Saudi Arabia is keen to buy Reko Diq
ISLAMABAD: Saudi Arabia is actively seeking to purchase the Reko Diq mine in Balochistan, Pakistan.
The Canadian company Barrick Gold is declaring the cost of $7 billion for the Reko Diq mine in Balochistan.
As Pakistan endeavors to strengthen its economy, it is reaching out to Gulf countries for investment opportunities.
Barrick Gold is currently in the process of developing the mine following an extensive legal battle. This potential deal marks a shift wherein Gulf countries may transition from lending money to Pakistan to acquiring its assets.
This development follows Pakistan’s establishment of an investment facilitation council.
Notably, Pakistan was facing the risk of default until recently, when it successfully negotiated a deal with the International Monetary Fund. Pakistan had also received support from “friendly” countries such as China, UAE, and Saudi Arabia.
According to media reports, Saudi officials are engaged in talks with Barrick Gold to acquire the government of Pakistan’s 50% share in the copper mine.
Mega companies report huge profits in 2023: Saudi Arabia is keen to buy Reko Diq
Meanwhile, Four mega companies operating in Pakistan reported huge profits in 2023. Some companies have reported half-yearly profits while some have announced full-year financial results, ending June 2023.
Nestle Pakistan reported a bumper profit of 17.58 billion rupees for six months (from Jan-June 2023). The post-tax profit of Nestle Pakistan Limited amounted to 10.98 billion rupees for the first half of the year, ending June 2023.
The value of the company’s share surged by 242 rupees in the stock market this year.
Similarly, Engro Fertilizers earned 13.91 billion rupees profit before tax payment from January to June 2023.
File photo of Pakistani currency notes as four mega companies report huge profits in 2023.
After payment of taxes, the net profit of the company fell to 5.46 billion rupees. It means the company paid a major chunk of its profit to the government as tax in the first half of this calendar year.
Earlier, Habib Bank Limited stunned corporate circles by reporting a bumper profit of 51.5 billion rupees for the half-year, ending June 2023.
The bank’s net profit ended at 26.33 billion rupees after the payment of taxes to the government. HBL is among the top three banks in Pakistan in terms of size and profitability.
Moreover, Colgate-Palmolive Pakistan Limited reported 16.55 billion rupees pre-tax profit for the fiscal year 2022-23, ending June 2023. The profit after tax of the company closed at 10.49 billion rupees. The value of the share of the company in the stock market increased by 99.48 rupees during the period under review.
Importantly, all these mega companies have shared their financial results with the Pakistan Stock Exchange, SECP, and their shareholders. It is a mandatory requirement for the listed companies in Pakistan.
