May 2024

May 17, 2024

The 26th Cross-Straits Fair for Economy and Trade opens in Fuzhou, Fujian Province

Organizing Committee Office of the Cross-Straits Fair for Economy and Trade

FUZHOU, China, May 17, 2024 /Xinhua-AsiaNet/–

Hosted by the Taiwan Affairs Office of the State Council and the People’s Government of Fujian Province, and organized by the Fuzhou Municipal People’s Government, the Taiwan Affairs Office of the Fujian Provincial People’s Government, and the Department of Commerce of Fujian Province, the 26th Cross-Straits Fair for Economy and Trade kicked off in Fuzhou, the capital of east China’s Fujian Province, on 16^th May.

This year’s Fair aims to become the most influential large-scale comprehensive investment and trade event across the Strait and an important experimental platform for early-stage cross-Straits integration. The four-day fair is expected to attract more than 50 industrial and commercial groups and over 1,000 Taiwan compatriots and businessmen.

This year, the Cross-Straits Fair for Economy and Trade adopts the “5+3+N” mode, planning five major activities, three supporting theme exchange platforms, and numerous investment promotion and industry collaboration activities. A series of key activities will be held, including the Opening Ceremony and Cross-Straits Exchange. Additionally, thematic exchange platforms will also be established, such as Achievements Release of Cross-Straits Integration Development and Industrial Collaboration Promotion Booth.

After 30 years of joint efforts, the Cross-Straits Fair for Economy and Trade has become a prestigious comprehensive economic and trade exchange event across the Strait, attracting tens of thousands of Taiwanese enterprises and more than 30,000 Taiwanese businessmen. It plays a vital role in exploring new paths for cross-Straits integration and development, and in driving a smooth economic and trade cooperation across the Strait.

Source: Organizing Committee Office of the Cross-Straits Fair for Economy and Trade

May 17, 2024

Ittihad announces Full Year 2023 Financial Results

Transformational year – well positioned for future growth

ABU DHABI, United Arab Emirates, May 17, 2024 (GLOBE NEWSWIRE) — Ittihad International Investment LLC (Ittihad), the leading industrial conglomerate in the UAE, today announces its Full Year 2023 Financial Results.

Financial Highlights

Group Revenue of $2.8 billion (AED10.4 billion)
Group Adjusted EBITDA* of $138.7 million (AED509.6 million)
Successfully launched a 5NC2 debut Sukuk, raising $350 million
Continued focus on deleveraging the business, with gross debt leverage of 5.3x at year end (down from 6.0x as of December 31, 2022), and adjusted net leverage* stood at 3.4x in 2023, down from 3.5x in 2022
- Debt repayments for the year amounted to $119 million (AED436.6 million)

Strong balance sheet continues to provide capital allocation optionality
- Net cash and cash equivalents of $153 million, with readily marketable inventories (RMI) of $107 million as at year end
- $50 million of restricted cash was released in December 2023, with proceeds used to pay down working capital facilities
- Ittihad is well-placed to continue to capitalise on a pipeline of strategic M&A opportunities to compound growth

Arranged $88 million of term loan and Export Credit Agency (ECA ) backed term financing for the tissue mill expansion project in Saudi Arabia. The facility is unsecured with a maturity of 12 years door-to-door

Operational Highlights

Infrastructure and Building Materials Manufacturing (IBMM): strong margin growth as a result of positive pricing performance and a significant shift in demand driven by the energy transition and long-term investments in infrastructure and real estate development across the region.
Consumer Goods Manufacturing (CGM): margin compression in the segment in the second and third quarter of the year due to destocking and a rapid correction in both raw material and finished goods prices.
Construction commenced on the new tissue mill in Saudi Arabia, a project that will ensure a more competitive logistics costs and improved price margins in the country.
Metropolic Paper Industries (MPI) became the main tissue supplier for Carrefour, a leading retail brand in the UAE.
Business Services: Double digit growth in EBITDA achieved across the waste collection, city cleaning, and sewage network services. Ittihad successfully penetrated a niche market in this segment by introducing robotic camera technology solution for sewage network inspection and repair, seeing strong levels of demand in the local market. Ittihad is well-placed to take advantage of potential opportunities for regional expansion with this technology.
The acquisition and expansion of a waste collection and city cleaning company in Saudi Arabia, effectively scaling up operations with new long-term projects valued at $40 million.

