Pace (Pakistan) Limited (PACE): FY24 Corporate Briefing Takeaways – By Taurus Research

Dec 3 2024


Taurus Securities


  • Founded in 1990, Pace (Pakistan) Limited is a diversified real estate developer and manager listed on the PSX. Its portfolio includes high-end commercial and mixed-use projects, residential developments, and retail malls across Pakistan.
  • Revenue surged to PKR 1.78Bn in FY24, a remarkable 6.3xYoY increase compared to PKR 241.8Mn in FY23, driven by asset sales and project completions. PAT reached PKR 1.01Bn (EPS: PKR 3.6), reversing a loss of PKR 3.46Bn in FY23, reflecting operational gains and favorable revaluation adjustments. Finance costs increased by ~44%YoY to PKR 262.1Mn, attributable to higher borrowing cost due to higher interest rate.
  • PACE's foreign unsecured bonds remain a significant liability, totaling PKR 15.5Bn (PKR 12Bn principal, PKR 3.5Bn accrued markup) with no repayments since 2012. Management is actively pursuing financial restructuring to optimize liabilities and enhance liquidity.
Morning News: Pakistan, ADB sign $300m ‘Subprogram II’ loan - By WE Reserach

Jun 5 2025



  • The government of Pakistan and the Asian Development Bank (ADB) have signed a $300 million loan agreement under the “Improved Resource Mobilization and Utilization Reform Programme (Subprogramme-II),” aimed at supporting Pakistan’s macroeconomic stabilization and fiscal consolidation through structural reforms in trade, revenue generation, and capital market development. The agreement, signed by Dr. Kazim Niaz and ADB Country Director Emma Fan, is part of a broader $800 million financing package that includes a $500 million Policy Based Guarantee (PBG) to help raise $1 billion in commercial financing, reinforcing Pakistan’s efforts toward economic recovery and sustainability.
  • At a lively early Independence Day celebration hosted by the US Embassy in Islamabad, Prime Minister Shehbaz Sharif announced a “new era” in US-Pakistan relations, emphasizing shared democratic values and historical ties dating back to 1947. Speaking to a crowd of political leaders, diplomats, and civil society members, Sharif acknowledged America’s longstanding development support while highlighting Pakistan’s heavy sacrifices in the fight against terrorism—over 90,000 lives lost and $150 billion in economic damage. He also criticized India over a recent conflict, calling the Pahalgam incident a false-flag operation and accusing New Delhi of civilian targeting, while affirming Pakistan’s military response. Despite tensions, Sharif expressed a desire for regional peace and praised former US President Trump for his role in de-escalating hostilities. Acting US Ambassador Natalie Baker echoed the spirit of partnership, speaking in Urdu and highlighting shared values and mutual respect.
  • Pakistan’s finance team is in negotiations with the International Monetary Fund (IMF) to maintain the current 5% Federal Excise Duty (FED) on fertilisers and drop a proposed 5% FED on pesticides in the 2025–26 budget, following intervention by Prime Minister Shehbaz Sharif. The Prime Minister has also directed the Federal Board of Revenue (FBR) to reassess the proposed import tariff rationalisation plan to prevent negative impacts on the import bill. While the IMF appears to have relented on fertiliser and pesticide taxes after Pakistan argued these could hurt agricultural productivity—especially alongside the introduction of the Agriculture Income Tax (AIT)—it remains firm on imposing General Sales Tax (GST) in the formerly exempt FATA/PATA regions. Despite previous political efforts to preserve the exemption, a reduced GST rate of 12% is now expected to be implemented there in the upcoming fiscal year.
Morning News: ADB approves $800m financing for Pakistan - By WE Research

Jun 4 2025



  • The Asian Development Bank (ADB) has approved an $800 million program to enhance fiscal sustainability and public financial management in Pakistan through the Improved Resource Mobilization and Utilization Reform Program, Subprogram 2. This includes a $300 million policy-based loan and ADB’s first-ever policy-based guarantee of up to $500 million, expected to attract $1 billion from commercial banks. Originally scheduled for May 28, the ADB board meeting was delayed due to a request from the Indian executive director and later held on June 3. The program supports reforms in tax policy, public expenditure, digitalisation, and private sector development, aiming to reduce Pakistan’s fiscal deficit and debt while fostering sustainable growth. ADB and Pakistani officials emphasize the country's recent macroeconomic improvements and the importance of coordinated efforts for long-term fiscal resilience.
  • President Asif Ali Zardari has summoned the National Assembly and Senate to convene on June 10 at 5 p.m. for the federal budget session for the fiscal year 2025–26. Finance Minister Senator Muhammad Aurangzeb is expected to present the budget and Finance Bill during these sessions, called under Article 54(1) of the Constitution. The National Assembly Secretariat has issued special passes for press, officials, and other attendees, while a comprehensive security plan has been put in place for the Parliament House to ensure safety during the proceedings.
  • Pakistan’s budget team, led by Prime Minister Shehbaz Sharif and Finance Minister Muhammad Aurangzeb, is working to convince the IMF to drop its demand to raise the Federal Excise Duty (FED) on fertilizer from 5% to 10% in the 2025–26 budget. The government also aims to avoid a proposed 5% FED on pesticides, with both moves intended to ease pressure on the struggling agriculture sector. In exchange, Pakistan has highlighted provincial amendments to the Agriculture Income Tax (AIT), which will begin collection in the next fiscal year. The Federal Board of Revenue (FBR) has been asked to assess the impact of proposed tariff rationalization on imports, amid concerns about potential tax evasion. Meanwhile, the IMF has rejected requests to continue GST exemptions for the former FATA/PATA regions, with a reduced 12% GST now likely to be imposed. The negotiations reflect a balancing act between IMF conditions and domestic political and economic challenges, particularly in the agricultural sector.
Morning News: ADB approves $800m financial package for Pakistan - By Vector Research

