Saturday, March 15, 2025
Home Blog Page 26

PTCL Group Reports Rs6.3 Billion Loss in Q3 Despite Revenue Growth

Khashif Sarfraz
-
0
PTCL Group Reports Rs6.3 Billion Loss in Q3 Despite Revenue Growth

PTCL Group Posts Significant Q3 Loss Despite Revenue Growth

The PTCL Group has reported a notable Rs6.3 billion loss for the third quarter of 2024, marking a sharp rise from the Rs2.3 billion loss recorded during the same period last year. Over the first nine months of 2024, the company’s total losses escalated to Rs15.3 billion, a significant increase from Rs10.8 billion in the corresponding period of 2023.

Escalating Costs and Declining Income

PTCL Group’s financial results reveal that while the company’s revenue grew, it faced increasing costs and declining income. The cost of services for Q3 2024 rose to Rs42 billion, up from Rs37 billion in Q3 2023. Furthermore, the group’s other income plummeted to Rs2.8 billion, a substantial drop from the Rs6.3 billion it reported during the same quarter last year.

The company’s financial costs remained high, standing at Rs12.06 billion in Q3 2024, only slightly lower than the Rs12.7 billion from Q3 2023. This combination of rising costs and declining income has contributed to the significant losses.

Revenue Growth Amid Financial Challenges

Despite these financial challenges, PTCL Group has continued to report strong revenue growth. The company’s revenue for the first nine months of 2024 grew by 15.3% year-on-year (YoY), reaching Rs160.6 billion. This increase was driven by key sectors such as fixed broadband, mobile data, and wholesale & business solutions.

PTCL’s own performance was also robust, with the company achieving Rs79.5 billion in revenue for the first nine months of 2024, reflecting an 11.1% YoY increase. PTCL posted an operating profit of Rs8.2 billion, a 27.6% improvement compared to last year, and a net profit of Rs1 billion.

Broadband and Ufone 4G Drive Growth

The fixed broadband business saw 20.4% YoY growth, while Flash Fibre services experienced an impressive 111.5% YoY rise. With over 600,000 fibre-to-the-home (FTTH) subscribers, PTCL remains the leading FTTH provider in Pakistan.

Additionally, Ufone 4G, a part of the PTCL Group, posted a 25.6% YoY revenue increase, driven by network expansion and enhanced digital engagement.

Conclusion

Despite increased revenue and positive growth in key areas, PTCL Group’s significant losses highlight the challenges the company faces in controlling costs and improving profitability.

Gold Prices See Minor Increase in Local and International Markets

Khashif Sarfraz
-
0
Gold Prices See Minor Increase in Local and International Markets

Gold Prices Increase in Local Markets

Gold prices in the local market have seen a modest increase. The price of 24-karat gold per tola has risen by Rs200, reaching Rs275,700. Meanwhile, the price of 10 grams of gold increased by Rs171, settling at Rs236,368. This follows a larger price hike seen just the day before when gold prices surged by Rs1,600 per tola, setting the rate at Rs275,500.

The continued rise in gold prices may be influenced by multiple factors, including fluctuations in the international market and local economic conditions. As gold remains a popular investment in Pakistan, these price movements are significant for both investors and traders.

Silver Prices Hold Steady

In contrast to the rising gold prices, silver prices have remained stable. The price for silver per tola is still Rs3,050, with the price of 10 grams of silver holding at Rs2,614.88. This stability makes silver an attractive alternative for those looking for a steady investment amid fluctuating gold prices.

International Bullion Market Sees Slight Increase

On the international front, the global bullion market has also seen a minor rise in gold prices. The price of gold increased by $3, bringing the current global rate to $2,659 per ounce. This follows a more substantial rise of $16 per ounce the previous day, which pushed the price to $2,656 per ounce. The minor upward movement indicates continuing market activity driven by investor demand, economic conditions, and geopolitical factors.

Conclusion

While gold prices have seen modest increases both locally and internationally, silver remains stable, offering a reliable investment option. Investors are keeping a close eye on these trends as gold’s fluctuating prices suggest ongoing market adjustments. The contrast between rising gold prices and steady silver values provides diverse opportunities for those investing in precious metals.

