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Express Tribune
21 hours ago
- Business
- Express Tribune
Signal-free corridor takes shape in Pindi
Nawaz Sharif Flyover from Khawaja Corporation on Adiala Road, along with two underpasses on Mall Road and an underground pedestrian walkway, has entered its final phase of completion. These projects are expected to be inaugurated later this month. Additionally, the construction of a flyover and underpasses at the busy Kachehri Chowk, as well as underpasses at Qasim Market, Race Course, and Charing Cross, is expected to commence soon — likely during the ongoing summer vacation period of educational institutions, in order to expedite completion. Having been constructed at a cost of Rs2.3 billion, Nawaz Sharif Flyover at Khawaja Corporation Chowk on Adiala Road is in its final stage. Although the project could not be inaugurated on June 3 as initially planned, it is now expected to be inaugurated by Punjab Chief Minister Maryam Nawaz on June 30. On the same day, she is also likely to inaugurate two underpasses on Mall Road — at Flashman Hotel Chowk and Mall Plaza Chowk — as well as the underground pedestrian walkway near AFIC. This project is expected to be completed by June 30 as well, with a total cost of Rs4.388b. Meanwhile, a decision has been made to construct additional underpasses at three of the busiest intersections on Mall Road and Peshawar Road: Qasim Market, Race Course Chowk, and Charing Cross. The Rawalpindi Cantonment Board (RCB) has been instructed to relocate underground utilities — electricity, gas, water supply, and sewerage — from these locations to facilitate construction. Moreover, a major project involving the remodelling and expansion of Kachehri Chowk has been approved. This project includes the construction of two flyovers and three underpasses, with an estimated cost of Rs8.5b. The Punjab government has already allocated funds for this project. Sources say following the completion of the two flyovers and three underpasses at Kachehri Chowk, and with the construction of five underpasses on Mall Road and Peshawar Road, this entire route will effectively become a signal-free corridor up to Motorway Chowk. It is worth noting that an underpass at Golra Mor has already been completed and is operational. The Punjab government is funding all these infrastructure projects, which are being executed by the provincial Communications and Works (C&W) Department. Schools get operational boost The Punjab Education Department has released an amount of Rs464.5 million for the operational expenses of all public schools in the Rawalpindi Division. An amount of Rs4.58715 billion has been released for the fourth and final quarter of the outgoing fiscal year to cover operational expenses and utility bills for all 43,000 public primary, middle, high, and higher secondary schools across the province.
Express Tribune
3 days ago
- Business
- Express Tribune
Funds allocated for NA-53 projects
The government has approved significant funding for the completion of development projects initiated during the Pakistan Tehreek-e-Insaf (PTI) era, including hospitals and infrastructure schemes in NA-53, said Member of the National Assembly and Chairman District Coordination Committee Rawalpindi, Engineer Qamarul Islam Raja. Sharing details of the approved projects for the fiscal year 2025-26, the MNA said that Rs210 million have been allocated for Jorian Hospital and Rs110 million for Potohar Town Rawat Hospital, covering all remaining funds needed to complete both medical facilities. He further announced that Rs450 million have been sanctioned for completing the remaining portion of Adiala Road from Khawaja Corporation to Gorakhpur, while Rs2.3 billion have been approved for the construction of a dual carriageway from Gorakhpur to Khasala Khurd. To improve connectivity in the region, an additional Rs1.7 billion have been approved for a new underpass at Tulsa Morr on Adiala Road, following the Rs3.5 billion Khawaja Corporation Flyover. In a revival of water infrastructure projects, the Rs1.8 billion Mujahid Dam project has also received approval, following the earlier Mohata Dam initiative. Raja said efforts are underway to ensure additional funds are allocated within the current fiscal year to enable the dam's completion in FY 2026. A sum of Rs20 million has been approved for the construction of the Chora Sharif to Malukal Road. Similarly, Rs150 million have been allocated for the Dhok Budhal to Sukho Road, which will provide a direct connection between Rawat and Chakwal Road. To ensure there are no delays after the completion of Daducha Dam, Rs10 million have been set aside for the design and paperwork of the water supply system, enabling its immediate implementation. The MNA further stated that a total of Rs60 million has been allocated for the water supply schemes in Mohri Ghazan, Lakhan, and Dhamial. An amount of Rs30 million has been set aside for the development of the Kulyan HameedMalukal Road. Additionally, Rs70 million have been approved for the revival of the Dhok Budhal Water Supply Scheme, as well as for street construction and drainage work. Approximately Rs28 million will be used for the rehabilitation of the Malukal Water Supply Scheme and associated drainage infrastructure. For street construction and drainage in Mauza Jorian, Union Council Dhamial, Rs15 million have been sanctioned. Moreover, the remaining Rs9 billion required for the Rawalpindi Ring Road project will be released immediately, said the MNA.
