islamabad faces several

multidimensional challenges on

political and economic fronts since

the very first day after taking the oath.

The substantial foreign & local debts,

growing trade and current account

deficit remain the points of concern,

in addition to burgeoning circular

debt of the energy sector and fragile

economy – making the uphill task to

the government to deliver as per their

manifesto. Subsequently, the spread

of COVID 19 was the last straw on the

back of the economy.

The burning issue for government

is inflation and how to control it.

Pakistan is facing the highest level of

inflation, which was 4.53% in 2014-15,

and rose to 11.1 % in 2019-20. During

this period, greenbacks have also

witnessed a 64 percent appreciation,

causing manifolds increase in the

cost of raw materials, and finished

goods, particularly the crude oil and

products—the main culprit in inflation.

Now prices of essential food items are

beyond the affordability of the people.

Nevertheless, recent unprecedented

increase in prices of sugar, wheat

and other household’s kitchen items

have made the life of masses more

miserable. These prices have gone up

apparently due to an acute shortage

of supply. The reason is that some

of these items

were allegedly

stored by

profiteers to

make money. On

top of that, the district administrations

could not take any timely action

against the real culprits, and only

penalized poor vendors on the roads.

It is good that finally, the government

has realized the situation and taking

measures in the right direction.

However, in experts opinion, the

government needs to devise an

effective strategy to achieve the right

balance between supply and demand

in the market, and it should take steps

to increase the production of essential

food items to meet any food crisis in

the future. Without sound economic

policies and robust planning,

controlling prices and dealing with the

shortage of food items can hardly be

achieved.

However, on positive development,

the government had initiated inquiries

against sugar mafia and wheat

hoarders, and the result is yet to be

felt by the consumers. The import of

sugar and wheat will hopefully bring

the commodities prices in the reach

of common men, we think. Also,

the government should start taking

concrete measures to provide some

relief to the people instead of accusing

the predecessor governments of all

the ills being faced by the country.

For all other commodities, the state

should have kept an eye on hoarders,

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manipulators to ensure sustainable

supplies in the market (some of the

hoarders and manipulators were

identified in the wheat and sugar

reports).

It is a pity that Pakistan being an

agriculture-based country is still

import essential commodities to meet

its requirement instead of growing it

locally. Although Pakistan was once

ranked a country 4th among cottonproducing

and 3rd in terms of quality

behind Egypt and America worldwide,

it is now forced to import it.

In the future, experts expect inflation

to somewhat ease off in the coming

month, as reflected in the recent SPI

numbers. Two factors supporting

experts call of contained inflation in

short-to-medium term are i) Expected

reversal in volatile food prices (staple

goods mainly) on improving supply,

and ii) lower international oil prices

which have been a breather to the

upside risk to the energy component

of inflation. However, upside risks

to inflation include: any upward

adjustment in electricity price (fuel cost

adjustment and base tariff hike), and

any other condition (such as removal

of subsidies) put forward during Pak/

IMF talks. Economic experts believe

average inflation for FY21 will remain

in the single-digit, around 9.9%.

Monetary Policy meeting, which is due

in November, is expected to keep the

policy rate unchanged at 7% to boost

the aggregate demand in the economy.

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Celebrating Pinktober, BIMA Mobile hosts #GoPinkwith-

BIMA!

This, Breast Cancer Awareness Month

BIMA Mobile, the leading provider of

digital health and insurtech services in

Pakistan teamed up with the Honourable

First Lady of Pakistan, Begum Samina

Arif Alvi to host a digital meet up to raise

awareness of the disease.

#GoPinkwithBIMA was aimed at

harnessing the power of social media

to discuss different aspects of Breast

Cancer Awareness in Pakistan, where

90,000 women are diagnosed every year.

The event was graced by the First Lady

of Pakistan, Begum Samina Arif Alvi as

the chief guest, a true champion of Breast

Cancer Awareness and one of Pakistan’s

most significant and influential voice of

the cause.

The event opened with the recitation of

the Holy Quran and the National Anthem

of Pakistan, followed by an introductory

note by Hina Qaiser (Head of Marketing,

BIMA Mobile) and addresses by Murtaza

Khalil Hassan (CEO BIMA Mobile), The

First Lady of Pakistan, Begum Samina

Arif Alvi and Dr. Ahmad Mansoor (Chief

Medical Officer (CMO) BIMA Mobile).

After the initial addresses, guest

Consultant Medical Oncologist Dr. Umme

Kalsoom Awan answered questions from

the audience related to Breast Cancer.

Why is Breast Cancer Increasing in

Pakistan?

Although breast cancer is a leading cause

of death for women all over the world,

Pakistan in particular is suffering more

than most, it currently has the highest

rate of breast cancer in all of Asia. We

have seen a steady increase in breast

cancer rates all over Pakistan during the

last decade.

According to some recent studies, the

rate of breast cancer is only going to

increase over the next few years, going

up by 130% by the year 2025 when

compared to 2015. This is being caused

by a combination of factors including an

overall change in behaviour and diet,

an aging population and an increase in

awareness.

Before we discuss these various factors

it is important to note that it is impossible

“Breast cancer is a serious issue for

developed and developing countries.

Globally every year over 1.3 million

patients are diagnosed with breast

cancer. Globally, the mortality rate for

the disease is around 3 to 4 % whereas

in Pakistan it is almost 45 % which is

indeed an alarming situation. According

to experts if the disease is diagnosed at

the first stage there are 95 % of survival

chances which means that mortality

rate can be reduced through educating

women about the early symptoms of the

disease. Doctors, philanthropists, civil

society, military institutions, hospitals,

schools, universities and NGOs have

joined the drive for creating the maximum

awareness about breast cancer. I would

to determine

exactly how

much each of

these factors

is contributing to

the overall problem. This is mainly due

to the lack of concrete data available in

Pakistan.

Behaviour

Some studies have pointed out that

Pakistan has seen an increase in cancer

causing behaviours in both men and

women over the last few years. These

behaviours include tobacco use, physical

inactivity and poor diets that involve a

large amount of processed food. All of

these things have been linked to cancer

time and time again by studies all over

the world, so it is no surprise that as

they grow in popularity in Pakistan, the

rate of cancer will grow with them. The

increase in the availability of fast food is

also partially to blame for this as fast food

also like to appreciate the response of

the media particularly newspapers and

social media are also playing a significant

role. I urge the media to keep creating

awareness regarding the disease

throughout the year.” said First Lady of

Pakistan, Begum Samina Arif Alvi

“I thank the Honourable First Lady for

her support and attendance today. With

our work entirely focused on Health in

Pakistan, the month of October has

always been very significant to us given its

resonance with breast cancer, serving as

a reminder to spread greater awareness

to regularly self-check & to be screened

in the hope that early detection will lead to

more positive outcomes in the fight against

breast cancer. On our part, through our

expert tele-doctors and tailored health

programmes we continue to champion

greater health and wellness awareness

for our customers. Given that in Asia,

Breast cancer has the highest rates of

incidence in Pakistan, we wanted to use

our voice while harnessing the reach of

social media combined with the power of

voices of influence” said Murtaza Khalil

Hassan, CEO BIMA Mobile Pakistan

In Pakistan, more than 50% of the

population don’t have access to basic

healthcare; this means that women

may struggle to receive breast cancer

advice or diagnosis. BIMA Mobile offers

customers unlimited access to qualified

tele-doctors at affordable prices (from

PKR 43 per month).

and junk food have been linked to breast

cancer before.

The Aging Population

It is of course also entirely possible that

much of this increase is not due to any

increase in the cancer rate overall, but

just because the population is aging. It

is expected over the next few years that

a larger percentage of the population will

be between 60 and 75 years of age. This

is mainly due to wider societal factors

that are beyond the scope of this article.

This increase in age will also lead to an

increase in the incidence of age related

diseases, such as breast cancer which

is most common in post-menopausal

women. So it may be that the rate of

cancer isn’t really increasing, just the

number of people who are at highest risk.

The overall increase in life expectancy

is also a leading cause of the increased

cancer rates, as older people are more

prone to all kinds of cancers.

Contuined on page # 8


TRADE CHRONICLE

Early diagnosis of breast cancer can

save thousands of lives

Pakistan has

the highest

prevalence of

breast cancer

among Asian

countries, with

an estimated

9 0 , 0 0 0

new cases

emerging

annually. One in every nine women in

Pakistan have a life-time risk of having

breast cancer and a 2019 study found

that large increases in breast cancer are

expected for women in the 50-64 years’

age bracket.

The findings indicate that the total

projected breast cancer incidence will

increase from approximately 23.1 per

cent in 2020 to 60.7 per cent in 2025,

experts said, adding that cases of breast

cancer diagnosed in younger women,

aged 30–34 years, will increase from 70.7

per cent to 130.6 per cent between 2020

and 2025 as compared to 2015. Globally,

breast cancer accounts for one in every

four cancer cases among women with

an incidence and mortality rate second

only to lung cancer, leading breast cancer

surgeon Dr Shareen Lakhani said while

speaking at an awareness session

regarding breast cancer.

Contuined from Page # 7

Awareness

Awareness is an important factor when

it comes to cancer, as it can really only

be discovered by close examination. Now

with the spread of the internet and mobile

devices all over the country, people

have access to more information than

ever before and are thus more aware of

diseases such as breast cancer. This has

directly led to an increase in the number of

reported cases of the cancer and cancer

related death. Thus the increase in breast

cancer in Pakistan may simply be an

increase in the discovery of the cancer,

not an actual increase in the disease.

There is also an increase in the number

of women performing self examinations,

further leading to an increase in discovery.

Although it should be noted that there is

still a sizable lack of awareness in the

country and this lack of awareness does

lead to a large number of breast cancer

The awareness

session was organised

by a digital health

platform dawai.com at

their office in Karachi on

Saturday and it was attended by breast

cancer survivors as well as a large number

of women from different segments of the

society.

Dr Lakhani said while there are several

types of breast cancer, they can largely

be categorised into non-invasive (in situ

or contained around point of origin) and

invasive (spread to nearby body parts)

types of cancer.

“Although it is difficult to pinpoint the

exact causes of breast cancer, experts

have identified various risk factors that

contribute to the likelihood of developing

breast cancer, including age, reproductive

health history, hereditary and lifestyle

factors,” she said, adding that breast

cancer treatment options include

surgery, chemotherapy, radiation therapy,

hormonal therapy, holistic medicine, and

targeted therapy.

The most effective targeted treatment for

breast cancer is Herceptin (trastuzuman)

sold at Rs130,000 per injection.

Pakistan has a policy of importing active

pharmaceutical ingredients (APIs) for lifesaving

drugs like Herceptin from India,

but the government has urged local

manufacturers to produce APIs, reducing

dependence on India.

related deaths all over the

country.

Oladoc- a digital

healthcare company

has taken upon itself

to address the issue of

breast cancer awareness.

The company has

launched a breast cancer

awareness campaign

which is supposed to

run throughout October.

The oladoc team is

consistently producing

content written and approved by breast

cancer doctors and surgeons along with

uploading doctors’ interviews on their

disease awareness channel on Youtube

which has an audience of more than half

a million people. With this campaign,

Oladoc hopes to wedge the gap between

the rising cases of the disease in Pakistan

and people’s awareness level about it.

Importing APIs from countries other than

India would cost Pakistan 1,000 per cent

higher -- making it even less affordable for

the average patient according to Pharma

Bureau Executive Director Ayesha

Tammy Haq.

Lack of affordable treatments/anticancer

medicine is just one factor contributing

to the late detection of breast cancer. A

2018 research found that misconceptions

about the disease and its symptoms,

illiteracy and poor social status were

major contributing factors for delayed

presentation.

Detecting breast cancer late increases

the chances it is at an advanced stage,

reducing survival rates significantly. Early

detection, on the other hand, can increase

survival rates by an incredible 95 per cent.

According to experts at the Aga Khan

Hospital, early detection is extremely

valuable for effective breast cancer

treatment and the diagnostics including

self-exam – strongly recommended once

a month, clinical breast exam – should

be a basic part of women’s general

check-ups starting from age 20 onwards,

mammogram – a special kind of x-ray

which can detect abnormal growth,

ultrasound – to identify if breast lump is a

cyst or a solid mass, Magnetic Resonance

Imaging (MRI) -- should only be done on

the recommendation of a breast specialist

and Breast Biopsy – removal of some

breast tissue to inspect for cancer.

Courtesy The News International

Overall it is important to take note of this

increase and take more precautions.

Adjustments to diet and behaviour can

go a long way when it comes to cancer

risk. Most importantly of all, it is essential

to consult a breast doctor or get tested

regularly. Catching the cancer early often

exponentially increases the survival rate.


TRADE CHRONICLE

An outlook on Inflation in Pakistan

By Dr. Muhammad Nawaz Iqbal

The inflation pace of costs of products

and enterprises in an economy ascend

throughout some stretch of time. From

July 2019 to March 2020, Pakistan’s

present record deficiency diminished

by 73 percent to USD $2.8 billion,

anyway this was essentially because

of the enormous deterioration of the

rupee which prompted a fall in import

interest and a pitiful expansion in

sends out—lessening the import/

export imbalance by 31 percent. This

is because of financial botch of most

elevated request. Inflation estimates

are a significant contribution to money

related approach development.

G i v e n

commonplace

d e l a y s ,

money related

arrangement

should be

worried about

future inflation.

Current expansion

levels, which are

themselves the

consequence of

past approaches,

may give just

inadequate data.

Expansion figures

that interface future

inflation to current

improvements

can overcome

this issue. Some

national banks

have even

embraced a

inflation conjecture target. The serious

issues of inflation are equilibrium of

installments shortage, quick expansion

in oil costs, low development,

high joblessness and expanding

occurrences of neediness; are a portion

of the significant difficulties for Pakistan.

The quickly developing expansion has

influenced all portions of the society.

Value strength can be approximated by

various measurements. While feature

swelling is better perceived by general

society, it is regularly contended that

financial approach ought to be more

worried about center expansion.

Given the unpredictability of certain

segments of the CPI, specifically

food costs and energy costs, center

swelling (approximated as non-food,

non-energy or the SBP’s

managed mean definition)

is a superior proportion of

hidden swelling patterns

than feature expansion.

A unique structure intended need to

clarify cost and business changes

was created, which prompted feature

connection among various factors

of expansion. The monetarist see

mirrored that inflation is continuously

and wherever a financial wonder. The

super traverse of merchandise and

ventures across limits in the globalize

universe of today has presented new

contributory variables of significance

to the inflationary wonder that it has

gotten another measurement. This

factor has been referenced just to

accentuate that the regular monetarist,

structuralists speculations will most

likely be unable to completely clarify all

the real factors of inflationary marvels

in the cutting edge world and especially

in the agricultural nations.

All wellsprings of financing monetary

deficit have their own disadvantages.

Financing through outside borrowings

causes the outer obligation weight

to develop which makes Balance of

Payment issues and expands interest

installments which thusly makes

monetary deficiency lopsidedness

more serious. On the off chance that

financing is through printing cash, it

straightforwardly prompts swelling. It

is likewise broke down that outside

obtaining for financing monetary

deficiencies prompts outer obligation

trouble. Unfamiliar acquiring is

constantly connected with foreign debt

crises.

The extreme severity estimates, for

example, substantial tax collection,

rupee downgrading, and decreased

government consumption taken under

the IMF program have decreased

Pakistan’s present record and monetary

shortfall however at a hefty expense

of reduced financial development.

Nonetheless, the public authority will

be compelled to yield to the IMF’s

requests to restore the program.

This will trigger an expansion in the

strategy rate to control the implications

of the value climb. Resultantly, there

will be an ominous effect on the

nation’s development with a modern

droop because

of an ascent in

the expense of

acquiring.

P o l i t i c a l

uncertainty, rising

hostility along

western fringes of

the nation, leads in

mounting inflation

and current record

shortfalls brought

about the lofty

decay of the

Karachi Stock

Exchange. Thus,

the corporate

area of Pakistan

has declined

drastically lately.

