Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked in at PKR0.01 – Below expectation - By Insight Research

Feb 13 2025


Insight Securities


  • LOTCHEM has announced its 4QCY24 result, wherein company has posted LAT of PKR19mn (LPS: PKR0.01) vs. PAT of PKR238mn (EPS: PKR0.16) in SPLY. The result is below our expectation due to lower than estimated gross margins and revenue.
  • In 4QCY24, revenue increased by 4% YoY, due to higher volumetric sales. While on QoQ basis, same is down by 17% due to lower PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 0.8%, down by 120bps/340bps YoY/QoQ, possibly due to lower realized core delta.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 EPS clocked in at PKR0.44 – Below expectation - By Insight Research

Apr 17 2025


Insight Securities


  • LOTCHEM has announced its 1QCY25 result, wherein company has posted PAT of PKR0.7bn (EPS: PKR0.44) vs. PAT of PKR0.9bn (EPS: PKR0.59) in SPLY. The result is below our expectation due to lower than estimated revenue.
  • In 1QCY25, revenue decreased by 33% YoY, due to lower volumetric sales. While on QoQ basis, same is up by 6% possibly due to higher PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 6.2%, up by 100bps/540bps YoY/QoQ, due to improved core delta.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 Preview: Profitability to stay muted - By Insight Research

Apr 16 2025


Insight Securities


  • LOTCHEM is expected to post a PAT of PKR806mn (EPS: PKR0.50) in 1QCY25 vs. loss of PKR19mn (LPS: PKR0.01) in preceding quarter amid better core delta. While on YoY basis profitability inch up by ~2%. To note, International PTA prices plunged by ~13% YoY to clock in at ~US$682/ton. Similarly, PX prices witnessed a decrease of ~16% YoY to clock in at US$868/ ton, resulting in an increase of ~9% in PTA-PX spread. Company’s topline is expected to decrease by 25% YoY to clock in at PKR24.3bn in 1QCY25, amid lower volumetric sales. Whereas, same is expected to increase by ~20% QoQ due to higher volumetric sales. Gross margins of the company are estimated to clock in at 6.5% in 1QCY25, witnessing an increase of ~130bps/5.7ppts YoY/QoQ on account of improved core delta. Selling and distribution expense is expected to increase by 39%/20%, YoY/QoQ.
  • EPCL is expected to post a consolidated LAT of PKR264mn (LPS: PKR0.29) in 1QCY25 vs. LAT of PKR900mn (LPS: PKR0.99) in SPLY. Company’s topline is expected to increase by 12% YoY to clock in at PKR18.5bn in 1QCY25, amid higher volumetric sales. While, same is expected to decline by ~13% QoQ primarily due to lower PVC prices. Gross margins are estimated to clock in at 10.2% in 1QCY25 witnessing an increase of ~380bps YoY, attributable to higher volumetric sales. While on QoQ basis, same is expected to decline by ~390bps amid lower core delta and higher gas prices. To note, International PVC prices decline by ~4%/5% YoY/QoQ to clock in at ~US$756/ton. Similarly, PVCEthylene margins witnessed a decline of ~5%/10% YoY/QoQ. Selling and distribution expense is expected to decrease by 32% YoY, whereas same is expected to go down by ~8% QoQ. Financial charges are anticipated to decrease by 22%/27% YoY/ QoQ to clock in at PKR1.3bn, primarily due to decline in debt level and interest rates.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Hold Steady as PTA Margins Remain Underwhelming - By IIS Research

Apr 16 2025


Ismail Iqbal Securities


  • We expect LOTCHEM to report a PAT of PKR 779 million (EPS: PKR 0.51) for 1QCY25, compared to LPS 0.01 in last quarter. This improvement comes as operations normalize following a one-month plant turnaround last quarter. PTA sales volumes are also anticipated to recover to typical levels. However, PTAPX margins have averaged USD 100/ton this quarter, lower than the USD 122/ton in the past six years and the long term average of USD 110/ton, largely due to global dynamics and subdued international demand.
  • Additionally, this quarter is affected by the recent gas price hike. Where, the gas price for captive power plants has increased to Rs 3,500 per MMBtu, effective February 1, 2025. While this increase poses some pressure, it's worth noting that LOTCHEM’s cost structure and margins are largely driven by international PTA-PX spreads. Notably, in CY24, only around 7% of COGS was from oil, gas, and electricity expenses. Furthermore, the company is in the process of being acquired, as AsiaPak Investments Limited and Montage Oil DMCC entered into a share purchase agreement to acquire a 75.01% stake in LOTCHEM.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked-in at Rs0.01 - By Foundation Research

