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Summary Corporate profitability recorded an impressive growth of 20 percent in 2Q of current fiscal year.
While the growth was largely broad-based, banking, E&Ps, fertilizer and cement sectors were key contributors. Additionally, corporates like NBP, UBL and POL announced higher than expected dividends as well.As a result, it helped to sustain the euphoria at the KSE following the relaxations in the Capital Gain Tax regime. The KSE-100 in 2012 has gained 17%, outperforming the regional markets by an average 6%. Looking ahead, we expect broad-based earnings growth of 13% in FY12, which translates into an impressive earnings yield of 14%.
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