Notwithstanding,

the market skipped

back firmly in

2009 and the pattern proceeds in

2011. Inflation is foreseen to jump

further since the IMF has looked for an

expansion in power taxes.

The Economic Coordination Committee

(ECC) affirmed to enlarge power costs

by 17% prior, however the proposition

was turned somewhere around the

government bureau. Here is the other

major factor of currency degrading and

value inflation in Pakistan gives an

energizing case to zero in on the above

issues. A boundless perception is that

the act of rehashed money degrading

is the fundamental driver of expansion

in Pakistan. This would imply that the

overall value level in Pakistan changes

rapidly to the exchanged products

costs.


TRADE CHRONICLE


TRADE CHRONICLE

Ports & Shipping

Aasim.A. Siddiqui Elected Chairman of All Pakistan

Shipping Association For the Year 2020-2021

Mr. Aasim

Siddiqui has

been elected

unopposed as

Chairman of

All Pakistan

Shipping

Association

(APSA) for

the year

2020-2021

at the Annual

General

Meeting held on 21st September. APSA

is the only organization in the country

representing all the sectors of the

shipping fraternity.

Mr. Salahuddin Khuhro and Mr. Abid Aziz

are elected as Sr. Vice Chairman and

Vice Chairman respectively and by the

Rajpar becomes Chairman of PSAA

Mr. Mohammed A. Rajpar has been

elected unopposed as Chairman of

Pakistan Ship’s Agents Association

(PSAA) for the term 2020-2021 in the

annual elections of the association. It

was announced at PSAA’s AGM, held on

24th September 2020 at Beach Luxury

Hotel, Karachi.

Following were declared

elected to the Executive

Committee for the term 2020-

2021. Similarly, Mr.Younus

Vayani as Senior Vice

Chairman and Mr.Adil Khan

as Vice Chairman for the

association respectively.

Other Executive Committees

for the term 2020-2021 are:

Mr.Mazhar Imam Hashmi,

Mr.Ovais ur Rehman,

Mr.Khalid W.Khokhar, Mr.Bilal-ur-

Rehman , Capt.S.Kamal A.Mahmoodi,

Mr. Asim Saeed Khan and Capt. Syed

Nazar Haider.

Mr.Mohammed A.Rajpar has about 28

years of hands-on experience in the

shipping / maritime industry

In his acceptance speech, Mr.Mohammed

approval of a full house of All Pakistan

Shipping Association.

Addressing the Annual General Meeting

Mr. Aasim A. Siddiqui vowed to work

hard for the betterment of the members

and to promote the shipping and logistics

industry through the association through

these difficult times related to COVID 19.

He thanked the new managing Committee

Members for reposing confidence in him

to lead APSA.

Mr. Abdullah Farrukh, the outgoing

Chairman in his report narrated the

achievements made during 2019-2020

and expressed the hope that the new

team headed by Mr. Aasim A. Siddiqui will

continue the excellent work in the best

interest of the association, its members

and the industry.

A.Rajpar has

expressed his

intention of better

and closer working

between the Maritime sector, Business

Community and the Government,

significantly to increase exports from

Pakistan.

The incoming Chairman Mr.Mohammed

A.Rajpar appreciated the outgoing

Chairman Mr.Khalid Wasim

Khokhar and his team for

their hard work to serve

the interests of Ports and

Shipping sector which is

vital for the development and

economic progress of every

country.

Pakistan Ship’s Agents

Association (PSAA) was

formed in 1976. It is the

largest and oldest Trade

Association representing

Shipping Lines/Agents whose 53

members handle all types of cargo, i.e.

containerized cargo, liquid cargo and dry

bulk cargo at Pakistani seaports.

PSAA’s main objective is to resolve

problems faced by its members and to

make a positive contribution to the long

term progress of the Ports and Shipping

industry in Pakistan.

Hasan new PMA auxiliar

registrar

The Panama Maritime Authority (PMA)

for Pakistan has appointed Shahzad

Hasan as its Auxiliar Registrar, according

to statement. In a letter to the Ministry of

Ports and Shipping, PMA Administrator

Noriel Arauz V informed the ministry about

the appointment. This is the highestlevel

appointment ever made by the

government of Panama in Pakistan for the

welfare of Panamanian ships and officers

and sailors boarding those ships.

PMA has stressed that Hasan is the only

person authorised as the representative

for Pakistan. He was appointed because

of his deep knowledge of Pakistan, being

an ex-Pakistani national. Hasan had

previously held the position of Inspector of

AMP for Pakistan from the year 2005 to

2010.

He has been charged with ensuring that

Panamanian ships arriving at Pakistani

ports are well looked after, all their

requirements are catered and that officers

and sailors are facilitated in licences and

other documents required.

Hasan has also been tasked to promote

business relations between Pakistan and

Panama and carries an invitation for the

Minister of Ports and Shipping from his

counterpart in Panama.

Maritime’s unveils new

website

Minister for Maritime Affairs Ali Haider Zaidi

has inaugurated online portal for seafarers

and manning agents and ship owners

and a website for ports and shipping

wing. Minister said a major milestone has

been achieved by the ministry of maritime

affairs for digitalisation of data, facilitation

of seafarers, manning agents and ship

owners by inauguration of a one window

online portal.

“The online portal will help the seafarers

in the issuance of their seafarers

identity card, seafarer service book,

online verification for Visa issuance and

resolution of other issues faced by them,”

Zaidi said in statement. “Seafarers have

to travel to Karachi and face issues due

to red-tapism. The portal has brought

transparency in the system which will help

eradicate malpractices that previously

prevailed in the shipping office.”


TRADE CHRONICLE

PNSC (Group) consolidated profits

rise by 10% in FY 2019/20

Pakistan National Shipping Corporation

(PNSC) has stated that despite the

pandemic situation arising from COVID-19

and adverse macroeconomic indicators

at the local and global level, it performed

well. “The state-owned

shipping company

achieved a top-line

growth of approximately

21% as compared to

the preceding year

due to the induction of

two oil tankers, a slight

increase in average

AFRA and World Scale

which reflected in

liquid cargo business

and positive upward

fluctuation in USD

exchange rates”. This was stated by Mr

Shakeel Ahmed Mangnejo, Chairman

and Chief Executive of PNSC in the

annual report FY2020.

During the current year, PNSC (Group)

consolidated profit after tax stood at PKR

2.414 billion, which is higher by 10%

than prior year PKR 2.194 billion, which

PICTL financial results for the halfyear

ended June 30, 2020

Pakistan International Container

Terminal Limited (PICTL)

has reported that during the

half-year, the Company has

achieved Revenue of Rs

4,115.98 million as compared

to Rs 3,805.48 million in the

corresponding period last year

despite a slight decrease in

container volumes by 4%.

Further, the Company, through

operational excellence and

cost optimizations, concluded

the half-year with a Gross

Profit of Rs 1,833.14 million.

The half-year ended with

a net profit of Rs 1,171.79

million which is 17%

higher as compared to the

corresponding period last year. The

Company is making concerted efforts to

mitigate the effects of Covid-19 pandemic

and competition through minimisation

of costs, maximization of efficiencies,

increased productivity through innovation

shows a good achievement

considering the depressed

bulk carrier cargo market.

During the year average charter

out rate of bulk carriers experienced a

declining trend during second and third

quarters, while AFRA and World Scale

increased to the benefit of the Group.

The fluctuations gave a tough time to bulk

carrier segment, while tankers yielded

better revenues than the prior year.

The positive market elements, along

with rational and most economical use

of resources, resulted in a gross margin

of 33% an increase of 6% from 27% last

while continuing the provision

of improved services to the

customers.

Covid-19 pandemic has

triggered the economic recession

globally, including a slowdown in global

trade, production and supply chain alongwith

lockdowns, travel restrictions and

social distancing measures to contain

the spread of the pandemic. Due to the

economic slowdown during the first half of

year. Net profit for the year increased by

10% during the year as compared to last

year. Earnings per share of the Group

stood at Rs.18.27, which has shown an

increase of 10% against previous year

EPS of Rs.16.61.

Future Outlook

Keeping in view the

dynamics of the global

shipping market, PNSC

remains on the lookout

for the expansion of

its fleet. The two oil

tankers “M.T. Bolan”

and “M.T. Khairpur”

were inducted during

2019. PNSC intends to

further expand its fleet

of managed vessels

during the financial year

2020-21.

During the current year, the State Bank

of Pakistan included the shipping sector

within the ambit of the Long Term Finance

Facility (LTFF). Under this scheme,

financing will be available to PNSC at a

cheaper rate of up to 6%. The financing

under this scheme may be used for a

tenure of up to ten years.

2020, overall container volumes at Karachi

Port dropped by 8%. This also impacted

PICT volumes. However, through “Beyond

the Gates” strategy coupled with quality

service, your Company managed to retain

a sustainable market share of 175,925

containers as compared to

182,969 containers handled in

the corresponding period last

year.

Future Outlook

The global container market

is expected to drop by 13%

during 2020 amid relative

easing in restrictions due to

Covid19 globally as suggested

per World Trade Organisation.

The Company foresees a

slight improvement in global

trade during the latter half of

the year and resultant impacts

on overall trade activity at

Karachi Port.

Further, the company is continuously

pursuing Karachi Port Trust [KPT] for

extension and expansion of “build,

operate and transfer” contract with KPT.


TRADE CHRONICLE

DP World reports +3.1% gross

volume growth in 3Q2020

DP World Limited handled 18.3 million

TEU (twenty-foot equivalent units) across

its global portfolio of container terminals

in 3Q2020, with gross container volumes

increasing by 3.1% year-on-year on a

reported basis and up 1.9% on a likefor-like

basis. On a nine-month basis,

DP World handled 52.2 million TEU,

decreasing 2.5% on a reported basis and

down 2.0% on a like-forlike

basis.

Like-for-like gross volume

growth was mainly driven

by Europe, Middle East & Africa and

Americas with a strong performance from

London Gateway (UK), Jeddah (Saudi

Arabia), Sokhna (Egypt), Rotterdam

(Netherlands) and Antwerp Gateway

(Belgium). In Americas, growth was driven

by Buenos Aires (Argentina), Santiago

(Chile) and Vancouver (Canada). Jebel

Ali (UAE) handled 3.4 million TEU in

3Q2020, down 4.2% year-on-year.

At a consolidatedlevel, our terminals

handled 10.6 million TEU during 3Q2020,

increasing 3.0% on a reported basis and

down 1.7% year-on-year on a like-for-like

basis. The reported growth of +22.1% in

Americas and Australia region is mainly

due to the consolidation of Caucedo

(Dominican Republic).

Group Chairman and Chief Executive

PIBTL anticipates capacity utilization

could reach 100% in 1 or 2 years

The management of Pakistan

International Bulk Terminal (PIBTL) held a

Corporate Briefing session on 26th Oct’20

to discuss the FY20 financial result and

future outlook.

Highlights:

Officer Sultan Ahmed Bin

Sulayem commented: We are

delighted to report that third

quarter volumes turned positive

across our three regions with DP

World throughput growing by 1.9% yearon-year

compared to a 2.2% decline for

the industry. This performance is ahead

of expectations and once again illustrates

the resilience of the global container

industry, and DP World’s continued ability

to outperform the market.

The recovery in volumes

was broad based with

quarter-on-quarter

throughput increasing

by almost 10% as world

economies began to ease lockdown

restrictions. India, which witnessed a

sharp slowdown in 2Q 2020, saw a

significant volume improvement versus

the second quarter, while Jebel Ali

(UAE) delivered 3.4% growth against the

previous quarter as trade in the region

began to stabilise.

During this challenging period, we have

focused on maintaining efficient supply

chains to sustain the delivery of critical

and essential cargo. Our strategy to

provide solutions to cargo owners has

served us well, and our aim is to continue

to build on this momentum.

Looking ahead, we remain focused on

containing costs to protect profitability

and managing growth capex to preserve

cashflow.

in SPLY.

• Moreover, the terminal

yard’s coal handling

capacity reached

72% during FY20. According to the

management capacity utilization could

reach 100% in 1 or 2 years keeping in

view additional coal powered plants

Maldivian businessmen visit

PNSC head office

A five-member business delegation from

Maldives including Major General Ahmed

Shiyam (R) Chairman–Concierge Group

Maldives and Ghassan Mamoon, Member

of Parliament Maldives visited the PNSC

head office on 22nd September 2020 to

discuss opportunities for developing Sea

Link Karachi –Colombo -Male (Maldives).

The Pakistani High Commissioner

Vice Admiral Athar Mukhtar (R) also

accompanied the delegation.

The Chairman PNSC Shakeel Ahmed

Magnejo and the executive directors

welcomed the delegates and discussed

various potential opportunities in

developing direct shipping services of

general goods etc to and from Pakistan

and Maldives.

The role of PNSC in provision of reliable

and efficient shipping services to

overseas and Pakistan’s seaborne trade

was much appreciated by the Maldives

delegates.

• At present the company has a capacity

to handle 12mn tons of coal import and

4mn tons of export of clinker and cement.

The company may consider increasing

handling of two berths, which will add 6mn

ton to existing import handling capacity.

However, for this an estimated USD 50-

70mn CAPEX has to be incurred. If any

plans are materialized then it will take 2-3

years for the expansion to come online.

• To recall, the company posted a Profit

after Tax (PAT) of PKR 1,144mn (EPS:

PKR 0.64) in FY20 against a Loss after

Tax of PKR 2,404mn (LPS: PKR 1.38) in

FY19. The profitability comes after a jump

in sales by 18% YoY along with 94% YoY

fall in exchange loss.

• During FY20 the company managed

to handle volumes of 8,630,340 tons

compared to 8,553,410 in FY19.

Alongside this, the company catered to

152 vessels in FY20 versus 146 vessels

slated to come online in 2 years. The

uptick in cement dispatches will increase

coal consumption.

• The company handled volumes of

4.7mn, 1.5mn, 0.8mn, 0.7mn and 0.6mn

for Cement, Power, Chemical, Textile and

Trader, respectively.

• The company is adding a conveyer belt

to its phase 2 area for which no major

CAPEX is required and is expected to

come online after 6-8 months.

• The company, in order to lower energy

costs, has set up a 15 MW indigenous

diesel power plant.

• The company further stated that some

power plants in Thar have entered into an

agreement to use company’s coal for twothree

years.


TRADE CHRONICLE

DP World and CDPQ expand

global investment platform

to US$8.2 billion

DP World, a global infrastructure-led

supply chain solutions provider, and

Caisse de dépôt et placement du

Québec (CDPQ), a global institutional

investor, have announced the

expansion of their ports and

terminals investment through a

new commitment of US$4.5 billion

(CA$6 billion), that will increase the

total size of the platform to US$8.2

billion (CA$ 10.6 billion). DP World

holds 55% share of the platform, and

CDPQ the remaining 45%.

Since its launch in December 2016,

the platform has invested in 10 port

terminals globally and across various

stages of the asset life cycle.

Sultan Ahmed Bin Sulayem, Group

Chairman and CEO, DP World, said: “The

P&O FERRYMASTERS has announced

the launch of an advanced track and

trace service for its container customers,

making it the first major logistics business

in Europe to introduce the technology. Its

parent company, DP World, the Dubaibased

provider of worldwide smart

end-to-end supply chain logistics,

is supporting the service as part of

concentrated efforts to accelerate the

digitisation of the global supply chain,

and to enhance the capabilities of

digital platforms.

The service will allow customers to

receive real-time updates on the

precise location of their goods as they

are transported by rail, road and sea.

This innovation improves efficiency,

reduces costs and increases the

speed of information exchange.

The new track and trace system is

designed to advance the digitalisation of

trade and significantly improve customers’

visibility of the supply chain. The

technology is being introduced this month

and is expected to be extended to more

than half of the company’s 4,000-strong

fleet of 45 foot containers by the end of

the year, with the aim of completing the

roll out by the end of 2021.

