Lucky Cement (LUCK): LUCK announced stock split, increased share liquidity and better price discovery likely - By Topline Research

Feb 21 2025


Topline Securities


  • In a notice to the stock exchange today, Feb 21 2025, LUCK announced the board recommendation for sub-division of shares of the company.
  • The above-mentioned Stock Split will be in the ratio of 5 shares for every 1 share held.
  • After the stock split, the paid-up capital of the company will be divided into 1,465mn shares of Rs2 each form current 293mn shares of Rs10 each.
Lucky Cement Limited (LUCK): Result Review: LUCK 3QFY25 Diluted EPS Rs9.2 - By Sherman Research

Apr 28 2025


Sherman Securities


  • Lucky Cement Limited (LUCK) announced its 3QFY25 result today wherein the company posted unconsolidated net earnings of Rs13.5bn (Diluted EPS Rs9.2) compared to net earnings of Rs4.9bn (Diluted EPS Rs3.4) during same period last year, up by 174%YoY. The result came above our estimate due to 1) Higher than expected other income and 2) lower effective taxation. Just to recall, this result incorporates the stock split with total outstanding shares of 1.46bn shares.
  • During 3QFY25, net revenue surged by 10%YoY to Rs34.5bn primarily driven by elevated exports (up 52%YoY) while local dispatches remain stagnant.
  • LUCK’s gross margin clocked in at 33% as compared to 29% during the same period last year (up 4ppt). The increase in margins is mainly led by lower coal cost and efficient power mix
Lucky Cement (LUCK): 3QFY25 EPS at Rs12.25, up by 15% YoY (Earnings lower than expectations) - By Topline Research

Apr 28 2025


Topline Securities


  • Lucky Cement (LUCK) announced its 3QFY25 result today, where the company recorded consolidated earnings of Rs17.95bn (EPS of Rs12.25), up by 15% YoY and down by 16% QoQ.
  • The result came lower than expectations due to lower-than-expected Gross Margins and Share of Profit from Associates.
  • Alongside the result, the company did not announce any cash dividend which was in-line with expectations.
Lucky Cement Ltd. (LUCK):3QCY25 Result Review — Profitability surged on higher dividend income - By AKD Research

Apr 28 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK) announced its 3QFY25 financial results, reporting standalone earnings of PkR13.5bn (EPS: PkR9.2), compared to PkR4.9bn (EPS: PkR3.4) in SPLY, up 2.7x YoY. Earnings came above our expectations, mainly due to surprise dividends from Lucky Electric Power Company Ltd. (LEPCL) and Lucky Motor Corporation (LMC). On a consolidated basis, profitability increased by 15%YoY to PkR17.9bn, primarily driven by improved performance of LMC.
  • Standalone revenue clocked in at PkR30.2bn, up 10%YoY from PkR27.5bn in SPLY, mainly on the back of 45%YoY increase in company’s exports to 0.74mn tons from 0.51mn tons in SPLY.
  • Gross margins improved to 33.2% from 28.8% in SPLY, supported by lower coal prices and reduced power cost owing to higher reliance on low-cost renewables.
Cement: LUCK, PIOC & ACPL: 3QFY25 result previews - By JS Research

Apr 24 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Lucky Cement Ltd (LUCK), Pioneer Cement Ltd (PIOC), and Attock Cement Pakistan Ltd (ACPL).
  • We expect LUCK (Standalone) and ACPL to post earnings of Rs22.4/share and Rs3.8/share, respectively in 3QFY25, up 33%/ and 2.9x YoY, mainly due to increased dispatches and improved margins. PIOC on the other hand is expected to post earnings of Rs4.95/share in 3QFY25, down 6% YoY.
  • Declining international coal prices (-17% CYTD) and stable cement MRP’s in the South are expected to bode well for LUCK and ACPL, while PIOC is expected to benefit from the recovery in cement prices in the North going forward.
Lucky Cement Company Limited (LUCK): Cost efficiencies to support margins - By JS Research

Feb 24 2025


JS Global Capital


  • Lucky Cement Company Limited (LUCK) conducted its Corporate Briefing to discuss 2QFY25 results and outlook. On a standalone basis, the company reported an EPS of Rs24.8 for 2QFY25, up 7% YoY, driven by higher dispatches YoY (+24%). Meanwhile, on a consolidated basis, the company posted EPS of Rs73.2 in 2QFY25, up 22% YoY.
  • Management is confident that LUCK is well-positioned to withstand declining cement MRPs in the North, due to its cost efficiency measures such as investments in renewable energy capacity (103.1 MW). Additionally, its fuel cost/ton remains among the lowest in the industry following its Dec-2022 expansion.
  • The recently announced stock split is proposed to improve liquidity and increase accessibility for retail investors, avoiding a bonus issue as it would have resulted in significant taxes for investors.
Lucky Cement Limited (LUCK): 1HFY25 Corporate Briefing Takeaways - By IIS Research

