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KARACHI: Fauji Fertiliser Company (FFC) will buy out the shareholding of Fauji Foundation (FF) and Fauji Fertiliser Bin Qasim Ltd (FFBL) in Foundation Wind Energy I and II, subject to regulatory approvals.
In separate notices to the Pakistan Stock Exchange (PSX) on Tuesday, FFC and FFBL told their shareholders about the transaction that will create synergies in the renewable energy segment within the Fauji group.
FFBL will sell its 35 per cent stake in Foundation Wind Energy I to FFC for Rs2.72 billion. Similarly, it’ll sell its 35pc shareholding in Foundation Wind Energy II to FFC for Rs2.74bn.
These are wind energy projects of 49.5 megawatts each. Set up at a cost of $125 million each with a capital structure of 75pc debt and 25pc equity, their annual profits amounted to Rs1.8bn and Rs1.7bn, respectively.
NRL posts Rs1.7bn profit
National Refinery Ltd (NRL) posted PAT of Rs1.7bn during the quarter ended March 31, 2021 as compared to loss of Rs5.1bn in the same period 2020. Gross profit stood at Rs2.87bn as compared to loss of Rs5.459bn.
Attock Petroleum Ltd (APL) posted a pat of Rs1.5bn during 1QCY21 as compared to loss of Rs710m in the same period 2020. Company’s sales plunged to Rs53.5bn from Rs58.5bn in the above period.
DGKC makes Rs2bn profit
D.G. Khan Cement Ltd reported a PAT of Rs2bn during January-March 2021 as compared to loss of Rs1bn in the same period last year. Sales swelled to Rs33bn from Rs11bn in the above period.