Outlook

Organic growth and sustainability will remain the primary focus over the next five years.
Plans to further expand into Saudi Arabia in consumer goods and business services segments.
The Company has a medium-term leverage target of 2.5x – 3.0x (net of bank balances and cash and RMI) and is focused on meeting this leverage target in the short to medium term.
Ittihad is well-placed to capitalise on strategic M&A opportunities and is strategically positioned to expedite its investment plans while exploring additional avenues for capital raise.

* Note on adjustments:

“Adjusted EBITDA” is defined as net profit (loss) for the year / period from continuing operations plus finance costs, tax, depreciation, amortisation, impairment of goodwill, and changes in the fair value of derivative financial instruments

“Adjusted net leverage“ is defined as gross debt minus cash balances and readily marketable inventories (RMI) to adjusted EBITDA

Amer Kakish, Chief Executive Officer of Ittihad, said:

“The sustained and resilient EBITDA performance witnessed in 2023 highlights Ittihad’s ability to maintain the strong earnings achieved in the record-breaking year of 2022. This consistent long-term growth demonstrates a significant milestone in our expansion journey, emphasizing the resilience of our diversified portfolio amidst challenging economic and geopolitical conditions, both regionally and globally.”

“We take pride in Ittihad’s current contribution, accounting for over 4% of the UAE’s non-oil manufacturing sector exports, and our rapid progress aligns with the UAE’s ‘Operation 300bn’ strategy. Looking ahead, our focus remains on driving organic growth throughout our portfolio while maintaining our commitment to ongoing investment plans.”

For further information please contact:

Ittihad International Investment
Zahi Abu Hamze
Chief Financial Officer
+971 506128603

Wasfi Al Tayara
Corporate Finance and Investor Relations Manager
+971 501307449
investor.relations@ittihadinvestment.ae

MHP Group
James McFarlane / Charlie Barker / Veronica Farah
+44 7584 152665 / +44 7834 623818 / +44 7710 117517
Ittihad@mhpgroup.com

Overview

The headline figures of AED 10.4 billion in revenues and AED 509.6 million adjusted EBITDA for the 12-month period remained relatively consistent with the prior year. However, it’s important to recognize that 2022 marked a record year for the CGM segment, driven by customers replenishing inventories post-pandemic. Subsequently, as supply chain disruptions eased, customers scaled back on excess stock. Moreover, challenges such as higher interest rates, inflation, and geopolitical conflicts further complicated market conditions. Despite these obstacles, our ability to maintain the strong gains achieved in 2022 amid such challenges is commendable.

Our robust performance underscores the diversified nature of our investment portfolio spanning four key verticals: Consumer Goods Manufacturing, Infrastructure and Building Materials Manufacturing, Business Services, and Healthcare and Other. Throughout 2023, this diversification strategy has proven effective, showcasing resilience across various sectors and geographic markets. While certain segments faced macroeconomic challenges like destocking in consumer goods, others enjoyed robust demand and predictable earnings streams, mitigating any negative impacts at the Company level.

Revenue decreased by AED 538.4 million, or by 4.9 per cent., to AED 10,427.9 million in the twelve months ended 31 December 2023 from AED 10,966.3 million in the twelve months ended 31 December 2022, primarily due to a cyclical correction in commodity prices including paper, copper, and chemicals.

Adjusted EBITDA decreased by AED 12.7 million, or by 2.4 per cent., to AED 509.6 million in the twelve months ended 31 December 2023 from AED 522.3 million in the twelve months ended 31 December 2022, primarily due to softening of EBITDA in the chemicals and paper businesses as a result of lower prices of raw materials and finished goods, largely offset by higher margins and volume in IBMM and Business Services divisions. As a percentage of revenue, Adjusted EBITDA margin decreased from 13.3 per cent. to 12.6 per cent.

Segmental Performance

Consumer Goods Manufacturing

CGM comprises three product lines: Printing and writing paper, tissue, and chemicals used in detergents and personal care products. The nature of the products the Company manufactures are fast moving essential goods which enables its Consumer Goods margins to remain relatively resilient during economic downturns. In the 12 months ended 31 December 2023, the Company’s three consumer goods products accounted for 18 per cent of the Company’s revenue and 41 per cent of its adjusted EBITDA.