Jun 4 2025


Vector Securities


  • The Asian Development Bank (ADB) has approved an $800 million financial package for Pakistan under the Resource Mobilization Reform Program (Subprogram-II). According to the Ministry of Finance, the package includes a $300m policy-based loan (PBL) and a $500m program-based guarantee (PBG).
  • The International Monetary Fund (IMF) has objected to the government's contentious proposals to impose a capital value tax on moveable assets and to slap a 5% federal excise duty on one-day-old chicks — measures that underscore the business-as-usual approach of the tax machinery. While the IMF did not endorse the tax on moveable assets and one-day-old chicks, it did agree to the imposition of a tax on digital services aimed at raising Rs10 billion in revenue, according to sources in the Federal Board of Revenue (FBR). There is also a budget proposal to increase the tax on dividend income of mutual funds from 15% to 20%.
  • The Ministry of Commerce has expressed its inability to achieve the ambitious export target of $60 billion by 2029 set by the Prime Minister, citing a range of international and domestic challenges, according to official documents. 
Pakistan Economy: May’25 NCPI clocked-in at 3.5%YoY/-0.2%MoM - By Taurus Research

Jun 3 2025


Taurus Securities


  • Headline inflation for the month of May’25 picked-up as anticipated due to the low base effect mainly, to clock-in at 3.5%YoY/- 0.2%MoM. Consequently, FYTD NCPI stands at 4.7%YoY. Accordingly, inflation in both Urban and Rural areas arrived in at 3.5%YoY and 3.4%YoY, respectively.
  • Nevertheless, MoM inflation dipped on account of slight decrease in food prices; ~1.2%MoM decline in utility prices due to adjustment in electricity charges; muted impact of fuel prices; and continued slowdown in core inflation. To note, core inflation in Urban areas stood at 7.3%YoY, down 0.4%MoM and in Rural areas it was recorded at 8.8%YoY, down 0.4%MoM, respectively.
  • In food category, excluding Eggs (up ~24.3%MoM), a broadbased drop was witnessed including substantial fall in prices of Onions & Tomatoes. Conversely, core segments like Clothing & Footwear , Furniture & Household Equipment, Restaurant & Hotels and the Miscellaneous showcased resilience. Additionally, SPI inflation on a YoY basis fell 0.6% in May’25. However, WPI inflation on a YoY basis was up 0.4% in May’25.
Morning News: Trade talks; Pakistani officials coming next week: US resident - By Vector Research

Jun 2 2025


Vector Securities


  • US President Donald Trump said on Friday representatives from Pakistan are coming to the United States next week as the South Asian country seeks to make a deal on tariffs. Pakistan faces a potential 29 percent tariff on its exports to the United States due to a $3 billion trade surplus with the world’s biggest economy, under tariffs announced by Washington last month on countries around the world.
  • The International Monetary Fund (IMF) has sought an explanation from the government for not taking it into confidence while setting aside 2,000 megawatts of electricity for Bitcoin mining and AI data centres. Sources told that IMF officials will take up the issue with the government during a virtual interaction. They stated that the IMF has asked as to how such allocation could be made without deciding the legal status of cryptocurrency.
  • The IMF and Pakistan are heading towards evolving consensus on proposed reduction in tax rates for the salaried class in the budget for 2025-26, it has been learnt. However, it will be a challenge for the budget makers to achieve Rs14.2 trillion target in the next budget, as the basis for next fiscal year’s target has seen a widening tax shortfall in meeting downward-revised tax collection target of Rs12.33 trillion.
Morning News: High-powered delegation in US to argue Pakistan’s case - By WE Research

