Attock Cement (Pakistan) Limited (ACPL): 2QFY25 EPS clocked in at PKR4.2 – Above expectation - By Insight Research
Jan 27 2025
Insight Securities
ACPL has announced its 2QFY25 result, wherein company has posted
PAT of PKR0.6bn (EPS: PKR4.2) vs. PAT of PKR0.5bn (EPS: PKR3.6). The
result is above our expectation due to higher-than-expected other
income
In 2QFY25, revenue increased by 12%/39% YoY/QoQ mainly due to
higher volumetric sales.
Gross margins of the company clocked in at 21.2%, up by 412 bps QoQ,
possibly due to better fuel mix.
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research
Jul 10 2025
Topline Securities
Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025,
reflecting a 64% YoY and 47% MoM rise.
MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to
increase effective from Jul 01, 2025 from 12.5% to 18.0%.
YoY growth is supported by a more stable macroeconomic environment, introduction of more
variants, lower interest rates, easing inflation, and improving consumer sentiment
Pakistan Fertilizer: FFC/ EFERT: 2QCY25 to see recovery in earnings - By JS Research
Jul 9 2025
JS Global Capital
We present 2QCY25 earnings estimates for Fauji Fertilizer Company Limited (FFC) and Engro Fertilizers Limited (EFERT),
where we expect the earnings to improve led by increase in Urea and DAP volume by 3% YoY and 15% YoY.
FFC is expected to post EPS of Rs14.5 with DPS of Rs11.25. Despite weaker sales, FFC is expected to remain in a better
position compared to peers led by comparative advantage amid lower gas tariff coupled with higher dividend income during
the quarter.
EFERT is likely to post recovery in earnings which remained under pressure last year amid Enven plant turnaround. However
continued discounts and higher inventory pileups will continue to impact company’s operations. Accordingly, the company is
likely to report an EPS of Rs4.6 (3.7x higher YoY), along with a dividend of Rs4.5/share.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research
Jul 7 2025
AKD Securities
The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY
compared to PkR35.5/kwh in FY25.
GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP:
PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Morning News: Pakistan, US reach accord on trade and tariffs - By HMFS Research
Jul 7 2025
HMFS Research
With less than a week to go before the July 9 deadline, Pakistan and the
United States have concluded a critical round of trade negotiations. While
both sides have reached an understanding, a formal announcement is
expected only after the US concludes similar ongoing negotiations with other
trade partners. The tariff relief, temporarily paused earlier this year, was at
risk of expiring if no progress had been made by the July 9 deadline. The
agreement, when signed, could lead to increased Pakistani imports of US
goods — notably crude oil — and potential American investment in
Pakistan’s mining, energy, and infrastructure sectors.
The U.S. dollar hovered near its lowest since 2021 against the euro and the
weakest since 2015 versus the Swiss franc on Monday, with traders alert for
any trade-related headlines in the countdown to President Donald Trump’s
tariff deadline. The dollar index , which measures the currency against those
three rivals and three more major counterparts, was flat at 96.967, hovering
above Tuesday’s nearly 3-1/2-year trough of 96.373.
US President Donald Trump said on Friday that he had signed 12 trade letters
to be sent out next week ahead of an impending deadline for his tariffs to
take effect. “I signed some letters and they’ll go out on Monday, probably
12,” Trump told reporters aboard Air Force One, adding that the countries to
which the letters would be sent will be announced on the same day. His
comments come days before steeper duties — which the president said on
Thursday would range between 10 and 70 per cent — are set to take effect
on dozens of economies, from Taiwan to the European Union.
Morning News: Pakistan, US reach accord on trade and tariffs - By Vector Research
Jul 7 2025
Vector Securities
With less than a week to go before the July 9 deadline, Pakistan and the United States have
concluded a critical round of trade negotiations, reaching an understanding on a deal that
could shape the future of the country’s key export sectors. The delegation arrived in
Washington on Monday with the aim of finalising a long-term reciprocal tariff agreement
that would prevent the re-imposition of a 29 per cent tariff on Pakistani exports — primarily
textiles and agricultural products. The tariff relief, temporarily paused earlier this year, was
at risk of expiring if no progress had been made by the July 9 deadline.
Pakistan and Azerbaijan in a major development Friday signed a partnership agreement. The
agreement for investment of a total of $2 billion by Azerbaijan in the economic sector of
Pakistan.
