Pakistan Industries Updates

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Sitara Peroxide extends plant shutdown for another two weeks​

Sitara Peroxide Limited (SPL), Pakistan’s chemical manufacturer, has announced that it is extending its plant shutdown by two weeks.

The company, engaged in the manufacturing and sale of hydrogen peroxide, announced the development in a notice to the Pakistan Stock Exchange (PSX) on Monday.

“In continuation of our letter dated July 7, 2023, with respect to suspension of production for two weeks due to the non-availability of raw materials/chemicals, we would like to inform that the management has decided to extend the suspension of plant operation for another two weeks,” read the notice.

 

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Rise in LSM output​

BR
October 19, 2023

EDITORIAL:
Pakistan Bureau of Statistics (PBS) released very encouraging data on large-scale manufacturing (LSM) output on Monday: an 8.44 percent rise in August this year against the previous month, a 2.52 percent rise compared to August last year (a period when the country was subjected to unprecedented heavy floods that displaced an estimated 30 million people) and 0.50 percent growth July-August this year compared to the comparable period of last year.

Two observations are in order. First, the rise in the LSM in some sectors in August 2023 is reflective of a reduction in the negativity from the July 2023 index: food (weightage 110.69) registered negative 8.74 percent July-August FY23 against negative 5.59 percent in August this year, pharmaceuticals (weight 5.15) registered negative 32.11 percent July-August FY2023 to negative 28.91 percent in August FY24, machinery and equipment registered negative 37.81 percent July-August FY23 against negative 32.47 percent in August FY24. What is baffling is that coke and petroleum products (weightage 6.66) registered negative 16.06 July-August FY23 against negative 26.73 in August FY24 but is included in the list of items showing a positive growth rate.

Second, garments with a weightage of 6.08 showed a rise in growth from the July-August FY23 figure of 36.25 to 41.21 in August FY24; however, this rise did not translate into higher exports as the State Bank of Pakistan website lists exports of garments July-August 2023 at 568 million dollars against 635.7 million dollars in the comparable period of the year before.

Textiles registered negative 19.07 percent growth in July-August FY23 against negative 16.20 percent in August FY24 and here too exports of the textile group were down from 3.148 billion dollars July-August 2022 to 2.735 billion dollars July-August 2023.

The rise in output may have contributed to a decline in prices – PBS data revealed that in August 2023 Consumer Price Index was 27.4 percent against 28.3 percent in July 2023; however, in July 2022 the rate was 24.9 percent (3.4 percent lower last July relative to July 2023) though the August 2022 rate was comparable at 27.3 percent. What requires clarification is a consumer price index of 31.4 percent in September this year, a rise of 4 percent from the previous month, in spite of a reported rise in LSM growth rate.

The Finance Division website gives the LSM growth rate for last fiscal year (July 2022-June 2023) at negative 10.3 percent with the June 2023 figure of negative 15 percent.

However, with the staff-level agreement on the Stand-By Arrangement with the International Monetary Fund reached on 29 June this year, inflation understandably rose due to an increase in administered prices and the discount rate – input costs of LSM – which begs the question as to what was the motivating factor behind the LSM growth in July and August 2023.

Skeptics may well dismiss this as data manipulation especially as major exporters are lamenting the rise in input costs and seeking some form of monetary and fiscal incentives to raise output that, if granted, would violate the SBA agreement.

It is, however, relevant to note that the LSM base was so low that output uptick was the only way for many units (particularly the two subsectors with the largest weightage notably sugar and wheat) to remain operational. Although, one may draw some comfort from the rise in LSM, yet it raises several questions that require a plausible explanation.

 

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China top investor in Pakistan with $568m FDI in FY24: SBP​

Gwadar Pro
Jul 25, 2024

ISLAMABAD - According to data issued by the State Bank of Pakistan (SBP) on July 19, China has emerged as the largest investor in Pakistan in fiscal year 2024 (FY24) with a net foreign direct investment (FDI) of $568.2 million.

The second and third highest ranks in terms of net FDI were held by Hong Kong and the United Kingdom, with net investments worth $358.51 million and $268.19 million, respectively. It is pertinent to note that the total FDI in FY24 stood at $1.9bn, up 16.88% YoY compared to FDI of $1.63bn in FY23.