Feb 21 2025


Ismail Iqbal Securities


  • Lucky Cement Limited (LUCK) held its corporate briefing today to discuss the financial results of 1HFY25 and future outlook of the company. Key highlights of the briefing are follows:
  • Local dispatches of the industry declined by 10.4% YoY, reaching 18.1mn tons in 1HFY25 due to subdued demand, while exports saw a significant growth of 31.7% YoY. Local demand showed some improvement in 2QFY25, reflecting an increase of 22.8% QoQ. Looking ahead, the company expects demand to recover from this negative double-digit growth, hinging on factors such as decrease in interest rates. However, Ramazan and Eid factor will likely affect the sales in 2HFY25.
  • For LUCK, total dispatches increased by 8.7% YoY in 1HFY25, primarily driven by rise in exports, as the company continues to explore different export destinations. However, local dispatches declined by 14%, in line with the industry trend.
Lucky Cement Limited (LUCK): Analyst briefing takeaways - By Insight Research

Feb 21 2025


Insight Securities


  • Lucky Cement Limited has conducted its analyst briefing to discuss its financial result and future outlook. We have summarized following key takeaways from the briefing.
  • In 1HFY25, LUCK’s local retention price stood at ~PKR16,000/ton. While export retention price for Afghanistan stood at ~PKR9,000/ton. For sea borne, retention price for clinker and cement export stood at US$31/ton and US$41/ton, respectively.
  • Company is fulfilling 55% of its total power requirement from renewable energy. Plant wise renewable power mix stands at 42%/56% for North and South.
Lucky Cement (LUCK):2QFY25 Corporate Briefing Key Takeaways - By Topline Research

Feb 21 2025


Topline Securities


  • Lucky Cement (LUCK) conducted 2QFY25 analyst briefing today to discuss business performance and future outlook.
  • Commenting on Stock Split, LUCK management stated that purpose of split was to increase liquidity of the stock and make it more attractive for participants. Global indices that track Pakistani stocks also have liquidity criteria.
  • Wind power plant of 28.8MW came online in 2QFY25. After completion of this project, the total renewables capacity is close to 100MW for two local cement plants of the company. Wind, Solar and WHR are now fulfilling approximately 55% of power requirements on average
Lucky Cement Ltd. (LUCK): LUCK board approves 5-for-1 split - By AKD Research

Feb 21 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK), in its Board of Directors meeting held yesterday, approved a share split in the ratio of 5:1, reducing the face value from PkR10/sh to PkR2/sh. Consequently, shareholders will receive 5 shares for every 1 share held. The date of determination which will be announced after the Extraordinary General Meeting (EoGM) on March 18, 2025.
  • The share split will increase the number of outstanding shares from 293mn to 1,465mn without triggering tax implications, unlike the bonus issue. The said development is expected to enhance the scrip’s liquidity and broaden investor participation.
  • Outlook: We maintain our ‘BUY’ stance on LUCK with a Dec’25 target price of PkR1,965/sh (PKR393/sh @1,465mn sh). Our view is supported by: i) improving market share given recent expansion, ii) higher gross margins driven by optimal coal and power mix, and iii) expected recovery in portfolio businesses alongside broader economic improvement.
Lucky Cement (LUCK): LUCK announced stock split, increased share liquidity and better price discovery likely - By Topline Research

Feb 21 2025


Topline Securities


  • In a notice to the stock exchange today, Feb 21 2025, LUCK announced the board recommendation for sub-division of shares of the company.
  • The above-mentioned Stock Split will be in the ratio of 5 shares for every 1 share held.
  • After the stock split, the paid-up capital of the company will be divided into 1,465mn shares of Rs2 each form current 293mn shares of Rs10 each.
Market Wrap: Highlights of the day - By JS Research

May 23 2025


JS Global Capital


  • Dull activity was observed on the last trading day of the week at the PSX, as investors adopted a cautious stance and preferred to stay on the sidelines ahead of the Federal Budget. The benchmark KSE-100 index fluctuated between an intraday high of 119,542 points (+389) and a low of 118,665 points (−487), before closing with a marginal loss of 50 points at 119,102. Trading volumes remained thin throughout the day, with major participation seen in sideboard stocks. Going forward, we expect the market to continue consolidating; hence, investors are advised to wait for dips before taking fresh positions.
Image Pakistan (IMAGE): Corporate Briefing Key Takeaways - By Topline Research

