Muhammad Sarfraz Abbasi

Corporate results: Fauji Fertilizer Bin Qasim profits double to Rs7.2b Published: October 27, 2011 The board of directors in a meeting held in Madrid, Spain also announced interim cash dividend of Rs3 per share, taking the total payout to Rs6.5 per ordinary Rs10 share in 2011. KARACHI:  Fauji Fertilizer Bin Qasim profits more than doubled to Rs7.2 billion in the first nine months of 2011 on the back of higher sales of the commodity, according to a notice sent to the Karachi Stock Exchange on Wednesday. The board of directors in a meeting held in Madrid, Spain also announced interim cash dividend of Rs3 per share, taking the total payout to Rs6.5 per ordinary Rs10 share in 2011. Substantial growth in earnings was because of massive increase in fertilizer prices, said Summit Capital analyst Sarfraz Abbasi. Fertilisers DAP and urea prices in market were, on average, higher by 47% and 56% on a yearly basis, respectively. Net sales rose 64% to Rs36.33 billion during January to Septembe...

Car sales rise while tractor business shifts down many gears By  Faseeh Mangi Published: October 11, 2011 Highest selling car Corolla sales slow down as Mehran catches up. KARACHI:  The automobile sector kept the foot on the gas pedal as car sales rose 27 per cent in the first quarter of financial year 2012. Sales were very low last year due to the floods, which made this year’s numbers quite attractive, said Summit Capital analyst Sarfraz Abbasi. The economy has also improved since last year making selling and buying a slightly easier job, added Abbasi. Sales rose to stand at 38,065 cars from July to September 2011 against 30,030 units sold in the same period last year, according to data released by Pakistan Automotive Manufacturers Association on Monday. Growth was primarily led by market leader Pak Suzuki Motor Company as its sales jumped by 49% to 21,829 units. The second highest selling car, Suzuki Mehran, picked up the pace and narrowed the gap with the highest selling ...

Cement industry gets back on track Published: October 8, 2011 Sales volume declined but a 32% increase in prices was enough to push the industry into profits. PHOTO: FILE KARACHI:  The cement sector switched to a profit of Rs2.54 billion in financial year 2011 against a loss of Rs2.59 billion in fiscal 2010. Sales volume declined but a 32% increase in prices was enough to push the industry into profits, said Summit Capital Research Analyst Muhammad Sarfraz Abbasi. Sales revenue of cement manufacturers recorded an upsurge of 14% to Rs115.6 billion in fiscal 2011 against sales of Rs101.8 billion in fiscal 2010. Summit Capital analysed 14 listed companies of the cement sector which account for around 89% of the total sector. Main contributors to the growth were mid-cap companies including Kohat Cement, Pioneer Cement, Fauji Cement, Dewan Cement and Mustehkam Cement. However, total industry sales declined by 8% to 31.36 million tons due to slowdown in domestic construction activity, a...

Fertiliser sales record growth in August From the Newspaper   | Business |  By Our Equities Correspondent October 1, 2011 KARACHI, Sept 30: In the last two days, most brokerage houses (BMA, InvestCap, JS, KASB, Summitcapital, Topline and others) have come up with reports on the fertiliser sector following the release of monthly off-take numbers for August 2011 by the National Fertiliser Development Centre (NFDC). Analysts at KASB commented: “So far, no progress has been made on gas curtailment issue which can reduce or eliminate need for import and ensure availability of urea from local production. NFDC expects the government to import 0.8 million tons during 4Q11 which can potentially require a subsidy of Rs26 billion.” Analyst Mohammad Sarfraz Abbasi at Summitcapital pointed out that among urea producers, Engro led the sector with 39pc YoY growth in off-take. FFBL and Engro posted increase of 80pc YoY and 19pc YoY respectively in DAP off-take during 8MCY11. Asad Siddiqui...

Cement sales rise 7% on higher local demand Published: September 22, 2011 Promising times seem to be ahead for the industry as selling price and construction activity are both expected to go up in the short-term. PHOTO: FILE KARACHI:  Cement sales  rose seven per cent to 5.2 million tons on the back of higher demand in the first two months of fiscal 2012. The growth in overall dispatches is attributed to a 14% upsurge in local sales. Local sales reached 3.68 million tons during July to August 2011 compared with 3.24 million tons in the same period last year, according to data released by All Pakistan Cement Manufacturers Association. This is an unexpected surge in sales as they historically tend to pick up in the fifth month of the financial year, said Summit Capital analyst Sarfraz Abbasi. Local sales have shown strong growth as manufacturers shifted their focus to the local market due to better selling prices, according to analysts. Meanwhile, export sales fell by 7% to 1.5...

Car sales rise 35 per cent Published: September 13, 2011 Corolla 7,362 KARACHI:  Reduction in taxes announced by the government helped car sales sprint 35% in the first two months of financial year 2011-12. Sales stood at 29,537 units from July to August 2011 against 21,833 units sold in the preceding year, according to data released by Pakistan Automotive Manufacturers Association on Monday. The incentive given by the government in terms of removal of 2.5% special excise duty on imported and locally manufactured vehicles coupled with reduction in general sales tax to 16% from 17% were the core reasons for the growth, said Summit Capital analyst Sarfraz Abbasi. Growth was primarily led by Pak Suzuki Motor Company as its sales rose by 67% to 18,301 units followed by Indus Motor by 6% to 8,829 units. The biggest leap forward was seen in Suzuki Swift sales that tripled to 1,274 units against 421 units in the same period last year. Liana, under the domain of 1,300cc engine capacity an...