Profit

As one of the biggest cry-baby lobbies in the country, the textile industry doesn’t get a lot of sympathy from the public. But while large players tend to be rich, smaller textile mills have always had a harder time, and in recent years, have struggled to keep their doors open. In particular, many of Faisalabad’s older mills have been relocating owing to a shift in Faisalabad’s urban geography. For all the details and the full story, read on at: https://lnkd.in/dUVrCpxW

The cabinet meeting, chaired by Prime Minister Shehbaz Sharif, also established a committee to propose measures for protecting the rights of employees affected by these mergers and abolitions. Read: https://lnkd.in/dT26K9sq

Following the transaction, M/s. Adamjee Foundation will cease to be a shareholder in NITL Read: https://lnkd.in/dJ2p43zr

This development follows the issuance of a certificate of incorporation by SECP on April 19, 2024. Read: https://lnkd.in/dDGHb2TX

Nearly three decades after its launch, Jazz is about to go public and list itself on the Pakistan Stock Exchange (PSX). But why is the country’s largest telco going for an IPO now, and what is it likely to mean for potential investors? It is likely to be one of the biggest IPOs in the history of Pakistani capital markets, and certainly the most significant since the listing of HBL in 2007. This is, in more than one sense, a big deal. For all the details, read this week’s cover story at: https://lnkd.in/dt9_kCFB

Governor Ahmad revealed that Pakistan is also in the “advanced stages” of securing an additional $2 billion in external financing. This funding is crucial for the approval of the $7 billion International Monetary Fund (IMF) bailout program. Read: https://lnkd.in/e_XDMhkm

According to AKD Research, despite the strong earnings, FATIMA’s topline for the quarter fell by 10% year-over-year (YoY) to PkR42.3 billion, down from PkR47.2 billion in the SPLY. This decline was primarily due to reduced sales volumes across key product lines, with Urea, Calcium Ammonium Nitrate (CAN), Nitrophosphate (NP), and Di-Ammonium Phosphate (DAP) sales dropping by 61%, 34%, 30%, and 45% YoY, respectively, despite an increase in product prices. Read: https://lnkd.in/eNq9Einh

According to Forbes, Karachi-based DealCart operates an online grocery platform tailored to the needs of Pakistan’s expanding middle class. The platform allows customers to order a wide range of products, including fresh fruits, vegetables, snacks, and detergents. Additionally, small grocery stores can leverage DealCart’s customer base to expand their reach. The startup made waves earlier this year by raising $4.5 million in pre-seed funding, followed by an additional $3 million in seed funding in July, co-led by Abu Dhabi’s Shorooq Partners and London’s Sturgeon Capital. Read: https://lnkd.in/eNjyH_zZ

In an official statement released on Tuesday, the FBR addressed the speculation, declaring the claims as baseless. The board emphasized that “no such scheme is under consideration by the federal government at this time,” categorically rejecting the reports. Read: https://lnkd.in/eNewwyrC

“We continue to assume that the ongoing tensions will not escalate into an all-out military conflict between the two sides or extend to involve Iran, thus limiting the immediate credit-negative impact on the region,” the ratings agency said in a statement. Read: https://lnkd.in/eHQch45S