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February 19, 2010:
NOTICE OF DIVIDEND
The Board of Directors at their meeting held on February 19, 2010 have resolved the payment of
Interim Cash Dividend @ Rs. 5.00 per share i.e. 50% to the shareholders for the half year ended
December 31, 2009. The share transfer books of the Company shall remain closed from March 18, 2010 to March 25, 2010 ( both days inclusive ) and the share holders whose names appear in the members register as on the close of business on March 17, 2010 shall qualify for the payment of Interim Cash Dividend.
February 19, 2010:
FINANCIAL RESULTS
FOR THE HALF YEAR ENDED DECEMBER 31, 2009
The Board of Directors in their meeting held on February 19, 2010 have approved the following financial results for the half year ended December 31, 2009.
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July-Dec. 2009 |
Rs.in Million
July-Dec. 2008 |
| Sales
|
715.312 |
425.902 |
| Cost of Goods Sold |
573.962 |
354.782 |
| Gross Profit |
141.350 |
71.120 |
| Operating Expenses
|
| Selling & Distb. Expenses |
6.178 |
3.791 |
| Freight & Forwarding Expenses |
7.799 |
4.884 |
| General & Admn Expenses |
23.518 |
16.843 |
| |
37.495 |
25.518 |
| Operating Profit Before Financial Ch |
103.855 |
45.602 |
| Other Charges |
0.372 |
0.349 |
| Financial Charges |
10.363 |
3.650 |
| Operating Profit |
93.120 |
41.603 |
| Other Income |
2.198 |
12.771 |
| Workers Profit Participation Fund |
4.656 |
2.080 |
| Profit Before Tax |
90.662 |
52.294 |
| Taxation |
33.459 |
16.596 |
| Profit After Tax |
57.203 |
35.698 |
| Earning Per Share (Rs.) |
10.05 |
6.27 |
October 26,2009:
QUARTERLY ACCOUNTS, JULY SEPT. 2009
The Board of Directors of Pakistan Engineering Comapny Limited
in its meeting held on October 26, 2009 approved the
following Profit and Loss Accounts for the quarter ended
30.09.2009.
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July Sept 2009 |
Rs.in Million
July Sept 2008
|
| Sales
|
180.387 |
150.893 |
| Gross Profit
|
48.273 |
22.386 |
| Operating Expenses
|
17.672 |
213.042 |
| Operating Profit
|
30.601 |
9.344 |
| Financial Expenses
|
3.687 |
2.091 |
| Other Income/(Charges)
|
1.280 |
9.886 |
| Profit Before Tax
|
28.194 |
17.139 |
| Tax
|
9.868 |
0.754 |
| Profit after Tax |
18.326 |
16.385 |
| Earning Per Share(Rs) |
3.22 |
2.88 |
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October 03, 2009:
CHANGE OF CHAIRMAN:
The Board of Director of Pakistan Engineering Company Ltd.in its meeting held on October 03, 2009 has elected
Mr.Ghulam Rasool Ahpan, Chairman in place of Major General
(R) Zaheer Ahmad Khan.
October 03, 2009:
ANNOUNCEMENT - DIVIDEND
The Board of Directors at its meeting held on October 03, 2009 has recommended the payment of 75% (Rs.7.50 per share)Final Cash Dividend to the shareholders for the year
ended June 30, 2009. This is in addition to Interin Cash
Dividend of Rs.5.oo per share ( 50% ) making total Rs. 12.50
per share ( 125% ) for the year ended on 30.06.2009.
Share transfer books of the Company will remain closed from October 24,2009 to Novemer 01, 2009 (both days inclusive) in
order to update the Register of Members to determine the
entitlement of Dividend, Transfers received in order, at the
office of our Registrar M/s SCARLET IT Systems (Pvt) Limited,
Hassan Plaza, 6-A, Jail Road, Lahore by close of business
on October 23, 2009 will be treated in time for the
purpose of payment of 75% Final Cash Dividend to the
transferees.
September 28, 2009:
CHANGE OF DIRECTOR:
Government of Pakistan has ceased the directorship of
Major General ( R ) Zaheer Ahmad Khan(Chairman State
Engineering Corporation) W.e.f; September 24, 2009 and
has appointed Mr.Ghulam Rasool Ahpan as director on the
Board of Pakistan Engineering Company Limited.
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Incorporated in year 1951, four years after the independence of Pakistan in 1947. Setup by an entrepreneur migrated from India and was the pioneer light engineering products company listed on the stock exchanges of the country in the name of Batala Engineering Company (BECO). Within a period of fifteen years it became leader in light engineering goods manufacturing with the help of European & American technology and their team of engineers to produce High Quality Machine Tools, Pumps, Power Looms, Concrete Mixers, Cranes, Power Presses, Electric Motors, Bicycles, Steel Rolled Products, Electricity Transmission Towers, Structure and General Fabrication.