Thorsten Runge, Managing Director

partnership between DP World and

CDPQ has been very successful,

and we have benefited from each

other’s expertise. The opportunity

for the port and logistics industry is

significant and the outlook remains

positive as consumer demand triggers

major shifts across the global supply

chain. Best-in-class, well connected ports

and efficient supply chains will continue

to play an active role in advancing

DP World supports P&O Ferrymasters to enable smarter

flows of trade with first ‘Track and Trace’ system for

containers in Europe

of P&O Ferrymasters, said: “We are at

our best in solving complex logistical

challenges for our customers and this

next step in our digital journey will

enable the faster and smarter exchange

of information across Europe. Our

customers can continue to rely on us to

invest in new platforms to make trade

flow and provide a door-to-door logistics

service.

P&O Ferrymasters has been working

in partnership with the leading Swiss

enabler of transparent digitalised supply

chains, Nexxiot, on the project. Stefan

Kalmund, Chief Executive Officer of

Nexxiot, said: “Visibility, efficiency and

predictive capabilities are all key drivers

global trade and cultivating the business

environments closest to their operations.

Alongside CDPQ, a steadfast partner

whose long-term vision we share,

we look forward to working together

on new investments that will connect

key international trade locations

worldwide.”

Emmanuel Jaclot, Executive Vice-

President and Head of Infrastructure

at CDPQ, said: “Building on the

success of the first collaboration

with our strategic partner, DP World,

a world-class leader in ports and

marine terminals, the enhanced

platform will seek investments

in high-quality port and terminal

infrastructure assets that will help

design the future of smart trade and

logistics. As we take the next step in

our partnership, we will further diversify

our geographic reach and look to seize

new opportunities in a sector that, even

during a uniquely challenging period, is

driven by long-term fundamental trends.”

for data driven organisations who are

seeking improved reliability, trust and

accountability. As one of our most

innovative clients, P&O Ferrymasters

can now access the business intelligence

they need for full fleet coordination,

improved efficiency and business process

automation.”

The new system follows a series of steps

forward in P&O Ferrymasters’ services

in the last 12 months, including the

opening of a new 17,000 square

meter warehouse facility in Rotterdam

and commencing operations at DP

World’s London Gateway logistics

park. The company has also

launched new connections between

Budapest, Duisburg and Rotterdam,

and between Oradea and Lodz.

P&O Ferries is a leading pan-

European ferry and logistics

company, last year sailing 27,000

times on eight major routes between

Britain, France, Northern Ireland, the

Republic of Ireland, Holland and Belgium.

Together with its logistics business, P&O

Ferrymasters, the company also operates

integrated road and rail to countries

across the continent including Italy,

Poland, Germany, Spain and Romania,

Turkey and facilitates the onward

movement of goods to Britain from Asian

countries via the Silk Road. P&O Ferries

is part of DP World, the leading provider

of smart logistics solutions, enabling the

flow of trade across the globe.


TRADE CHRONICLE

Leather Industry

Mr. Anjum

Zafar of M/s.

Eastern Leather

Co. (Pvt) Ltd.,

Lahore has

been elected

unopposed

as Central

Chairman,

Pakistan

T a n n e r s

Association (PTA) while Mr Abdul Salam

of M/s. Jeaman Leather & Leather

Clothing, Karachi elected un-opposed as

Senior Vice Chairman and Mr Muhammad

Tayyab of M/s. Riaz Tanneries, Kasur

elected unopposed as Vice Chairman of

the Central Executive Committee, PTA for

the year 2020-21. The thirteen members

of the Central Executive Committee

of PTA include Mr. Amanullah Aftab of

M/s. Hafiz

Tannery,

Karachi; Mr.

Amjad Hafiz of M/s. Muhammad Shafi

Tanneries (Pvt) Ltd., Karachi; Mr Badre

Alam M/s. Badre Alam Traders, Lahore;

Mr Fazalur Rehman Sheikh of M/s.

Rehman Brothers & Company, Kasur;

Mr Hamid Arshad Zahur of M/s. Noor

Leather Garments (Pvt) Ltd., Karachi; Mr

Mansoor Iqbal of M/s. Dada Enterprises

Ltd., Lahore; Mr. Muhammad Musaddiq

of M/s. Siddiq Leather Works (Pvt) Ltd.,

Lahore; Mr. Muhammad Shafi of M/s.

Mateen Brothers, Karachi; Mr. Naveed

Ahmed of M/s. Pioneer International,

Karachi; Mr Shafique Ahmed of M/s.

Shafique Leather Enterprises, Karachi;

Mr Tanveer Aslam Chawla of M/s. Chawla

Tanneries, Kasur; Sh. M. Afzal Hussain of

M/s. Hussain Leather Craft, Karachi and

Sh. Muhammad Shafi of M/s. Pan Asia

International, Lahore.

Anjum Zafar becomes new Chairman PTA

Imran Malik becomes PFMA Chairman

for the year 2020-2021

Mr. Imran Malik, MD Bata

Pakistan has been elected

New Chairman for Pakistan

Footwear Manufacturer

Association (PFMA) for the

year 2020 2021.Similarly,

Muhammad Mehr Ali of

Khawaja Tanneries (Pvt)

Ltd was elected as Senior

Vice Chairman and Mr.

Muhammad Zubair of M/s UE

(Pvt) Ltd as Vice Chairman of

the association respectively.

In his speech, he emphasis on challenges

faced by Industry, especially the cost of

input that is the biggest hindrance in

Pakistan leather industry

earning falls in 03MFY20

Pakistan leather industry export proceeds

during the first three months of July –

September for the fiscal year 2020 – 21,

reduced by 4.68 per cent to US$ 210.224

million from US$ 220.56 million, earned in

the corresponding period of last fiscal year

July – Sept 2019-20, says data released

by the Federal Bureau of Statistics (FBR).

The breakdown of data shows that

making our product

less competitive in the

international market.

He assured to take up

this issue with Government

to provide tax concessions by

abolishing Additional Custom

duty on industry inputs. He

firmly believes that our rebate

to exporters should be equal

and higher to our competitors’

countries. He pointed out

DLTL is very important for

exporters, and he thinks

it should be 7% whereas

presently it is 3%. DLTL

regime is ending by next year. Mr. Imran

efforts would be to take up the matter with

the Ministry of Commerce to extend DLTL

regime for the next three years.

tanners have earned US$31.03 million on

the export of 2.397 million sqm of finished

leather between July – Sept 2020-21 as

compared to US$ 51.93 million on 4.240

million sqm in similar three months in a

year-ago period.

The export figure translates that tanned

leather exports fell by 43.47 per cent in

terms of value in the dollar and 40.25

per cent in terms of quantity respectively

during this export period.

However, the export of leather

manufacturing, including the export of

Danish Khan elected

Chairman PLGMA

Muhammad

Danish Khan

has been

unanimously

elected as the

Chairman of

the Pakistan

L e a t h e r

Garments

Manufacturers

and Exporters Association (PLGMEA)

Central for the year 2020-2021 in the first

meeting of newly-elected 19th Central

Executive Board held at PLGMEA offices

in Karachi and Sialkot recently.

The board members applauded the

services of outgoing Chairman Syed

Nadeem Abbas.

The board also approved the nomination

of Sajid Latif as Senior Vice Chairman

and Rehan Shahid as Vice Chairman

as they were elected from Northern and

Southern Zones respectively.

Muhammad Danish Khan was elected

second time as Chairman Pakistan

Leather Garments Manufacturers and

Exporters Association (Central Office). All

members were present on the occasion

congratulated the newly-elected office

bearers on being elected unopposed.

Danish Khan has previously served as

President Korangi Association of Trade

& Industry (KATI), Pakistan Tanners

Association and Pakistan Small Industries

Association.

garments and leather gloves saw growth

and increased to US$145.73 million from

US$131.49 million during this period. This

represents a rise of 10.83 per cent on

YoY basis.

But, the footwear exports saw a fall of 9.88

per cent in terms of value between July

and Sept 2020-21. During this period,

footwear export reached US$33.46 million

by exporting of 3.351 million pairs as

against US$37.13 million for 3.873 million

pairs, shipped in same three months of

the previous fiscal year.


TRADE CHRONICLE

The Italy-Pakistan Footwear Technological Centre

inaugurated in Lahore

Pakistan Government and Italian

Government through Pakistan Footwear

Manufacturers Association have

inaugurated the historic project IPFTC

(Italy-Pakistan Footwear Technological

Centre) at Lahore with the cooperation

and support of Italian Ministry of Foreign

Affairs, The Italian Ministry of Economic

Development, The Italian Embassy in

Islamabad, Italian Trade Commission,

Assomac and PISIE. IPFTC is equipped

with a CAD-CAM Pattern Grading /

Cutting and a Mechanical Physical Tests

Laboratory for footwear.

The inaugural ceremony was graced

by Honorable Chief Guests, Mian

Muhamma Aslam Iqbal, Punjab Minister

of Industries, H.E. Andreas Ferrarese,

Italian Ambassador, Dr. Amadeo Scarpa,

Italian Trade Commissioner, ITA Dubai,

Mr. A. R. Daudpota, Deputy Italian

Trade Commissioner, Mr. Mario Pucci,

Consultant of IPFTC & Footwear Design

Studio and other dignitaries present at the

Event.

On this occassion, PFMA chairman Mr.

Muhammad Younas shared his views

“ I’m grateful to Italian Ambassador

whose personal efforts has made this

project successful and PFMA would

always remember the great contribution

and efforts of His Excellency Andreas

Ferrarese for his great support to

Footwear Industry of Pakistan. PFMA will

fully utilized this facility for development of

PTA(SZ) and UNIDO organize workshop

To address solid waste issue and

introduction of Low-Carbon Technologies,

a workshop was jointly organized by

Pakistan’s Tanners Association (PTA) and

United Nations Industrial Development

Organization under Global Environment

Facility (UNIDO-GEF) at a local hotel

in Karachi. Muhammad Alsam Ghauri,

Secretary, Environment Climate Change

and Coastal Development, Government of

Sindh, Waqar Hussain Phulphoto, Dr. Atif

Mustafa, Arjmand Qayyum Amjad, Abdul

Salam, Chairman, PTA (Southern Zone),

Kamran Habib, Muhammad Danish Khan,

Tariq Mahmood and Industrialist from the

Leather Industry attended the workshop.

Speaking on the occasion, Muhammad

Aslam Ghauri, Secretary Environment,

Footwear Industry of Pakistan to produce

high quality shoes using new technologies

to make it major exporting Industry of

Pakistan”.

Italian Ambassador H.E. Andreas

Ferrarese expresses his viewed through

Video message “I’m thankful to PFMA

Mr. Muhammad Younas to turning this

project into reality. IPFTC state of the

art machinery will enable PFMA and its

member to tackle every changing need

of this industry. This cooperation will

strengthen our conventional ties with

Pakistan and help Industry to explore

better opportunities in each other

country”.

Consultant of IPFTC & Footwear design

studio Mr. Mario Pucci stated “This facility

is the outcome of 4 years of relentless

efforts of Both Government to forge

strong business ties.

IPFTC will be beneficial for Footwear

Climate Change

and Coastal

Development,

Government of Sindh, underscored

the significance of low-carbon modern

technologies and knowledge sharing

platforms in addressing the challenges of

Industry, as it will be used for the following

objectives:

1. Develop State of the Art

Footwear Designers in Pakistan to

enhance its exports.

2. To train local Designers

of Footwear by International Expert

Designers.

3. To train Local Master Trainer of

Footwear who will train the local designers

as per need of the Footwear Industry.

4. To Educate and train the local

industry about international laboratory

standard with hands on experience on

latest testing lab equipment.

5. Italian will provide technical

trainers who will educate PFMA about

know how to operate Italian machinery /

equipment.

6. PFMA will engage International

Footwear Designers who will conduct

Footwear Designing Courses to train a

batch of Local Master Trainers. Then

Local Master Trainers would train

Footwear Designers locally.

7. PFMA will organize 12 Footwear

Design courses and 6 Footwear Lab

Testing course in a year and will train

270 local designers and Lab Technician.

This skilled workforce will be helpful in

producing high quality shoes using new

technologies and as a result Footwear

Exports of the country will be enhanced

considerably.

the textile and leather sector in Sindh.

Gulzar Feroz, President, Pakistan’s

Tanners Association (South Zone),

Environment Society also stress and

present his views that disposal of solid

waste and wastewater from tanneries is

a serious challenge for which they are

transforming leather processing industries

towards low carbon emissions and

adopting climate resilient development

plans.

To ensure proper solid waste management,

experts from Dr. Atif Mustafa, NED

University, Arjmand Qyyum Amjad,

WWF and Waqar Huusain Phulphoto,

Additional Director General, SEPA also

delivered different interventions to adopt

sustainable and best practices to improve

the environmental compliance throughout

their supply chains.


TRADE CHRONICLE

Chairman, Pakistan Tanners Association

(PTA), Anjum Zafar has urged Prime

Minister Imran Khan and Advisor to PM

on Commerce & Textile Abdul Razzak

Dawood for early inclusion of dyed/

finished leather in the new DLTL scheme

with retrospective from July 2018 to

enable/equip finished leather exporters/

PTA’s members to compete Internationally

and contribute to earn additional foreign

exchange for the country.

b e s t

after

Italian

Leathers

where the value addition is around 200%

which is highest in comparison with rest

of commodities/products of the leather

Industry and our finished leathers are

sold to worlds major brands for shoes,

bags, belts and leather products etc,

PTA urges government to restore DLTL scheme

“Finished Leather” was included from the

beginning of the scheme for the year 2017-

18 for some specific period effective from

Feb’2017 to June 2018, but suddenly the

finished leather was unilaterally excluded

for inclusion in the new DLTL scheme

effective from July 2018 till date.

It is also shared that most of tanneries

have already closed down their

operation in Pakistan and rest are at

verge of closure, if the unrest situation /

discriminatory attitude with the finished

leather industry is continued.

He also shared one of the main reason

for the continuous declining trend of

Finished Leather as discontinuation of

“Finished Leather” for the DLTL Scheme,

from July’2018 which was previously

being given and since then the declining

trend of the export of finished leather has

been broaden gradually year to year and

reached now at (-) 40%, which is very

alarming for the industry and exports.

Anjum Zafar also clarified that the Finished

Leather is much value added product of

Leather Sector of Pakistan and is second

but unfortunately still deprived to avail

the DLTL incentive for this vital product

of the industry and rest of commodities

are availing the DLTL scheme, which is

ultimately leading to the cause of inability/

in-competitive of our member exporters in

International market.

He also informed to the media that the

Anjum Zafar also shared the ground

reality/facts that the overall leather Sector

exports for the period of Aug/Sept’2020

as compared to corresponding period is in

negative (-) 4%. However comparing with

the potential of this industry, the over all

leather sector was exporting 1.25 billion

USD at peak in year (2014-15) which has

continued to drop to overall about 750

million USD only for the year (2019-2020)

which is dropped of about 40% in total

leather sector, which is very alarming for

our country’s much needed exports and

also for this industry.

Bangladesh leather exports

shrink in July-Sept 20 period

The Bangladesh’s export earnings from

leather and leather goods contracted

during the first quarter of current fiscal

year.

Bangladesh fetched US$ 225.15 million

from leather and leather goods exports

during the July-September period of FY

2020-21 posted a 19.49 per cent negative

growth over the corresponding period of

the last fiscal.

Shipment of the sector was $1.23 billion

in FY2016-17 and since then it has

continued falling and stood at $797.6

million in FY 2019-20, according to official

data of the Export Promotion Bureau

(EPB).

Exporters attributed the fall in export

earnings to the failure in using local raw

materials due to compliance issues,

sluggish global demand and a shift in

synthetic items. The pandemic is the

latest blow to the industry.

As Covid-19 has re-emerged in Europe

and the continent, Bangladesh’s biggest

leather export market, the leather goods

and footwear sector will suffer from

huge losses, it added.

Furthermore, small entrepreneurs in

the sector are struggling to survive.

Although it is difficult to project the losses,

this sector will suffer by the end of the

second quarter of 2020, it said, citing the

industry projections that the sector has

suffered losses of over $330 million owing

to order cancellations.

