Engro Polymer and Chemicals Limited (EPCL): 4QCY24 EPS clocked in at PKR2.3 – Above expectation - By Insight Research

Feb 11 2025


Insight Securities


  • EPCL has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR2.1bn (EPS: PKR2.3) vs. PAT of PKR4.0bn (EPS: PKR4.4) in SPLY. The result is significantly above our expectation due to higher than estimated revenue, gross margins and tax credit in 4QCY24.
  • In 4QCY24, revenue increased by 11%/6% YoY/QoQ possibly due to better volumetric sales coupled with higher caustic soda prices.
  • Gross margins of the company clocked in at 14.1%, up by 860bps QoQ, possibly due to premium charged over import parity price as core delta remained flat QoQ. However, we await further clarity on this.
Engro Polymer & Chemicals Limited (EPCL): 1QCY25 Corporate Briefing Takeaways - By Taurus Research

Apr 24 2025


Taurus Securities


  • EPCL reported revenue of PKR 17.9Bn for the first quarter of 2025, up 7.8% from the same period last year. As a result, the gross profit margin also increased, rising from 6.7% to 7.9%. After factoring in distribution, administrative, and other expenses, EPCL posted an operating profit of PKR 717Mn in 1QCY25, an 81% increase compared to the same period last year. However, these gains were outweighed by high finance costs stemming from the Company’s debt, leading to a net loss of PKR 825Mn and a loss per share of PKR 0.91.
  • EPCL’s poor financial performance is because construction activity stayed weak in key global markets. In USA., housing permits declined for three months straight. In China, the PVC market struggled due to a slowdown in the property sector and rising trade tensions with USA. At the same time, global supply remained high while demand stayed low, which kept pushing PVC prices down, currently standing at USD 700/ton. There’s a growing concern that the tariffs imposed by President Donald Trump and India’s upcoming anti-dumping duties could lead to more Chinese dumping in other markets, possibly including Pakistan, which may add further pressure in the quarters ahead.
  • In March 2025, the price of captive gas was raised to PKR 4,291 per MMBtu, including a levy of PKR 791 per MMBtu. This levy is set to increase by another 10% in July 2025, putting further pressure on input costs. As a result, the rising energy expenses are expected to weigh on the Company’s margins in the coming quarters. In response, EPCL is exploring alternative power sources, such as coal, solar, and the grid, and is actively engaging with the government ministries to ensure more favorable terms for gas supply used in captive power generation. As PVC and VCM plants are continuous-process facilities that cannot afford unscheduled shutdowns, they require a highly reliable power source
Engro Polymer & Chemicals Limited (EPCL): CY24 Analyst Briefing Takeaways - By Taurus Research

Feb 14 2025


Taurus Securities


  • PVC prices dropped from USD 948/ton in June 2024 to USD 798/ton by year-end, which was a record low in recent years. This decline, driven by normalization of freight rates and supply chain constraints, put pressure on core delta which stood at USD 337/ton at the end of CY24, directly impacting EPCL’s margins and contributing to its poor financial performance.
  • Despite a tough year marked by a slowdown in the construction sector, domestic PVC demand grew by 8% due to cheaper imports from Indonesia & China. PVC sales volumes gradually increased on a QoQ basis by 10% on average due to EPCL's targeted pricing strategies, incentives and market confidence-building measures through which it sustained its market position.
  • Additionally, EPCL regained market share in caustic soda by onboarding new customers. Although domestic margins remained attractive, the Company maintained exports to support FX inflows. Supply to domestic Export-Oriented Units was sustained at 80%.
Engro Polymer & Chemicals Limited (EPCL): EPCL: 4QCY24 EPS arrives at PKR 2.6, CY24 EPS to clocks-in at PKR 0.5 - By Taurus Research