Foreign exchange companies contributed around $450 million to remittance inflows during
June, taking their total contribution to approximately $5 billion in FY25, according to the
Exchange Companies Association of Pakistan (ECAP). “We sold about $450m to banks in
June, highlighting our growing role in supporting the country’s exchange rate stability,” said
Zafar Paracha, Secretary General of ECAP.
Pakistan Cement: Cement demand to rise on PSDP push and construction revival in FY26 - By AKD Research
Jul 3 2025
AKD Securities
Cement dispatches reached 46.22mn tons in FY25, an increase of 2%YoY, driven
by higher export volumes, while domestic sales fell to eight-year low.
Industry-wide capacity utilization increased to 54.8% during FY25 (up 0.2ppt
YoY).
We expect domestic offtakes to grow by 6%YoY in FY26, amid easing interest
rates, pick-up in government spending, and sustained demand from the real
estate sector.
Pakistan Economy: Jun-2025 CPI of 3.2% takes FY25 average to 4.5% - By JS Research
Jul 2 2025
JS Global Capital
CPI for Jun-2025 clocked in at 3.2%. This takes FY25 average to 4.5%, down from FY24 average of 23.4%. Urban core
inflation eased to 6.9% YoY in Jun-2025, while rural core inflation declined to 8.6% YoY.
State Bank of Pakistan (SBP) kept the policy rate unchanged at 11% in the last MPC meeting, citing rising imports and
tensions in the Middle East as key risks adding uncertainty to the commodity outlook and inflation.
Despite the 11ppt decline in the policy rate over the past 12-months, the real interest rate (RIR) still hovers around ~7.8ppt,
advocating the case for further rate cut during FY26.
Economy: Pakistan Investment Strategy 2HCY25 - By AHCML Research
Jul 1 2025
Al Habib Capital Markets
Pakistan's economy is on track for sustained recovery, with GDP growth projected at 2.68% in FY25 and 4.2% in FY26. Pakistan’s economy is expected to recover modestly in
FY25, with services growing 2.9% YoY, supported by commodity sectors. Industrial growth is forecasted at 3.2% YoY, driven by LSM recovery, though energy-related challenges
pose risks. Agriculture is set to grow 1.8% YoY, led by livestock and forestry despite a decline in major crops. A shift to renewable energy is expected to cut costs and ensure
stable power supply, boosting efficiency.
This growth is supported by lower interest rates backed by lower inflation and a stable PKR. Inflation is expected to moderate to 6% YoY in FY26, aided by improving supply of
food related commodities, stability in PKR and completion of major energy tariff adjustments.
The IMF agreement has boosted investor confidence, while a clear roadmap for debt management, FDI commitments from friendly countries, and ambitious privatization
efforts signal an economic turnaround. High-impact projects like Reko Diq and energy sector reforms under the SIFC enhance Pakistan's appeal as an investment destination,
creating opportunities for investors to leverage these developments at the PSX.
Pakistan Economy: National Consumer Price Index (NCPI) Inflation Preview - By AHCML Research
Jun 30 2025
Al Habib Capital Markets
Inflation for Jun’25 is likely to come in at 3.47% YoY, compared to same 3.46% YoY in May’25 and 12.6% YoY in the same
period last year. On a monthly basis, CPI is expected to clock in at 0.46% MoM, Headline inflation for Jun’25 is expected to
increase, primarily driven by a sharp increase in food prices, which make up 35% of the CPI basket. Food inflation is projected
at 3.6%YoY due to significant increase in key items: Spices (88% YoY), Milk (36%), rice 37%), meat (20%), and cooking oil
(16%). On a MoM basis, the food index is expected to increase by 0.6%, led by higher prices for tomatoes, eggs, and chicken.
The ongoing reforms in the energy sector as increase in the gas and power tariff expected to increase inflation going forward.
For the FY25, average inflation is forecasted to range between 4.5% YoY, compared to 23.4% YoY in FY24.
Attock Cement Pakistan Limited (ACPL): Strong interest from potential buyers… Dec’25 TP of PKR 352, warrants a ‘BUY’ - By Taurus Research
Jun 30 2025
Taurus Securities
We reiterate our ’BUY’ rating for Attock Cement Pakistan Limited (ACPL) with a Dec’25 target price of PKR 352/sh. offering
an upside of 26% over the last day’s close. Our investment thesis
primarily focuses on the Company’s strategic business advantages like: i) Presence in the South (2nd largest producer in
the South) and the export market (15% share of Pakistan’s cement exports); and ii) Cost advantages (low dependence on the
National Grid); coupled with an attractive valuation.