Feb 13 2025


Foundation Securities


  • Lotte Chemical Pakistan Limited (LOTCHEM) released its 4QCY24 financial result with loss of Rs0.01/sh compared to profit of Rs0.16/sh in 4QCY23. This cumulates to CY24 earnings of Rs1.75/sh, down 48% YoY.
  • Notably, AsiaPak Investment Company Limited and Montage Oil DMCC have informed PSX of their intention to acquire 75.01% shares of LOTCHEM via a Share Purchase Agreement. This would require them to undertake a Public Offer for 12.49% (189.2 mn) of the outstanding shares.
  • Decline in 4QCY24 profitability is attributable to (1) 53 day plant maintenance shutdown, (2) higher gas prices and (3) appreciation of avg. Rs-US$ despite higher PTA-PX margin.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked in at PKR0.01 – Below expectation - By Insight Research

Feb 13 2025


Insight Securities


  • LOTCHEM has announced its 4QCY24 result, wherein company has posted LAT of PKR19mn (LPS: PKR0.01) vs. PAT of PKR238mn (EPS: PKR0.16) in SPLY. The result is below our expectation due to lower than estimated gross margins and revenue.
  • In 4QCY24, revenue increased by 4% YoY, due to higher volumetric sales. While on QoQ basis, same is down by 17% due to lower PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 0.8%, down by 120bps/340bps YoY/QoQ, possibly due to lower realized core delta.
Lotte Chemicals Pakistan Limited (LOTCHEM): Earnings Fall Short on Margin Pressure, Maintenance Disruptions - By IIS Research

Feb 13 2025


Ismail Iqbal Securities


  • Lotte Chemicals Pakistan Limited (LOTCHEM) has announced its CY24 financial result today, where the company has posted PAT of PKR 2,647 mn with an EPS of PKR 1.75. This fell short of our expectation of PKR 2.13/sh, reflecting a 48% YoY decline, primarily due to PTA-PX margins averaging USD 100/ton in CY24 compared to USD 110/ton in CY23 coupled with minimal profitability in 4QCY24, as sales decreased by 17% QoQ due to a plant shutdown for maintenance, initially planned for one month but later extended by seven days.
  • The company did not announce a dividend alongside the results, contrary to our expectation of 1/sh. The total CY24 dividend stood at PKR 0.50 per share, translating to a payout ratio of 29%, lower than the seven year average annual payout ratio of 68%.
  • On a quarterly basis, gross margins were reported at 0.8%, compared to 4.2% in the previous quarter and 2.0% in 3QCY23. Financial charges for the quarter amounted to PKR 115 million, reflecting a 35% YoY and 38% QoQ decrease. Other income declined by 70% YoY and 24% QoQ, mainly due to a lower interest rate environment.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Steady, Dividend expected at PKR 1/Share - By IIS Research

Feb 6 2025


Ismail Iqbal Securities


  • We expect LOTCHEM to report a PAT of PKR 559 million (EPS: PKR 0.37) for 4QCY24, while for CY24, the PAT is projected at PKR 3,221 million (EPS: PKR 2.13). Additionally, we anticipate a dividend of PKR 1 per share this quarter, bringing the total dividend for the year to PKR 1.5 per share.
  • PTA sales volumes for 4QCY24 are expected to be on the lower side as the company suspended plant operations for maintenance for one month, later extending it by seven more days. However, gross margins are anticipated to improve this quarter to 7%, supported by stable margins. On a yearly basis, gross margins for CY24 are expected to be around 6%, down from 13% in CY23, primarily due to PTA-PX margins averaging USD 100/ton in CY24 compared to USD 110/ton in CY23.
  • Moreover, gas prices have once again increased. As per the latest notification, the gas price for captive power plants has been raised to Rs 3,500 per MMBtu, effective February 1, 2025. While this poses a concern for the company, its major costs and margins remain largely influenced by international PTA-PX margins.
Lotte Chemical Pakistan Limited (LOTCHEM): Corporate Briefing Notes – By Chase Research