Express Tribune
07-06-2025
- Business
- Express Tribune
Govt walks a tight rope
FDI in various sectors, including power, oil and gas exploration, financial, and petroleum refinery sectors, witnessed a 6.4-fold increase, reaching $211 million in December 2023 compared to $33 million last year. photo: afp Listen to article The government will walk a tight fiscal rope in the next fiscal year, too, as it plans to unveil the second budget on Tuesday envisaging a federal budget deficit of Rs6.2 trillion or 4.8% of size of the economy. The total size of the budget is expected to be around Rs17.6 trillion, which is 7.3% less than this year's original budget due to relatively lower allocations for the interest payments in fiscal year 2025-26, according to the Finance Ministry's budget estimates. The government sources said that the proposed budget deficit is 2% of the GDP or Rs2.3 trillion less than the original estimates of this fiscal year. The deficit may still be appearing large in absolute terms. But it is, for the first time, lower than this year's gap, both in terms of size of the economy and in absolute numbers. The tight budget envisages fiscal consolidation of 2% of GDP, as the government is planning to set the budget deficit target at 4.8% of GDP, the sources said. This will be 2% of GDP or Rs2.6 trillion lower than this fiscal year's target. Finance Minister Muhammad Aurangzeb will deliver his second budget speech on June 10. The expenditure path is known to be narrower and predicted. However, it seems that the government may again adopt the business as usual approach on the revenue front, which is unsustainable and puts the country's marginalized salaried class and corporate sector at risk of being insolvent. The fiscal consolidation is the need of the hour but it will drastically reduce the government's ability to spend due to no space left for any productive spending after making payments for the interest servicing and defense. However, whatever space is left is not prudently used and the sources said that the quality of spending becomes poorer with large allocations for provincial projects, discretionary spending on the schemes recommended by the Parliamentarians at the expense of space technology and atomic energy programmes. The sources said that the fiscal consolidation is again planned to be achieved by putting more burden on the people, directly as well as indirectly. The government is projecting gross federal revenues at record Rs19.4 trillion for next fiscal year, higher by Rs1.6 trillion. The gross revenues are based on the Federal Board of Revenue's tax target of Rs14.13 trillion and Rs5.2 trillion non-tax revenues. The non-tax income will mainly come from the Petroleum Levy, which the government wants to increases to nearly Rs100 per liter, and the profit by the State Bank of Pakistan. The sources said that like this fiscal year, the FBR may remain the weak area in the next fiscal year, too, despite the required growth to achieve the goal will be far lower than this year. The new tax collection target will become challenging from first day of next fiscal year because the FBR will not be able to achieve even the downward revised target of Rs12.3 trillion, said the sources. This will erode the base of new tax target. Prime Minister Shehbaz Sharif tried everything to put the FBR house in order but all those measures backfired. The FBR's ability to predict revenue estimates is also not up to the mark and this year the World Bank experts helped in projecting numbers, said the sources. Out of the Rs14.1 trillion FBR tax collection, the provinces will get Rs8 trillion as their shares in the federal taxes under the National Finance Commission award, the sources added. This leaves the federal government with Rs11.4 trillion net revenues for next fiscal year, which will not be sufficient to meet the interest payments and inclusive all defense spending, according to the government sources. The government will borrow Rs6.2 trillion in the next fiscal year to finance the Rs17.6 trillion total federal budget. Under the IMF programme, the four provinces are also required to save Rs1.33 trillion from their revenues as cash surplus to bring down the national budget deficit to Rs4.8 trillion or 3.7% of GDP, the sources said. This is steeper fiscal consolidation and would require all the five governments to meet all their revenue and expenditures related targets. The four provinces have indicated nearly Rs2.9 trillion for their development spending in the next fiscal year. This is Rs850 billion more than what the IMF has allowed to spend to the four provinces under the national fiscal framework. Punjab has indicated Rs1.2 trillion record spending on development, followed by Rs995 billion by Sindh.