In addition, the location of the Company’s plant offers it immense strategic advantages like proximity to major projects like
CPEC-Phase-II, Reko Diq and other mining & highway projects
etc.; specially in the context of Balochistan, along with access to
sea ports like Karachi, Port Qasim and Gwadar. Other triggers
also include savings due to lower finance costs, going forward.
Moreover, recently the Company has also attracted strong interest from potential buyers in light of its sponsor’s intentions of a
potential sale of the Company. The latter can be a strong catalyst
for the current share price of the Company as it continues to
trade at a massive discount on a replacement cost basis. Hence, a
potential acquisition offer may be well above the current price.
Market Wrap: Highlights of the day - By JS Research
Jul 11 2025
JS Global Capital
The KSE-100 Index surged 1,325
points to reach an intraday high of
133,902, as investor sentiment
turned bullish on the back of strong
macroeconomic signals. Record-high
remittances of $38.3 billion and
robust demand in recent
government debt auctions drove
renewed interest in the banking
sector. This marks a key inflection
point for the market. With
improving fundamentals and fiscal
stability, the index appears poised
to consolidate above the 130,000
mark. Continued foreign inflows and
structural reforms could sustain this
momentum in the quarters ahead.
Market Wrap: Bullish Momentum Persists as PSX Hits Historic Peak - By HMFS Research
Jul 11 2025
HMFS Research
The Pakistan Stock Exchange (PSX) continued its record-setting momentum,
with the KSE-100 Index hitting a new all-time high of 134,932 level, ultimately
closed at 134,300 level posting a robust gain of 517 points during the session.
The rally reflects sustained investor confidence, underpinned by a sharp
improvement in macro fundamentals. Key catalysts included a marked
improvement in Pakistan’s external position—with FX reserves surpassing USD
20bn for the first time in three years—and record-high PSDP utilization of PKR
1.046tn in FY25, representing 96% of the total allocation. This reflects strong
fiscal execution and a clear commitment to growth-driven policy support.
Investor sentiment was further bolstered by expectations of improved
corporate earnings and a stable monetary outlook. Market activity remained
strong, with 290mn shares traded on the KSE-100 and 764mn shares traded
across the broader market. Top volume leaders included BOP (94mn), ASL
(25mn), and KOSM (24mn). While short-term consolidation may follow the
recent sharp gains, the medium-term outlook remains positive, supported by
macroeconomic stability and earnings visibility. Investors are advised to
maintain a selective, fundamentals-driven approach, with a focus on sectors
benefiting from domestic demand recovery and policy tailwinds.
United Bank Limited (UBL): 2QCY25 EPS clocks-in at Rs 11.3, DPS Rs8.0 - By Foundation Research
Jul 11 2025
Foundation Securities
United Bank Limited (UBL) announced its 2QCY25 results today reporting earnings of PKR 28.2Bn (EPS: PKR
11.3), ↑103/↓21% YoY/QoQ respectively. This pulls 1HCY25 earnings to PKR 25.5/sh, up 117% YoY. The bank
also announced an interim dividend of PKR 8.0/sh (1HCY25 pay-out: PKR 13.5/sh). The result is higher than
our expectations because of greater than estimated NII however, high effective tax rate of 61.6% in 2Q
dragged earnings.
Net Interest Income (NII) of the bank underwent a significant jump of 237% YoY to PKR 91.2Bn in 2Q with
NIMs accretion supporting top-line growth. Note that NIMs declined to only 2.5% in the SPLY. The surge came
from 1) robust investments book delivering strong fixed income returns, 2) sharp decline in deposit costs and
3) lagged impact of asset re-pricing. On a QoQ basis, NII increased by 8%.
Non-funded income arrived at PKR 15.2Bn in 2Q, ↓17% YoY mainly on account of streamlined capital gains.
The decline was recorded despite a prolific 68% YoY jump in fee income. Forex income recorded an increase
of 7% YoY over the same period. Over the past year, the bank has recorded handsome gains in commission
on trade, commission on guarantees and card related fees which we believe continue to propel fee income
accretion. On a sequential basis, NFI recorded a paltry decline of 3%.