Saiful Islam, President of the Leatherwoods

and Footwear Manufacturers and

Exporters Association of Bangladesh

(LFMEAB) told media that one of the

main reasons behind the negative growth

is that local manufacturers could not use

local raw materials due to compliance

issues as they are not environmentfriendly.

Moreover, people’s income across the

world has decreased resulting in the

decline in retail sales, he said, adding

there has also been a shift to synthetic

items.

He noted though factories are in

operation, only 50 to 60 per cent capacity

are being used.

The LFMEAB leader, however, sees the

silver lining of opportunity, saying the

US investigation into Vietnam’s currency

devaluation might decrease the single

country dependence.

If the covid-19 second wave does not hit

much and the central effluent treatment

plant becomes effective, he said, the

export of leather and leather goods would

be better in the second quarter than the

first one.

Though the local leather and footwear

industry is going through tough times

with the drop in export earnings, industry

insiders said they are receiving queries

from investors who are interested in

investing in the country.

At a recent virtual event, exporters said

businesses from Vietnam, Japan and

Taiwan are keen to invest in Bangladesh

mainly to take its trade benefits on

exports, low production costs and cheap

source of raw materials and workforce.

(Local media)


TRADE CHRONICLE

Cement Industry

Lucky Cement Limited

recognised as the most

outstanding company

in materials sector by

Asiamoney

Lucky Cement Limited was recognized by

Asiamoney under its Asia’s Outstanding

Companies Poll 2020 for Materials

sector in Pakistan. Asia’s Outstanding

Companies Poll recognizes publicly listed

companies across the region for their

excellence in a variety of business areas

and markets.

Lucky Cement is the largest producer

of Cement in Pakistan with production

capacity of 12.15 MTPA and also one of

the country’s leading exporters of quality

cement. It is the first Shariah Compliant

Company of Pakistan certified by the

Export of cement from Pakistan shows

a positive trend in 3MFY21

Pakistan’s Federal Bureau of Statistics

(FBS) released cement export data for

July-September 2020 and September

along, which showed a positive trend

on cumulative, YoY and MoM basis.

Pakistan’s cement industry earned

US$72.29m of export revenue by

exporting 2.197Mt of cement and

clinker in the 3MFY20-21, compared to

US$66.77m from 1.689Mt of exports

in July-September 2019. Therefore,

shipping represents an 8.27 per cent

jump in dollar terms and a growth of 30.09

per cent in dispatches YoY.

In local currency terms, the export

value increased by 14.47 per cent

to PKR12.05bn

(US$72.29) from

PKR10.52bn during

this export period.

However, the cost per

tonne fell from US$39.57/t in 3MFY2019

to US$32.90/t in 3MFY20.

In September 2020 alone, revenue

increased to US$27.78m on the export of

810,230t from US$21.58m with cement

exports of 645,214t in August 2020.

These numbers represent an expansion

of 28.75 per cent and 25.58 per cent

both in terms of value and quantity,

respectively. Similarly, a more positive

trend noted, when compared with data of

September (US$24.62m from 624,533t),.

The number of exports increased by

12.85 per cent and 29.73 per cent in

terms of quantity YoY.

Two Pakistan cement manufacturers solicit

environmental clearance to set up plant in Punjab

SECP.

The Company has always emphasized

on the responsible and rational use of

natural resources, a strategy that allows

it to reduce any adverse impact of its

operations for environment conservation.

Under its ambit of CSR the Company

actively contributes in health and

education sector as well as in community

development, for which it was recently

recognized as one of the top ten Most

Supportive Brands of Pakistan during

the current pandemic by IPSOS, a

multinational market research company

with headquarters in Paris, France. The

Company also joined hands with the

Prime Minister’s Ehsaas Emergency

Rashan Programme to provide rashan

(Ration) to those affected by the Covid-19

outbreak across Pakistan.

Pakistan two leading cement manufactures

have solicited necessary environmental

approval from the Environment Protection

Department, (EPD), Government of

Punjab for setting up the cement plant.

According to official communications

of the government department, DG

Khan Cement Ltd and Pioneer Cement

Ltd have applied for the same for the

setting up project in the Northern Zone

of the country. The

approval is necessary

under section 12 of

Punjab Environmental

Protection Act (1997),

amended in 2012.

The Government

authority has asked all

the stakeholders and the general public

to submit their comments for/or against

the grant of environmental approval at

the earliest. They can also participate in

the hearing proceeding for DG Khan to be

held on Oct 16 and Pioneer Cement on

Nov 11 respectively.

Justifying the expansion in cement

industry, a research house - Spectrum

Securities Limited has stated that the

demand drivers in the private sector are

extensive housing projects, commercial

projects, and industrial expansions.

Currently, Pakistan has a shortage of

~11m houses, and this gap is expected to

grow by 700,000 units each year. At the

same time, housing finance contribution

to GDP is merely 0.5 per cent which is

below the region (India 10 per cent,

Bangladesh 3 per cent). The government

plant to provide house to everyone would

accelerate the construction activity and

thus fuel up cement demand.

DG Khan Cement

DG Khan Cement

is planning the

installation of Cement

Manufacturing Line-III

(12000t/d) at DG Khan

Cement Plant at Mouza

Khofli, Dera Ghazi Khan in District Dera

Ghazi Khan in Punjab.

Pioneer Cement Ltd

It is planning to set up 7300tpd Greenfield

Cement plant, near ZindaPir, Dera

Ghazi Khan, district DG Khan in Punjab

Province.

The existing production facility of the

Company is situated at Chenki, District

Khushab in Punjab Province.


TRADE CHRONICLE

People & Events

K-Electric Board appoints

Mr. Shan A. Ashary as new

Chairman

Guccha elected central

Chairman of PYMA

Shahid Akram Guccha was elected

unopposed central Chairman of

Pakistan Yarn Merchants Association

(PYMA) while Muhammad Hanif

Lakhany elected senior vice chairman

for the year 2020-21.

According to PYMA announcement,

Muhammad Farhan Ashrafi was

elected as vice chairman for Sindh &

Balochistan region and Kamran Ali

Magon, vice chairman for Punjab &

KPK region.

The other members of executive

committee from Sind & Balochistan

region are Altaf Haroon, Muhammad

Noman Ilyas, Tanvir Ahmed, Abdul

Samad Gaba, Waheed Umer, Bilal

Buksh.

Similarly, from Punjab & KPK region

are Rehan Naseem, Nadeem Iqbal,

Sh. Ahmed Tayyab, Awais Nisar,

Muhammad Tahir, Khalid Ahmed and

Jawad Asghar are elected the members

of executive committee.

K-Electric has

appointmented Mr.

Shan A. Ashary as

its new Chairman of

the Board effective

7 September 2020.

Mr. Ashary, who

has been on the

Board of Directors

of the Company

since 2005 and represents the KES

Power stake in KE, is the longestserving

member of the board. As the

new Chairman, his focus will be on

operational excellence at the Company

across its generation, transmission and

distribution functions to ensure safe,

reliable and uninterrupted power supply

to the Company’s customers.

K-Electric has come a long way since its

privatization in 2005, and has converted

from an under-utilized strategic asset

into a leading energy player today. With

the unplanned growth of Karachi and

other civic challenges it continues to

face challenges. The new chairman is

committed to lead the utility contribute

towards the development and growth of

Karachi.”

PAA elects office-bearers

In the annual Elections 2020-2021 of

Pakistan Advertising Association (PAA)

Jawwad Humayun has been elected

as Chairman unopposed, whereas

Brig M Zubair Rehan (retd) as Senior

Vice Chairman and Asad Inam as Vice

Chairman also won unopposed.

Mahmood Parekh has also been elected

as Chairman Zone “A”, Nadeem Akbar

as Chairman Zone “B” and Rizwan

Ashrafas Chairman Zone “C”. On the

occasion, the newly-elected Chairman

Jawwad Humayun thanked all members

with the warm heart and committed that

he would try to meet the expectation of

the members of the PAA as well as of all

Advertising Agencies and will utilize his

best efforts for welfare of the PAA and

well-being of its members and promote

the tradition of all the advertising

Industries in the country.

He admired and paid tribute to Waqar H

Haidri for his remarkable contribution for

the welfare of PAA members, progress

of advertising sector and growth of

country’s economy at large.

Naqi Bari elected PRGMEA

chief unopposed

Muhammad Naqi Bari was elected

unopposed as Chairman Pakistan

Readymade Garments Manufacturer and

Exporters Association (PRGMEA) Sindh-

Balochistan Zone for 2020-2021 at the 27th

Annual General Meeting.

He is chief executive of Bari Textile Mills

(Pvt) Ltd, a leading exporter company of

the country. While addressing the AGM,

Muhammad Naqi Bari vowed to work hard

for the betterment of the members and to

promote the association to new heights by

adopting new technologies.

PCDMA elects officebearers

Mirza Nadeem Baig elected un-opposed

Chairman and Mubasher Umer Vice

Chairman of Pakistan Chemicals & Dyes

Merchants’ Association (PCDMA) for the

Year 2020-21, While Mrs Shirin M Arif

also elected on reserved seat for woman.

Ehtesham Uddin elected as Chairman,

Khalil Ahmed as Sr Vice Chairman

and Rashid Aziz and SM Tariq as Vice

Chairman’s respectively of Pakistan

Plastic Manufacturers Association

(PPMA) for the year 2020-21.

APCAA elects office-bearers

All Pakistan Customs Agents Association

(APCAA) has announced the results of its

elections for the term of 2020-21.

According to details, the office bearers

and member executive committee have

been elected unopposed in the APCAA

elections 2020-2021. Muhammad Amjad

Chaudhary has been elected unopposed

as the association’s new Chairman whilst

Muhammad Arshad Jamal and Ali Asghar

Tahir as Senior Vice Chairman and Vice

Chairman, respectively.

Muhammad Qamar ul Islam, Saghir Ahmed

Qureshi, Muhammad Mansha, Ali Noman,

Ahmed Shehzad Khan, Shakeel Ahmed

Qadri, Muhammad Arif Javed, Amin ur

Rashid, Zahid Tanveer, Javed Rasool, Abul

Hasan Chokshi and Alamgir Khan Durrani

have been elected unopposed as member

executive committee.


TRADE CHRONICLE

New Chairman of PDA

Mr. Ali Ahmed Khan

Mr. Ali Ahmed

Khan, CEO,

FrieslandCampina

Engro Pakistan

Ltd has been

unanimously

elected Chairman

of Pakistan Dairy

Association (PDA)

for the term 2020-

2021. Syed Mazhar Iqbal, CEO, Haleeb

Foods Limited and Mr. Haseeb Aslam,

CEO, Fauji Foods Limited have been

elected as Senior Vice Chairman and

Vice Chairman PDA respectively.

Newly elected Chairman PDA, Mr.

Ali Ahmed Khan, Managing Director,

FrieslandCampina Engro Pakistan

Limited (FCEPL) has a vast experience

of 25 years as a senior level Executive.

His previous roles include CEO at

IFFCO Dubai, General Manager, Reckitt

Benckiser Pakistan, Marketing and Sales

Director Pakistan Tobacco Company

and Head of Marketing Pepsi Cola

International. Mr. Khan has an MBA

degree from the Institute of Business

Administration, Karachi University. He

joined FrieslandCampina Engro Pakistan

in March 2017.

Mr. Ali Ahmed Khan, on being elected

as the Chairman of PDA, stated: “It is

an honor and a privilege to be elected

as the Chairman of the Pakistan Dairy

Association. By working together, we will

ensure Pakistan’s dairy sector scales

new heights. The unification of expertise

on a singular platform will enable rapid

transformation and deliver unprecedented

value to the dairy sector, our citizens and

our economy”.

Soap makers get new chief

Saeed Ahmed has been elected

as Chairman of Pakistan Soap

Manufacturers Association (PSMA) while

Sheikh Hassan Munawar and Sheikh

Waseem Ahmed have been elected as

senior vice chairman and vice chairman,

respectively for 2020-21, said a press

release.

KCCI elects new President

At the 59th AGM of the Karachi Chamber

of Commerce & Industry (KCCI), while

highlighting the successful journey of

Businessmen Group, Siraj Teli said that

thanks to the overwhelming support

extended by the business & industrial

community, the BMG had completed 23

years at KCCI.

While congratulating the newly elected

Office Bearers,

he advised

them to work

honestly, give

maximum time

to the Chamber

and dedicatedly

serve the

business &

industrial

community

and also the

Karachiites

under BMG’s

policy of Public

Service. “

Newly elected

President KCCI

Shariq Vohra, in his address, pointed

out that Pakistan’s GDP by the end of

2020 will be 270 billion dollars, which

was more than US$310 billion in 2018.

Unfortunately, even in the next three

years by 2023, this will not reach more

than US$280 billion, which is worrisome.

“It seems that crises are in the making

as Pakistan is a country with 220 million

Saleem Uzzaman, Zaki

Ahmed Sharif and Nighat

Awan have been elected

unopposed President,

Senior Vice President and

Vice President respectively

of Korangi Association of

Trade and Industry (KATI).

Patron-in-Chief of KATI S M

Muneer, outgoing President

Sheikh Umer Rehan, SVP

Muhammad Ikram Rajput,

VP Syed Wajid Hussain,

Senator Abdul Haseeb

Khan, Zubair Chhaya, SM Yahya,

people, of which 60 population is less

than 30 years old and because of poor

economic performance, the lesser

employment opportunity was available

to a huge chunk of the population

below 30 years of age. “Unemployment,

depreciation of the currency and a

stagnant economy are dangerous threats

looming on our heads.”

“I would endeavour to take KCCI’s voice

to the corridors of the parliament. If they

want to do something for Pakistan, it is very

necessary to do

something for

Karachi, which

represents

10 per cent

of Pakistan’s

and 36 per

cent of Sindh’s

population and

The group photo shows Chairman Businessmen Group &

Former President Karachi Chamber of Commerce & Industry

Siraj Kassam Teli along with newly elected President the

Karachi Chamber of Commerce & Industry (KCCI) M.

Shariq Vohra, Senior Vice President Saquib Goodluck and

Vice President Shamsul Islam after assuming their offices

for the year 2020-21.

Saleem-uz-Zaman elected unopposed

President KATI

this city alone

generates 70

per cent revenue

to the national

exchequer and

95 per cent

revenue to

provincial kitty”,

he said.

Shariq Vohra stressed that Karachi

must be given its share according to

its population. This city must be given

at least 10 per cent from the national

revenue and around 36 per cent from the

provincial revenue. “Don’t give us what

we deserve but at least give us the share

in proportion to our population, which is

our fundamental right.”

Farhan-ur-Rehman,

Gulzar Firoz, Shaikh

Fazl-e-Jalil, Syed Johar

Ali Qandhari, Ehtisham

Uddin, Syed Farukh Mazhar,

Tariq Malik and members of

the Executive Committee

of KATI congratulated the

new elected office bearers

hoped that the new elected

office bearer would play their

role to resolve problems of

the business community

and effectively represent

industrial community.

Saleem-uz-Zaman has also

Saleem Uzzaman previously served as Senior

Vice President of KATI and

regarded as an expert on environmental

issues.


TRADE CHRONICLE

Governor assures full support of federal government

to industrialists

Dr Waqar appointed SAPM

on revenue

The government has appointed former

secretary finance, Dr Waqar Masood

Khan, as Special Assistant to the Prime

Minister on Revenue with the status of

Minister of State, according to the Prime

Minister’s Office.

A brief note issued by the PM’s Office

said, “Dr Waqar Masood Khan has been

President KATI Sheikh Umer Rehan

presenting KATI shield to Governor Sindh

Imran Ismail. At the occasion Senator

Abdul Haseeb Khan, Zubair Chhaya,

Zahid Saeed, Ikram Rajput and Syed

Wajid Hussain are also present.

Additional IG Police, Ghulam Nabi Memon

visits KATI

appointed as SAPM for Revenue with the

status of MOS”. Earlier, July 27, 2020,

Waqar Masood was appointed head of

the newly-created “Subsidies Cell” to

make the allocated subsidies for various

sectors targeted. A circular issued in this

effect by the Finance Division stated

that the prime minister had appointed Dr

Masood as head of the “Subsidies Cell”

in the Ministry of Finance, and he would

work on an honorary basis.