Pakistan Shines at Gitex Global 2024: A Hub for Tech Innovation

Khashif Sarfraz
-
0
Pakistan Shines at Gitex Global 2024: A Hub for Tech Innovation

Introduction

Gitex Global 2024, the world’s largest technology and startup exhibition, kicked off today in Dubai, highlighting Pakistan’s rapidly growing information and communication technology (ICT) and startup ecosystem. This prestigious event provides a global platform for Pakistani companies to showcase their innovations and form partnerships with international tech firms.

Pakistan’s Strong Presence at Gitex Global

Alongside Gitex Global, the North Star Startup Show is also taking place, featuring 10 dynamic startups and incubators from Pakistan. These startups are attracting interest from regions like the Middle East, Saudi Arabia, and beyond. A total of 80 Pakistani companies and startups are participating in the event, making it one of the country’s strongest showings yet.

Participants are optimistic about the opportunities that Gitex Global offers. Their involvement could boost Pakistan’s IT exports to the Middle East and the MENA region. Additionally, the event could open doors for startup investments and foster valuable partnerships with major IT companies.

Ignite Program and Innovative Startups

Ten Pakistani startups are representing the country under the Ignite program, led by the federal Ministry of IT and Telecommunications. These startups are innovating across various sectors, including healthcare, aerospace, energy, gaming, travel technology, and smart cities. During Gitex, they will have the chance to present their solutions to a global audience, including investors, partners, and tech enthusiasts.

Adil Ejaz Shah, CEO of Ignite, highlighted the event as a significant opportunity for Pakistan’s IT industry. He expressed confidence that the innovation and entrepreneurial spirit of Pakistani startups would attract global investment and foster growth through strategic partnerships.

Pakistan Honoured as ‘Tech Destination of the Year’

In a major milestone, Pakistan was recently recognized as the ‘Tech Destination of the Year’ at Gitex Global 2024. This honor underscores the country’s rising prominence in the global tech industry. Pakistan had previously participated under the Pakistan Pavilion, led by the Pakistan Software Export Board.

This award reflects the growing recognition of Pakistan as a tech powerhouse, offering valuable services to clients around the globe. The country is already exporting IT and IT-enabled services to 170 countries, providing high-quality solutions at operational costs up to 70% lower than North America.

Gitex Global 2024: A Global Tech Event

Held at the Dubai World Trade Centre and Dubai Harbour, Gitex Global 2024 brings together top tech companies, startups, investors, and industry leaders to unveil cutting-edge innovations and explore future trends. The event features over 40 halls and covers various tech advancements, from artificial intelligence and cybersecurity to mobility and sustainable technology.

Gitex serves as a hub for collaboration, where participants can forge new partnerships and explore emerging tech opportunities across industries. The dynamic nature of the event highlights the importance of international collaboration in driving the future of technology.

Conclusion

In conclusion, Pakistan’s strong presence at Gitex Global 2024 reinforces its position as a key player in the global technology landscape. By showcasing innovative startups and fostering partnerships, the country is poised to enhance its IT exports and attract significant investments. The recognition as ‘Tech Destination of the Year’ further solidifies Pakistan’s role as an emerging hub for technology and innovation.

Volta Space Technologies to Launch Lunar Power Network: LightGrid

Khashif Sarfraz
-
0
Volta Space Technologies to Launch Lunar Power Network: LightGrid

Introduction

Volta Space Technologies, a Montreal-based startup with US offices, has announced an innovative project called “LightGrid.” Specifically, this satellite network will orbit the moon, collecting solar power and transmitting it to spacecraft on the lunar surface. Moreover, the technology aims to provide uninterrupted power for lunar exploration missions, even in areas with no sunlight.

LightGrid: A Revolutionary Power Solution

Unveiled on October 10, LightGrid will use orbiting satellites to capture solar energy and transmit it via lasers to lunar landers and rovers. The network is designed to solve a major challenge in space exploration: providing power during the two-week lunar night or in permanently shadowed craters. According to Paolo Pino, Volta’s co-founder and Chief Technology Officer, this system could eventually support other lunar infrastructure, such as sensors and resource extraction facilities.

The Origin and Vision of Volta Space Technologies

Volta Space Technologies was born from a project at the International Space University. Initially, the startup participated in NASA’s Watts on the Moon competition, which sparked the idea for LightGrid. As a result, co-founder and CEO Justin Zipkin shared that the company has already attracted interest, with term sheets from potential customers totaling over $250 million.