Revenue decreased by AED 220.8 million, or by 10.4 per cent., to AED 1,906.7 million in the twelve months ended 31 December 2023 from AED 2,127.5 million in the twelve months ended 31 December 2022, primarily due to a post COVID drop in demand and prices of chemicals from June 2022 onwards as a result of destocking and normalization in supply chain, and a cyclical correction in the prices of tissue and paper during the second and third quarter of 2023.

Adjusted EBITDA decreased by AED 125.1 million, or by 37.6 per cent., to AED 207.7 million in the twelve months ended 31 December 2023 from AED 332.9 million in the twelve months ended 31 December 2022, primarily due to softening of margins as a result of lower prices of tissue, paper and chemical driven by a significant correction in raw material prices on the back of easing of supply chain crunch. Some of the excess demand growth of 2022 caused paper inventories to swell, contributing to de stocking and thereby softening of demand during second and third quarter in 2023. The impact was more significant in the chemical business due to much lower post-pandemic demand for cleaning and disinfecting chemicals.

Infrastructure and Building Materials Manufacturing

IBMM division comprises three product lines: Refined copper rods, steel bars, and cement. The copper business enjoys a positive outlook due to strong demand propelled by the increasing adoption of alternative energy sources and electric vehicles, aligned with global trends favoring energy transition initiatives. Similarly, the overall building materials segment has experienced a surge in sales and improved margins, fuelled by substantial infrastructure investments and heightened construction activity in key markets such as the UAE and Saudi Arabia. In the 12 months ended 31 December 2023, IBMM accounted for 73 per cent of the Company’s revenue and 32 per cent of its adjusted EBITDA.

Revenue decreased by AED 444.3 million, or by 5.5 per cent., to AED 7,643.9 million in the twelve months ended 31 December 2023 from AED 8,088.2 million in the twelve months ended 31 December 2022, primarily due to a lower average price of copper during the period. Cement and steel business experienced healthy demand from the regional market on account of strong push for real estate and infrastructure projects, partly offset the decrease in copper.

Adjusted EBITDA increased by AED 90.7 million, or by 125.1 per cent., to AED 163.2 million in the twelve months ended 31 December 2023 from AED 72.5 million in the twelve months ended 31 December 2022, primarily due to higher margins and sales volume in the copper, steel and cement businesses.

Business Services

The Company’s business services division provides: Long-term procurement, maintenance, and operation of radiology departments in Government-owned hospitals; Operation and maintenance services for infrastructure networks, wastewater treatment plants, sewage network and sewage treatment plants; and city cleaning and municipal waste collection. In the 12 months ended 31 December 2023, Business Services accounted for 6 per cent of the Company’s revenue and 28 per cent of its adjusted EBITDA.

Revenue increased AED 66.3 million, or by 12.8 per cent., to AED 585.4 million in the twelve months ended 31 December 2023 from AED 519.0 million in the twelve months ended 31 December 2022, primarily due to an increase in work orders in the sewage and infrastructure business.

Adjusted EBITDA increased by AED 20.4 million, or by 16.5 per cent., to AED 144.2 million in the twelve months ended 31 December 2023 from AED 123.8 million in the twelve months ended 31 December 2022, primarily due to improved margins in city cleaning and waste collection and an increase in work orders in the operation and maintenance of sewage networks.

Healthcare and other

The division comprises of healthcare, fund management, logistics and transportation, and interior design services for government and the private sector. These businesses, in alignment with our Business Services division, have minimal asset requirements and operate in sectors with promising growth prospects. In the 12 months ended 31 December 2023, Healthcare and other accounted for 3 per cent of the Company’s revenue and 5 per cent of its adjusted EBITDA.

Revenue increased by AED 131.5 million, or by 83.6 per cent., to AED 288.7 million in the twelve months ended 31 December 2023 from AED 157.3 million in the twelve months ended 31 December 2022, primarily due to an increase in sales of medical lab equipment, operating theatres, hospital beds, office furniture and a revenue ramp up of the newly expanded operation in Egypt and Saudi Arabia.

Adjusted EBITDA improved to AED 27.4 million in the twelve months ended 31 December 2023 from AED 6.1 million in the twelve months ended 31 December 2022, primarily due to increased margin on account of increase in sales of medical lab equipment, operating theatres, hospital beds, office furniture and a revenue ramp up of the newly expanded operation in Egypt and KSA.

