KARACHI: Due to a scarcity of parts, Indus Motor Company (IMC), the company that assembles Toyota cars, has stated that production operations will be temporarily paused from September 26 to September 30.
In addition to continuing supply chain issues, the firm reported in a public filing on Wednesday that it is presently confronting low levels of raw material and component inventory. As a result, there is a lack of parts and components needed to produce vehicles.
The business went on to say that it cannot meet its demands for output. For the same reasons, IMC closed its operations from August 6 to 8.
Siemens intends to lay off workers
Siemens Pakistan Engineering Company has made the decision to restructure its Electrification and Automation Business, one of its operational sectors within Smart Infrastructure, due to the departure of key personnel. A one-time makeover is expected to cost about Rs556 million.
Siemens stated in a regulatory filing that by integrating the necessary flexibility into its operations, this move improves the company’s alignment to serve the local market and its clients while increasing shareholder value.
OGDCL discovers gas
The Khairpur district of Sindh has yielded a gas discovery, as reported by OGDCL. This discovery is expected to augment the hydrocarbon reserve base and enhance energy security derived from local resources. The company announced in a stock filing that it has found gas from the Lower Gour B Reservoir Sand of the Akhiro-1 well in Khairpur. The Sawan South Joint Venture is made up of OGDCL (20pc working interest), United Energy Pakistan Ltd, the operator (75pc), Government Holding Private Ltd (2.5pc), and Sindh Energy Holding Ltd (2.5pc).
Profits at Security Papers soar
Security Papers Ltd (SPL) announced record sales revenue of Rs7.312 billion in FY24, along with a 54 percent year-over-year growth in profit-after-tax to Rs1.489 billion. The highest-ever dividend of Rs12.50 per share was also authorized by the shareholders during a board meeting.