Furthermore, the startup has developed laser power transmission technology, successfully testing it over distances of up to 850 meters. Looking ahead, the next step is to test the system in Earth orbit, scheduled for 2026, with the goal of deploying the first phase of LightGrid by 2028.

How LightGrid Works

The initial LightGrid network will consist of three small satellites in low lunar orbit. These satellites will provide full power service to customers on the lunar surface, with the ability to scale up by adding more satellites. This approach offers a key advantage over deploying power infrastructure directly on the lunar surface, as noted by Volta’s Chief Operating Officer, Paul Damphousse. He emphasized that orbiting satellites provide global coverage from the start, which is simpler and more flexible than landing equipment on the surface.

Funding and Future Plans

Volta Space Technologies has raised initial seed funding from investors like MaC Venture Capital and Industrious Ventures. The company has also received grants and awards from NASA, the Defense Department, the European Space Agency, and the Canadian Space Agency. As they prepare for a Series A funding round, Volta anticipates a Series B round to fully deploy the LightGrid network by 2028.

Beyond the Moon: Exploring New Applications

Volta’s technology could have far-reaching applications beyond lunar missions. The company is exploring transmitting power between space platforms, from space to Earth, and providing emergency power in disaster relief situations. Additionally, Volta is investigating the potential of using its laser power transmission technology for airborne and maritime purposes, expanding the technology’s impact across multiple industries.

Conclusion

Volta Space Technologies is poised to play a pivotal role in the future of lunar exploration and space infrastructure. With its innovative LightGrid system, the company aims to provide a reliable power source for lunar missions, while also exploring terrestrial applications. As space exploration advances, Volta’s vision could be a game-changer in how we power spacecraft and infrastructure on the moon and beyond.

Pakistan’s $30 Billion Debt Challenge: What’s Next?

Khashif Sarfraz
-
0
Pakistan’s $30 Billion Debt Challenge: What’s Next?

Introduction

Pakistan’s central bank has announced that the country will repay $30.35 billion in foreign debt and interest between August 2024 and July 2025. This includes significant loans that bilateral creditors roll over every year, adding pressure on the nation’s finances.

Breakdown of Debt and Interest Payments

The State Bank of Pakistan (SBP) reports that it needs $26.48 billion to cover maturing foreign debt and an additional $3.86 billion for interest payments. The total of $30.35 billion is much higher than the $21.2 billion paid in the previous 12 months. The increase comes from new loans secured in mid-2023 from Saudi Arabia, the UAE, and the IMF.

Between November 2024 and July 2025, Pakistan will be paying back an average of $3 billion each month, with the bulk of payments due in June and July.

IMF Support and Reduced Financing Needs

Despite the rising debt, Pakistan’s repayment obligations are backed by the $7 billion IMF Extended Fund Facility (EFF). Additionally, IMF data shows the country’s gross external financing requirement has fallen to a nine-year low of $18.8 billion for FY25, which is a positive shift.

Future Debt Management Strategies

To meet its financial needs, Pakistan plans to secure funds from several sources. These include $2 billion in Foreign Direct Investment (FDI), $4 billion in IMF loans, and additional debt through Eurobond and Sukuk issuance. New loans from the World Bank and the Asian Development Bank (ADB) are also expected to help bridge the gap.

If Pakistan’s credit rating improves, borrowing terms may become more favorable, further easing the financial pressure.

Reducing Foreign Debt: The Path Forward

Pakistan’s foreign debt is now 20.2% of its GDP, down from 27.6% last year. The government has implemented measures to limit the current account deficit by restricting imports and aligning them with export earnings and remittances. This strategy aims to stabilize the debt burden and ensure future repayments.

Conclusion

Pakistan’s growing foreign debt poses a significant challenge, but with strategic steps like limiting imports, attracting foreign investment, and securing international loans, the country can manage its financial obligations. The road ahead will require careful planning and execution to ensure long-term economic stability.

Sugar Industry Prepares for New Crushing Season Amid Export Controversy

Khashif Sarfraz
-
0
Sugar Industry Prepares for New Crushing Season Amid Export Controversy

Introduction

The Pakistan Sugar Mills Association (PSMA) recently announced that the new sugarcane crushing season will begin on November 21, 2024. This decision comes despite the government’s recent approval to export an additional 500,000 metric tons of sugar. The PSMA assures that even after these exports, there will be sufficient sugar stocks to meet domestic demand for more than a month.