Outlook

Ittihad expects further growth at the EBITDA level, with revenues across verticals expected to organically expand. Moreover, improvements in margins are anticipated within the Consumer Goods vertical as the segment supply and demand dynamics normalize.

From an operational standpoint, Ittihad is strategically positioned to drive growth within its portfolio. In Q2 2024, the commissioning of our copper recycling plant is scheduled, along with additional expansion plans for the recently acquired waste collection operation in Saudi Arabia.

Looking ahead, the Company’s primary focus over the next five years will be on organic growth and sustainability. Expansion into Saudi Arabia will remain a key priority, alongside ongoing investments in human capital development and the advancement of our ESG program.

About Ittihad

Ittihad is a privately owned business founded in 2008 and headquartered in the United Arab Emirates (UAE), with investments in the UAE, Saudi Arabia, and Egypt. The Company exports products and services to over 50 countries worldwide. It has a talented team of more than 8,000 members from over 57 nationalities with sector-wide expertise and a commitment to operational excellence.

Since 2015, Ittihad has pursued a strategy of investing in businesses with leading domestic positions in the UAE and the Gulf Cooperation Council (GCC), as well as strong international export potential. The Company focuses on long-term investments, all structured for business-to-business (B2B) export and designed to capture the unique value proposition offered by the UAE and the region.

Ittihad is committed to powering wealth creation through assets that balance profitability with sustainability and generate positive outcomes for stakeholders, society, and the planet.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

GlobeNewswire Distribution ID 9119718

May 16, 2024

Innovating to Impact: Dentsu Unveils New Global Brand Proposition Drawing Upon 120 Year Heritage

Dentsu, Innovating to Impact

TOKYO, May 16, 2024 (GLOBE NEWSWIRE) — Dentsu, today announced the launch of its new global, client-facing, brand proposition, “Innovating to Impact”, marking a significant milestone in the company’s storied 120-year plus history. The new go-to-market brand encapsulates dentsu’s commitment to driving growth through innovation, leveraging the collective strengths of transformative creativity, media, data, and technology.

Created through a collaborative effort of many dentsu teams around the world, “Innovating to Impact” reflects dentsu’s dedication to delivering outcomes that not only drive business growth but also generate a positive effect on people, society and the world.

“Our new branding is a bold declaration of our unwavering commitment to innovate in pursuit of outcomes on behalf of our clients,” said Hiroshi Igarashi, President & Global CEO, dentsu. “At dentsu, we are not content with simply following trends; we aim to set them. ‘Innovating to Impact’ is our promise to our clients, our incredible people and the communities we serve, that we will continue to push the boundaries of what’s possible through experience and business transformation.”

The launch is the next stage in dentsu’s mid to long-term strategy and its positioning as an integrated growth and transformation partner to the world’s leading organizations. Dentsu brings the best of both worlds to clients: individual global leadership brands that can deliver deep expertise, and the ability to tie those services together to deliver a multiplier effect for clients as dentsu.

A Dentsu Creative team, headed by Riccardo Fregoso, Chief Creative Officer Dentsu Creative Italy, led development of the tagline “Innovating to Impact”, along with a new brand manifesto. The design look and feel of the new brand was produced by the multi-award winning Dentsu Inc. team in dentsu Japan, led by Executive Creative Director, Yoshihiro Yagi, one of Japan’s most internationally awarded, art-based creatives.

“For over 120 years, innovation has been a core tenet of dentsu’s offering; it is in our DNA and within the very culture of our teams around the world. Innovation for dentsu is both an open mindset as well as a systematic approach, helping clients approach their business transformation in new ways,” commented Jean Lin, Global President – Global Practices, dentsu. “Dentsu is truly unique in the market, sitting at the convergence of marketing, technology and consulting. When we combine innovation with a laser focus on driving outcomes, we bring together the best of our capabilities to deliver integrated growth for brands who want something different from the traditional model.”

Dentsu’s new brand will be further showcased at the Cannes Lions Festival in June 2024, with dentsu Beach House programming and design reflecting the principles and positioning of “Innovating to Impact”.