Jun 2 2025



  • Pakistan has launched a comprehensive diplomatic campaign in the United States to counter India’s growing influence and present its own narrative regarding recent regional tensions. A high-level delegation, including former diplomats and a current minister, arrived in New York for meetings with top UN officials, Security Council representatives, and the Organisation of Islamic Cooperation. Starting June 3, the group will also engage with U.S. officials, lawmakers, think tanks, and media to voice concerns over India’s “escalatory moves” and prevent efforts to reframe the conflict in ways detrimental to Pakistan, such as revisiting its FATF status. The initiative is part of a dual-track strategy combining official diplomacy and informal outreach. Meanwhile, parallel Indian delegations are also active in Washington, prompting Pakistani officials to emphasize their commitment to transparency, reform, and mature diplomacy. Additionally, Pakistan and the UK agreed to enhance multilateral cooperation, particularly at the UN, during a recent call between their foreign ministers.
  • The International Monetary Fund (IMF) has raised concerns with the Pakistani government for allocating 2,000 megawatts of electricity to Bitcoin mining and AI data centers without prior consultation or resolving the legal status of cryptocurrency. The IMF emphasized that such decisions should align with the agreed framework of its financial program and be made collaboratively. Virtual consultations are planned, with the IMF expected to press the government on this and other fiscal matters during upcoming budget discussions. The initiative, led by the Pakistan Crypto Council and supported by the government, aims to utilize surplus electricity, attract foreign investment, and position Pakistan as a global leader in digital innovation. Future phases include renewable energy-powered facilities and partnerships with top blockchain and AI firms.
  • The news highlights ongoing negotiations between Pakistan and the IMF over proposed tax relief for the salaried class in the 2025–26 budget, with the IMF showing conditional support for reducing tax rates across income slabs—potentially offering relief worth Rs56–60 billion. However, this comes amid serious fiscal challenges, including a widening revenue shortfall and difficulty in meeting the current year’s revised tax target of Rs12.33 trillion, making the ambitious Rs14.2 trillion target for the next year appear unrealistic. While tariff rationalization is being considered to stimulate economic activity, it may result in a revenue loss of up to Rs200 billion, and raise enforcement concerns over import misdeclarations. Additionally, the IMF has objected to Pakistan's recent decision to allocate 2,000MW of electricity for cryptocurrency mining without prior regulatory approval, compounding tensions around fiscal and policy coordination. Overall, the situation reflects a delicate balancing act between offering taxpayer relief, maintaining revenue targets, and satisfying IMF program requirements.
Pakistan Economy: FY26 Budget Preview: Targeting 3rd consecutive year of primary surplus - By Inisght Research

May 29 2025


Insight Securities


  • The government is scheduled to present the FY26 budget on 10th Jun’25, with focus on achieving a primary surplus through expenditure control and the intralization.oduction of new revenue measures, while steering the country towards sustainable growth path.
  • Tax authorities face a significant challenge in meeting the ambitious revenue target of PKR14.3tr, up ~16% YoY, compare to revised target of PKR12.3tr in FY25. Given the forecast of moderate inflation and subdued GDP growth in FY26, the burden falls heavily on new measures to boost tax collection.
  • On the expenditure front, the government has limited flexibility, as the IMF remains firm on restricting spending on non-essential or strategically lower priority development projects, alongside overall expenditure ration.
Morning News: Consensus eludes Pakistan, IMF over revenue, expenditure - By Vector Research

May 29 2025


Vector Securities


  • Pakistan and the IMF have so far been unable to reach a consensus on the total revenue and expenditure framework for the upcoming budget. Although both sides held informal virtual parleys on Tuesday, nothing concrete has been finalised so far. With change of guard at the IMF, as Ms. Eva assumed the charge as Mission Chief following the completion of Nathan Porter’s tenure, the finalisation of budgetary numbers has not yet been accomplished. However, both sides have kick-started virtual talks with the anticipation to undertake number crunching on revenue and expenditure side by the end of the current week. Then the IMF will have to endorse the proposed revenue measures in order to jack up the collection to the desired mark for the next financial year 2025-26.
  • China has assured Pakistan of relending $3.7 billion in commercial loans, denominated in Chinese currency, before the end of June, including $2.4 billion that is maturing next month, in a move that will help keep the foreign exchange reserves in double-digits. Unlike in the past, when Beijing has given loans in non-Chinese currency too, this time Pakistan's strategic ally has decided not to give loans in the United States currency as part of its drive to decouple the economy from the dollar; the government sources told. They said that China gave these assurances during recent meetings, aimed at securing the refinancing of loans maturing between March and June 2025.
  • The State Bank of Pakistan (SBP) has purchased $5.9 billion from the currency market since June 2024 to bolster its reserves despite receiving support from the International Monetary Fund (IMF) and friendly countries. The higher remittance inflows provided sufficient room for the State Bank to purchase dollars, but it was unable to achieve the target it had projected for itself. Following unexpectedly higher inflows from overseas Pakistanis, the SBP revised its foreign exchange reserves target to $14 billion and remittances to $38bn for FY25.
Pakistan Economy: May-25 CPI likely at 2.7%, base effect wears off - By JS Research