May 23 2025


Topline Securities


  • Topline Securities hosted a Corporate Briefing Session (CBS) for Image Pakistan (IMAGE) today, where senior management discussed the recent financial performance and future outlook of the company.
  • Rs193mn capex was incurred in 9MFY25, and management expects an additional Rs250mn for multi-head embroidery machinery and Rs150mn for store expansions over the next 9 months of CY25.
  • IMAGE currently has 14 outlets, with 4 more in progress (3 new and 1 expansion), bringing the total to 17 physical stores alongside a strong global online presence. Upcoming locations include the expanded Zamzama flagship, Bukhari Commercial in Karachi, F-6 MarkazIslamabad, and Giga Mall Rawalpindi.
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.
Market Wrap: KSE-100 Stays Resilient Amid Budget Uncertainty - By HMFS Research

May 23 2025


HMFS Research


  • The KSE-100 index exhibited a choppy trajectory today as investor sentiment remained cautious ahead of the FY26 budget announcement. Ongoing discussions with the IMF and anticipation of new conditionalities kept market participants on edge, curbing aggressive positions. Still, broader optimism anchored in improving macroeconomic fundamentals— such as expected external financing from the UAE and World Bank, and renewed efforts to enhance trade and exports—offered some stability amidst the turbulence. After hitting an intraday high of +389 points, the index ultimately settled at 119,103, recording a marginal decline of 50 points. Market activity reflected a wait-and-see approach, with muted volumes of 99.8mn shares on the KSE-100 and 337.1mn shares traded overall. Leading the board were BBFL (33mn), WTL (19mn), and DOL (16mn). Going forward, the market is likely to remain sensitive to unfolding budgetary disclosures and IMF-related developments. Nonetheless, a constructive macroeconomic backdrop could provide the necessary support to steer equities toward recovery. Investors are advised to remain vigilant, closely track policy cues, and prioritize fundamentally sound stocks with long-term value potential.
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.
Morning News: IMF not too ‘keen’ on relief steps in budget, links them to FBR revenue - By Vector Research

May 23 2025


Vector Securities


  • Signaling its reluctance to grant a major relief to the salaried, property, beverage, and export sectors, the visiting IMF team has linked the FBR’s tax collection target with reduction in expenditures. This is the crux of the ongoing parleys, as the team is going to accomplish its visit on Friday (today). However, the Fund will make an exception for the defence budget, as Islamabad will take an appropriate decision to hike the defence spending in view of the current geopolitical environment.
  • Prime Minister Shehbaz Sharif on Thursday met with a delegation from the World Bank, led by Managing Director of Operations Anna Bjerde, to discuss the Bank’s development investment and cooperation in Pakistan. The prime minister said the government is taking practical steps to maximize benefits from the World Bank’s investment under the Country Partnership Framework. He said the framework is expected to bring more than $20 billion in development financing to Pakistan.
  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms. According to a press statement issued on Thursday, the minister shared plans to launch a competitive electricity market soon, noting that preparatory work is underway. An Independent System and Market Operator (ISMO) has been established, and experienced professionals are being appointed. The government will no longer be the sole electricity purchaser.
Morning News: Forex reserves exceed $16bn mark on IMF tranche - By WE Research

May 23 2025



  • Pakistan's foreign exchange reserves rose by $1.034 billion in one week, reaching $16.649 billion as of May 16, 2025, largely due to a $1.023 billion IMF loan tranche under the Extended Fund Facility (EFF). This marks the highest level in four months. While the State Bank of Pakistan’s (SBP) reserves increased, commercial banks' reserves dipped slightly by $9 million. The IMF also approved a $1.4 billion Resilience and Sustainability Facility (RSF) to help Pakistan address climate challenges and support growth. The IMF funds are expected to attract further international financial support, with SBP projecting reserves to exceed $14 billion by June 2025.
  • World Bank Managing Director Anna Bjerde praised Pakistan’s recent economic reforms as a “globally recognised model,” crediting Prime Minister Shehbaz Sharif’s leadership for driving the transformation. During a high-level meeting in Islamabad, Bjerde highlighted Sharif’s focus on sustainable policies, political unity, and development that prioritizes people. She referred to Pakistan’s Country Partnership Framework as the “Pakistan Model,” citing its successful implementation. Sharif thanked the World Bank for its support, especially following the 2022 floods, and noted the partnership will lead to over $20 billion in development investment. Both sides reaffirmed their commitment to continued collaboration.
  • Prime Minister Shehbaz Sharif met with a World Bank delegation led by Managing Director Anna Bjerde to discuss development cooperation and the Country Partnership Framework, which is expected to bring over $20 billion in financing to Pakistan. Sharif emphasized the government’s efforts to fully leverage this investment and thanked the World Bank for its support during the 2022 floods. Bjerde praised Pakistan’s progress on macroeconomic stability and called the partnership a global model, now referred to as the “Pakistan Model.” The meeting reaffirmed strong cooperation between Pakistan and the World Bank, with several senior officials in attendance.
Morning News: WB announces USD 55m in additional funding - By Alpha - Akseer Research