Market Wrap: Highlights of the day - By JS Research
Jul 10 2025
JS Global Capital
The KSE-100 Index surged 1,325
points to reach an intraday high of
133,902, as investor sentiment
turned bullish on the back of strong
macroeconomic signals. Record-high
remittances of $38.3 billion and
robust demand in recent
government debt auctions drove
renewed interest in the banking
sector. This marks a key inflection
point for the market. With
improving fundamentals and fiscal
stability, the index appears poised
to consolidate above the 130,000
mark. Continued foreign inflows and
structural reforms could sustain this
momentum in the quarters ahead
Automobile Assembler: Pakistan Car sales in Jun 2025 up 43% YoY to 21,773 units, ~ 3 year high - By Topline Research
Jul 10 2025
Topline Securities
Pakistan Car sales in Pakistan (as reported by PAMA) clocked in at 21,773 units in Jun 2025,
reflecting a 64% YoY and 47% MoM rise.
MoM rise was mainly led by a 39-month high Alto sales due to pre-buying as GST was set to
increase effective from Jul 01, 2025 from 12.5% to 18.0%.
YoY growth is supported by a more stable macroeconomic environment, introduction of more
variants, lower interest rates, easing inflation, and improving consumer sentiment
Oil and Gas Exploration: Improving liquidity in E&P sector to set stage for recovery - By AKD Research
Jul 10 2025
AKD Securities
As per released figures from PPIS for Jun’25, oil/gas production for the year
amounted to 62.4k bpd and 2,882mcfd, reflecting a decline of 12%/8%YoY.
We expect rebound in domestic hydrocarbons as excess RLNG issue is to be resolved through i) renegotiation of RLNG contract in 2026, ii) deferral of cargoes,
and iii) increase in demand.
Industry participants have struck 21 discoveries during FY25, up 40%/91% compared to 15/11 discoveries during FY24/23, culminating to incremental production
of 2.9k bpd of oil and 253mmcfd of gas as per initial flow rates.
Market Wrap: Evening Chronicle July 10, 2025 - By AHCML Research
Jul 10 2025
Al Habib Capital Markets
The KSE-100 Index opened on a positive note and surged to an intraday high of 133,902.34 points before closing at a record 133,782.34, gaining 1,205.36 points or 0.91%. Investor sentiment
remained buoyant amid strong economic indicators and corporate developments. Record remittances of USD 38.3bn in FY25 (up 26.6% YoY), progress on the Roosevelt Hotel’s USD 1.0bn
valuation in the proposed redevelopment plan, World Bank’s likely support for Reko Diq, a 10% rise in US exports, and a USD 1 billion syndicated loan by Dubai Islamic Bank all boosted
investors’ confidence. Top contributors to the index included MEBL, MCB, UBL, BAHL, and FFC, which collectively added 570.42 points. BOP led the volumes with 155.38 million shares, while
total market turnover reached 941.72 million shares.
Market Wrap: PSX Rebounds Strongly amid Strong Economic Indicators - By HMFS Research
Jul 10 2025
HMFS Research
The KSE 100 index resumed its upward trajectory today, reaching an intraday high
of 133,902 after a slight correction in the previous session driven by profit-taking.
The benchmark index closed at the 133,782 level, recording a gain of 1,205 points.
The positive sentiment was primarily driven by a remarkable 26.6% surge in
cumulative remittances in FY25, which reached a record high of USD 38.3bn.
Consequently, buying was observed across major sectors including banking and
cement. Investor confidence also improved ahead of corporate results season,
furthermore, a 10% y/y increase in exports to the US, which reached USD 5.8bn in
FY25, also aided momentum. Total traded volumes remained strong, with the
KSE-100 Index posting 326mn shares and the All-Share Index recording 940mn
shares. The most actively traded scrips today were BOP (155mn), KOSM (55mn),
and HASCOL (33mn). Going forward, the market’s upward trend is expected to
continue. However, since the Trump administration as of now has made no
announcements over its tariff position on Pakistan, the bourse could swing in the
opposite direction should the US decide to impose or reinstate trade barriers.
Such a move could dampen investor sentiment, thereby stalling the market's
momentum. Amidst this backdrop, investors are advised to remain cautious amid
the recent gains in market indices, focusing on fundamentally strong sectors and
companies with stable earnings and long-term potential.
Fertilizer: 2QCY25E earnings to jump on higher off-take - By Taurus Research
Jul 10 2025
Taurus Securities
We expect Fertilizer players in our universe to witness robust
surge in profitability on the back of significant increase in offtake during 2QCY25 i.e. Urea up 14%QoQ and DAP up 99%
QoQ, attributed to rise in demand for fertilizer products at the
start of the Kharif Season 2025 amid facilitating farmers with
Kissan Cards, mitigating wheat crisis and stable fertilizer prices.