May 27 2025


JS Global Capital


  • Pakistan's Consumer Price Index (CPI) is expected to clock in at 2.7% for May-2025. The base effect is now fading, signalling a return to normalized price trends. This is likely to take 11MFY25 average inflation to 4.7%, down from 11MFY24 average of 24.9%.
  • Due to the rapid disinflation during the year, our base case CPI forecast for FY25 averages 4.6%. The rolling 12-month forward CPI estimate stands at around 5.7%.
  • State Bank of Pakistan (SBP) reduced policy rate to 11% in the last MPC meeting, owing to rapidly declining inflation. A further rate cut of 50-100bps cannot be ruled out in the near future. SBP is scheduled next to meet on 16th June 2025 for its Monetary Policy Committee (MPC) meeting.
Pakistan Economy: OPEC’s aggressive output hike puts Pakistan in a sweet spot - By Insight Research

May 26 2025


Insight Securities


  • OPEC+ is expected to announce another output hike of 411 k bbl/day starting July, according to multiple news reports . During the group’s upcoming meeting on June 1st, members are likely to approve a production increase that is three times larger than the previously planned hike of 137 k bbl/day . If materialized, this move could add pressure to already struggling international crude oil prices, which have been weighed down by a weak global economic outlook.
  • Sources close to the group indicate that larger -than -expected output hike may be part of a broader strategy to bring as much as 2 . 2mn bbl/day back into the market by Nov’25 . The decision is widely seen as an effort, particularly by Saudi Arabia to regain lost market share and push high cost producers out of the market . Notably, Saudi Arabia’s market share has been on a declining trend since 2022 , following OPEC+ production cuts that reduced the cartel’s overall share in global oil supply . KSA’s market share declined even faster than the group’s average . The current strategy also appears to target non -compliant OPEC+ members, with Saudi Arabia leveraging its cost advantage to reclaim share from both shale producers and cartel members who are not adhering to quotas . Additionally, experts suggest a geopolitical angle to the move, particularly in the context of U . S . -Saudi relations . The Trump administration is reportedly keen on lower oil prices to curb inflation and restore market confidence especially due to tariff-induced uncertainty . On the other hand, Saudi Arabia is seeking deeper defense cooperation and has recently announced plans to invest US $600bn in US .
  • We believe that Saudi Arabia aims to capture market share from high -cost producers while maintaining some degree of control on prices through monthly OPEC+ meetings, as highlighted in group’s recent press releases . A sharp price decline would not be in KSA’s interest, especially considering its ambitious development plan .
Sui Northern Gas Pipelines Limited (SNGP): FY24 Corporate Briefing Takeaways - By Taurus Research

Jun 5 2025


Taurus Securities


  • SNGP, largest integrated natural gas utility in Pakistan, posted a record profit of ~PKR 18.97Bn in FY24, supported by all-time high sales of ~PKR 1Bn.
  • Pakistan’s energy mix includes 30% natural gas (69% from SNGP, 31% from SSGC), 11% RLNG, 21% oil, 15% coal, 12% hydropower, 7% nuclear, and 4% from LPG and renewables combined.
  • SNGPs ownership is split between 32% direct and 42% indirect Government holding, with the remaining 26% held by the public and others.
Autos: May-2025 sales to record highest levels since Dec-2022 - By JS Research

Jun 5 2025


JS Global Capital


  • We preview automobile sales volumes for May-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd, representing 84% of the four-wheeler market, to post a major volumetric growth of 44%/49% YoY/MoM, reaching ~13.3k units.
  • INDU and HCAR are expected to lead monthly growth with volumes up 2.4x and 69% YoY, respectively. The 49% MoM increase is largely due to delivery delays led by protest on highways over canal projects. Overall, we anticipate a 38% YoY growth for our sample in 11MFY25.
  • We highlight key risks in the FY26 budget to include a potential carbon tax on petrol vehicles, reduced average tariffs on imported cars, extension of used car import age limit from 3 to 5 years, and higher sales tax on vehicles up to 800cc – all of which could significantly impact the auto industry sales.
Economy: Pre-Budget FY26 Market Sentiments - By Chase Research

Jun 5 2025



  • Chase Securities conducted a pre-budget survey in the run up to the annual budget announcement.
  • A total of 44 participants provided their insights on key issues.
  • We believe that these insights are key to identifying market sentiments and gauging the confidence in the equity market.
  • 27% of the participants expect KSE-100 to be above 150,000 points by the end of June 2026.
Technical Outlook: KSE-100; Upside to continue - By JS Research