For more information about dentsu and the new GTM brand, please visit: Innovating to Impact

Team credits:

Dentsu Creative Italy

Riccardo Fregoso, Chief Creative Officer
Stefano Battistelli, Executive Creative Director
Francesco Epifani, Executive Creative Director
Cristiana Bregni, Art Director
Santiago Cancela, Copywriter

Dentsu Inc., Japan

Yoshihiro Yagi, Executive Creative Director
Tsubasa Adachi, Creative Director
Haruko Tsutsui, Creative Director
Hiroyuki Kato, Art Director
Natsuki Tomoda, Art Director
Miyuki Ito, Copywriter
Mariko Fukuoka, Copywriter
Shintaro Murakami, Digital Technologist

About dentsu

Dentsu is an integrated growth and transformation partner to the world’s leading organizations. Founded in 1901 in Tokyo, Japan, and now present in over 145 countries and regions, it has a proven track record of nurturing and developing innovations, combining the talents of its global network of leadership brands to develop impactful and integrated growth solutions for clients. Dentsu delivers end-to-end experience transformation (EX) by integrating its services across Media, CXM and Creative, while its business transformation (BX) mindset pushes the boundaries of transformation and sustainable growth for brands, people and society.

Dentsu, Innovating to Impact.

Find out more:

www.dentsu.com
www.group.dentsu.com

Contact:

Matt Cross
Email: matt.cross@dentsu.com

A photo accompanying this announcement is available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/0b229c64-e587-4c92-80d2-8fb28b25ff1f

GlobeNewswire Distribution ID 1000951315

May 16, 2024

Tealium unveils CDP integration with Snowflake’s Snowpipe Streaming API

The integration combines the powerful forces of the Snowflake Data Cloud and Tealium CDP to accelerate CX across the entire customer journey

San Diego, May 16, 2024 (GLOBE NEWSWIRE) — Tealium announced today that it is one of the first customer data platforms (CDPs) to seamlessly connect to Snowflake’s Snowpipe Streaming API, offering industry-leading customer data collection and activation capabilities. Tealium’s CDP, powered by Snowflake, streamlines the process of landing low latency customer behavior data into the Snowflake Data Cloud to power analytics, AI, and customer-360 initiatives, allowing enterprises to better serve and engage their customers.

“At the heart of any CX strategy, is your data. CDPs and cloud data platforms are powerful catalysts for managing, analyzing, and activating customer data successfully to achieve this. And although unique on their own, together, they become a powerful force. That’s why Tealium and Snowflake are truly better together, providing a centralized consented data hub combining the benefits of historical data, real-time behavior, and utmost flexibility,” says Bob Page, Chief Product Officer at Tealium.

Real-time access to customer data is crucial for organizations to stay competitive and deliver exceptional customer experiences. Tealium’s integration with the Snowpipe Streaming API enables businesses to capture, process, analyze, and activate data efficiently. This powerful combination allows organizations to unlock valuable insights, enhance personalization, and make data-driven decisions, ultimately driving growth and customer satisfaction.

The integration leverages the power of a real-time CDP coupled with Snowflake’s elastic performance engine to drive customer data capabilities, including:

Establish unified and actionable customer views to power real-time engagement, leveraging enhanced identity data in Snowflake
Fuel and activate AI initiatives across the entire data infrastructure
Minimize wasted time on data wrangling for more strategic and higher-quality insights
Reduce regulatory risk by enabling consented data collection and activation, honoring customer privacy preferences across the entire journey
Improve ROI and achieve business goals through enhanced measurement and data-driven decision making

“As third-party cookies phase out and privacy regulations intensify, the demand for secure, privacy-first, real-time data solutions has never been greater,” said Onil Gunawardana, Head of Product Management, Marketing Data Cloud, at Snowflake. “Tealium’s advanced CDP with consent management, integrated with Snowflake’s Snowpipe API, provides enterprises with immediate access to cleansed, high-quality, first-party data. This seamless connectivity not only speeds up data ingestion for AI and improves customer experiences, but also ensures that data usage remains compliant within Snowflake’s robust analytics environment, elevating customer data strategies with unmatched security and efficiency.”

The integration also equips teams with widened flexibility, allowing them to augment customer data with AI, fueling models with clean and consented data. With every business having an AI mandate, the biggest challenge being faced during initial adoption is access to AI-ready data. The Tealium and Snowflake integration enforces enhanced data quality and governance, which supports successful AI implementation across the enterprise.