On the Company front, EFERT’s market share went up by 32%
(up 8pptsYoY) in 2QCY25 due to base effect as the Company
had undergone scheduled plant maintenance activities for 2
months during 2QCY24, resulting in rise in Urea off-take (up
9pptsYoY to 34%). Further, disparity in gas pricing mechanism
has still put significant pressure on the margins of EFERT, forcing to sell Urea at a discounted price (discount of PKR 100-150
per bag started in Jan’25). Further, FFC has also reduced Urea
prices by PKR 40/bag effective from May’25.
FFC’s net sales to clock-in at ~PKR 68Bn in 2QCY25, up 7%QoQ
on account of increase in overall off-take by 17%QoQ (Urea and
DAP off-take were up by 9% and 66%, respectively). Gross margins to hover around 38% in 2QCY25, up 2pptsQoQ. Distribution and admin expense to increase 2%QoQ, in-line with the increase in sales volumes. Finance cost to remain on the lower
side (down 16%QoQ) amid deleveraging of FFBL and ongoing
monetary easing cycle.
Nishat Mills Limited (NML): BUY Maintained Earnings revised due to lower margins; SOTP value higher - By Topline Research
Jul 10 2025
Topline Securities
We have revised down our earnings estimates for Nishat Mills (NML) by average 33% for FY25
and FY26 to Rs18.49 and Rs19.11 on the back of lower-than-expected gross margins posted by
company in 9MFY25.
We have now assumed gross margins of average 11.1% for FY25-FY27 in our forecast
compared to 9MFY25 gross margins of 11.3%. While gross margins in last 10 years i.e. FY15-
FY24 have averaged at 12.4%.
Despite decline in earnings, we maintain our BUY stance on the company with Jun 2026 target
price of Rs225, suggesting total return of 60% including dividend yield of 2%.
Oil and Gas Development Company Limited (OGDC): 3QFY25 EPS clocked in at PKR10.96 – Above expectation - By Insight Research
Apr 30 2025
Insight Securities
OGDC has announced 3QFY25 PAT of ~PKR47.1bn (EPS: PKR11.0) vs.
PKR47.8bn (EPS: PKR11.1), down by 1% YoY. The result is above our
expectation mainly attributable to lower then expected ETR.
In 3QFY25, revenue decreased 7% YoY, mainly attributable to decline
in oil and gas production coupled with lower oil prices. On QoQ basis
revenue is up by 4% attributable to higher oil prices.
Operating cost inched up by 19% YoY/QoQ to clock in at ~PKR31.9bn.
Systems Limited (SYS): 1QCY25 EPS clocked in at PKR8.54 – Above expectation - By Insight Research
Apr 28 2025
Insight Securities
SYS has announced its 1QCY25 result, wherein company has posted
consolidated PAT of PKR2.5bn (EPS: PKR8.54) vs. PAT of PKR1.6bn (EPS:
PKR5.36) in SPLY. The result is above our expectation mainly due to lower
selling and distribution expenses during the quarter.
Revenue for the quarter clocked in at PKR18.1bn, up by ~19% YoY, mainly
due to higher revenue from Middle east and Europe region. However,
same is down by 6% on QoQ basis, mainly due decline in revenue from
Middle east and Europe region.
Company’s dollarized revenue clocked in at ~US$65mn in 1QCY25,
depicting a growth of ~19% YoY. However, same is down by ~6% QoQ due
to lower revenue from Middle east region.
Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research
Apr 25 2025
Insight Securities
FATIMA has announced its 1QCY25 result, wherein company has posted
consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS:
PKR6.49) in preceding quarter. The result is above our expectation mainly
due to higher than expected gross margins.
Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in
SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower
offtakes.
Gross margins decreased by ~200bps YoY, to clock in at ~40%,
attributable to lower offtakes. While on QoQ basis, margins increased
by ~8ppts.
Maple Leaf Cement Limited (MLCF): 3QFY25 EPS clocked in at PKR2.67 – Above expectation - By Insight Research
Apr 23 2025
Insight Securities
Maple Leaf cement has announced its 3QFY25 result, wherein company
has posted PAT of PKR2.8bn (EPS: PKR2.7) vs. PAT of PKR1.5bn (EPS:
PKR1.4) in SPLY. The result is above our expectation due to lower
effective tax rate.
In 3QFY25, revenue increased by 4% YoY mainly due to higher
volumetric sales and better retention price. While on QoQ, same is
down by 13% amid lower offtakes and retention price.