Jun 5 2025


JS Global Capital


  • Bulls continued to dominate the session as the KSE-100 Index gained 1,348 points DoD, closing at the 121,799 level. Trading volumes stood at 711mn shares, up from 578mn shares previously. We believe a break above 121,882 (yesterday’s high) will sustain the uptrend, with 123,375 and 125,947 as the next targets. On the downside, support is seen between 120,900 and 121,170, with a break below this range likely to trigger a corrective phase. Both the RSI and MACD are trending upward, reinforcing a positive outlook. We recommend investors 'Buy on dips,' while keeping a stop-loss below the 120,896 level. The support and resistance are at 121,169 and 122,155, respectively.
Morning News: Pakistan, ADB sign $300m ‘Subprogram II’ loan - By WE Reserach

Jun 5 2025



  • The government of Pakistan and the Asian Development Bank (ADB) have signed a $300 million loan agreement under the “Improved Resource Mobilization and Utilization Reform Programme (Subprogramme-II),” aimed at supporting Pakistan’s macroeconomic stabilization and fiscal consolidation through structural reforms in trade, revenue generation, and capital market development. The agreement, signed by Dr. Kazim Niaz and ADB Country Director Emma Fan, is part of a broader $800 million financing package that includes a $500 million Policy Based Guarantee (PBG) to help raise $1 billion in commercial financing, reinforcing Pakistan’s efforts toward economic recovery and sustainability.
  • At a lively early Independence Day celebration hosted by the US Embassy in Islamabad, Prime Minister Shehbaz Sharif announced a “new era” in US-Pakistan relations, emphasizing shared democratic values and historical ties dating back to 1947. Speaking to a crowd of political leaders, diplomats, and civil society members, Sharif acknowledged America’s longstanding development support while highlighting Pakistan’s heavy sacrifices in the fight against terrorism—over 90,000 lives lost and $150 billion in economic damage. He also criticized India over a recent conflict, calling the Pahalgam incident a false-flag operation and accusing New Delhi of civilian targeting, while affirming Pakistan’s military response. Despite tensions, Sharif expressed a desire for regional peace and praised former US President Trump for his role in de-escalating hostilities. Acting US Ambassador Natalie Baker echoed the spirit of partnership, speaking in Urdu and highlighting shared values and mutual respect.
  • Pakistan’s finance team is in negotiations with the International Monetary Fund (IMF) to maintain the current 5% Federal Excise Duty (FED) on fertilisers and drop a proposed 5% FED on pesticides in the 2025–26 budget, following intervention by Prime Minister Shehbaz Sharif. The Prime Minister has also directed the Federal Board of Revenue (FBR) to reassess the proposed import tariff rationalisation plan to prevent negative impacts on the import bill. While the IMF appears to have relented on fertiliser and pesticide taxes after Pakistan argued these could hurt agricultural productivity—especially alongside the introduction of the Agriculture Income Tax (AIT)—it remains firm on imposing General Sales Tax (GST) in the formerly exempt FATA/PATA regions. Despite previous political efforts to preserve the exemption, a reduced GST rate of 12% is now expected to be implemented there in the upcoming fiscal year.
Morning News: IMF wants ‘strict compliance’ as budget enters final stages - By Vector Research

Jun 5 2025


Vector Securities


  • Amid final consultations on the budget, the International Monetary Fund (IMF) wants strict compliance with programme requirements, including the coverage of agriculture income tax in provincial budgets to ensure effective collection starting no later than September 2025. The Fund also does not agree with a plan for incentivising enhanced power consumption desired by the federal government to absorb surplus capacity.
  • The government of Pakistan and Asian Development Bank (ADB) on Wednesday signed a $300 million loan agreement for the “Improved Resource Mobilization and Utilization Reform Programme (Subprogramme-II).
  • The National Economic Council (NEC) under the chairmanship of Prime Minister Shehbaz Sharif, Wednesday approved the national development outlay of Rs4.224 trillion (Rs4,224 billion), including federal Public Sector Development Program (PSDP) of Rs1,000 billion for the next budget. The real GDP growth has been envisaged at 4.2 per cent of GDP and CPIbased inflation at 7.5 per cent for FY2025-26.
Cement: May'25 local offtakes reach 21-month high amid improvement in construction activity - By AKD Research

Jun 4 2025


AKD Securities


  • Cement dispatches for May’25 clocked in at 4.65mn tons, an increase of 9%YoY, driven by 9%YoY surge in local offtakes, while exports increased by 7%YoY.
  • Industry-wide capacity utilization increased to 66% (up 4.6ppt YoY), highest in 21 months.
  • We maintain a positive outlook on the sector on the back of anticipated gross margin expansion due to improvement in retention prices and declining power cost, supported by declining interest cost.
Fertilizers: Slight demand pick-up ahead of the Budget - By JS Research