KATI President Sheikh Umer Rehan

presenting shield to Additional Inspector

General Sindh Police Karachi Ghulam

Nabi Memon. Senator Abdul Haseeb

Khan, Zubair Chhaya, Ikram Rajput and

Syed Wajid Hussain are also present on

the occasion.

Shallwani appointed as

Karachi Administrator

Sheikh Whaeed elected PVMA Chairman

Ghee, cooking oil production stands at 4.5 million tonnes

Sheikh Abdul Waheed has been

elected Chairman Pakistan Vanaspati

Manufacturers Association (PVMA) for the

year 2020-21.

According to the results,

Sheikh Abdul Waheed

has been elected as

Chairman, Raza Ibrahim

has been elected as

Senior Vice Chairman

and Rafiullah was

elected as Vice Chairman

of PVMA.

The members of the newly-elected

executive committee include Tariqullah

Sufi, Abid Ali Malik, Sheikh Atif Rasheed,

Fayaz Zafar, Ahmad Ghulam Hussain,

Sheikh Kashif Razzaque, Umar Rehan,

Sheikh Khalid Islam and Haji Muhammad

Akhtar.

Sheikh said that country is producing

around 4.5 million tonnes

of ghee and cooking

oil per annum worth

almost Rs900 billion.

This is one of the top five

taxpaying sectors which

deserves full attention of

authorities.

He said that this sector is importing raw

material worth four billion dollars which

must be reduced by promoting local

cultivation of oilseed for which we will fully

cooperate with the government.

Iftikhar Shallwani

Sindh government has appointed Local

Government Secretary Iftikhar Shallwani

as the Administrator of Karachi.

Meanwhile, Pakistan Peoples Party

Chairman Bilawal Bhutto-Zardari lauded

the government’s decision and hoped

that Iftikhar Shalawani will prove to be a

good administrator for Karachi.

Earlier, Sindh Chief Minister Syed Murad

Ali Shah had said that the provincial

government would appoint Karachi

administrator soon.


TRADE CHRONICLE

Steel and Allied Industry

Agha Steel signs Rs10.5 billion

MoU with Horizon Steel

Agha Steel

Industries

is going

to sell

100,000

metric tons

of low-carbon billets worth approximately

Rs 10.5 billion per annum to Horizon

Steel, according to press release, issued

recently.

The two companies have signed a

memorandum of understanding (MoU)

that ensures Agha Steel will reliably

supply the intermediate steel product that

the downstream steel industry uses as

raw material.

“Thanks to product innovation and heavy

investments in R&D, Agha Steel is able

Aisha Steel takes the lead

in the flat steel sector

The Board of

Directors of

Aisha Steel Mills

Limited (ASL) announced the financial

result for 1QFY21 recently, where the

company posted its highest ever quarterly

profit since inception of PKR 660 million

translating into EPS PKR 0.82

Pertinently, sales of the company grew

by a stunning 82% YoY as the company

undertook expansion in its CRC capacity

to 700,000 tons per annum which

augmented volumes and improved its

sales mix (ASL now sells galvanized

steel; a higher margin product). This

remarkable growth in revenue translated

into a 420bps YoY jump in the gross

margins to 13.2% as compared to 9.0%

in same period last year, which offset the

impact of PKR depreciation and higher

HRC prices.

Aisha Steel Limited’s management also

highlighted that since Mar’20 to date, the

State Bank of Pakistan (SBP) has slashed

the benchmark policy rate to 7%, which

aided a 38% decline in financial charges

to PKR 444 million, supporting bottomline

growth. The company also booked

effective taxation at 26% as compared to

a tax credit of PKR 36million in 1QFY20.

to manufacture for the first time

in Pakistan refined low-carbon

quality billets that are used in the

wire rod industry. Until now, the

downstream industry heavily relied on

expensive imported raw material. That’s

going to result in huge import substitution

and big benefit for our national kitty,” said

Suleman Lakhani, chief marketing officer

of Agha Steel.

The company uses the latest European

electric arc furnace technology supplied

from Danieli to produce billets, a

transitional steel product that can

either be turned into steel bars used in

construction or transformed into wire

rods to manufacture many high value

engineering products.

“With the realization of this MoU, Agha

Steel’s sales are going to grow by 68 per

cent from the current level within a year.

We foresee many such contracts with

Agha Steel has successfully raised some

Rs 3.84 billion to introduce the state-ofthe-art

steel manufacturing “Micro Mill

Danieli (MiDa) Technology” in Pakistan

under its expansion plan. After the

overwhelming response of the Initial

Public Offer (IPO), Agha Steel Industries

is all set to initiate the expansion plan

and bring Pakistan’s steel sector on

the map of world’s most advance steel

manufacturers.

Agha Steel is setting up a Rs 7 billion

MiDa project in Karachi, which will

dramatically shorten the steel-making

process and result in lower costs, higher

turnover and reduced energy use in the

line with the government’s objective to

support the construction industry.

companies operating in the downstream

industry. The availability of good quality

raw materials is going to enlarge this

industry to its true potential” added the

CMO of Agha Steel, which is going public

next month to finance its expansion drive.

Unlike most local steel-makers that

use the traditional induction furnace for

melting scrap, Agha Steel has invested in

a high-efficiency and environment-friendly

electric arc furnace. It recently increased

its billet-making capacity from 250,000

MT to 450,000 MT a year.

Speaking on the occasion, Horizon

Steel CEO Shoaib Sultan said it was

encouraging to witness that steel

products can now be made end-to-end

within Pakistan. “I expect the downstream

industry will see tremendous growth in

coming years and the future looks very

bright” he said.

Agha Steel raises Rs3.84bn for ‘MiDa Technology’

Agha Steel Industries’ IPO received

overwhelming response from institutional

investors and general public alike as

book-building phase of the IPO was

oversubscribing by 1.63 times, whereas

the general public subscription of the 30

million shares (25 percent of the total

offer size) was oversubscribed by 1.2

times. Overall, the company has raised

Rs 3.84 billion for MiDa plant through the

stock market listing, making it the largest

IPO in the steel sector and the secondlargest

IPO in the private sector.

The company has already planned to use

IPO proceeds to finance the expansion of

its re-rolling capacity from 250,000 metric

tons to 650,000 metric tons. It will also

increase the reinforcing bar production

capacity by 160 per cent.

Hussain Iqbal Agha CEO Agha Steel

informed that the steel sector is anticipating

steady growth in the company’s bottom

line owing to a substantial rise in

construction activities across the country.

Therefore, the company decided to

expand its production capacity by brining

latest technology into Pakistan, he added.

Current expansion move is in line with

the company’s successful completion of

the first phase of capacity enhancement

in which it installed a Danieli integrated

shredded scrap automatic charging

system, fumes treatment plant and

Q-robot system alongside the robust

BMR expansion of the rolling mill, he

mentioned.

The main product of Agha Steel is

reinforcing bars that are used in the

construction of mega structures, roads,

bridges, skyscrapers and homes.


TRADE CHRONICLE

Telecommunication News

Ufone offers lowest data roaming

rates for Saudi Arabia

and UAE

Ufone has introduced the lowest ever

data roaming rate for Saudi Arabia and

UAE. Data roaming offer will now be

available for as low as 4 Paisa per

10Kb mean approx. Rs 4/MB. This

allows one to remain connected with

their loved ones without worrying

about high connectivity charges.

By using the same prepaid number,

customers in Saudi Arabia and UAE

can enjoy seamless services at

affordable prices. Subscribers only

have to dial *506# free of cost for

data roaming service activation. The

roaming services will allow customers

to use all social applications including

Whatsapp, Facebook, IMO and Skype

without any restrictions.

The offer is available to customers

round the clock and there is no time

Zong4G customers can

now reload and apply data

bundles from Finja app

Pakistan’s leading connectivity partner,

Zong 4G, has joined hands with the newage

fin-tech company, Finja, to facilitate

customers in purchasing Zong 4G’s

airtime as well as their favourite data

bundles on the move using the Finja

mobile app.

The collaboration is an extension of

Zong’s efforts to create customercentric

solutions and strengthen

the ICT-powered digital ecosystem

that the company has built since its

inception. Being Pakistan’s No.1 data

and communications network, Zong

4G is cognizant of the fast-evolving

needs of today’s digital citizens and

is capitalizing on innovation and new

technologies to deliver cutting-edge

products and services.

“Zong is a customer-centric company

that shares its digital inclusion and

digitalization goals with Pakistan’s national

agenda,” said Zong spokesperson. “All

limit attached to it neither

does it bind customers to

one platform only With travel

resuming all over the world,

the international data traffic

has once again seen a surge.

Owing to greater customer needs,

Ufone revised the rates of its roaming

standard PAYG data in Saudi Arabia and

UAE so customers can avoid high and

unpredictable data charges.

The new roaming plans are built on

affordability and convenience. The

Pakistani telecom company has ensured

of our products and service centers

focus on serving the Pakistani

masses with industry-leading,

innovative connectivity solutions. This

partnership with Finja also reflects our

ambition for a Digital Pakistan as we

facilitate seamless connectivity for today’s

fast evolving digital lifestyle,” she added.

Finja mobile app is a one-stop digital

platform for businesses, merchants, and

consumers that recently received a green

signal from the State Bank of Pakistan for

a commercial pilot. The partnership with

Pakistan’s telecom giant Zong 4G makes

Finja the first non-banking entity in the

country to own a consumer-facing brand

geared to solicit deposit and to plug into

that customers remain satisfied and can

enjoy complete convenience in transit

without getting to have any bill shocks.

With this offer, Ufone has once again

reaffirmed that customer convenience

and ease is a priority for the company.

Ufone is constantly striving to facilitate its

customers and is diligently working

to stay true to its slogan “Tum hi tou

ho.”

The offer can also be availed by

dialing Ufone Customer Helpline

333 (In Pakistan) and Ufone IR

Help Desk +92-333-5100038

(Outside Pakistan only). Standard

Ufone Voice Outgoing Roaming

charges apply on calling IR Help

Desk. Another option for customers

to avail the offer is to visit nearest

Ufone franchise, Service Centre or PTCL

Joint Shop.

For terms and conditions customers can

visit the link https://ufonecloud.syntracx.

com/international-roaming/ or dial

helpline 333.

the country’s payment plumbing.

“This is a great use-case and a valueadded

benefit for our users allowing them

to enjoy fast connectivity, wherever they

are.” shared Finja spokesperson while

commenting on the development.

Zong 4G has led Pakistan’s digital

transformation for many years now.

Playing the role of a frontrunner in

digital innovation, Zong has many

industry-first initiatives to its credit.

From the launch of Pakistan’s first 4G

network to the first successful 5G trial

in the country, Zong 4G’s presence in

Pakistan is full of transformative and

future-shaping measures.

Besides many other accolades that

the company has won over the years,

Zong 4G’s network superiority was

recently recognized by Opensignal – an

independent global standard for analyzing

consumer mobile experience – which

ranked Zong the best in top five service

areas that include Video Experience,

Download Speed Experience, Upload

Speed Experience, 4G Availability, and

4G Coverage Experience.


TRADE CHRONICLE

JAZZ team visits KCCI

President Karachi Chamber of Commerce

& Industry (KCCI) M. Shariq

Vohra, while exchanging

views at a meeting with

a team of Mobilink’s Jazz

Business during its visit to

KCCI, stated that that the

telecommunication sector

could produce abundant

employment opportunities

and promote business

activities through innovative

solutions.

signed between the two organizations to

enhance cooperation.

Chief Business Officer Jazz Ali Naseer,

Junaid Esmail Makda and others attended

the meeting while Sarmad Maqsood

Malik, Asim Irshad and Rizwan Zaki from

Jazz were also present on the occasion.

President KCCI pointed

out that technological

advancement has changed

the business scenario and

has helped in increasing the

productivity and efficiency of

work. “Telecommunication

could produce employment

on large scale and can

help to make more

efficient business work

environment”, he added.

Shariq Vohra underscored

the need to make collective

efforts so that the endusers

particularly those

from the business &

industrial community, could

benefit from innovative

solutions. In this regard,

KCCI and Mobilink Jazz Team discussed

salient features of a Memorandum of

Understanding (MoU) which will soon be

Pakistan’s leading telecom company,

Zong 4G, has introduced new Continental

roaming bundles covering 26 countries

across three continents: Europe, Asia,

and America. The new offers are in

continuation to Zong 4G’s

ambition of providing

seamless connectivity to

Pakistanis travelling across

the globe, especially during

the present Covid-19 crisis.

Offering the customers

convenience of borderless

connection, Zong 4G is

offering unmatched and

competitive roaming rates

to Zong 4G’s customers

across 26 popular tourist

and business destinations.

The Europe Continental

Bundle covers Albania,

Czech, Germany, Greece, Hungary,

Ireland, Italy, Netherlands, Portugal,

Romania, Spain, Turkey, New Zealand,

UK, and Switzerland. The customers can

avail 60 Minutes, 60 SMSs, and 2GB Data

with 30-day validity for PKR 5,000 + tax.

The Asian Continental Bundle covers

Qatar, KSA, Australia, UAE, Malaysia,

President Karachi Chamber of Commerce & Industry (KCCI) M. Shariq Vohra

presenting crest to Chief Business Officer Jazz Ali Naseer who led a Jazz Team

during its visit to KCCI. Senior Vice President Saquib Goodluck, Vice President

Shamsul Islam Khan, Former President KCCI Junaid Esmail Makda, Sarmad

Maqsood Malik, Asim Irshad and Rizwan Zaki are also seen in the picture.

Senior Vice President KCCI Saquib

Goodluck, Vice President KCCI Shamsul

Islam Khan, Former President KCCI

Zong 4G introduces unbeatable International Roaming

Bundles for 26 countries across Three Continents

Bangladesh, Sri Lanka, China, and

Thailand. For PKR 5,000 + tax, users

get 60 Minutes, 60 SMSs, and 1GB Data

for 30 days. Whereas in the American

Continental Bundle, users travelling to

the US and Canada get 60 Minutes, 60

SMSs, and 1GB Data for 30 days for PKR

5,000 + tax.

All postpaid bundles can be subscribed by

visiting Zong Customer Service Centers

or by visiting the nearest franchise.

Customers can also activate bundles

through Zong online store: https://www.

Speaking on the occasion,

Chief Business Officer

Jazz Ali Naseer acquainted

representatives of the

business & industrial

about the business and

industry specific services

being offered by Jazz.

He announced that Jazz will offer 35

percent discount to all KCCI members for

subscribing the services.

zong.com.pk/onlineshop/ir-bundles

“Zong 4G is a market leader in roaming

services. As the only network carrier in

Pakistan to offer such comprehensive and

affordable international roaming options

for the convenience of its customers,”

said Zong 4G spokesperson.

“The offers show our relentless

commitment to customercentricity

where we

proactively respond to the

ever-evolving needs of our

customers with unrivalled

services and solutions.

The goal, as always, is to

deliver a seamless and

accessible connectivity

experience.”

In addition to these

international roaming

bundles, Zong 4G has

also unveiled offers for

Australia, Iran, UAE, and

China in the recent past

to help Pakistani travelers

stay connected with their friends and

families amid the coronavirus outbreak.

Last year, Zong 4G became the first

Pakistani telecom operator to offer both

prepaid and postpaid roaming bundles for

China, empowering users with seamless

connectivity while on the move.


TRADE CHRONICLE

Ufone inaugurates new office for employees at Karachi

Ufone employees have moved to a new

modern office in Karachi. Group CHRO,

Syed Mazhar Hussain, inaugurated the

Syed Mazhar Hussain, Group CHRO - PTCL Group,

inaugurating the new Karachi Regional Office Building

office and addressed the employees.

Speaking at the occasion, Syed Mazhar

Hussain stated, “Employees are the

greatest asset of the company and keeping

them safe and happy while providing

them with a comfortable, productive

Building on its purpose of connecting

people to what matters most, Telenor

Pakistan has launched Telenor Business

Suite, its latest innovative solution for

businesses to provide them the flexibility

of choosing from a wide array of offers with

the freedom to build their own bundles as

per their data connectivity needs.