Gross margins of the company clocked in at 35%, up by ~5.5ppts YoY,
due to decline in coal prices and reliance on cheaper fuel mix. While
on sequential basis, same is down by ~4.7ppts due to lower retention
prices.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research
Apr 21 2025
Insight Securities
MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated
PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in
SPLY. The result came slightly above our expectations, mainly due to healthy
volumetric growth QoQ.
Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on
assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee
income and absence of capital gains. On YoY basis, other income inched up
by ~29% due to 10% increase in fee income and healthy jump in FX income.
Sazgar Engineering (SAZEW): 3QFY25 EPS clocked in at PKR103.06 – Above expectation - By Insight Research
Apr 21 2025
Insight Securities
SAZEW has announced its 3QFY25 result, wherein company has posted PAT
of PKR6.2bn (EPS: PKR103.06) vs. PAT of PKR3.0bn (EPS: PKR50.19) in SPLY.
The result is above our expectation mainly due to higher than estimated
topline and gross margins.
During 3QFY25, revenue witnessed an increase of ~83%/100% YoY/QoQ to
clock in at PKR36.7bn, primarily due to higher volumetric sales.
Gross margins increased by ~360bps/420bps YoY/QoQ to clock in at
~32.6% in 3QFY25, possibly attributable to higher sales volumes.
United Bank (UBL): 1QCY25 EPS clocked in at PKR28.8 – Above expectation - By Insight Research
Apr 16 2025
Insight Securities
UBL has announced its 1QCY25 result, wherein it has posted consolidated PAT
of PKR36.1bn (EPS: PKR28.8) vs. PAT of PKR16.1bn (EPS: PKR12.9) in SPLY. The
result is above our expectation due to higher than estimated NII and reversal in
provisioning expense.
Net interest income clocked in at PKR84.2bn, up by 200%/24% YoY/QoQ. The
increase is attributable to favorable pricing of investment book aided by
healthy volumetric growth and higher share of zero cost deposits.
Non markup income declined by 21%/38% YoY/QoQ despite a healthy
increase of 26%/90% YoY/QoQ in fee income. The decline is primarily driven
by elevated gain on securities in preceding quarters.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked in at PKR1.6 – Above expectation - By Insight Research
Feb 25 2025
Insight Securities
FCCL has announced its 2QFY25 result, wherein company has posted
PAT of PKR4.0bn (EPS: PKR1.6) vs. PAT of PKR2.7bn (EPS: PKR1.1) in
SPLY. The result is above our expectation due to higher-than-expected
gross margins.
In 2QFY25, revenue increased by 24%/8% YoY/QoQ mainly due to
higher volumetric sales and better retention prices. To note, company’s
local cement offtakes increased by 17%/14% YoY/QoQ.
Gross margins of the company clocked in at 35.8%, up by
314bps/142bps YoY/QoQ, possibly due to optimal energy mix and
decline in coal prices.
Gul Ahmed Textile Mills Limited (GATM): 2QFY24 EPS clocked in at PKR0.93 – Above expectation - By Insight Research
Feb 25 2025
Insight Securities
GATM has announced its 2QFY25 result, wherein the company has posted
consolidated PAT of PKR687mn (EPS: PKR0.93) vs. PKR547mn (EPS:
PKR0.74) in SPLY, up by 26% YoY. The result is above our expectation
due to higher-than-expected gross margin and lower tax expense.
In 2QFY25, company’s revenue clocked in at PKR45.68bn compared to
PKR41.23bn in SPLY, up by ~11 YoY. The increase in topline is possibly
attributable to higher volumetric sales.
In dollar terms, company’s revenue clocked in at US$164.0mn in
2QFY25 vs. US$145.5mn in SPLY, up by ~13 YoY. However, same is
down by ~7 QoQ.
Maple Leaf cement (MLCF): 2QFY25 EPS clocked in at PKR3.6 – Above expectation - By Insight Research
Feb 20 2025
Insight Securities
Maple Leaf cement has announced its 2QFY25 result, wherein company
has posted PAT of PKR3.7bn (EPS: PKR3.6) vs. PAT of PKR2.2bn (EPS:
PKR2.1). The result is above our expectation due to higher-than expected gross margins.
In 2QFY25, revenue increased by 5%/21% YoY/QoQ mainly due to
higher volumetric sales and better retention prices.
Gross margins of the company clocked in at 39.8%, up by
450bps/825bps YoY/QoQ, possibly due to increased usage of
alternate fuel.