May 23 2025


Alpha Capital


  • Federal Minister for Power Sardar Awais Ahmad Khan Leghari met with a delegation led by Anna Bjerde, Managing Director Operations of the World Bank, to discuss Pakistan's ongoing power sector reforms.
  • Pakistan is targeting the export of 125,000 tonnes of mangoes in the current season, with an anticipated revenue of $125 million, the Pakistan Fruit and Vegetable Exporters Association (PFVA) announced. The export campaign is set to kick off on Sunday (May 25).
  • Honda Atlas Cars Pakistan Limited (HCAR) reported a net profit of Rs2.7 billion (EPS: Rs18.97) for the year ended March 31, 2025, marking a 16 per cent year-on-year (YoY) increase and surpassing industry expectations.
Market Wrap: Highlights of the day - By JS Research

May 22 2025


JS Global Capital


  • The market opened on a positive note on Thursday, with the index gaining 767 points to hit an intraday high of 120,699. However, the momentum faded as investors opted for profit-taking at higher levels, dragging the index down to an intraday low of 119,062 before closing at 119,153, down 778 points. Going forward, range-bound activity is likely to persist ahead of the Federal Budget announcement, and investors are advised to remain cautious."
Sazgar Engineering Works (SAZEW): Corporate Briefing Key Takeaways - By Topline Research

May 22 2025


Topline Securities


  • The management of Sazgar Engineering Works (SAZEW) held it's corporate briefing today to discuss the financial results for 3QFY25 and share the company's future outlook.
  • SAZEW plans to complete its four-wheeler manufacturing expansion by March 2026 and introduce new NEV models. The company will also focus on expanding its export markets (mainly three wheelers) and the local dealership network. Sazgar currently has a network of 20 four-wheeler dealers, with expansion underway as new centers in Mardan and Peshawar are set to open soon.
  • The production capacity of the company will increase from 40-50 cars a day to 90-100 cars a day post expansion.
Pakistan Economy: Pakistan GDP grew 2.4% in 3QFY25 FY25 provisional GDP growth of 2.68% fall below target of 3.6% - By Topline Research

May 20 2025


Topline Securities


  • In line with our expectation, Pakistan posted real GDP growth of 2.4% during 3QFY25 compared to revised estimates of 1.5% and 1.4% for 2QFY25 and 1QFY25, respectively. The average quarterly growth for 9MFY25 is estimated around 1.8%.
  • While government has published provisional growth of 2.68% for FY25, lower than the targeted growth of 3.6%. Segment wise, agriculture, industry and services are projected to post growth of 0.6%, 4.8%, and 2.9%, respectively compared to target growth rate of 2%, 4.4% and 4.1%, respectively.
  • We believe, towards end of the year, services numbers for FY25 will be revised up as 9MFY25 growth average is already 2.97%, while industrial growth will be sharply revised down as in 9MFY25 industry has contracted by 1%.
Fauji Cement (FCCL): 3QFY25 EPS at Rs0.87, up by 21% YoY (Earnings lower than expectations) - By Topline Research

Apr 24 2025


Topline Securities


  • FCCL announced its 3QFY25 result today, where the company recorded earnings of Rs2.1bn (EPS of Rs0.87), up by 21% YoY.
  • The result came lower than industry expectations due to higher-than-expected finance costs and lower than expected gross margins.
  • Alongside the result, the company did not announce any cash dividend in 3QFY25 which was according to expectations.
Engro Fertilizers (EFERT):1Q2025 EPS at Rs2.17, down 63% YoY (earnings higher than expectations) - By Topline Research

Apr 22 2025


Topline Securities


  • Engro Fertilizers (EFERT) announced its 1Q2025 financial result today, wherein the company recorded a consolidated quarterly profits of Rs2.9bn (EPS: Rs2.17), down 63% YoY and 75% QoQ.
  • Along with the results, the company also declared cash dividend of Rs2.25/share, in-line with market expectations.
  • The 1Q2025 result came higher than our expectations due to higher-than-expected gross margins
United Bank (UBL): Recorded highest ever quarterly earnings in 1Q2025 - By Topline Research

