STOCK WATCH

 

 

By SHABBIR H. KAZMI
Updated March 20, 2004

 

During the week the KSE-100 index crossed 5000 but could not sustain the level. However, on the last day of week the index closed at 5000 level. While some analysts attribute this to across the board interest, a few analsysts are a little skeptical about sustaining this level. Financial results of commercial banks have generated interest in shares of almost all the banks, except a few. There are some rumours regarding a bank. The general perception is that the SBP should be more vigilant and try to ensure that these rumors do not become headlines of newspapers. 

 

 

 

 

BANK OF PUNJAB

The bank has set new record during the year 2003 by achieving over all improvement, the most remarkable being a 142% increase in earning per share as compared to last year. Another landmark was a 165% growth in advances to cross Rs 18 billion level. As against this, deposits grew by 47% to cross Rs 34,938 million. There was 312% increase in profit after tax exceeding one billion rupee as compared to Rs 432 million profit for the year 2002. As against this profit after tax went up by 143% to Rs 689 million. While the Board of Directors preferred no to approve dividend it approved to issue of 25% Bonus Shares.

PRIME BANK

The bank has posted Rs 276.6 million profit after tax for the year ending December 31, 2003 as against Rs 175.9 million profit for last year. EPS improved from Rs 1.74 to Rs 2.74. The improvement in bottom line can be attributed to growth in net mark-up/interest income, going up from Rs 430 million to Rs 825 million. There was slight increase in non mark-up/interest income, going up from Rs 449.4 million to Rs 456.3 million. The Board of Directors also approved distribution of 12% dividend and issue of 10% Bonus Shares.

SAUDI PAK COMMERCIAL BANK

The bank has posted Rs 378 million profit after tax for the year ending December 31, 2003 as against Rs 654 million for last year. As the bank still carries rather huge accumulated losses, the Board of Directors did not approve distribution of dividend. Mark-up/interest income went up from Rs 725 million to over Rs 1,300 million. Along with this mark-up/interest expense also went up from Rs 532 million to Rs 872 million. Non markup/interest income also went up from Rs 581 million to Rs 717 million. Administrative expenses went up Rs 262 million to Rs 414 million.

 

 

PARK DAVIS

The company has posted Rs 283 million profit after tax for the year ending December 31, 2003 as compared to Rs 114 million for last year. The Board of Directors approved distribution of 250% dividend. The shareholders also got 250% dividend for the year 2002. The improvement in bottom line can be attributed to increase in sales, decrease in operating expenses and two fold increase in other income. Sales grew from Rs 1,069 million to Rs 1,158 million. Operating expenses declined from Rs 246 million to Rs 200 million. Other income went from Rs 36 million to Rs 45 million.

AL-GHAZI TRACTORS

The company seems to have created a record payment of 300% dividend for the year ending December 31, 2003. The payout for last year was 100%. The improvement in bottom line can only be attributed to increase in sales cost optimization. Sales grew from Rs 3,587 million to Rs 5,460 million. Gross profit hiked from Rs 656 million to Rs 1,507 million. Operating expenses came down from Rs 124 million to Rs 121 million. The profit would have been higher there was no decrease in other income and increase in other charges. Other income came down from Rs 140 million to Rs 119 million. Other charges went up from Rs 47 million to Rs 103 million.

BATA PAKISTAN

The company has posted Rs 88.5 million profit after tax for the year ending December 31, 2003 as compared to Rs 47.3 million profit for last year. The Board of Directors also approved distribution of 40% dividend, the same as paid last year. The improvement in bottom line can be attributed to growth sales reduction in financial and other charges. Sales went up from Rs 1,904 million to Rs 2,225 million. Gross profit improved from Rs 678 million to Rs 768 million. Financial and other charges came down from Rs 65 million to Rs 37 million. However, operating expenses went up from Rs 538 million to Rs 595 million.

RAFHAN BESTFOODS

The company has posted Rs 17.3 million loss after tax for the year ending December 31, 2003 as against Rs 49.7 million profit for last year. This reversal of fortune can be attributed to decrease in trading profit and increase in administrative and selling expenses. The restructuring cost amounting to Rs 48.5 million also contributed toward posting loss. Despite increase in sales trading profit came down from Rs 472.5 million to Rs 459.2 million. Administrative and selling expenses went up from Rs 373.3 million to Rs 417.5 million. However, increase in other income and decrease in financial charges contained further erosion in profit.

Company High  Low Closing Week's Turnover

Oil&Gas Dev.

54.85

54.15

54.40

221,620,800

P.T.C.L.A

39.75

39.60

39.70

62,419,500

Fauji Fert Bin

20.55

20.05

20.45

60,958,000

Hub Power

37.75

37.25

37.75

42,521,000

Sui South Gas

32.90

32.05

32.45

31,790,000

National Bank

58.55

58.20

58.30

28,126,700

P.S.O.

294.05

284.90

287.20

20,535,600

M.C.B. XB

47.35

46.90

47.35

20,244,600

Engro Chem.

96.65

95.70

95.70

17,739,700

Fauji Fert.

108.75

106.90

107.50

7,374,200