Dec 5 2024



  • Lotte Chemical Pakistan Limited (LOTCHEM) reported a net profit of PKR 2.66 billion (EPS: PKR 1.76) in 9MCY24. This represents a 45% decline from a net profit of PKR 4.84 billion (EPS: PKR 3.20) in the same period last year (SPLY).
  • Revenue for 9MCY24 increased by 43% year-on-year to PKR 88.98 billion, compared to PKR 62.14 billion in 9MCY23. The trading of Acetic Acid contributed gross profit of PKR 358 million during 9MCY24. The price of Acetic Acid ranged between $450 and $500 per ton during the period.
  • LOTCHEM is the sole producer of purified terephthalic acid (PTA) in Pakistan, with an annual production capacity of 500 KT. Approximately 40% of the company’s sales are made to Novatex Limited.
Lotte Chemical Pakistan Limited (LOTCHEM): 3QCY24 Corporate Briefing Takeaways – By Taurus Research

Dec 5 2024


Taurus Securities


  • Lotte Chemical Pakistan Limited is a leading petrochemical company that specializes in the production and marketing of Purified Terephthalic Acid (PTA), a key raw material used in the manufacturing of polyester fibers, and plastics, contributing significantly to the textile and packaging industries in Pakistan.
  • LOTCHEM’s revenue in 3QCY24 was PKR 25Bn as compared to PKR 24Bn in the same period last year (4.3% YoY increase).
  • However, the Company’s gross profit margin significantly declined to 4.25% in 3QCY24 from 14.48% in 3QCY23. The reason for this sharp decline was because of the broader challenges faced by Pakistan, including high interest rates and escalating energy costs. These challenges caused Lotte's customers to reduce their operational rates, resulting in lower demand for PTA.
AirLink Communication Ltd ((AIRLINK): Innovation unplugged - By Foundation Research

May 27 2025


Foundation Securities


  • We initiate coverage on AirLink Communication Ltd. with an ‘Outperform’ rating and a Dec’25 TP of PKR 273.3/sh, implying a 67.8% upside. AIRLINK has established a strong position in the mobile manufacturing market through the local assembly of prominent brands including Xiaomi, Tecno, and Itel. The company has ambitious plans to expand its product portfolio further by venturing into the manufacturing of laptops, TV’s and EV’s.
  • Our positive outlook on AIRLINK is supported by (1) increasing broadband and smartphone penetration in Pakistan, (2) strategic expansion aided by a 10-year tax holiday, (3) rising market share of low budget smartphones, (4) diversification into laptops and TVs, (5) potential in Xiaomi smartphone exports, and (6) expanding horizons with EV’s. Despite growing competition, the company’s forward looking initiatives position it strongly to capitalize on untapped market opportunities.
  • Increasing broadband and smartphone penetration: Pakistan’s smartphone penetration (31%) is significantly lower than in neighboring India (47%) and other developing countries (avg: 54%) with a GDP per capita close to Pakistan’s. Similarly, smartphone penetration in South-East Asia stood at 79% in 2024, highlighting the gap and growth opportunity in Pakistan. Improved internet access and evolving popularity of social apps coupled with digitalization are likely to keep demand for smartphones robust in the near term.
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.
Morning News: IMF in disagreement over key targets, subsidies - By Vector Research

May 27 2025


Vector Securities


  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations.
  • Prime Minister Muhammad Shehbaz Sharif said that the bilateral trade between Pakistan and Iran which stood at $3billion would be taken to $10 billion volume in the next few years, as there was immense potential of growth. Prime Minister Shehbaz Sharif on Monday departed to Iran after concluding his two-day official visit to Turkiye.
  • Despite projected remittance inflows of $38 billion in the current fiscal year (FY25), Pakistan’s per expatriate remittance remains significantly lower than that of peer countries. “Although remittances have grown at a compound annual rate of 6.1 per cent from 2013 to 2023, per expatriate remittance remains low in comparison to other countries in the region,” said a report released by the Policy Research and Advisory Council (PRAC) on Monday.
Morning News: Budget features bold measures for ‘strategic direction - By HMFS Research