Express Tribune
03-06-2025
- Business
- Express Tribune
Key infrastructure projects face delays
Two major signal-free road infrastructure projects in Rawalpindi, worth over Rs6.5 billion, have missed their completion deadlines, causing significant inconvenience to residents. These include the Nawaz Sharif Flyover at Khawaja Corporation Chowk on Adiala Road and underpasses on Mall Road at KTM Chowk, Mall Plaza, and the pedestrian underpass at Medicine Market. While the flyover at Khawaja Corporation Chowk has been completed, carpeting and beautification work remains pending. Punjab Chief Minister Maryam Nawaz had set a deadline of May 31 for its completion, but the project remains unfinished. This project alone costs Rs2.3 billion. Similarly, the Rs4.38 billion underpasses and pedestrian underpass project on Mall Road, originally set for completion in 45 days, remains incomplete even after 100 days. As a result, access to key locations including hospitals, the Mega Medicine Market, PIA, State Life, and Cantonment offices has been disrupted. Zahid Bakhtawari, President of Anjuman Shehriyan Rawalpindi, criticised the delay, sayinag the situation has become unbearable for patients and businesses. Promises made to complete the work in 45 days have not been fulfilled. PML-N MNA from Cantt, Malik Abrar Ahmed, stated efforts are ongoing to prevent further delays. He emphasized that in high-level meetings, authorities have been directed to speed up the work. If both projects are completed within the next 15 days, a joint inauguration could be held, pending the Chief Minister's schedule. While C\&W Department officials had earlier confirmed the May 31 deadline, they are now unwilling to comment on the delay.
Business Recorder
22-05-2025
- Automotive
- Business Recorder
Honda Atlas Cars' posts Rs2.7bn profit in 2025
Honda Atlas Cars (Pakistan) Limited (HCAR) registered a profit of Rs2.7 billion for the year ended March 31, 2025, a significant increase of 16% on a year-on-year basis. HCAR's financial statements, which were made available at the Pakistan Stock Exchange (PSX) on Thursday, showed that the company's profit stood at Rs2.3 billion in the same period last year. The automaker's earnings per share (EPS) stood at Rs18.97 during the year, compared to Rs16.34 last year. A final cash dividend for the year ended March 31, 2025 at Rs8 per share i.e. 80%. The increase in profit can be attributed to an increase in sales. During the year, HCAR's sales clocked in at Rs78.06 billion, compared to Rs55.07 billion in SPLY, an increase of 42%. Honda Atlas Cars' profit-after-tax up 295% YoY in Oct-Dec While the company's cost of sales also rose to Rs71.4 billion in 2025, an increase of 41%. Consequently, the company's gross profit increased by nearly 48%, clocking in at Rs6.7 billion in 2025, as compared to a gross profit of Rs4.5 billion in SPLY. As a result, HCAR's gross margins improved to 8.5% in 2025, compared to 8.2% in the last fiscal. Meanwhile, as per HCAR's latest financial results, the automobile company witnessed a jump in its administrative expenses, which stood at Rs1.9 billion in 2025, up by 28%, as compared to Rs1.5 billion in SPLY. On the other hand, HCAR's other income registered a decline of over 56%, amounting to a meagre Rs988 million in 2025, in comparison to Rs2.25 billion in 2024. The automaker saw its finance cost lowered by 15%, standing at Rs1.04 billion in 2025, as compared to Rs1.2 billion in SPLY. The company posted a Profit before Taxation (PBT) of Rs3.27 billion in 2025, up by 19% YoY. Incorporated in Pakistan as a public limited company in 1992, HCAR commenced its commercial operations in 1994. The company was formed as a result of a joint venture between Honda Motor Co., Ltd., Japan and Atlas Group of Companies, Pakistan.