Apr 16 2025


Topline Securities


  • United Bank (UBL) announced its 1Q2025 result today, where the bank recorded highest ever quarterly earnings of Rs36bn (EPS of Rs28.9), up 126% YoY and 39% QoQ.
  • UBL's 1Q2025 earnings exceeded industry expectations, which ranged between Rs12.8–22.9 per share, and were also the highest ever recorded for any bank in a single quarter.
  • The significant jump in in earnings is due to increase in Net Interest Income (NII).
Pakistan Bank: Banks earnings to fall 19% YoY and 12% QoQ in 1Q2025 Market Weight Stance Maintained - By Topline Research

Apr 10 2025


Topline Securities


  • Topline Banking Universe is likely to post a 12% QoQ decline in earnings in 1Q2025, amid a fall in Net Interest Income (NII) and Non-Interest Income.
  • NII of the banks in the Universe is likely to decrease by 11% QoQ to Rs279bn due to (1) a decline in the average policy rate from 15.2% in 4Q2024 to 12.3% in 1Q2025, and (2) 10% QoQ decline in advances growth.
  • As per SBP’s weekly publication, advances of the banking sector declined by 10% QoQ from Rs15.6trn as of Dec 27, 2024, to Rs13.9trn as of Feb 28, 2025
Lucky Cement (LUCK): LUCK announced stock split, increased share liquidity and better price discovery likely - By Topline Research

Feb 21 2025


Topline Securities


  • In a notice to the stock exchange today, Feb 21 2025, LUCK announced the board recommendation for sub-division of shares of the company.
  • The above-mentioned Stock Split will be in the ratio of 5 shares for every 1 share held.
  • After the stock split, the paid-up capital of the company will be divided into 1,465mn shares of Rs2 each form current 293mn shares of Rs10 each.
Millat Tractors Limited (MTL): 2QFY25 EPS at Rs15.86, up by 3% YoY – Earnings in-line with expectations - By Topline Research

Feb 19 2025


Topline Securities


  • Millat Tractors Limited (MTL) announced its 2QFY25 result today, wherein the company recorded profit of Rs3bn (EPS of Rs15.86), up 3% YoY. On QoQ basis, earnings significantly increased by 434%. This takes 1H2025 earnings to Rs3.6bn (EPS of Rs19.01), down 31% YoY vs Rs5.2bn (EPS of Rs27.36) in 1H2024.
  • Though earnings were largely in line with expectations, however, gross margins have clocked in at lower than our estimates and were compensated by tax reversal.
  • Gross margins recorded at 25.4% in 2QFY25, down by ~350bps on QoQ basis despite higher sales. We attribute this decline in gross margins to higher sale under low priced/value Govt. scheme.
Meezan Bank (MEBL): 4Q2024 EPS at Rs13.36, down 9%/7% YoY and QoQ - By Topline Research

Feb 13 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 4Q2024 result today, where the bank recorded earnings of Rs23.9bn (EPS of Rs13.36), which is down 9% YoY and down 7% QoQ. This takes 2024 earnings to Rs101.5bn (EPS Rs56.5) up 20% YoY.
  • Alongside the result, the bank also announced fourth interim cash dividend of Rs7.0/share in 4Q2024, taking 2024 dividend to Rs28.0/share. The 4Q2024 result came in-line with industry expectations.
  • MEBL recorded provision of Rs7.3bn in 4Q2024 as compared to expense of Rs2.5bn in 3Q2024 and provision expense of Rs2.9bn in 4Q2023. The higher provision expense in 4Q2024 is due to implementation of IFRS-9, we believe.
Oil and Gas Exploration: Federal Cabinet Approved the Sales of 15% Stake in Reko Diq for US$540mn – By Topline Research

Dec 31 2024


Topline Securities


  • As per a news report, Federal Cabinet has approved the sale of a 15% stake in the Reko Diq project at a value of US$540mn to the Kingdom of Saudi Arabia (KSA) under the Inter-Governmental Commercial Transactions Act.
  • The KSA will make the payment in two installments, as reported. In the first phase, it will acquire a 10% stake in the project for US$330mn, while the remaining 5% stake will be purchased in the second phase for US$210mn.
  • To recall, State-Owned Enterprises (SOEs), including Pakistan Petroleum (PPL), Oil and Gas Development Company (OGDC), and Government Holdings Private Limited (GHPL), collectively acquired a 25% stake through Special Purpose Vehicle (SPV) in the Reko Diq Project, with each company holding an equal stake of 8.33%.
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