Jun 4 2025


JS Global Capital


  • As per provisional figures, Urea off-take during May 2025 is expected to clock in at 420k tons, up 6% YoY/67% MoM. This marks the first YoY growth in Urea sales volumes after a sustained period of weak performance since CYTD. While DAP volumes likely to arrive at 94k tons (+2.3x YoY). CYTD urea/ DAP sales are likely to post 31%/20% YoY decline.
  • Company-wise, Fauji Fertilizer Company (FFC) is expected to post Urea off-take of 206k tons in May-2025, down 28% YoY. In contrast, Engro Fertilizers (EFERT) is expected to post 86% YoY growth reflecting a low base-effect, while the company is also expected to surpass the CYTD monthly run-rate.
  • Urea inventory is expected to reach an 8-year high of 1.3mn tons in May-2025, similar to the levels seen during the same month in 2017/ 2020, which were later offloaded due to exports / strong sales in latter months. Although the chances for govt allowing exports are low at this point, however, any such allowance would favor EFERT more than the peers.
Refinery: GRMs Sharply Recovering - By Sherman Research

Jun 4 2025


Sherman Securities


  • After plunging to lowest level of US$4.5 per barrel in April 25, Gross Refining Margins (GRMs) of local refineries significantly recovered to US$9.3 per barrel during ongoing month of June. This is positive for local refineries as their earnings are directly linked with changes in GRMs.
  • Just to recall, highest GRM was recorded at US$30 per barrel during July 2022 while average GRMs during last 5 years stood at US$7 per barrel.
  • GRM is the sum of the weighted average spread of products which a refinery is yielding on every barrel of crude it processes. Major products include Diesel (HSD), Gasoline (MS) and Furnace oil (FO).
Cement: May’25 dispatches up 39%MoM - By Taurus Research

Jun 4 2025


Taurus Securities


  • Total Cement dispatches in May’25 up 39%MoM on the back of reviving construction demand i.e. Domestic sales went up 46% MoM to 3.6Mn tons. Whereas, total export sales up 20%MoM on account of better retention prices and surge in demand post Indo-Pak de-escalation which benefited North Players, mainly. On a YoY basis, total domestic sales were up 9% in May’25 as lower interest rates and record low inflation have supported players to improve their margins and increased volumes. Although, higher duties and taxes on the cement sector have reduced the overall demand, resulting in overcapacity.
  • North-based domestic sales increased 42%MoM in May’25 due to surge in the construction activities amid seasonal demand and better volumes i.e. lower retail prices compared to the South region. Wherein, export sales were up significantly by 1.1xMoM on the revival of regional sales post Indo-Pak deescalation. South-based domestic sales surged by 64%MoM in May’25 amid revival of the construction demand. On the export front, South-based exports were up 5%MoM, respectively.
  • On a YoY basis, North-based domestic sales surged 10%YoY in May’25 due to pick up in construction demand on the back of lower interest rates and record low inflation. Similarly, Northbased exports were up significantly by 48%YoY, reflecting higher demand from the export regions. On the South front, domestic sales during May’25 increased by 5%YoY. However, export sales dropped 2%YoY to 0.75Mn tons, respectively.
Sui Northern Gas Pipelines Limited (SNGP): FY24 Corporate Briefing Takeaways - By Taurus Research

Jun 5 2025


Taurus Securities


  • SNGP, largest integrated natural gas utility in Pakistan, posted a record profit of ~PKR 18.97Bn in FY24, supported by all-time high sales of ~PKR 1Bn.
  • Pakistan’s energy mix includes 30% natural gas (69% from SNGP, 31% from SSGC), 11% RLNG, 21% oil, 15% coal, 12% hydropower, 7% nuclear, and 4% from LPG and renewables combined.
  • SNGPs ownership is split between 32% direct and 42% indirect Government holding, with the remaining 26% held by the public and others.
Cement: May’25 dispatches up 39%MoM - By Taurus Research

Jun 4 2025


Taurus Securities


  • Total Cement dispatches in May’25 up 39%MoM on the back of reviving construction demand i.e. Domestic sales went up 46% MoM to 3.6Mn tons. Whereas, total export sales up 20%MoM on account of better retention prices and surge in demand post Indo-Pak de-escalation which benefited North Players, mainly. On a YoY basis, total domestic sales were up 9% in May’25 as lower interest rates and record low inflation have supported players to improve their margins and increased volumes. Although, higher duties and taxes on the cement sector have reduced the overall demand, resulting in overcapacity.
  • North-based domestic sales increased 42%MoM in May’25 due to surge in the construction activities amid seasonal demand and better volumes i.e. lower retail prices compared to the South region. Wherein, export sales were up significantly by 1.1xMoM on the revival of regional sales post Indo-Pak deescalation. South-based domestic sales surged by 64%MoM in May’25 amid revival of the construction demand. On the export front, South-based exports were up 5%MoM, respectively.
  • On a YoY basis, North-based domestic sales surged 10%YoY in May’25 due to pick up in construction demand on the back of lower interest rates and record low inflation. Similarly, Northbased exports were up significantly by 48%YoY, reflecting higher demand from the export regions. On the South front, domestic sales during May’25 increased by 5%YoY. However, export sales dropped 2%YoY to 0.75Mn tons, respectively.
Pakistan Economy: May’25 NCPI clocked-in at 3.5%YoY/-0.2%MoM - By Taurus Research

