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Salman Siddiqui is an experienced journalist based in Berlin, Germany. As an experienced English news/content editor, writer, and podcaster, he has over a decade of experience in the journalism industry. He lived and worked in various countries including Germany, Turkey, Cyprus, Qatar, Pakistan and Kuwait, allowing him to deeply understand different cultures and international events. Currently, he works in Berlin as a freelance Editor for the English service at Deutsche Welle (DW). He's also produced a 25-episode-long podcast show for a separate American firm, showcasing his abilities in multimedia content production and audience engagement. His expertise in news writing, socia media, data analysis/analytics, video editing, search engine optimization (SEO), and content writing, combined with his skills in Microsoft Office, Adobe Photoshop, Adobe Premier Pro, Flourish, and SQL makes him an asset to any newsroom or media organization. He has interviewed several prominent personalities such as Composer Yanni, British artist Damien Hirst, British politician Philip Hammond, Master Chef Gordon Ramsay, Iranian filmmaker Abbas Kiarostami, WWE superstar wrestler R-Truth, the late fashion icon L’Wren Scott, Qatar Airways CEO Al-Baker, ex-Afghan president Karzai, ex-Tunisian president Dr. Moncef, CPJ chief Joel Simon, etc. He also investigated human rights abuses such as the recruitment of migrant workers for Qatari companies etc. He's native in English and Urdu, with elementary proficiency in Punjabi, Turkish, and Arabic. Additionally, he's currently learning German. He has an MA in Global Creative and Cultural Industries from SOAS, University of London. Overall, his experience, skills, and passion for journalism makes him a strong candidate for roles such as Analyst, Reporter, News Writer, Story Editor, Multimedia Content Producer, Subeditor, Content Writer, Social Media Coordinator, SEO Specialist, Community Manager, Content Editor.
Portfolio
Top 95 PSX firms report Rs403b profit
Ninety-five top-performing companies on the Pakistan Stock Exchange reported a net profit of Rs403 billion in the first quarter of fiscal year 2024-25, marking a 14% decline from the previous year but a 16% increase from the previous quarter. The KSE-100 Index, representing 99% of the market capitalization, saw a slight decline following profit-taking. The banking sector maintained steady earnings, while the fertilizer and cement sectors experienced profit growth. Conversely, sectors like oil and gas exploration, food, and technology faced declines. Cash dividends announced totaled Rs106 billion, reflecting a 26% payout ratio for the quarter.
Refineries barred from adjusting tax
The Pakistani government has restricted oil refineries from adjusting input tax on crude oil purchases against sales tax on petroleum products, increasing refining costs. Pakistan Refinery Limited (PRL) reported this change as detrimental, impacting its operations and upgrade projects. The company, along with the oil industry, is negotiating with the government to resolve the issue. The Special Investment Facilitation Council has directed the Petroleum Division to address the matter by mid-November 2024. Despite challenges, PRL remains committed to its expansion and upgrade plans, aiming to double its crude processing capacity. The government has also revised the Pakistan Oil Refining Policy, extending incentives for refineries to produce Euro-V compliant fuels.
Zarea Limited targets Rs1b through IPO
Zarea Limited has applied for listing on the Pakistan Stock Exchange, aiming to raise Rs1 billion through an IPO of 62.50 million shares at a minimum price of Rs16 per share. The funds will support IT infrastructure development and customer base expansion. The IPO could potentially raise Rs1.4 billion if the share price increases through a Dutch auction. This marks the sixth IPO on PSX's main platform in 2024, with previous IPOs raising Rs8 billion. Zarea Limited reported a 144% revenue increase to Rs281 million for FY24, with profit after tax rising to Rs292.8 million.
Lending to private sector drops to 39.3%
Pakistani banks' lending to the private sector has decreased significantly, with the advance-to-deposit ratio (ADR) dropping to 39.3% in September, below the mandatory 50%. This could lead to additional taxes for banks by the end of 2024. Saad Hanif from Ismail Iqbal Securities suggests banks might meet the ADR requirement temporarily to avoid taxes. The economic slowdown, particularly in the industrial sector, has hindered banks' lending efforts. The Federal Board of Revenue plans to change ADR calculations to a yearly average, potentially encouraging more private sector lending. Currently, banks prefer lending to the government, which offers safer returns.
Power generation drops 6.4%
Power generation in Pakistan decreased by 6.4% in September compared to the previous year, driven by high energy prices, increased off-grid solar production, and reduced industrial demand. The shift in the energy mix, with a significant drop in nuclear power and a rise in imported coal, led to a 12.4% increase in fuel costs, raising electricity tariffs. The decline in demand is attributed to rising power prices and capacity charges, with potential relief expected from government negotiations with Independent Power Producers to adopt a 'take-and-pay' model. Hydropower remains the largest contributor to the energy mix, while the shares of nuclear and local coal power have decreased.
Raast payments hit Rs1tr in 16 days
Pakistan's Raast instant payment system processed Rs1 trillion in transactions within 16 days, a significant improvement from the previous period. The State Bank of Pakistan attributes this growth to the Person-to-Person module and the introduction of the Person-to-Merchant module, enhancing digital payment options. The banking sector saw a rise in deposits and financial inclusion, despite challenges like high inflation. However, the financial depth decreased, and rising taxation on banks poses concerns for financial stability. Development Finance Institutions and Microfinance Banks faced slower growth and reduced profits.
Second straight C/A surplus recorded
Pakistan's current account recorded a surplus of $119 million in September 2024, driven by strong remittances and improved export earnings. This marks the second consecutive month of surplus, stabilizing the rupee and enhancing foreign exchange reserves. The current account deficit for the first quarter of FY25 dropped by 92% compared to the previous year. Workers' remittances surged by 29%, and exports increased by 19%. Foreign direct investment rose by 81% in September, with China as the top investor. The power and financial sectors attracted significant investments, indicating rising investor confidence.
Inflation down by 0.09%
Inflation in Pakistan decreased by 0.09% in the week ending March 28, driven by a drop in food prices. The weekly inflation rate remained elevated at 29.41% compared to the same week last year. Finance Minister Muhammad Aurangzeb noted that overall inflation is decelerating, with food prices temporarily up due to Ramazan. Optimus Capital Management's Maaz Azam projected the monthly inflation rate to slow down to 20.5% in March, potentially leading to a cut in the benchmark interest rate.
PSX hits all-time high, crosses 67,200 points
The Pakistan Stock Exchange (PSX) reached a record high of 67,246 points, spurred by FTSE's decision to keep Pakistan in the 'secondary emerging markets' category and progress on Pakistan's next IMF loan programme. The market's performance reflects positive economic developments and political stability, with expectations of inflation reduction and interest rate cuts. Syed Faran Rizvi of JS Global Research anticipates the PSX could rise to 70,000 points by the end of the fiscal year on June 30, 2024, and foresees a return to economic stability in the next few years.
MNCs witness over 3-fold surge in profit repatriation
The repatriation of profits and dividends by multinational companies from Pakistan surged 3.4 times to $759.2 million in the first eight months of fiscal year 2023-24, driven by improved foreign currency supplies. Key sectors included petroleum refineries, power, and financial businesses. The increase follows a period of low foreign exchange reserves, which had previously slowed repatriation. The State Bank of Pakistan's lifting of an unannounced ban on dispatches in August 2023 and improved foreign exchange reserves contributed to the surge. Full-year repatriation could reach $1 billion, bolstered by higher export earnings, remittances, and the IMF's loan program.
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