Learn more about how Tealium and Snowflake are better together.

To keep up with the latest company news, visit Tealium’s Newsroom.

Join the Real-Time Revolution: Tealium is hosting its annual Digital Velocity conference in San Diego on June 10-12, 2024. Join industry leaders as they come together to discuss the latest innovations in customer data. On Tuesday, June 11, Patrick Crosby, Senior Alliance Manager for Technology Partners at Snowflake, will be speaking in a session on “Driving Growth through Data Integration: CDPs and the Snowflake Marketing Data Cloud in Concert.” Learn more and register here.

About Tealium

As the most trusted CDP, Tealium connects data so businesses can better connect with their customers. Tealium’s real-time data infrastructure allows brands to power their AI models and activate data for enhanced in-the-moment experiences. Tealium’s turnkey integration ecosystem supports more than 1,300 built-in connections from the world’s most prominent technology experts. Tealium’s solutions include a real-time customer data platform with machine learning, tag management, an API hub, and data management solutions that make customer data more valuable, actionable, privacy-compliant, and secure. Named as a Leader in the Gartner® Magic Quadrant for Customer Data Platforms, more than 850 leading businesses globally trust Tealium to power their customer data strategies. For more information, visit www.tealium.com.

Natalie Passarelli
Tealium Inc. 
3129650210
natalie.passarelli@tealium.com

GlobeNewswire Distribution ID 9118839

May 16, 2024

Braving the extreme: Deriv-sponsored Patagonian expedition Kahuna and its impact on climate science

Collecting snow samples for research

Two explorers collecting snow samples as part of the Kahuna expedition.

Two explorers collecting snow samples – Deriv Kahuna

Deriv’s CSR sponsorship programme supports the Kahuna team in collecting essential environmental data and improving global understanding of climate change.
In partnership with OSER and Cheer Up, the environmental expedition aims to uplift and educate young patients and students.

CYBERJAYA, Malaysia, May 16, 2024 (GLOBE NEWSWIRE) — As Deriv gears up to celebrate 25 years of innovation and responsibility, it proudly marks this milestone through a series of new initiatives that will have an impact in 2024 and beyond. The Kahuna sponsorship supports scientific research and community projects that provide educational value and inspire positive action towards protecting the environment.

Deriv recently sponsored the Kahuna team to carry out an environmental research expedition in Patagonia. The environmental expedition aimed to investigate the presence of microplastics and black carbon in the snow. These substances are critical indicators of environmental pollution that affect climate change.

The team partnered with the Argentinian Institute of Nivology, Glaciology, and Environmental Sciences and sought community outreach through collaborations with charitable organisations OSER and CheerUp (affiliated with CentraleSupelec).

The Kahuna team hiking with their heavy backpacks

Hikers with their backpacks – Deriv Kahuna

Seema Hallon, Chief Human Resources Officer of Deriv, shares, “The 25th anniversary is an opportunity for Deriv to recommit to the things that matter to us as an organisation. Investing our CSR efforts in meaningful projects such as the Kahuna expedition is our way of contributing to the efforts for a sustainable future for the planet and communities.”

The expedition began in mid-January in Puerto Murta, Chile, with a team consisting of Baptistin Coutance, Robin Villard, Thomas Jarrey, Vincent Lavrov, and Yvan Lazard.

The route took them across Lago General Carrera, through Rio Baker into the Pacific fjords, along the Campo De Hielo Continental, ascending Volcan Lautaro and Cerro Francisco Moreno, where bad weather conditions led to an early ending of the journey.

Robin Villard shares, “The expedition was a success. The samples collected are in good condition and are scheduled for analysis in May and July. By the end of the summer, we should have results on the presence of microplastics in the ice field below. That’s a huge success.

“Our scientific research aimed to collect snow samples for analysis to determine the level of microplastics. Simply put, the samples will be examined under a microscope in the lab to see if there is significant pollution from microplastics in the snow.”

Expedition outcomes:

Research impact: The Kahuna team successfully collected and analysed samples from the region, providing valuable data for ongoing climate studies.
Community impact: Through real-time updates and subsequent presentations, the environmental expedition will provide educational and motivational experiences to young cancer patients and underprivileged students once their documentary film is ready.

The expedition faced challenges — adverse weather conditions and dangerous terrain, but could complete their research objectives effectively.