Jun 3 2025


Taurus Securities


  • Headline inflation for the month of May’25 picked-up as anticipated due to the low base effect mainly, to clock-in at 3.5%YoY/- 0.2%MoM. Consequently, FYTD NCPI stands at 4.7%YoY. Accordingly, inflation in both Urban and Rural areas arrived in at 3.5%YoY and 3.4%YoY, respectively.
  • Nevertheless, MoM inflation dipped on account of slight decrease in food prices; ~1.2%MoM decline in utility prices due to adjustment in electricity charges; muted impact of fuel prices; and continued slowdown in core inflation. To note, core inflation in Urban areas stood at 7.3%YoY, down 0.4%MoM and in Rural areas it was recorded at 8.8%YoY, down 0.4%MoM, respectively.
  • In food category, excluding Eggs (up ~24.3%MoM), a broadbased drop was witnessed including substantial fall in prices of Onions & Tomatoes. Conversely, core segments like Clothing & Footwear , Furniture & Household Equipment, Restaurant & Hotels and the Miscellaneous showcased resilience. Additionally, SPI inflation on a YoY basis fell 0.6% in May’25. However, WPI inflation on a YoY basis was up 0.4% in May’25.
Janana De Malucho Textile Mills Limited (JDMT): FY24 Corporate Briefing Takeaways - By Taurus Research

Jun 2 2025


Taurus Securities


  • Janana De Malucho Textile Mills Ltd was incorporated in Pakistan as a Public Company in the year 1960. The Company is mainly engaged in the business of manufacturing and sale of yarn.
  • In FY24, sales clocked in at PKR 5.8Bn as compared to PKR 6Bn, down 2% over the SPLY mainly due to reduced availability of cheaper imported yarn from China and Vietnam. The Company recorded gross loss of 6ppts arriving at -0.42% compared to 6% in the SPLY driven by a ~60% rise in fuel & power costs, a 100% increase in closing stock and higher minimum wage rate. Additionally, a ~150% surge in gas prices significantly strained operating margins beyond the Company’s capacity to absorb costs.
  • Finance costs arrived at PKR 358Mn compared to PKR 325Mn, up 10% over the SPLY driven by higher interest rate during the period. The Company posted an impairment reversal on investments in associated Company of PKR 23Mn compared to the loss of PKR 20Mn in the SPLY
Gadoon Textile Mills Limited (GADT): Corporate Briefing Takeaways - By Taurus Research

May 29 2025


Taurus Securities


  • Gadoon Textile Mills Limited (GADT) was incorporated in Pakistan on February 23, 1988 as a public limited company. The principal activity of the Company is manufacturing & sale of yarn, knitted bedding products, dyeing services and production & sale of milk.
  • In 9MFY25, sales clocked in at PKR 55Bn compared to PKR 54Bn, up 2% over the SPLY attributable to higher volumetric sales of knitted bedding products despite the decline in yarn sales. Gross margins increased 2ppts arriving at 9% compared to 7% in the SPLY mainly due to a better raw material mix, improved pricing strategies and increased use of renewable energy.
  • Finance costs arrived at PKR 1.9Bn compared to PKR 3Bn, down 38% in the SPLY driven by lower interest rates, improved working capital management and balanced mix of local & foreign currency borrowings. The profit from associates declined 21%YoY arriving at PKR 851Mn as compared to PKR 1Bn in the SPLY.
Adamjee Life Assurance Company Limited (ALIFE): CY24 Corporate Briefing Takeaways - By Taurus Research

May 29 2025


Taurus Securities


  • The management of the ALIFE presented CY24 corporate briefing session where they highlighted that the Company had achieved the highest ever PAT in CY24 to PKR 1.5Bn on the back of significant surge in the investment income due to record high interest rates and increase in the size of the book. However, shares from bancassurance declined to around 15% on account of drop in the disposable income. Further, the management shared a significant jump in fixed assets as the resultant effect of incorporating IFRS-16. The management also told that the deadline for IFRS-17 was Jan’26.
  • With regards to the market share, bancassurance, direct distribution and group life units held a market share of 15%, 10% and 7% during CY24. The management expects the market share of bancassurance, direct distribution and group life during CY25 will increase to 20%, 15% and 15%, respectively. The management expects a gradual growth in its direct distribution unit amid successful implementation of the direct distribution model back in 2018. Further, they anticipates bancassurance as the major revenue driver with most of the gross premium coming from regular premium products during CY25 and CY26. While, they revised down revenue projections for single premium products due to uncertainties revolving around muted growth.
  • As per the view of underwriting performance, the management discussed that the Company is holding lower margins than its competitors due to lower size of the book and slightly lower claim ratio. However, they are optimistic about increasing underwriting ratio of the Company based on the current economic stability and gradual increase in the disposable income.
K-Electric (KEL): NEPRA approves Multi-Year T&D Tariff for K-Electric - By Taurus Research

