Latest news with #BoD
Business Recorder
18 hours ago
- Business
- Business Recorder
Mari Energies profit falls 15% in FY25 amid lower revenue, higher costs
Mari Energies Limited posted a profit-after-tax (PAT) of Rs65.38 billion in the fiscal year 2025 (FY25), a decline of over 15% year-on-year (YoY) compared to PAT of Rs77.29 billion in the last fiscal year. Its Board of Directors (BoD) in a meeting held on Friday reviewed the financial performance of the company for the period ended on June 30, 2025. During the meeting, the BoD announced a final cash dividend for the year at Rs21.7 per share, i.e. 217%. As per the latest consolidated financials, the company's earnings per share (EPS) stood at Rs54.45 per share, against Rs64.37 per share in SPLY. The decline in profit was attributed to lower revenue and higher expenses incurred during the period. MARI's gross sales decreased by over 2% to Rs200.2 billion as compared to Rs204.6 billion recorded in the previous year. The E&P net sales in FY25 stood at Rs177.1 billion, down nearly 3% YoY. Mari Energies profit declines 39% in 2QFY25 Cost of sales (including royalty and operating and administrative expenses) jumped to Rs76.7 billion in FY25, as compared to Rs58 billion recorded in the previous year, an increase of over 32%. During the period, MARI's total expenses rose to Rs100.4 billion, as compared to Rs80.5 billion in FY24, registering an increase of nearly 25%. The profit before tax of MARI decreased nearly 20%, clocking in at Rs88.6 billion as compared to Rs110.4 billion in FY24. By operating the country's largest gas reservoir at Mari Gas Field, Daharki, Sindh, Mari Energies Limited is the second largest natural gas producer. In FY25, the MARI's reserve-to-production ratio (R/P) stands at an all-time high of 20 years, the company informed its stakeholders in its notice to the bourse. 'With Mari lease extension, enhanced production capacity and strong reserves base, the company will continue to play its pivotal role in ensuring food security and wider energy security of the country for the foreseeable future,' it said. During the period, the company achieved the highest ever hydrocarbon sales of 39.13 MMBOE as compared to 39.01 MMBOE last year, despite curtailments due to excess RLNG and delay in the start-up of production from the Waziristan Block. It added that MariMinerals target drilling in EL-322 & 323 started in August 2025. 'The minerals portfolio in the Chaghi district is further enriched by significant expansion via strategic acquisitions,' it said. On the technology front, MARI shared that the construction of the first 5MW data centre in Islamabad is currently underway. Meanwhile, progress for a second data centre in Karachi remains on track.
Business Recorder
5 days ago
- Business
- Business Recorder
Pesco says losses cut by Rs22bn in FY24-25
PESHAWAR: Peshawar Electric Supply Company (Pesco) claimed to have reduced its financial losses by Rs 22 billion in the fiscal year 2024-25 — the first significant improvement in the last five years. This remarkable turnaround is the result of bold reforms and strong administrative measures under the visionary leadership of Chairman/ BOD Members Pesco, according to a statement issued here. According to official figures, Pesco had been facing consistent financial setbacks over the past several years. Financial losses had escalated from Rs 42 billion in FY 2020-21 to Rs 77 billion in 2021-22, Rs 109 billion in 2022-23, and reached an alarming Rs 142 billion in 2023-24. However, the appointment of the new Board of Directors brought a wave of strategic changes. By the end of FY 2024-25, financial losses were successfully brought down to Rs 122 billion — reflecting a savings of Rs 22 billion as compared to fiscal year 2023-24 for the company. Chairman Pesco Board of Directors, Himayatullah Khan, commended Pesco management for their tireless efforts in steering the company toward financial recovery. 'Despite having only 43% of the required human resource to serve 4.5 million consumers, Pesco employees have continued to go above and beyond to serve their communities,' said the chairman BoD. Moreover, Pesco has achieved a noticeable reduction in transmission and distribution (T&D) losses — bringing the figure down to 36.81 percent in the current fiscal year from 37.99 percent in the previous year. Simultaneously, the overall Aggregate Technical & Commercial (AT&C) losses have been reduced to 41.62 percent during FY 2024-25 in comparison to 42.81 percent in FY 2023-24. Copyright Business Recorder, 2025
Business Wire
30-06-2025
- Business
- Business Wire
LogProstyle Inc. Announces Results of the 2025 Annual General Meeting of Shareholders
TOKYO--(BUSINESS WIRE)-- LogProstyle Inc. (NYSE American: LGPS) (the 'Company' or 'LogProstyle'), headquartered in Minato-ku, Tokyo, Japan, announced today that all matters presented at its Annual General Meeting of Shareholders ('AGM') held on June 30, 2025 were approved. A total of 18,724,644 shares were represented at the AGM, in person or by proxy, indicating 79.27% participation of shareholders eligible to vote. In particular, the shareholders approved: Election of Ten (10) Directors Shareholders approved the appointment of ten directors to the Board of Directors ('BoD'), with a term in office changing from two years to one year. Five of the elected directors are considered Independent, and the newly elected board is composed of experienced professionals who will guide the Company in its next phase of growth and innovation. The newly elected BoD includes Yasuyuki Nozawa, Satoshi Oyamatsu, Taiji Ito, Kentaro Tachibana, Katharyn (Katie) Field, Tamotsu Moriyama (independent), Seishi Miyajima (independent), Izumi Takemoto (independent), Hajime Yamashita (independent), and John A. Stapleton (independent). Establishment of a Performance Share Plan Also approved at the AGM is the establishment of a Performance Share Plan (the 'Plan') with post-vetting delivery and related remuneration for directors (excluding independent directors), executive officers, and directors of subsidiaries. The total amount of monetary claims and cash to be granted under the Plan to the Eligible Directors for each Performance Evaluation Period