Start of Crushing Season and Export Agreement

According to the PSMA spokesperson, the sugar mills have committed to beginning the crushing season on November 21 as part of an agreement with the government. This arrangement was contingent on the export of 500,000 metric tons of sugar and further potential exports based on the stock assessment conducted on November 1.

The spokesperson added that the first ten days of sugar production in November will be added to the available stocks, ensuring a smoother transition during this season.

Government’s Controversial Export Decision

The federal government’s decision to allow additional sugar exports has sparked some controversy. The Express Tribune reported discrepancies between stock figures and consumption estimates provided in two different summaries, leading to the approval of additional exports. The first summary, dated September 18, and another from October 10, showed a 20% variation in consumption data, which raised concerns about manipulated figures.

Federal Minister for Industries, Rana Tanveer Hussain, confirmed that the PSMA had pledged to start the crushing season in exchange for the export permission. However, this agreement was subject to additional conditions that include further stock assessments.

Financial Impact and Stock Surplus

The PSMA highlighted that the delay in export permissions had severely impacted the industry’s liquidity, resulting in some mills being unable to pay sugarcane growers on time. The industry had accumulated unsold stock worth approximately Rs 300 billion by the end of September 2024, creating significant financial strain. These stocks, pledged with banks, have made it difficult for the mills to secure fresh credit for the upcoming crushing season.

Additionally, it was noted that half of the available sugar had been sold below its production cost, leading to substantial losses for the industry.

Price Discrepancies and Retail Price Recommendations

With an oversupply of sugar, prices remained between Rs120 and Rs125 per kg, well below the agreed ex-mill price of Rs140 per kg. Despite this, official documents from the commerce ministry suggested lowering the retail benchmark price from Rs145 to Rs137.51 per kg. This recommendation was opposed by the industries ministry, which argued that the current prices were “abnormally low.”

Measures to Curb Sugar Smuggling

PSMA commended the federal government’s efforts to prevent sugar smuggling, which had been a major issue before September 2023. These actions resulted in surplus sugar being available for export, helping generate valuable foreign exchange for the country rather than benefiting smugglers.

Conclusion

The start of the sugarcane crushing season brings both opportunities and challenges for Pakistan’s sugar industry. While the export approvals offer much-needed relief for the sector, concerns remain over stock figures, financial liquidity, and the impact on domestic sugar prices. As the situation unfolds, the industry’s ability to balance exports with domestic demand will be crucial in maintaining stability.

Anticipated Rise in Petroleum Prices in Pakistan

Khashif Sarfraz
-
0
Anticipated Rise in Petroleum Prices in Pakistan

The price of petroleum products in Pakistan is expected to rise by Rs2.75 per litre. The Oil and Gas Regulatory Authority (OGRA) has submitted proposals aimed at increasing the profits of oil companies and petrol pumps.

Proposed Profit Margin Increases

Sources indicate that the proposal sent to the government includes an increase in the profit margin for oil companies by Rs1.35, raising it to Rs9.22 per litre. For petrol dealers, the proposed increase is Rs1.40, bringing their margin to Rs10.04 per litre. Currently, the profit margin on diesel and petrol stands at Rs8.64 per litre.

Digitization Costs Contributing to Price Hike

The proposals also account for the costs associated with the digitization of petrol pumps. Oil companies have factored in a digitization project cost of 50 paisas per litre, while petrol pump owners have included a cost of 25 paisas per litre in their profit proposals.

Impact on Consumers

As the government reviews these proposals, consumers may soon see an increase in their fuel costs. This rise is expected to increase transportation expenses and raise overall living costs across the country.

Recent Price Reductions

Notably, on October 1, the government announced a significant reduction in petrol and diesel prices for the upcoming fortnight. The Finance Ministry announced in a notification that it has reduced the price of petrol by Rs2.70 per litre and the price of high-speed diesel (HSD) by Rs3.40 per litre,

Pakistan’s Commitments to IMF: Limiting Powers of SIFC

Khashif Sarfraz
-
0
Pakistan’s Commitments to IMF: Limiting Powers of SIFC

The Pakistani government has made written commitments to the International Monetary Fund (IMF) to limit the powers of the Special Investment Facilitation Council (SIFC) and the Sovereign Wealth Fund. These measures are part of broader reforms to ensure greater accountability and transparency. Additionally, Pakistan has agreed to phase out all Special Economic Zones (SEZs) by 2035.