We live in the era of personalisation and

Telenor Business

is offering

enterprises

greater control

over usage and

cost through

personalised

and customised

offers. Telenor

Business Suite

is a digitally

advanced bulk

resource management platform that

provides businesses utmost control

over their data connectivity to ensure

maximum efficiency. It extends complete

autonomy to the corporate clients by

enabling them to manage their resources

through ‘Build Your Own Bundle’

functionality and distribute it as per the

team requirement. Unlike off the shelf

packages, Telenor Business Suite is a

platform where corporate customers

have the independence to customise their

packages, make changes on the go and

the move.

environment for

work is our priority.

Employees should

remain committed

and focused to

take Ufone onto the

path of growth. ”.

Ufone Employees

have been provided

with state of the art

facilities at this new

location and are

quite motivated with

Syed Mazhar Hussain has recently been

appointed as Group CHRO for PTCL

Group. His diverse experience, passion

and profound knowledge of the telecom

sector will further strengthen the efforts

made by the PTCL Group to transform

into a high-performance organization.

Telenor Pakistan enables businesses with customised

connectivity through Telenor Business Suite

keep the cost and resource consumption

efficiency in check.

“Our business environment is continuously

evolving and as the landscape develops,

so do the needs of the enterprises.

Telenor Business Suite is a platform that

enables tailor made connectivity for all our

corporate clients while giving them greater

flexibility on the go” said Muhammad

Mamoon, Head

of Business

Solutions at

Telenor Pakistan.

“Our aim is to

provide solutions

to our customers

before they

anticipate it and

we will continue

providing

solutions

offer greater ease and freedom.”

that

With an extensive and growing portfolio

of products and services including

enterprise solutions, analytics, mobile and

fixed-line connectivity, Telenor Business

aims to continue enabling its corporate

clients through best in class solutions

to effectively and efficiently meet their

needs. To know more about Telenor

Business Suite, please write at: Telenor.

business@telenor.com.pk or Call at 034-

111-00-345.

Zong 4G subscribers can

now top-up balance and

bundles via Bookme

Over 37 million users of Zong 4G, Pakistan’s

leading cellular and digital services

providers, will now be able to recharge

their mobile balance and buy packages

and bundles

through Bookme

website and

app as the two

organizations

collaborate to

become channel

partners.

The partnership

with Bookme is

reflective of Zong

4G’s unrelenting focus on understanding

and meeting the ever-changing needs of

the customers in today’s increasingly digital

world. Being the first telecom operator to

collaborate with Bookeme for Recharge

and bundle upselling on its platform, the

move is reflective of the huge strides that

the telecom giant has taken, since its

inception, towards a digital future.

“We’re delighted to have partnered with

Bookme to facilitate our customers in

another innovative way. We’re always

on the lookout to collaborate with

organizations that share our passion to

serve the people and contribute to making

lives easier by leveraging technology,” said

Zong spokesperson.

“In today’s digital age, consumers are

looking for convenient and easy to use

digital services,” said Faizan Aslam, CEO

Bookme. “We are constantly trying to

innovate and offer value-added products

for our customers. We are delighted to

partner with Zong to enable instant mobile

recharge and bundles on our app. Bookme

has a growing digitally paying user base

of 4.6M+ customers and we are excited

to launch innovative new products to

ensure seamless and frictionless customer

experience at all touchpoints,” he added.

Zong’s association with Bookme to facilitate

mutual customers goes back to 2017 when

the two organizations joined hands to

allow customers to get movie, bus, event

tickets delivered to their doorsteps without

any delivery charges. Being a customercentric

company, Zong stays committed to

facilitating customers in all ways possible

and the new partnership is another step in

that direction.


TRADE CHRONICLE

Chairman PTA visits Jazz Digital Headquarters

Chairman Pakistan Telecommunications

Authority (PTA) Major General (R)

Amir Azeem Bajwa; Muhammad

Naveed (Member Finance); Dr. Khawar

Siddique Khokhar (Member Compliance

& Enforcement)

and other senior

members of PTA

visited Jazz Digital

Headquarters recently.

Jazz’s executive

leadership team

presented a detailed

corporate overview,

its commitment to

4G acceleration,

especially in

underserved areas.

The overview also

highlighted the work

being done in the areas

of ed-tech, e-commerce, digital payments,

affordable mobile technologies, Agritech,

and the proliferation of high-speed

internet under the Universal Service Fund

(USF) project. Additionally, the Chairman

was also apprised of Jazz’s PKR 1.2

billion COVID-19 relief package and

Jazz, Pakistan’s number one 4G operator

and the largest internet

and broadband service

provider, inaugurated

its brand-new Southern

Regional Office, ‘the

Digital House,’ in

Karachi’s Sky Tower,

Clifton.

Embodying the Jazz

identity, this state-of-theart

office boasts an innovative design

with spaces geared towards providing

Being the leader of digital transformation

in Pakistan, Zong is always a step ahead

to bring the most exciting offers for its

customers. The company’s emotional

proximity to its customers enables it to

sense their evolving needs. That’s how

Zong has been able to bring numerous

unbeatable international roaming offers

amid the peak of Covid-19 in the past few

months.

public.

(L-R) : Chairman PTA Major General (R) Amir

Azeem Bajwa Presenting a memento to Jazz

CEO Aamir Ibrahim during his visit to Jazz

Digital Headquarters today.

how it was

rolled out for

benefit of the

Chairman PTA appreciated Jazz’s role

in providing internet access to rural

and underserved areas of the country.

“Internet penetration

has improved from

31 percent to over

40 percent with the

cooperation of all

operators like Jazz,”

said Chairman PTA.

As the country’s

leading digital

company serving 63

million customers,

Jazz is also a leading

4G operator - the

largest internet and

broadband service

provider. Jazz works extensively towards

a digitally progressive and inclusive

Pakistan by extending its support in

improving digital infrastructure, enhancing

connectivity, investing in digital skills and

literacy, and promoting entrepreneurship

and innovation.

State-of-the-art Jazz Digital House Karachi inaugurated

Aamir Ibrahim, CEO, Jazz (2R), and CCO

Asif Aziz (1R) with other team members

at the opening ceremony of the Jazz

Digital House Karachi.

Zong brings matchless connectivity to

people of Azad Jammu & Kashmir

a healthier workplace. Employees have

access to options ranging

from wellness rooms, a

fully operational gym,

playful elements, sitstands,

and ergonomic

seating. The office further

encourages teamwork

and collaboration, with

spaces fully-equipped

to cater to virtual team

collaborations, a critical part of the digital

workplace strategy.

Last year, Zong also

teamed up with SCO

for the provision of

telecommunication

services to connect

people in remote areas of Azad Jammu

& Kashmir and Gilgit-Baltistan. The

company was also among the early

providers of 4G in Gwadar, the future

international business hub. More recently,

the Universal Service Fund (USF) also

awarded Zong the contract to provide

high-speed mobile data services in 227

unserved areas of Balochistan.

PTCL Group posts

Rs 96 billion revenue for

9MFY20

Pakistan Telecommunication Company

Limited (PTCL), the country’s leading

telecom and ICT services provider, has

announced its financial results for the

nine months ended September 30, 2020

at its Board of Directors’ meeting held in

Islamabad on October 14, 2020.

PTCL Group reported revenue of Rs

96 billion for the nine months ended

September 2020; when normalized for the

impact of Covid-19 and certain regulatory

changes affecting Ufone, Group revenue

is 4.2% higher than 2019 on a like-forlike

basis. UBank continued its growth

momentum and has achieved a double

digit growth in its revenue over last year.

PTCL standalone revenue for the nine

months period is 0.7% lower than last

year; when normalized for the impact of

Covid-19, the like-for-like revenue is 1.2%

higher than the same period of last year.

As the post-Covid situation got better

and the markets opened up after the

lockdowns, PTCL Group performance

has shown signs of improvement. Group’s

Q3, 2020 revenue is higher by 3.4%

over the same quarter of last year. The

topline growth coupled with cost control

initiatives translated into 167% and 356%

improvement in Group’s operating profit

and net profit for the quarter respectively.

During the 3rd Quarter, PTCL wireline

segment showed positive trends. PTCL

has recorded the highest ever sale in

Broadband for any Quarter since Q4 2014.

Fiber-to-the-Home (FTTH) continues to

grow with consistent growth in subscriber

base during the period with a promising

outlook. The positive momentum in

wireless (CharJi) segment continued with

subscriber base increasing by 21% on

YoY basis. Retail business recorded 6%

growth in revenue between Q3 2020 vs

Q2 2020.

Corporate and Wholesale businesses

continued their growth momentum and

have achieved a 6% overall revenue

growth YoY. Similarly, international

revenue has also shown 6% growth as

compared to the same period last year.


TRADE CHRONICLE

Banking & Insurance

National Bank wins

at the 8th FPCCI Achievement Awards- 2020

The Federation of Pakistan Chambers of

Commerce & Industry (FPCCI) during its

8th FPCCI Achievement Awards - 2020

has bestowed two achievement awards

to National Bank of Pakistan (NBP) for

its outstanding services in the categories

of ‘Contribution to National Economy

(Corporate & Investment Banking)’ and

‘Best Corporate & Investment Banking

Services’.

The President - Islamic Republic of

Pakistan Dr. Arif Alvi, Advisor to the Prime

Minister on Finance & Revenue Affairs

Dr. Abdul Hafeez Sheikh, and Federal

Minister of Industries & Production Mr.

Muhammad Hammad Azhar, graced the

occasion. NBP President & CEO - Mr. Arif

Usmani collected the achievement award

for “Contribution to National Economy

(Corporate & Investment Banking)” while

Syed Jamal Baquar, SEVP & Group Chief

– Corporate & Investment Banking Group

(CIBG) collected the achievement award

for “Best Corporate & Investment Banking

Services”.

NBP records highest-ever profit

National Bank of Pakistan (NBP) records

highest ever profit for the period ended

September 30, 2020.

Its unconsolidated profit after tax of PKR

26.1 billion, up by PKR 9.8 billion or 60%

compared to the corresponding period

last year.

During the period, the Bank earned gross

mark-up/interest income of PKR 206.0

billion (+23.1% YoY), with Investments

contributing PKR 124.9 billion (+49.5%

YoY) and loans & advances generating

PKR 78.0 billion (+0.6% YoY).

The average interest-bearing liabilities

increased 17.5% to PKR 2,458.5 billion

and total cost of funds increased to PKR

126.2 billion (+11.1% YoY). However, the

cost of deposits dropped by 46 bps to

5.57% for 9M ‘20 (9M ‘19: 6.03%).

Overall, net mark-up/interest income

closed at PKR 79.8 billion (+48.2% YoY).

On winning

these prestigious

awards, Mr.

Arif Usmani,

President & CEO said, “these Awards

acknowledge the high quality services

NBP renders to its clients and highlight

the fact that the Bank continues to be a

preferred and trusted long-term partner

of its clients. The “Nations Bank” has

The Bank generated non

mark-up income of PKR

27.7 billion (Sep ‘19: PKR

25.6 billion) constituting 25.8% of the total

income (Sep ‘19:32.2%). Accordingly,

total revenue closed 35.4% higher at PKR

107.6 billion.

Operating expenses of the Bank increased

8.8% YoY to PKR 45.0 billion. However,

the Bank’s cost-to-income ratio improved

to 41.8% as against 52.1% for the same

period last year. NPLs increased during

the current nine month by PKR 24.0 billion

to PKR 172.7 billion. The Bank follows a

prudent approach to strengthening the

balance sheet by maintaining a robust

worked tirelessly over the years to extend

support to all stakeholders that are

integral to Pakistan’s economy. We are

honored to accept these Awards, which

are a testimonial to our hard work and an

acknowledgement of NBP’s outstanding

services to the business community at

large.”

Syed Jamal Baquar, SEVP & Group Chief

CIBG added, “our strong balance sheet,

universal product offerings, and highly

qualified team of business professionals

gives us the confidence and the ability

to undertake financial transactions of

any quantum or complexity to provide

much needed sustenance and impetus

to the economic growth of Pakistan. We

continue to explore and support all sectors

where Pakistan’s GDP is expected to

expand in the future and to further build

and support the country in its economic

transformation. We would like to take this

opportunity to thank our valued clientele

for their continued patronage of our

services. We also take this opportunity

to extend our sincere appreciation to the

NBP leadership and business teams who

are second to none, and have made this

possible.”

level of provisions.

Provision charge of PKR 21.8 billion (Sep

‘19: PKR 5.9 billion) was created during

the period, increasing total provisions

to PKR 167.8 billion that translates into

a coverage ratio of 97.2%. The Bank’s

balance sheet stood at PKR 2,783.5

billion which is 10.9% lower than the PKR

3,124.4 billion at December 31, 2019.

This drop is mainly because the Bank

reduced its money market borrowings by

PKR 329.16 billion in line with its funding

& liquidity position.

Investments, that constitute the bulk of the

asset-mix, dropped marginally by 4.9%

to PKR 1,368.4 billion. Due to reduced

private sector credit demand and some

seasonal adjustments, net advances also

registered a decline of 11.5% over Dec

‘19 level and closed at PKR 892.6 billion.

On the liabilities side, deposits remained

stable throughout the period and closed

at PKR 2,174.9 billion, marginally 1.1%

down YoY.


TRADE CHRONICLE

Jubilee Life and Bank of Azad Jammu

& Kashmir sign Bancassurance

Agreement

Bank of Azad Jammu & Kashmir (BAJK)

and Jubilee Life Insurance Company

Limited have recently entered into a

distribution alliance for Jubilee Life’s

insurance products in order to augment

the accessibility of insurance products

and capitalize on the significance of

financial inclusion. The signing ceremony

was held at a hotel in Islamabad.

The consumers would benefit from

innovative products as it renders financial

security and financial well-being. Syed

Rizwan Aziez, Head of Bancassurance,

Jubilee Life Insurance, Mr. Khawar

Saeed, President and CEO, Bank of Azad

Jammu & Kashmir along with other senior

executives and representatives of the

Habib Metropolitan Bank Limited and

Adamjee Life Assurance Company Limited

have entered into a strategic alliance

for the promotion of Bancassurance

products. This alliance aims to enhance

HABIBMETRO Bank’s bancassurance

product offering in its efforts to deliver an

unparalleled level of customer service.

Mian Mohammad Mansha, Chairman

Nishat Group and Mr. Mohsin Ali Nathani,

President and CEO, HABIBMETRO Bank

along with other senior representatives

of the two organizations attended the

signing ceremony.

This strategic alliance is expected to play

a vital role in enhancing the availability of

customer-centric financial solutions to the

Bank’s clientele. Through this alliance,

the Bank’s customers will benefit from

company attended the

signing ceremony.

Speaking at the

occasion, Syed

Rizwan Aziez, Head of

Bancassurance, Jubilee

Life Insurance said, “This Bancassurance

ceremony would enhance strategic

penetration of insurance products and

subsequently also provide an opportunity

to expand our product portfolio. We aim to

complement existing bank products and

also gain a foothold in potential markets.

Habibmetro Bank & Adamjee Life

Assurance enter into strategic partnership

experience.

integrated banking

and protection

solutions for

a best-inindustry

customer

Speaking at the occasion, Mian

Mohammad Mansha, Chairman Nishat

Group said, “Adamjee Life has always

been active in developing new & improved

methods of business through constant

research & development; processes that

help us create customer convenience and

accessibility. Bancassurance has always

been an excellent catalyst for making

a variety of insurance products easily

BankIslami wins Pakistan

IP Excellence Award 2020

Bancassurance is ideal for the distribution

of mass-market products and extend

products to the clients as per their needs

and values. This integration would also

help in improving market presence and

maximizing synergies”.