May 27 2025


HMFS Research


  • Finance Minister Muhammad Aurangzeb on Monday pledged that the upcoming federal budget would introduce “bold measures” to steer the national economy in a strategic direction and make available whatever support is required by the armed forces. Further said that every possible support would be provided to the armed forces, stressing that it was a national need in light of recent cross-border aggression, not just a military requirement. He said the government would ensure simplified tax returns and forms for the salaried class. He said that around 70 to 80 percent of salaried people did not hold equity and fixed-income portfolios. “They receive salaries through bank accounts with tax deducted at source. They should not have to fill in 140-150 data points,” he said, adding that the government aimed to reduce that number to just nine — five for wealth tax and four for income tax. He said the process would now be accelerated, with transactions involving Pakistan International Airlines (PIA), three power distribution companies and some financial institutions expected to reach completion by the end of this year.
  • The Finance Ministry said on Monday that the presentation of the Federal Budget 2025-26 has been delayed from June 2 to June 10 due to disagreements with the International Monetary Fund (IMF) over key budgetary figures, including subsidy allocations. “The budget announcement has been delayed by a week because the Finance Ministry’s figures are still under reconciliation. The IMF has placed a cap on subsidies,” he added. He further noted that the IMF has declined to make any changes to the revised budget figures recently presented to the Fund’s team.
  • The government is seriously considering reducing federal excise duty (FED) on beverages (aerated water) in the coming budget (2025-26) to attract foreign investment in this sector. Foreign investors including Turkish investors have promised more foreign direct investment in beverage sector in case of tax relief in the coming budget (2025-26). Leading global players with Turkish and Korean franchise investors have invested over USD 2 billion in Pakistan since 2018. However, no new investments have been made since 2023 due to the current fiscal environment. The industry contributes over Rs 175 billion in taxes annually (FED, GST, income tax, super tax) - one of the highest taxed sectors.
K-Electric (KEL): Transmission and Distribution Tariff Unveiled All three businesses now will get USD tariff - By Topline Research

May 26 2025


Topline Securities


  • In Seven months after securing dollarized tariff for generation business, the K-Electric (KEL) has also secured dollarized tariff for its transmission and distribution business for 7 years, i.e. from FY24 to FY30.
  • Distribution Business awarded USD ROE of 14%: NEPRA has awarded USD IRR of 14% to KEL for distribution business against requested USD IRR of 16.67%. The USD IRR of 14% translates into PKR ROE of 25.6% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 16.67%.
  • Transmission Business awarded USD ROE of 12%: NEPRA has awarded USD IRR of 12% to KEL for transmission business against requested USD IRR of 15%. The USD IRR of 12% translates into PKR ROE of 21.4% for Y1 (i.e. FY24). Which is better than previous tariff PKR return of 15%
Market Wrap: Highlights of the day May 26, 2025 - By JS Research

May 26 2025


JS Global Capital


  • The KSE-100 Index fell 0.8% to an intraday low of 118,150, as investor sentiment weakened due to the government's delay in presenting the federal budget and ongoing uncertainty surrounding IMF fiscal targets. The postponement of Budget 2025–26 and unresolved negotiations with the IMF are driving the risk-off behavior. Market direction remains contingent on clarity from upcoming IMF discussions and the budget announcement; volatility is likely to persist until fiscal policy details are finalized.
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 .
Pakistan Economy: National Consumer Price Index (NCPI) - By AHCML Research

May 26 2025


Al Habib Capital Markets


  • Inflation in May’25 is expected to clock in at 3.0% YoY, up from 0.3% in Apr’25 and down from 11.8% in May’24, as base effects continue to fade. On a monthly basis, CPI is likely to decline by 0.6% MoM, posting the second consecutive drop, mainly due to a 2.3% fall in food prices amid improved supply of perishables. However, poultry shortages are expected to push egg and chicken prices up by 32.8% and 20.7% MoM, respectively.
  • The transport index is expected to decline by 0.7% MoM due to lower fuel prices, while the clothing and footwear index is projected to rise by 1.2% MoM.
  • On a YoY basis, food inflation is anticipated to ease to 0.9%, but non-food inflation is likely to remain elevated, led by healthcare (+12.5%), education (+10.4%), clothing (+9.9%), and restaurants (+8.4%).
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.
Pak Aluminium Beverage Cans Ltd (PABC): Exports outlook gets weaker; Reiterate Sell - By JS Research

May 26 2025


JS Global Capital


  • We tweak down our CY25E/CY26E EPS estimates for Pak Aluminium Beverage Cans Ltd (PABC) by 9% and TP by 4%. The revision is mainly led by the expected fall in volumes led by border issues with Afghanistan coupled with the upcoming capacity expansions in Central Asia, which may adversely impact PABC’s export prospects to the region. We reiterate our Underperform rating for the stock with a TP of Rs110.
  • Furthermore, any reduction in regulatory duty in the upcoming budget (from 22%-26% currently to 15% or less) given to the local industry, may create pressure on sales volumes from dumping of cheaper products in the country.
  • We consider resumption of dividend payout and announcement of any Capex or investment plan as key triggers for the stock going forward. To highlight, PABC stands at net cash position of Rs10.7bn (Mar-2025).
Al-Ghazi Tractors Limited (AGTL): 1QCY25 EPS clocked in at PKR1.01 – Below expectation - By Insight Research