Limiting SIFC and Sovereign Wealth Fund Powers

In its agreement with the IMF, Pakistan promised to regulate the operations of the SIFC and the Sovereign Wealth Fund to avoid distorting the investment landscape. The SIFC, established to boost economic growth and facilitate foreign investment, will now operate under stricter governance rules. This includes preventing the council from offering tax incentives or other benefits that could undermine market competition.

Finance Minister Muhammad Aurangzeb signed the written commitments, ensuring that these bodies will adopt best practices in transparency and accountability. The government has also committed to aligning the Sovereign Wealth Fund with international standards, including establishing transparent appointment processes and ensuring competitive neutrality.

Phasing Out Special Economic Zones by 2035

Another major commitment is the phasing out of all SEZs by 2035. These zones were initially designed to attract foreign investment by offering various incentives. However, the IMF has emphasized the need to eliminate such incentives over time, citing concerns about their long-term sustainability and the distortion they create in the investment landscape.

This commitment is expected to impact the implementation of the second phase of the China-Pakistan Economic Corridor (CPEC), which relies on SEZs for development.

Mini-Budget and Tax Reforms

The IMF agreement also outlines that a mini-budget will be introduced if Pakistan’s revenue targets fall short by more than 1% of the agreed goal. The Federal Board of Revenue (FBR) already missed its first-quarter target by Rs90 billion. The shortfall will trigger additional tax measures, including higher taxes on professional services, imports of machinery and raw materials, and excise duties on beverages.

Pakistan will raise advance income taxes on machinery and raw materials by 1%, generate additional revenue through increased withholding taxes on services and contracts, and impose a 5% excise duty on sugary beverages.

Provincial Reforms and Agricultural Taxation

Pakistan has also agreed to harmonize provincial agricultural income tax laws with federal income tax regimes by the end of October 2024. The government expects this move to take effect by January 2025, aiming to improve tax collection and align agricultural taxation with other sectors.

Provincial governments will also phase out price-setting for agricultural commodities by 2026, limiting government intervention in markets and allowing private sector participation to flourish.

Public Sector Governance and Transparency

Reforms also include amending the Civil Servants Act by 2025 to mandate public access to the asset declarations of high-ranking officials and their families. The government will implement annual inflation adjustments to cash transfer programs by 2025 and enforce a revised legal framework for undercapitalized banks.

Moreover, by 2025, the government plans to prepare two power distribution companies for privatization and has already raised gas tariffs for in-house power generation.

Strengthening the Sovereign Wealth Fund

The government plans to amend the Sovereign Wealth Fund Act by the end of 2024 to ensure it aligns with international standards. The reforms will ensure that the SOEs under the SWF’s ownership govern themselves according to the SOE Act and follow transparent procurement processes.

The SWF will directly transfer all revenues from its operations to the government and will prohibit the use of its assets as collateral for public borrowing. These measures aim to enhance fiscal discipline and ensure the proper functioning of state-owned enterprises.

Pakistan Approves 500,000 Metric Tons of Sugar Export

Khashif Sarfraz
-
0
Pakistan Approves 500,000 Metric Tons of Sugar Export

The government on Friday approved the export of an additional 500,000 metric tons of sugar. This decision comes amid concerns of manipulated stock figures and consumption patterns, reflecting the strong influence of sugar barons on policy-making.

The Economic Coordination Committee (ECC) based the approval on conflicting data compared to previous reports. This decision raises questions about transparency and the credibility of the cabinet in making such critical choices.

Conflicting Reports Raise Transparency Issues

The ECC’s decision contradicted the official stock and consumption data presented on September 20, when it approved 100,000 metric tons of sugar export. The new approval relied on data that showed lower consumption figures, leading to an apparent surplus.

Federal Minister for Industries, Rana Tanveer Hussain, justified the decision by citing seasonal factors, which he said would result in lower sugar consumption from October to December. He added that mills must start crushing by November 21, or the export permission would be revoked.

Secretary of Industries, Saif Anjum, defended the decision, saying the revised numbers were based on actual data rather than forecasts.