Feb 11 2025


Taurus Securities


  • EPCL reported a revenue of PKR 21.2Bn in 4QCY24, reflecting an increase of 11% YoY and 6% QoQ. Gross margin for 4QCY24 stood at 14%, a significant decline from 27% in 4QCY23 but a notable recovery from the 5% margin in 3QCY24. The yearly dip in margins can be attributed to rising raw material costs driven by a surge in gas prices and lower core delta.
  • After struggling with losses throughout the first three quarters of CY24, EPCL achieved a turnaround with a positive PAT of PKR 2.3Bn in 4QCY24 mainly attributable to tax reversals and higher margins.
  • However, EPCL’s annual PAT for CY24 fell sharply to PKR 610Mn, a 93% plunge from PKR 9.2Bn in CY23. Wherein, profitability was mainly hit by subdued PVC demand especially from the construction sector and margin pressures due to surge in gas prices.
Engro Polymer & Chemicals Ltd. (EPCL): 4QCY24 Result Review — Tax reversal & improved margins drive profitability - By AKD Research

Feb 11 2025


AKD Securities


  • Engro Polymer & Chemicals Ltd. (EPCL) announced its 4QCY24 financial results, wherein the company reported consolidated earnings of PkR2.1bn (EPS: PkR2.3), a 40%YoY decline from PkR3.5bn (EPS: PkR3.7) in SPLY. The result is above our expectations, primarily due to a tax reversal and better-than-expected gross margins. However, the annual decline in earnings is driven by lower gross margins and higher finance cost. On a sequential basis, the recovery from a loss of PkR2.0bn (LPS: PkR0.8) in 3Q is mainly due to improved gross margins.
  • Revenue increased by 11%YoY to PkR21.3bn, up from PkR19.2bn in SPLY, as higher PVC offtakes offset the impact of lower product prices.
  • Gross margins contracted to 14.1% from 26.9% in SPLY, primarily due to higher energy costs. Notably, gas prices for captive and process increased by 45%/15%YoY, averaging PkR3,000/2,150/mmbtu in 4QCY24, respectively, compared to an avg. of PkR2,067/1,867/mmbtu in SPLY. However, gross margins remained higher than expected, and we await further clarity on this.
Engro Polymer & Chemicals Limited’s (EPCL): 4QCY24 EPS clocked in at Rs1.95, down 37% YoY - By Foundation Research

Feb 11 2025


Foundation Securities


  • Engro Polymer & Chemicals Limited’s (EPCL PA) profit clocked-in at Rs2.4bn (EPS Rs1.95 in 4QCY24 against profit of Rs3.8bn (EPS Rs3.11) in 4QCY23.
  • This cumulates into CY24 profit of Rs610mn (EPS Rs0.67) compared to profit of Rs9.2bn (EPS Rs7.63) in CY23.
  • The company did not announce any dividend during CY24
Engro Polymer and Chemicals Limited (EPCL): 4QCY24 EPS clocked in at PKR2.3 – Above expectation - By Insight Research

Feb 11 2025


Insight Securities


  • EPCL has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR2.1bn (EPS: PKR2.3) vs. PAT of PKR4.0bn (EPS: PKR4.4) in SPLY. The result is significantly above our expectation due to higher than estimated revenue, gross margins and tax credit in 4QCY24.
  • In 4QCY24, revenue increased by 11%/6% YoY/QoQ possibly due to better volumetric sales coupled with higher caustic soda prices.
  • Gross margins of the company clocked in at 14.1%, up by 860bps QoQ, possibly due to premium charged over import parity price as core delta remained flat QoQ. However, we await further clarity on this.
Engro Polymer & Chemicals Ltd. (EPCL): 4QCY24 Preview: Loss expected as energy cost burden intensifies - By AKD Research

Feb 10 2025


AKD Securities


  • We expect Engro Polymer & Chemicals Ltd. (EPCL) to post a loss of PkR634mn (LPS: PkR0.7) in 4QCY24E, compared to a profit of PkR3.5bn (EPS: PkR3.7) in SPLY.
  • We expect gross margins to contract to 7.9%, mainly due to higher energy prices with avg. gas prices for captive and process risen by 45%/15%YoY, respectively.
  • CY24 cumulative loss is anticipated at PkR2.9bn (LPS: PkR3.4), compared to a profit of PkR8.9bn (EPS: PkR9.1) in SPLY.
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.
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