Apr 25 2025


Insight Securities


  • AGTL has announced its 1QCY25 result, wherein company has posted PAT of PKR59mn (EPS: PKR1.01) vs. PAT of PKR855mn (EPS: PKR14.7) in SPLY, down by ~93% YoY. The result is significantly below our expectation mainly due to lower than estimated gross margins and higher than estimated operating expenses.
  • During 1QCY25, revenue witnessed a decline of 62%/66% YoY/QoQ to clock in at PKR3.6bn, primarily due to lower volumetric sales. To highlight, volumetric sales decrease by ~63%/69% YoY/QoQ.
  • Gross margins decreased by ~70bps/390bps YoY/QoQ to clock in at ~21.5% in 1QCY25, possibly due to lower volumes.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 EPS clocked in at PKR0.44 – Below expectation - By Insight Research

Apr 17 2025


Insight Securities


  • LOTCHEM has announced its 1QCY25 result, wherein company has posted PAT of PKR0.7bn (EPS: PKR0.44) vs. PAT of PKR0.9bn (EPS: PKR0.59) in SPLY. The result is below our expectation due to lower than estimated revenue.
  • In 1QCY25, revenue decreased by 33% YoY, due to lower volumetric sales. While on QoQ basis, same is up by 6% possibly due to higher PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 6.2%, up by 100bps/540bps YoY/QoQ, due to improved core delta.
Nishat Chunian Limited (NCL): 2QFY24 EPS clocked in at PKR0.96 – Below expectation - By Insight Research

Feb 26 2025


Insight Securities


  • NCL has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR231mn (EPS: PKR0.96) vs. LAT of PKR911mn (LPS: PKR3.8) in SPLY. The result is below our expectation due to higherthan-expected tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR20.7bn (US$74.2mn) compared to PKR20.1bn (US$71.0mn) in SPLY, up by ~3% YoY. The increase in topline is possibly attributable to higher volumetric sales. However, same is down by ~11% on QoQ basis.
  • Gross margins clocked in at ~11% depicting an increase of ~2.3ppts QoQ, possibly due to operational efficiency and lower cotton prices.
Lotte Chemical Pakistan Limited (LOTCHEM): 4QCY24 LPS clocked in at PKR0.01 – Below expectation - By Insight Research

Feb 13 2025


Insight Securities


  • LOTCHEM has announced its 4QCY24 result, wherein company has posted LAT of PKR19mn (LPS: PKR0.01) vs. PAT of PKR238mn (EPS: PKR0.16) in SPLY. The result is below our expectation due to lower than estimated gross margins and revenue.
  • In 4QCY24, revenue increased by 4% YoY, due to higher volumetric sales. While on QoQ basis, same is down by 17% due to lower PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 0.8%, down by 120bps/340bps YoY/QoQ, possibly due to lower realized core delta.
Engro Fertilizers Limited (EFERT): 4QCY24 EPS clocked in at PKR7.70 – Below expectation - By Insight Research

Feb 10 2025


Insight Securities


  • EFERT has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR10.3bn (EPS: PKR7.70) vs. PAT of PKR11.1bn (EPS: PKR8.32) in SPLY. The result is below our expectation mainly due to higher than expected selling and distribution expense.
  • Revenue for the quarter clocked in at PKR84.8bn vs. PKR75.2bn in SPLY, mainly attributable to higher offtakes coupled with increase in urea prices.
  • Gross margins decreased by ~3.8ppts YoY, to clock in at ~35% attributable to higher gas prices.
Mari Energies (MARI): 2QFY25 EPS clocked in at PKR9.3 – Below expectation - By Insight Research

Jan 27 2025


Insight Securities


  • Mari Energies (MARI PA) has announced its 2QFY25 result today, wherein company has posted PAT of PKR11.2bn (EPS: PKR9.3) vs. PAT of PKR18.4bn (EPS: PKR15.3). The result is below our expectation due to higher than expected operating expenses.
  • In 2QFY25, revenue decreased by 9% YoY/QoQ mainly due to lower gas production. To highlight, company’s gas production is expected to decline by 5%/6% YoY/QoQ.
  • Royalty expense increased by 39%/45% YoY/QoQ due to an additional 15% royalty payment on the wellhead value, following the extension of the MARI D&P lease.
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