Manipulated Figures and Potential Shortages

Despite claims of surplus stock, a comparison of summaries from September 18 and October 10 suggests possible data manipulation. The original figures indicated monthly consumption of 564,353 tons. However, in the October report, this figure dropped to 450,000 tons, showing a larger surplus than initially reported.

If the earlier figures are accurate, the country could face a shortage, with only 336,000 tons of sugar remaining after the export. This stock would last barely three weeks, potentially triggering a price hike and market shortages.

Influence of Sugar Barons on Policy

Since coming to power, Prime Minister Shehbaz Sharif has approved the export of 790,000 metric tons of sugar. His family, alongside other politically influential figures, owns sugar mills, raising concerns about conflicts of interest and manipulation of policy to benefit personal interests.

The Ministry of Industries assured that enough sugar would remain for the final two months of the crushing year. However, concerns linger, with evidence suggesting that stock figures were artificially altered to show a surplus, making the additional exports possible.

Compensation for Chinese Workers

In the same ECC meeting, the committee approved $516,000 in compensation for the families of two Chinese nationals killed in a suicide attack on October 6. One other worker was injured, and the ECC approved financial support for him as well.

SBP Increases Incentives for Banks and Exchange Companies to Boost Remittances

Khashif Sarfraz
-
0
SBP Increases Incentives for Banks and Exchange Companies to Boost Remittances

SBP Enhances Incentives for Banks and Currency Exchange Companies to Boost Remittances

Pakistan’s central bank, the State Bank of Pakistan (SBP), has introduced significant incentives for banks and currency exchange companies to attract more remittances from overseas Pakistanis. These remittances are vital for financing imports and managing foreign debt payments.

Incentives for Exchange Companies

According to the SBP, starting from October 1, 2024, the base rate for exchange companies has been doubled from Rs1 to Rs2 for each US dollar deposited into the banking system. This move is designed to maintain strong remittance inflows.

The central bank also introduced performance-based incentives. Exchange companies will now be compensated Rs3 per incremental US dollar surrendered, for remittance growth of up to 5% or $25 million, whichever is lower, compared to the previous year. An additional Rs4 per dollar will be provided for growth exceeding 5% or $25 million. The SBP will review the performance of exchange companies on a monthly basis, and adjustments will be made by the end of the fiscal year.

Bank and MFB Incentives

In a separate notification, the SBP has incentivised authorised dealers (ADs), which include banks and microfinance banks (MFBs), to maximise their efforts to attract remittances. Under the new system, ADs and MFBs will be reimbursed SAR 20 for every eligible home remittance transaction of $100 or more. In addition, under the variable component, they will receive SAR 8 per transaction for growth in remittances of up to 10% or $100 million. For growth exceeding 10%, an extra SAR 7 will be provided per transaction.

Revised SME Financing Limits

The SBP has also revised financing limits for small and medium enterprises (SMEs). Small enterprises can now access financing of up to Rs100 million, while medium enterprises can secure loans up to Rs500 million. This adjustment is aimed at fostering business growth in Pakistan.

Banks and Development Financial Institutions (DFIs) can deduct the value of liquid assets, such as bank deposits and securities, from the exposure limits when calculating SME financing.

Remittance Growth in FY24

Zafar Paracha, Secretary General of the Exchange Companies Association of Pakistan (ECAP), stated that remittances grew by 11%, reaching $30.25 billion in FY24 compared to FY23. Inflows remained strong, averaging $3 billion per month in the first two months of FY25, compared to an average of $2.5 billion in FY24.

Exchange companies attracted $5 billion in remittances during FY24, up from $4.25 billion in FY23. Paracha added that if exchange companies were given incentives similar to those offered to banks, they could bring in even more remittances. Currently, banks receive Rs15-20 per dollar, while exchange companies receive Rs2.

Market Outlook

Market analysts expect remittance inflows to remain strong, projecting $3 billion for September 2024. These new incentives are anticipated to help stabilise Pakistan’s remittance inflows, which are crucial for the country’s economic stability.

1...252627...94Page 26 of 94

LATEST

POPULAR POSTS

POPULAR CATEGORY

ABOUT US

Khashif Talks is an educational content platform. It focuses on finance, investment management, financial planning, technology, and creative industries.

Contact us: talks@khashiftalks.com.pk

FOLLOW US

© Khashif Talks | Website by Khashif Sarfraz