Taking the opportunity, President and

CEO of Bank of Azad Jammu & Kashmir

Mr. Khawar Saeed emphasized on

the importance of Bancassurance

as a prominent step to serve the

financial needs of its customers. He

said, “Collaborating with Jubilee Life

Insurance Company Limited is another

step towards the expansion of our

product portfolio, enhancement of our

customer retention and integration of

financial services tailored to the clientele’s

needs. Furthermore, it will help in

increasing value to our customers’ wealth

management solutions and improve

customer relations”.

accessible to a vast customer base. I

am confident that our partnership with

Habib Metro Bank will further strengthen

our distribution channels and allow us to

provide customers with the best insurance

solutions for their needs.”

Also commenting at the event, President

and CEO of HABIBMETRO Bank Mr.

Mohsin Ali Nathani emphasized on the

role that this strategic alliance will play in

broadening the range of financial solutions

that the Bank offers its customers for a

financially secure future. He also said,

“We are pleased to partner with Adamjee

Life - one of the leading life insurance

companies in Pakistan. This is another

step towards expanding our product

portfolio to better cater the broader

financial needs of HABIBMETRO Bank’s

customers. With continued support of

our business partners, we hope to add

maximum value to our customers’ wealth

management solutions.”

to go above and beyond within

the fields of patent, trademark

and copyrights.

Picture shows Mr. Javed Ahmed, MD & CEO, Jubilee Life

Insurance (sitting left), Mr. Fahad Iqbal Awan, Founder

& CEO, EasyInsurance.com.pk (sitting right) along with

other representatives of both organizations at the signing

ceremony.

BankIslami, one of the most

technologically advanced

Islamic bank with 340+

branches in more than

116 cities, wins Pakistan

IP Excellence Award 2020

in the category of “Best IP

Management” and “Most

Innovative Banking Solutions.”

The prestigious IP Excellence Award

provides rewards & recognition to

motivate businesses and individuals

Speaking on the occasion, Bilal Fiaz,

Group Head of Consumer

Banking, stated “We are

proud to be recognized

for Best IP management

and Innovative Banking

solutions. We are

continuously launching

state-of-the-art banking services

and products in the market to keep

our momentum going in the times to

come.”


TRADE CHRONICLE

UBL records profit of Rs 26.4 billion

UBL posted profit before tax of Rs

26.4 billion for the nine months ended

September 30, 2020. The profit after tax

stood at Rs 16 billion with 12 percent

growth over last year. The Bank maintained

its momentum across core businesses as

gross revenues were recorded at Rs 71

billion, up 14 percent.

The Domestic business recorded profits

before tax of over Rs 36 billion in the current

period, up 36 percent from last year. The

depth and coverage of the UBL branch

network across Pakistan continues to pay

strong returns as the deposit base stood

at Rs 1.35 trillion, growing by 11 percent

over Dec’19. Financial inclusion across all

HBL profit jumps in Q3CY20

Habib Bank Limited profit jumped 106

percent to Rs10.083 billion in the quarter

ended September 30, 2020, translating

into earnings per share (EPS) of Rs6.85,

a bourse filing said on Friday.

The bank earned Rs4.897 billion profit

with EPS of Rs3.36 in the same quarter

last year. It did not announce any cash

dividend for the quarter under review as

per the central bank’s letter issued on

April 22, 2020. Optimus Research Analyst

Muhammad Ahmed said the bank’s results

were above expectations owing to lower

than estimated contraction in net interest

income on sequential basis during the

third quarter of calendar year 2020.

BankIslami branch inaugurated in Quetta

BankIslami

h a s

inaugurated

a new branch

in Quetta

Cantt. Lt. Gen

Muhammad

Waseem Ashraf, HI(M) Commander

BankIslami wins brand Award 2019

BankIslami, the country’s leading Islamic

bank, has bagged one of the most

prestigious national accolades this year by

becoming the Brand of the Year 2019. The

bank won in the Islamic Banking category

in acknowledgment of its achievements

in highlighting brand excellence as well

as noteworthy performance across the

industry.

segments of society is

one of the core pillars

of UBL’s strategy as it

acquired close to 400,000

new current accounts.

With 1,361 branches and 1,455 ATMs

nationwide, UBL is one of the largest private

sector banks operating in Pakistan. The

Bank shall continue to play a leading role

in the economic recovery of the country as

industrial sectors gear up for future growth

and expansion.

UBL maintained its leadership position in

the home remittances space with a market

share of approx. 24%. Over USD 6 billion

of remittances have been channeled to

Pakistan in the last one year through UBL.

Net interest income of the bank

increased 35 percent to Rs35.709

billion in Q3CY20 from Rs26.354

billion in Q3CY19. It was “potentially due to

better than estimated yields on government

securities and slower than anticipated repricing

of loan book,” Ahmed noted.

The bank’s fee and commission income

slipped six percent to Rs4.484 from

Rs4.779; dividend income went up 70

percent to Rs90.746 million from Rs53.185

million; and share of profits from associates

jumped 49 percent to Rs1.319 billion

from Rs884 million. Despite recording

higher share of profit from associates

and fee income, “non-interest income fell

32 percent QoQ on account of booking

significantly lower gains from realisation

of debt and equity securities (negative 85

percent QoQ), which restricted an even

S o u t h e r n

Command grace

the ceremony with

his valuable presence. He was accompanied

by President & CEO BankIslami, Syed

Amir Ali and General Manager South West

Burhan Hafeez Khan along with other

representatives from Bank Islami. The new

location is another addition to a network of

330+ branches that the financial institution

Speaking at the occasion,

President & CEO,

BankIslami Syed Amir Ali,

stated; “At BankIslami, we believe in

UBL was declared Pakistan’s Best Digital

Bank for 2020 by Asiamoney, an associate

of Euromoney. The award recognizes

UBL’s contribution in extending financial

services through digital channels and its

leading role as one of the most progressive

and innovative banks in the country.

As the Bank announced its results for

the nine months ended Sep 30, 2020,

Shazad Dada, UBL’s President & CEO

stated, “Customers remain at the heart of

our corporate philosophy. We will continue

to invest in and develop innovative and

technologically superior solutions. We aim

to create operational efficiencies within

our businesses with a clear approach to

deliver ‘Simpler, Better, Faster’ across all

channels.”

greater rise in bottom-line of Q3CY202,”

Optimus Research said in its note.

Operating expenses dropped almost

six percent to Rs22.612 billion in July-

September 2020, from Rs24.001 in the

same quarter during 2019. Brokerage

Topline Securities in a research note said,

“Operating expenses’ increase was limited

to a three percent QoQ. Cost to Income

clocked in at 53 percent.”

This quarter the bank booked lower capital

gains (Rs655 million). The bank’s income

from foreign exchange also provided a

major sigh of relief, with total income from

foreign exchange/derivatives clocking in at

Rs289 million during the nine months of

2020 against a loss of Rs484 million during

the first half of the year.

operates throughout the country.

Speaking at the occasion, President & CEO

BankIslami, Syed Amir Ali emphasized;

“Quetta is the provincial capital of

Balochistan, a province which is rapidly

gaining importance as an integral part in

handling a bulk of investment that Pakistan

is receiving from external as well as internal

investors.

enabling our customers as well as all

other stakeholders in having access to

the most convenient Shariah-compliant

financial services in the market.

We continue to expand financial inclusion

across the country by building credibility

as well as an image of an institution that

simplifies banking for its customers. Being

recognized by a platform like Brand of the

Year is certainly a feather in our cap and

we hope to keep our momentum going in

the times to come.”


TRADE CHRONICLE

TPL Life partners with ICAP to offer

health insurance coverage for its

members

TPL Life, a leading InsurTech provider in

Pakistan has partnered with The Institute

of Chartered Accountants of Pakistan

(ICAP), a prestigious regulating body

that promotes, develops and supports

Chartered Accountants, to provide

Health and Life insurance services to its

members.

Following the partnership, TPL Life will

provide comprehensive Health Insurance

Coverage to ICAP members and their

families, as well as Value Added Services

like Hospitalization, OPD & Maternity

Benefits and an Annual Accidental

Coverage. To mark the occasion, a signing

ceremony was held at the ICAP Head

Meezan Bank announces financial

results for 9 months period ended

September 30, 2020

The Board of Directors of Meezan Bank

Limited in its meeting, held on October 20,

2020 approved the financial statements of

the Bank for the nine months period ended

September 30, 2020. The meeting was

presided by Mr. Riyadh S.A. A. Edrees -

Chairman of the Board, Mr. Faisal A. A. A.

Al - Nassar – Vice Chairman of the Board

was also present.

The Bank recorded excellent results for

the nine months period ended September

30, 2020 with Profit after tax of Rs

18.1 billion as compared

to Rs 10.9 billion in the

corresponding period last

year - an impressive growth

of 65%. The Bank posted

profit after tax of Rs 6.4

billion for the third quarter of

2020. The EPS of the Bank on enhanced

share capital, for the nine months period

ended September 30, 2020 increased

to Rs 12.78 as compared to Rs 7.73 in

corresponding period last year. The Board

has approved 40% (Rs 4.00 per share)

interim cash dividend for all shareholders.

This cash dividend is in addition to a 10%

bonus share issue announced in the last

quarter.

The Bank’s net spread grew by 50%

from corresponding period last year due

to its continuous focus on maintaining a

high volume of earning assets portfolio.

The Bank’s other income (non-funded

income) also registered a good growth

office located in Karachi

on 1st September, 20 20.

Present at the occasion

were Faisal Abbasi, CEO,

TPL Life, Khalilullah Shaikh,

President, ICAP, along with

Benevolent Fund Committee members

from ICAP and team members from TPL

Life. Commenting on the strategic tieup,

Faisal Abbasi, CEO, TPL Life said,

“This partnership is the outcome of our

commitment to continuously innovate

and our belief in providing easy access to

insurance solutions for diverse customer

segments in Pakistan. Our vision,

transcends the conventional insurance

practices and provides customers with

innovative and cutting-edge solutions.

We believe quality insurance products

coupled with simple processes are key to

increasing health insurance penetration

in the country.”

of 7% while total income of the

Bank grew by 43% from Rs

39.9 billion in September 2019

to Rs 56.9 billion in September

2020. Administrative and other

operating expenses increased to

Rs 22.7 billion from Rs 18.4 billion in

corresponding period last year primarily

due to opening of 113 new branches

since September 2019. The Bank now

has a total network size to 802 branches

in more than 240 cities.

Deposits of the Bank closed at Rs 1.09

trillion – 17% up from December 2019.

The growth in deposits mainly comes from

increase in current account and savings

account deposits which contributed

95% to the total increase

enhancing the Bank’s CASA

ratio to 77% compared to

74% in 2019. The Bank

maintained its position as

the leading Islamic bank

in Pakistan (amongst both

Islamic as well as conventional banks).

Total Assets of the Bank grew by 18%

to Rs 1.32 trillion. The investments of

the Bank grew by 61% to Rs 362 billion

mainly due to investment in GoP Ijarah

Sukuk and Pakistan Energy Sukuk –

II. Islamic Financing closed at Rs 490

billion as at September 30, 2020, slightly

lower than December 2019 mainly due

to repayment of seasonal financing. The

Bank maintains a comfortable level of

provisions against its non-performing

financings with a coverage ratio of 140% -

one of the highest in the banking industry

while it has one of the lowest infection

ratio of 2%.

Faysal Bank awarded “Best

Emerging Islamic Bank

2020”

Faysal Bank Limited (FBL) has been

awarded “Best Emerging Islamic Bank

2020” by Global Islamic Finance Awards

(GIFA). These most coveted Global

awards recognize Islamic banks for their

contribution and excellence in Islamic

finance.

Mr. Yousaf Hussain, President & CEO

of Faysal Bank Limited, received this

prestigious award from Dr. Arif Alvi, the

President of Pakistan.

Faysal Bank launches

Banca-Takaful Products

Faysal Bank Limited (FBL) has joined

hands with IGI Life at Faysal House in

Karachi, as one of its Banca-Takaful

partners to launch new products with Life

and Health coverage segments for Faysal

Bank customers.

IGI Life Window Takaful operations will be

offering this wide range of unique Takaful

products with added ‘vitality’ benefits

through Faysal Bank Ltd. sales channels.

The signing ceremony was attended

by Mr. Tahir Yaqoob Bhatti, Head Retail

Banking, Faysal Bank Ltd and Mr. Ali

Nadeem, Chief Operating Officer, IGI Life

Window Takaful Operations.

Speaking at the event, Mr. Tahir Yaqoob

Bhatti said, “This collaboration will

allow us to further expand our menu of

BancaTakaful products and offer our

customers a chance to avail unique life

and health insurance solutions.”


TRADE CHRONICLE

Automobile News

PAMA elects office-bearers

Pakistan Automobile - auto sales increased in Sep’20

Ali Asghar

Jamali has been

elected as the

new Chairman

of Pakistan

Automotive

Manufacturers

Association (PAMA) for the term of

2020-21. Similarly Saquib H Shirazi and

Muhammad Kuli Khan Khattak were

elected as Senior Vice Chairman and

Vice Chairman, respectively.

Carfirst expands its

operations to Multan

Member of

the National

Assembly,

Makhdoom

Z a i n

Qureshi, and

Raja Murad Khan’s, CEO of CarFirst

inaugurated the launch of CarFirst

operations in Multan. Mr. Zain Qureshi

and Mr. Murad Khan talked about the

importance of creating sustainable jobs in

Multan. The CEO of CarFirst shared

the company’s vision, services, and

products with the members of the Multan

press.

Makhdoom Zain Qureshi, Member of the

National Assembly said: “The biggest

challenge facing the used car industry in

Multan was reliable sources and quick

payment, CarFirst directly solves these

problems eliminating any elements of

fraud with their instant inspection and

payment system. The contemporary

world requires digitalization and

innovative solutions to our problems, for

all these reasons and more we welcome

CarFirst to Multan and pray for their

prosperity.”

While speaking to the members of the

Multan press, Raja Murad Khan, CEO

and Co-Founder CarFirst, said “CarFirst,

has a progressive vision of growth and

expansion throughout Pakistan, with

Sialkot, Gujranwala, and Gujrat on the

cards. We have come to Multan, in

response to the overwhelming demand

for CarFirst’s trusted services.

The Auto sector showcased remarkable

recovery in September 2020 as the overall

sales increased 24/13% MoM/YoY to

176k units. Experts believe the recovery

in auto numbers can mainly be attributed

to 1) lower cost of auto financing, 2) post

Covid-19 recovery in economic activities

and 3) pickup in consumer demand. The

top players were HCAR (2,710 units,

↑20/87% MoM /YoY), INDU (4,365 units,

↑32/106% MoM/YoY), and MTL (2,815

units, ↑28/69% MoM/YoY) while PSMC

(6,491 units, ↑8%/↓20% MoM/YoY) was

the major laggard.

• Passenger car sales jacked up by 20%

on a sequential basis: The Passenger

vehicle sales increased by 20/8.6%

MoM/YoY to 11,860 units. Toyota Yaris

lead the way with a dramatic increase of

42% MoM (2,421 units). The demand of

Yaris can be attributed to the well-known

popularity of Toyota’s

1300cc vehicle and its

fresh design. Honda

City and Civic were

not far behind as they

witnessed an increase

of 16%/67% MoM/YoY

to 2,293 units. Despite

the all-time high vehicle

prices and stiff competition from Toyota

Yaris, Honda City and Civic held their

ground due to their brand equity, proven

design and reliability.

• Popular vehicles failed to catch up with

counterparts: Even the Suzuki Swift

(252 units, ↑28/35% MoM/YoY), Wagon

R (1,161 units, ↑58/70% MoM/YoY) and

Bolan (624 units, ↑1.5/55% % MoM/YoY)

recorded major movements towards

the positive direction. To our surprise,

popular vehicles like the Alto (3,104 units,

↑30/↓37% MoM/YoY), Cultus (786 units,

↓44/28% YoY) and Corolla (1,219 units,

↑40/↓32% YoY) failed to catch up with

counterparts. The entry of new brands

such as KIA, United, Prince, etc in the

1000cc and below segment have eaten

up major share of Suzuki Alto and Cultus.