shall not exceed JPY 200 million (excluding salaries for Directors who also serve as employees), and the total number of Company Shares to be delivered shall not exceed 500,000 shares per Performance Evaluation Period. The Achievement Rate of Performance Targets is based on performance indicators (financial and/or non-financial) reflective of the Group's profitability and management policies, as determined by resolution of the BoD in advance. Shareholders also approved: Non-Consolidated Financial Statements for the 8th Fiscal Year (April 1, 2024 to March 31, 2025); Amendments to the Articles of Incorporation; Election of KSM & Partners Audit Corporation as its Accounting Auditor; and Approval of a dividend in the amount of USD 0.023 per share, or USD 543 thousand, in total, payable on August 5, 2025, to the Company's holders of record at the close of business on July 7, 2025. The full vote results will be filed in a report with the Securities and Exchange Commission and posted on the Investor Relations section on the Company's website. Forward-Looking Statements Disclaimer: This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company's dividend, the AGM, the Company's growth strategy, benefits of the newly elected Board, and the implementation and potential impact of the Performance Share Plan. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, general economic conditions, changes in market conditions, the Company's ability to execute its strategic initiatives, and other factors described in the Company's filings with the U.S. Securities and Exchange Commission, including the risks detailed in the Company's annual report on Form 20-F filed with the SEC on June 27, 2025. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law. Any references to our website have been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. About LogProstyle Inc. LogProstyle Inc. is involved in a wide range of businesses, including real estate development, hotel management, and restaurant management. With the slogan "redefine life style," the Company is working on various projects with the aim of illustrating an innovative and sustainable lifestyle. LogProstyle is the first unlisted Japanese company to list its Japanese common shares directly on a major United States stock exchange rather than through American Depositary Receipts (ADRs).
Business Recorder
21-05-2025
- Business
- Business Recorder
Shield Corporation to end diaper production
Shield Corporation Limited (SCL), a Pakistani manufacturer of baby care and hygiene products, has decided to discontinue producing diapers, while continuing operations in its other lines of business. The listed company announced the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday. 'The Board of Directors (BoD) has made the decision to discontinue the production of diapers while continuing other lines of business,' read the notice. The BoD has authorised the Chief Executive Officer (CEO) to oversee the orderly discontinuation of diaper manufacturing by June 15, 2025, or earlier, based on operational and financial considerations. 'Explore and execute disposal of diaper machines and other assets related to production of diapers and carryout necessary enabling tasks,' the company said. Shield informed that the decision has been taken after a comprehensive review of the operational and financial performance, market dynamics, and future outlook of the product. The company believes that the discontinuation is expected to contribute to the improvement of the bottom line. 'The discontinuation is limited to the diaper product and the company continues its business, including manufacturing of its other baby care products such as baby feeder, baby nipple, soother, teethers, training cup, etc,' it added. SCL was incorporated in Pakistan as a public limited company in 1975. The company's principal business activity is the manufacturing, trading, and sale of oral hygiene and baby care products. SCL caters to the needs of over 300 towns and cities in Pakistan. Besides, the company has a presence in Europe, Asia, and Africa. On Wednesday, the share price of SCL closed at Rs260.73, a decrease of Rs4.28 or 1.62%.
Business Recorder
19-05-2025
- Business
- Business Recorder
Ferozsons mulls buying Barrett Hodgson Pakistan with local consortium
Ferozsons Laboratories Limited (FEROZ) is considering acquiring Barrett Hodgson Pakistan Pvt. Limited, a pharmaceutical company, in partnership with a consortium of prominent Pakistani business groups. The listed company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. 'The Board of Directors (BoD) in their emergent board meeting held on May 17, 2025 reviewed the proposal recommended by the investment committee for the potential acquisition of Barrett Hodgson Pakistan Pvt. Limited, in conjunction with a consortium comprising leading business groups of Pakistan,' read the notice. As per the notice, the BoD further authorised the Chief Executive Officer and the Chief Financial Officer to perform due diligence, appoint advisors, sign all the documents in this respect and to do all other acts, including giving bid money, security, etc., in connection with the aforesaid potential acquisition. 'The final purchase price and equity investment will be approved by BoD based on the outcome of due diligence and other parameters, including relevant approvals,' FEROZ added. Manufacturing HIV drug in Pakistan: Ferozsons partners with US-based Gilead As per information available on the Barrett Hodgson Pakistan (BHP) website, the company ranks among the top 15 pharmaceutical companies in Pakistan. 'While catering to almost all the medicinal categories and specialities with quality products at affordable prices, we exist in the healthcare sector with a comprehensive portfolio of over 100 brands and 240 formulations,' the company states. Meanwhile, Ferozsons Laboratories Limited, incorporated in Pakistan as a public limited company in 1954 and later converted into a public limited company in 1960, is engaged in the manufacturing, import and sale of pharmaceutical products and medical devices. At the time of filing this report, FEROZ's share price stood at Rs294.50, registering an increase of Rs15.22 or 5.45%.