Hikers with their Deriv-branded backpacks

Stylers International Limited Proposes 12.3% Rights Issue

Karachi, Stylers International Limited has proposed a rights issue at a rate of 12.3% to support its business expansion and modernization efforts. According to information available from the Pakistan Stock Exchange (PSX), the funds raised will be used to enhance its manufacturing capabilities and improve its distribution network, aimed at meeting the increasing demand for its fashion products in both domestic and international markets.

May 16, 2024

HBL Growth Fund – A New Chapter in Investment Opportunities

Karachi, HBL Growth Fund, identified by its symbol HGFA, has maintained a steady position in the stock market with today’s rate at 7.00 RS and a daily weighted average of 7.03 RS. The fund’s paid-up capital stands at 2,835 million RS, showcasing its substantial financial base. As of June, the fund announced a significant distribution of 12% to its shareholders. According to information available from the Pakistan Stock Exchange (PSX), the market lot size for HBL Growth Fund is set at 500 shares. The previous book closure was recorded on June 7, with a high rate of 9.45 RS and a low of 6.01 RS in the January to April 2024 period. With a turnover of 3,782,000 shares, HBL Growth Fund continues to be a robust option for investors seeking growth in their portfolio.

May 16, 2024

Sitara Chemical Industries Ltd. Announces Substantial Dividends; Strong EPS

Karachi, Sitara Chemical Industries Ltd. (SITC) closed at Rs. 304.73 with a daily weighted average of Rs. 304.55. The company declared an 80% cash dividend and a 100% bonus. According to information available from the Pakistan Stock Exchange (PSX), Sitara Chemical has a paid-up capital of Rs. 214.29 million and traded 1,079,607 shares. Listed since 1987, the shares reached a high of Rs. 270 and a low of Rs. 234, with earnings per share of Rs. 46.35.

May 16, 2024

Tri-Star Mutual Fund NC – Holding Steady Despite Market Challenges

Karachi, Tri-Star Mutual Fund, with the symbol TSMF, marks its presence in the market with a rate of 4.41 RS and a modest paid-up capital of 50 million RS. In June, the fund reported no distribution, signaling a cautious approach amid uncertain economic times. According to information available from the Pakistan Stock Exchange (PSX), the standard market lot size is 500 shares. The fund’s historical performance shows a previous year's high of 6 RS and a low of 4 RS, with a disappointing earnings per share of -3.26 in the January to April 2024 period. Despite these figures, Tri-Star Mutual Fund has managed a turnover of 252,000 shares, reflecting a steady albeit cautious interest from investors.

May 16, 2024

Wah-Noble Chemicals Ltd. Declares Strong Dividend and Market Performance

Karachi, Wah-Noble Chemicals Ltd. (WAHN) reported a closing rate of Rs. 186.27 with a daily weighted average of Rs. 186.03. The company declared a 50% cash dividend and a 100% bonus. According to information available from the Pakistan Stock Exchange (PSX), Wah-Noble Chemicals has a paid-up capital of Rs. 90.00 million and traded 162,521 shares. Listed since 1985, the stock reached a high of Rs. 215 and a low of Rs. 172.1, with earnings per share of Rs. 49.91.

May 16, 2024

B.F. Modaraba Reflects Market Challenges with Negative EPS

Karachi, B.F. Modaraba, another key player in the sector, traded 33,000 shares at an average rate of Rs. 75.15. The company's performance reflected through a negative EPS of -0.80 for the period from January to April 2024, showing potential market challenges. According to information available from the Pakistan Stock Exchange (PSX), despite a steady share rate, the modaraba did not propose any dividends for this year, marking a cautious approach in its financial strategies.

May 16, 2024

Century Paper and Board Mills Reports Strong Dividend and Share Performance

Karachi, Century Paper and Board Mills Ltd. (CEPB) closed at Rs. 34.10 with a daily weighted average of Rs. 33.33. The company declared a 10% cash dividend and an 80% bonus. According to information available from the Pakistan Stock Exchange (PSX), Century Paper and Board Mills has a paid-up capital of Rs. 4,017.13 million and traded 47,074,500 shares. Listed since 1990, the stock reached a high of Rs. 35.15 and a low of Rs. 25.5, with earnings per share of Rs. 2.25.