While the major reason for decrease

in Toyota Corolla units was due to

replacement of its most popular variants,

the 1.3 XLI and GLI with the Yaris.

• BRV and Tuscon pave the way for SUV

segment: The SUV segment witnessed

a tremendous increase of 79/315%

MoM/YoY to 755 units. The BRV (417

units, ↑50/435% MoM/YoY) and Tuscon

(215 units, 875% MoM) being industry

movers while the Fortuner increased by

a reasonable margin of 1.7/18% MoM/

YoY to 123 units. The recent interest of

consumers in SUVs has significantly

boosted the segment. LCV segment was

a mixed bag as it increased 91% YoY but

decreased 5% MoM. The segment was

mainly driven by Suzuki Ravi and Toyota

Hilux which increased by 42/170% YoY.

• Tractor sales increased by 50/13%

MoM/YoY: The tractor sales also gained

momentum and increased by 50/13%

MoM/YoY to 4,256 units. Interestingly,

Massey Ferguson (2,815, ↑28/69%

MoM/YoY) took the lions share while

Fiat tractors unit sales

dropped by 29% YoY

to 1441 units. The

demand for tractors is

expected to improve

given the government’s

announcement of

reduction in sales tax

on sale of tractors from

5% to 0% for FY21.

• Favorable growth is also showcased

by the Trucks (342 units, ↑50% YoY) and

Buses (43 units, ↑19% YoY) segment

mainly due to the resumption in business

activities and public transportation

demand. The three and two wheeler

segment witnessed a growth of 60% YoY

and 24% YoY respectively. With the recent

increase in passenger vehicle prices

more consumers are being pushed to the

lower segments; for example Mehran was

priced at PKR 0.7mn in 2019 compared to

Alto priced at PKR 1.1Mn in 2020.

• Outlook: Experts believe the auto sector

will continue its upward trajectory given

the resumption in economic activities

and favorable auto financing by banks.

In the long run, we believe auto sales will

track economic output (3% gdp growth for

FY21) and may increase with the same

pace.

Courtesy - BMA Trades


TRADE CHRONICLE

Oil and Gas

PPL achieves milestone in

frontier exploration

Due to a decline in easy and big

hydrocarbon finds in the country’s known

basins, Pakistan Petroleum Limited (PPL)

has taken up the challenge to venture into

risk prone yet prospective frontier areas

to increase its hydrocarbon reserve base

and open up new plays for exploration.

As a result, since 2009, 13 exploratory

wells have been drilled in Balochistan

alone. PPL recently achieved a historic

milestone with the discovery of significant

gas reserves from Morgandh X-1 in

Margand Block, Balochistan on the

Kalat plateau. Notably, this was the

westernmost discovery in Pakistan,

opening up a new sub-basin for future

exploration. Further deepening up of

Morgandh X-1 resulted in a longer gas

bearing column of about one kilometre,

indicating larger reserves potential than

estimated earlier which will be firmed up

based on appraisal wells. The discovered

column of gas along with map indicates

a volume close to one trillion cubic feet

(Tcf) of gas.

This will also pave the way for attracting

interest from foreign Exploration and

Production (E&P) companies to invest

in frontier exploration and supplement

the efforts of public sector companies,

such as PPL which has always provided

required impetus.

With a portfolio of 48 exploration blocks

and 59 fields and discoveries, PPL made

OGDC AGM concludes successfully

The 23rd annual general meeting of Oil and

Gas Development Company Limited was

held here in Marriott Hotel Islamabad on

Wednesday the 28th of October 2020. The

members approved financial statements

for the fiscal year ended June 30, 2020

together with the Director’s and Auditor’s

report. Final cash dividend of 25% of the par

value of the shares i.e Rs 2.5 per ordinary

share of Rs 10 each was also approved in

the said AGM. Moreover M/s KPMG Taseer

Hadi & Co., Chartered Accountants and

M/s A.F. Ferguson, Chartered Accountants

were re-appointed as the statutory auditors

of the company for the year 2020-21.

The AGM was presided over by Dr. Qamar

a record number of 11 discoveries in

one year during 2018-19 with a further

two in 2019-20, achieving a reserves

replacement ratio of 110 percent.

“E&P business is cost, technology-and

risk-intensive with a long gestation period,

especially for gas. These are compounded

in frontier areas with mountainous terrain,

where access, security and infrastructure

issues are major hurdles. Our success

in Morgandh suggests our conviction.,”

highlights Moin Raza Khan, MD & CEO,

PPL.

Khan clearly knows his business. A

seasoned petroleum explorationist,

he has significantly contributed to the

country’s E&P sector. During his career of

over 37 years, he has been responsible

for 9 percent of discovered gas in Pakistan

(about 5.3 Tcf gas) through more than 30

discoveries.

The momentum for recent successful

endeavours started back in 2009 by a

team led by Khan, then General Manager

Exploration, when PPL increased its

portfolio by acquiring 14 blocks and

another 11 in the 2013-bidding round,

Javaid Sharif, Chairman

of the Board of Directors,

OGDCL while other

Directors of the Board

were also present. The Chairman shared

the company progress and achievements

gained during the last financial year and

delineated that despite the COVID-19, the

company stood resilient and OGDCL timely

devised pandemic response plan, which

was implemented across all production

fields and operational areas.

He applauded the incumbent management

of the company led by Mr. Shahid Salim

Khan who has taken the company to new

heights in respect of exploration, drilling and

timely completion of ongoing development

projects and stated that the management

of OGDCL made necessary changes in the

working practices to protect its personnel

adding around 48,000 sq. km acreage.

“PPL has drilled 63 exploratory wells

since 2012, resulting in 22 discoveries in

operated areas with a success ratio of 35

percent adding about 2.764 Tcf gas and

127 Mbbls oil in place,” says Khan.

Among these, 11 discoveries were made

in Gambat South Block acquired in 2009

which currently produces over 100 Bcf

gas, 1100 bbl oil and 15 M tonnes LPG

per day through three producing fields.

On the production front, PPL maintained

about 1 Bcfde despite significant natural

decline from mature fields, while keeping

up the financial performance with the

highest-ever profit of Rs 62 billion made

in PPL’s history during 2018-2019.

Also, the company’s operations have

resulted in substantial foreign exchange

saving in 2018-2019 with significant

contribution to national exchequer which

was equivalent to USD 3.8 billion and Rs.

65 billion, respectively.

“The last two years have been challenging

in realigning our operational priorities

to give renewed focus on rigorous

exploration efforts in frontier areas as

well as diversifying in the mining sector

through Bolan Mining Enterprises, for

which several projects are in the pipeline.

Besides, organizational and human

resource course correction, snagging

company performance and management

cohesion has also been carried out,” he

adds.

and operations, while simultaneously

ensuring business continuity in the long

run. He further disclosed that during the

previous year company remained steadfast

in its resolve to sustain exploration,

development and production operations

while contributing towards meeting energy

demands of the nation.

The cumulative yield of oil and gas added

to the main network of SSGPL and SNGPL

stands at 1040 barrels of condensate oil and

approximately 47 million MMSCFD of gas.

Beside this OGDCL spud Twenty Five wells

during the last fiscal year in comparison

to Sixteen wells of corresponding year.

The meeting was attended by members

of OGDCL Board, MD/CEO OGDCL,

senior management of OGDCL and a large

number of shareholders.


TRADE CHRONICLE

Travel World

Pegasus launches flights to

Karachi, Pakistan

Turkey’s digital airline, Pegasus,

continues to expand its international

network with the launch of its new

Karachi - Istanbul SabihaGökçen flights,

connecting Karachi, Pakistan to Istanbul,

Turkey. Pegasus’ Karachi - Istanbul

SabihaGökçen flights will commence on

25 September 2020. Flights from Istanbul

SabihaGökçen Airport to Quaid-E-Azam

International Airport will operate every

Monday, Wednesday, Friday and Sunday

at 20:35; whilst flights fromQuaid-E-

Azam International Airport to Istanbul

SabihaGökçen Airport will depart

every Monday, Tuesday, Thursday and

Saturday at 04:55 (local times apply).

Pegasus Airlines will connect guests

from Karachi to its destinations in

Manchester, London, Zurich, Paris,

Amsterdam, Copenhagen, Dusseldorf,

Hamburg, Stockholm, Frankfurt, Berlin,

Vienna, Rome, Cologne, Brussels,

Indonesian airlines to

operate flights to Pakistan

The airline had been allowed to operate

flights to Pakistan under the Air Service

Agreement (ASA), after it approached the

Civil Aviation Authority (CAA), asking for

permission to resume flights. However, it

is yet to be decided what cities the airline

will operate flights to and from.

An air transport agreement or the ASA is a

bilateral agreement allowing international

commercial air transport services to

operate between

two countries or

signatories.

Indonesian

authorities recently designated Lion Air

as another airline that can operate flights

to Pakistan, a senior official said, adding

Pakistan has already allowed global

airlines to resume flight operations to and

from Pakistan.

Kyiv, Bucharest, Kharkiv, Moscow,

Stuttgart, Geneva, Barcelona,

Marseille, Zaporizhia and Prague, via

Istanbul Sabiha Gökçen, with flights

now on sale from $309.99.

Pegasus Airlines was founded in 1990

with the mission that everyone has the

right to fly. Since launching its scheduled

services in 2005, Pegasus Airlines has

become Turkey’s first and leading lowcost

airline and one of the region’s

aviation frontrunners with a growing

network across Europe, Russia and the

Caucasus, the Middle East, North Africa

and Asia. Pegasus Airlines launched its

first charter flights in 1990 and was then

acquired by ESAS Holding in 2005, since

then it has been operating scheduled

flights, offering guests competitively

BA launches direct Lahore-

London service

British Airways has launched direct

service from Lahore to London four days

a week, starting from October 14, 2020, a

statement said recently.

The airlines said tickets were on sale now,

adding, the flights would be operated by a

Boeing 787-8 departing from Heathrow

Terminal 5, landing

into Lahore’s

international

airport.

Commenting on

this development,

UK

High

Commissioner to

Pakistan, Dr Christian Turner said, “The

first-ever British Airways flights to Lahore

is a sign of confidence in Pakistan, and

the deepening ties between our two

countries”.

priced, comfortable and punctual point-topoint

and transit flights operated with the

newest aircraft under the auspices of its

low-cost model.

‘Pegasus Airlines is warmly welcomed by

Gerry’s Group in Pakistan as their local

partners.

Turkey and Pakistan have strong cultural

history along with the ever-improving

economic ties. Pegasus Airlines as a

new entrant will further strengthen ties

between the two countries.’

Gerry’s has the distinction of being one

of the largest aviation groups in Pakistan.

With 57 years of success and over 4000

employees in 200+ locations worldwide,

Gerry’s Group has a diversified scope of

business. Its portfolio stretches over as

General Sales Agents for International

Airlines, Air Freight, Airport Ground

Handling, Telecommunications, Visa

Processing, Travel & Holiday, Air Express,

Freight & Logistics, Food & Beverage,

Information Technology and Real Estate.

Moran Birger, Head of Sales for The

Middle East and Asia Pacific, said,

“We are delighted to start direct

flights four times a week from Lahore

to London offering convenient travel

options for customers flying for leisure or

business”.

“Our new services from Lahore will

connect two of Pakistan’s biggest

cities with London, and offer seamless

transfer options to

Manchester, the

United States and

Canada.”

Birger said

following the

relaunch of services

from Islamabad to

Heathrow earlier

this year, this new flight from Lahore

represents the airline’s continued

investment in Pakistan, and “we look

forward to welcoming our customers on

board”.

Many international carriers, including

British Airways, Turkish Airlines and

Emirates started flight operations to and

from Pakistan after spread of Covid-19 in

the country was controlled.

“I hope it will open up even more

opportunities for business links, peopleto-people

ties and tourism,” the HC

added.

The airlines said the return fares from

Pakistan if booked on the British Airways

website started from $657 in World

Traveller, $998 for World Traveller Plus,

and $1806 for Club World.


TRADE CHRONICLE

Emirates celebrates 35 years of connecting Pakistan

to the world

Since its first flight in 1985, Emirates has

carried more than 28 million passengers

to and from Pakistan.

The airline currently serves the country

with 53 weekly flights to/from Karachi,

Lahore, Islamabad, Peshawar and

Sialkot – connecting customers to Dubai

and more than 95 destinations via

Dubai.

The first Emirates flight took

off on 25 October 1985 from

Dubai to Karachi, marking the

birth of a global airline and the

establishment of an air transport

link between the UAE and

Pakistan that has grown from

strength to strength, contributing

to tourism and trade flows

between both countries.

Today, Emirates currently serves

customers in Pakistan with 53 weekly

flights. Since its launch, Emirates has

operated more than 116,500 roundtrip

flights between Pakistan and Dubai,

carrying more than 28 million passengers

to Pakistan, from Pakistan to Dubai and

destinations beyond.

Following its Karachi operations,

Emirates launched flights to Peshawar in

To redefine the modern travel experience

by opening a brand-new hotel

near Jinnah International

Airport in Karachi, Hashoo

Group has collaborated with

Ghani Builders & Developers

(Pvt) Ltd.

Hashoo Group is the leading

and largest chain of hotels

in Pakistan, whereas Ghani

Builders & Developers

(Pvt) Ltd, one of the most

trusted names in real

estate development and

construction.

For this, a Memorandum of Understanding

(MoU) was signed between the two

companies on 17th September 2020. The

1998; Islamabad and Lahore in 1999; and

Sialkot in 2013, progressively growing its

presence in Pakistan in line with customer

demand for high quality air services

both inbound and outbound. The airline

continues to play a vital role in serving

communities across Pakistan, providing

global connectivity for business and

leisure travelers alike. Emirates currently

operates flights to Karachi, Lahore,

Islamabad, Peshawar and Sialkot –

utilising its wide-body Boeing 777-300ER

aircraft, and connecting customers to

Dubai, and to more than 95 destinations

worldwide, via Dubai.

Emirates SkyCargo, the airline’s freight

division, also plays an instrumental role

in driving economic activity and helping

Hashoo Group signs MoU with Ghani Brothers to build

hotel near Karachi airport

MoU was signed by Haseeb A. Gardezi,

Chief Operating Officer, Hashoo Group

Hospitality Division, and Jawed Iqbal,

Managing Director Ghani Builders &

Developers (Pvt) Ltd.

support the country’s local exporters

and businesses to connect to more than

120 cargo destinations. Over the past 10

years, Emirates Sky Cargo has helped

transport over 750,000 tonnes of cargo

into and out of Pakistan – including main

exports of fish, meat and vegetables and

main imports of pharmaceuticals and

medical equipment.

Today, more than 555,000 Pakistani

nationals and residents are enrolled in

Emirates Skywards, the awardwinning

loyalty programme of

Emirates and fly dubai – allowing

members to redeem fantastic

benefits and rewards on flights,

hotel stays as well as retail and

lifestyle experiences supported

by the airline.

Emirates is one of the world’s

largest international airlines

with a global footprint across six

continents. Pakistani customers

can fly safer and better on

Emirates as the airline has implemented a

comprehensive set of measures at every

step of the customer journey to ensure

the safety of its customers and employees

on the ground and in the air. Since its

inception, the airline has been recognised

by more than 500 international awards

for operational excellence, innovative

services and industry leading products –

making Emirates one of the world’s most

recognized airline brands.

At the MoU signing ceremony, Haseeb

A. Gardezi said, “Hotel One is the

fastest growing chain of select-service

hotels in Pakistan which is contributing

to the economy by providing jobs and

by strengthening the tourism

infrastructure by providing

affordable accommodation.

We are pleased to collaborate

with Ghani Builders &

Developers (Pvt) Ltd, for the

opening of the upcoming

Hotel One next to the Karachi

airport.” Jawed Iqbal, said,

“This hotel will be strategically

located next to Jinnah

International Airport Karachi,

with its prime location it will

provide easy access as an

economic and transit hub of the city,

where guests will be able to save their

commute time instead of travelling to the

city to find a good quality hotel.”




Trade Chronicle Sep - Oct - 2020 issue

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