China held the majority proportion (29.88%) of direct investments in the country, however, investment from the respective country has declined substantially by 17.95% YoY when compared with the figure of $692.52m in FY23.

Hongkong’s contribution in net FDI stood at $358.51m (18.85%) in the FY24, up by 43.3% YoY compared to $250.18m in SPLY. The third major investor during FY24, United Kingdom’s share was 14.1% with a direct investment of $268.19m, declining by 0.61% YoY.

Other major important investors were the United States, Singapore and Canada with a net FDI of $137.29m, $100.06m, and $95.52m respectively. The Foreign Portfolio Investment (FPI), which represents an investment in the equity market (both direct and indirect) during FY24 stood at positive $175.68m.

The United Kingdom emerged as the biggest portfolio investor during the month, as it invested $18.27m. In FY24, total foreign investment was reported at $1.52bn as compared to foreign investment of $600.75m incurred in the corresponding period last year.

 

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Pakistani medical device industry taps new opportunities in booming Chinese market​

By Mariam Raheem | Gwadar Pro
Oct 14, 2024

SHENZHEN- “China ranks among Pakistan’s top six export destinations for surgical instruments. The immense consumer demand and capacity in China have prompted us to register all our products for sales licenses there,” said Akif Javaid, the proprietor of NJ Enterprises from Sialkot, Pakistan, as he exhibited a range of surgical, dental, ENT diagnostic, orthopedic, cosmetics and surgery instruments at the ongoing 90th China International Medical Equipment Fair (CMEF) in Shenzhen, China.

Akif Javaid, with Muhammad Imran, Trade & Investment Counselor, Consulate General of Pakistan in Guangzhou and his client at the CMEF [Photo provided by Akif Javaid]

From October 12th to 15th, the Shenzhen World Exhibition & Convention Center (Bao’an) hosted the CMEF, drawing over 4,000 companies from across the globe who displayed tens of thousands of medical device products. The event attracted international professionals from more than 150 countries and regions, cementing its reputation as the global healthcare industry’s “wind vane.”

Spanning nearly 200,000 square meters, the exhibition floor is abuzz with renowned enterprises showcasing the latest innovations in medical imaging, in vitro diagnostics, medical electronics and other segments of the medical device industry chain. With products integrating AI, big data and cloud platforms, the fair highlighted the innovative prowess of high-end medical devices.

NJ Enterprises, known for manufacturing high-quality surgical instruments, is well-positioned to seize this opportunity. Pakistan ranks among the top countries in surgical instrument exports and is renowned for its expertise in surgical medical equipment. According to the Trade Development Authority of Pakistan, Pakistan exports up to 10,000 different surgical products with up to 40,000 different distinct products available in the catalogue of companies in the Sialkot Cluster.

The CMEF exhibition area is organized into 14 major sections, including medical imaging, in vitro diagnostics, medical electronics, medical optics, hospital construction, operating rooms, sterilization and infection control, medical consumables, and orthopedics, providing a comprehensive view of the entire medical industry chain.

 

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Millat Tractors Limited, Pakistan's largest tractor manufacturer, has posted an impressive financial performance for FY 2024, with a remarkable 167% year-on-year increase in post-tax profits, reaching PKR 10.64 billion. The company's revenues surged to PKR 95.02 billion, reflecting a 62% rise in sales volume, with 30,000 units sold. This significant growth is mirrored in the earnings per share (EPS), which rose from PKR 18.53 to PKR 55.46. Pre-tax profit also saw an impressive 210% increase, amounting to PKR 17.99 billion.

The company’s growth is indicative of broader economic improvement in Pakistan, particularly with the support of the Special Investment Facilitation Council (SIFC). The SIFC, aimed at attracting investment and promoting industrial growth, has played a role in enabling companies like Millat Tractors to expand their operations and contribute positively to the economy. This growth in the manufacturing sector, particularly in the agricultural machinery industry, is crucial for Pakistan's economic development, as it enhances productivity in the agriculture sector and supports rural livelihoods.

Millat Tractors' success not only reflects strong market demand but also showcases the impact of favorable investment policies and facilitation from institutions like the SIFC, which aim to boost industrial activity and create sustainable economic growth in the country.

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