The industry was set up at Badami Bagh, old city of Lahore on land area of 34 acres, and whole adjacent area was subsequently converted into steel center of Pakistan. Due to rapid addition of products, the land area became in-sufficient for further expansion. In the same city of Lahore 247 acres land was acquired in 1960 at Kot Lakhpat industrial zone, for further expansion.
After take over by the Government in the year 1972 under the economic reforms, it was renamed as Pakistan Engineering Company (PECO). The areas focused after take over were Steel Making where three Electric Are Furnaces of 10 tons each, Steel Rolling Mills to roll bigger size steel angles were added in line with future trends. Modern laboratory for Mechanical, Chemicals, Non-Destructive Tests etc. equipped with Universal Tensile Testing, Hardness Brielle & Rockwell, 32 Channels Direct Emission Spectrometer for analysis of Ferrous and Non-Ferrous base metals, LESCO Carbon & Sulphur Determination, Metallographic, Ultrasonic Flaw Detector, Magnetic Particle Separator was also setup.
For better precision, state of the art CNC machines for Punching, Marking & Shearing of Steel angles of size upto 200 mm along with CNC machine for plate punching up to thickness of 40 mm and Hydraulic plate punching, shearing of Billet, Bars of different shapes, steel angles of various sizes, cup cutting were also installed in the years 1983 and 2007. The company is qualified for manufacturing electricity transmission towers up to 500 KV. Three Hot dip Galvanizing Plants are installed to cope up with the increase in production capacity of transmission towers. The annual production of steel structures on single shift basis is now 30,000 tons.
Design office was also setup for in house designing of its regular products and special jobs. The design office is equipped with latest computer aided design and drafting facilities. Highly experienced design engineers in relevant field are available for continuous improvement in designing. Arrangements with reputable international design organizations are available for economical and latest technology based designing.
The Government considered various plans for its revival and it was decided in the year 2002 to re structure the company. Under the approved plan, all machines, equipment, steel sheds were shifted from old Badami Bagh Works to Kot Lakhpat Works to consolidate at one place, where ample space of 150 acres is still available for further expansion. Products of obsolete technology, obsolete machines / equipment, low technology products such as Machine Tools, Power Looms, Bicycle were closed down.
In the year 2003, the Corporate Structure of the company was changed. Some portion of the Government shares was off loaded through stock exchanges to have a Private – Public partnership in order to manage the company operations in more efficient manner. Thus private shareholding increased to 67% and Government Share holding 33%. The private share holders elected directors therefore got effective role, which has resulted in improving efficiency in all areas. The company has turned around, and is not only earning profits, but also continuously improving its profitability and financial health. The shareholders are being paid cash dividend much higher than bank rates. The market price of its share is now highest in the engineering sector companies in Pakistan.
The Foundry is also available in house to produce castings of Pumps, Electric Motors and Machine Tools. It is in the process of up gradation to cater for high quality castings for Tractors and Auto Sector.
The Company is also producing Electric Motors for our own use and market. The technology is of NEUMANN U.K. The types and range of Motors is as below:-
| Drip Proof Squirrel Cage, 3 Phase 400 V |
1-75 HP, 1000, 1500 & 3000 RPM |
| Totally Enclosed, Fan Cooled, Squirrel Cage, 3 Phase, 400 V |
1 – 50 HP, 1000, 1500 & 3000 RPM |
| Drip proof, Vertical Hollow Shaft, Squirrel Cage, 3 Phase, 400 V |
10-150 HP, 1500 & 3000 RPM |
| Totally Enclosed, Fan Cooled,Squirrel Cage, Vertical Hollow Shaft, 3 Phase, 400 V |
10,15,20,80 & 150 HP 1500, 720 & 960 RPM |
| Naturally Cooled, Squirrel Cage, 3 Phase, 400 V |
1 – 2 HP |
| Submersible Motors Type 1218 A/2, 3 Phase, 400 V |
15 – 50 HP |
All components of Electric Motors are manufactured in house.
The Company is manufacturing Pumps for use in Agriculture, Water supply, Drainage, De-watering, Sugar Industry etc. The Technology was acquired from M/s Jaccuzi, U.S.A. The type and range of Pumps being produced are:-
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Centrifugal Pumps: |
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| For Heads: |
20 to 300 Ft |
| Capacity Range: |
100 to 1625 IGPM |
| Submersible Pumps: |
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| For Well Dia: |
8 to 12 Inches |
| Capacity Range: |
60 to 1200 IGPM |
| Deep Well Turbine Pumps: |
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| For Well Dia: |
6 to 16 Inches |
| Capacity Range: |
15 to 700 CU M/H |
| Non Clogging Pumps: |
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| For Heads: |
6 to 98 Metres |
| Capacity Range: |
20 - 1000 Cubic Metres |
All castings and components of Pumps are manufactured In house.
The facilities such as Galvanizing, Steel Rolling and Foundry are under extensive renovation and automation. Foreign Consultants have been hired to assist in modernization plans of the Company.
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With clients both locally and internationally,
we are proud that our services that makes us stand out from
the rest in competition, choosing us will ensure long after
sales support. |
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