May 26 2025


Taurus Securities


  • NEPRA has approved Multi-Year Tariff for Transmission & Distribution (T&D) network segments of K-Electric for FY24- FY30. Salient features of the multi-year tariff approved by NEPRA are as follows:
  • Control Period: 7 Years, from FY24- FY30.
  • Allowed Debt-to-Equity Ratio: 70:30.
Image Pakistan Limited (IMAGE): 3QFY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • IMAGE is a premium fashion retailer specializing in Schiffli embroidery and digital lawn. It operates 14 stores across Pakistan and a growing online platform serving both local and international markets. With subsidiaries in the UK and USA, IMAGE targets the affordable luxury segment, blending traditional craftsmanship with modern design for its customers.
  • In 3QFY25, IMAGE reported sales of PKR 1,205 million, relatively unchanged from 3QFY24 sales of PKR 1,204 million. Gross profit margin slightly improved to 45% in 3QFY25 compared to 42% in the same period last year (SPLY). However, net profit after tax (PAT) decreased by 12% to PKR 209Mn in 3QFY25 from PKR 238Mn in the SPLY due to an increase in distribution and selling expenses. EPS stood at PKR 0.91 in 3QFY25 (3QFY24 EPS: PKR 1.81).
  • During 3QFY25, IMAGE expanded its physical presence with three new stores: Multan, Gujrat, and a new outlet at Dolmen Mall Lahore, taking total outlets to 14 nationwide. An additional three outlets (DHA Phase VI Karachi, Giga Mall Rawalpindi, and F-6 Islamabad) are scheduled for launch by the end of CY25, which will bring the total to 17 brick-and-mortar stores. This accelerated rollout indicates management’s confidence in sustained foot traffic recovery and untapped urban demand.
Pakistan Aluminium Beverage Cans Limited (PABC): CY24 & 1QCY25 Corporate Briefing Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • PABC is the leading manufacturer of beverage cans in Pakistan. The Company is also Pakistan’s first and only manufacturer and exporter of aluminium cans.
  • During CY24, sales revenue increased 17%YoY clocking in at PKR 23Bn. The contribution of the exports to total revenue was around 63% during the year. Export sales increased 53%YoY to PKR 14.4Bn. Gross margin recorded a marginal decrease. Net profit for the year was recorded at PKR 6Bn compared to PKR 5Bn during the SPLY. The net profit margin recorded a marginal increase. As a result, EPS increased to PKR 16.9/sh from PKR 13.9/sh during the SPLY.
  • The Company reported a production of 936Mn cans in CY24, at a capacity utilization of 89%. The production capacity is 1.2Bn cans p.a.
Lalpir Power Limited (LPL): CY24 Corporate Briefing Key Takeaways - By Taurus Research

May 23 2025


Taurus Securities


  • LPL’s Power Purchase Agreement, originally due to expire in Nov’28, was terminated effective Oct 1, 2024, under a Negotiated Settlement Agreement. Receivables up to Sep 30, 2024—including CPP, EPP, and PTI—were cleared by Dec 31, 2024. Delayed payment interest was waived, resulting in significant reversals in the financials. The Company retains ownership of its 350MW oil-fired complex, and no further compensation was provided by the Government. CPPA-G will reimburse the Company for any adverse tax rulings if applicable.
  • Revenue declined 27%YoY to PKR 14.2Bn (CY23: PKR 19.5Bn), reflecting reduced dispatches ahead of PPA expiry. Gross profit fell to PKR 3.55Bn (CY23: PKR 5.6Bn), while PAT sharply dropped to PKR 465Mn from PKR 4.9Bn. This steep decline was primarily driven by non-recurring reversals—including furnace oil inventory written down to net realizable value due to low selling prices and the reversal of interest income due to waived charges under the settlement. EPS declined significantly to PKR 1.22 (CY23: PKR 12.1).
  • LPL reported surplus funds of PKR 9.8Bn as of Dec 31, 2024, ensuring liquidity strength post-PPA. However, Management clarified that it does not plan to distribute excess reserves via dividends in the near term. Instead, the focus is on pursuing high-potential ventures that can deliver superior long-term shareholder value.
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