Oil and Gas Development Company Limited (OGDC): 3QFY25 Result Review: Earnings fall on weaker volumes and oil prices - By AKD Research

Apr 30 2025


AKD Securities


  • OGDC announced its 3QFY25 results earlier today, where the company posted NPAT of PkR47.1bn (EPS: PkR10.96), down by 1%YoY — in line with our expectations. Company also announced an interim cash dividend of PkR3.0/sh for the third quarter, taking cumulative nine-month payout to PkR10.05/sh (payout ratio: 33%).
  • Net Sales stood at PkR104.5bn during 3QFY25, down 7%YoY, with the decline mainly attributable to i) reduced hydrocarbon production, ii) lower average oil prices (Arab light: US$78.3/bbl during 3Q, down 7%YoY).
  • Regarding hydrocarbon production, OGDC’s estimated oil and gas output fell by 6%/6%/7%YoY during the quarter, reaching 32kbpd/684mmcfd/683tpd of oil/gas/lpg, respectively.
Oil and Gas Development Company (OGDC): 3QFY25 EPS recorded at PKR 11.0/sh, DPS PKR 3.0/sh - By Foundation Research

Apr 30 2025


Foundation Securities


  • Oil and Gas Development Company (OGDC PA) earnings in 3QFY25 remained stable at PKR 47.1Bn (EPS PKR 11.0/sh) vs. PKR 47.8Bn (EPS PKR 11.1/sh) during 3QFY24. While in 9MFY25, the profitability clocked-in at PKR 129.6Bn (EPS PKR 30.1/sh), down 24% YoY, against PKR 171.1Bn (EPS PKR 39.8/sh) in the SPLY. The earnings are in-line with our expectation.
  • The result was accompanied by a cash payout of PKR 3.0/sh taking 9M payout to PKR 10.1/sh.
  • The bottom-line in 3QFY25 remained stable despite a 17% YoY decline in gross profit. We attribute this to (1) stable PKR-USD parity, (2) steady other income (↑5% YoY), and (3) effective tax rate of only 30% against 41% in the SPLY which we believe is due to depletion.
Oil and Gas Development Company Limited (OGDC): 3QFY25 Result Review: Earnings fall on weaker volumes and oil prices - By AKD Research

Apr 30 2025


AKD Securities


  • OGDC announced its 3QFY25 results earlier today, where the company posted NPAT of PkR47.1bn (EPS: PkR10.96), down by 1%YoY — in line with our expectations. Company also announced an interim cash dividend of PkR3.0/sh for the third quarter, taking cumulative nine-month payout to PkR10.05/sh (payout ratio: 33%).
  • Net Sales stood at PkR104.5bn during 3QFY25, down 7%YoY, with the decline mainly attributable to i) reduced hydrocarbon production, ii) lower average oil prices (Arab light: US$78.3/bbl during 3Q, down 7%YoY).
  • Regarding hydrocarbon production, OGDC’s estimated oil and gas output fell by 6%/6%/7%YoY during the quarter, reaching 32kbpd/684mmcfd/683tpd of oil/gas/lpg, respectively.
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.
Oil and Gas Exploration: OGDC and PPL completes feasibility study of the Reko Diq project - By Topline Research

Mar 26 2025


Topline Securities


  • Oil and Gas Development Company (OGDC), and Pakistan Petroleum (PPL) announced completion of the feasibility study of the Reko Diq project.
  • To recall, State-Owned Enterprises (SOEs), including OGDC, PPL, and Government Holdings Private (GHPL), collectively hold a 25% stake in the Reko Diq Project through a Special Purpose Vehicle (SPV), with each company holding an equal stake of 8.33%.
  • As per the feasibility study, Reko Diq has a lifespan of 37 years, divided into 2 phases
Oil and Gas Development Company Ltd (OGDC): Gas discovery at Soghri North-1, Attock - By AKD Research

Mar 17 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has successfully made a discovery at the Soghri North-1 exploratory well in Attock District, Punjab, yielding 13.95mmcfd of gas and 430bpd of oil, respectively. Notably, this marks OGDC’s seventh successful discovery/ production enhancement during CYTD, reflecting company’s improving ability to carry E&P activities, supported by a strengthened liquidity position. We estimate the new find to contribute annualized EPS impact of PkR1.03/sh for OGDC.
Oil & Gas Development Company Limited (OGDC): 1HFY25 Corporate Briefing Takeaways - By Taurus Research

Mar 3 2025


Taurus Securities


  • OGDC is Pakistan’s largest exploration and production company. It is a market leader in terms of its exploration acreage (covering around 39%), oil and gas reserves, and production. OGDC holds 33% of Pakistan Minerals Private Limited (PMPL), 25% of Pakistan International Oil Limited (PIOL), and 20% of Mari Petroleum Company Limited (MARI). OGDC owns 112 Development & Production Leases, with 79 operated and 33 non-operated, respectively.
  • In 1HFY25, OGDC contributed 48%, 28% and 34% in total production of Oil, Natural Gas and LPG, respectively. Where, average daily saleable crude oil, gas and LPG production was 31.4K barrels, 672MMCF and 629 tons, respectively. In 1HFY25, remaining recoverable reserves (on net basis) were 491.41MMBOE on 1P basis and 710.74MMBOE on a 2P basis. Further, four wells were spud and three gas condensate discoveries were made during 1HFY25.
  • The management discussed operational highlights of the Company where they shared new developments i.e. acquisition of 174 line KM of 2D, 131 Sq.Km of 3D seismic survey. Four wells were spud (comprising of 3 exploratory wells and 1 development well. Exploratory efforts yielded three new gas condensate discoveries namely: i) Chak 202-1 (Sui Main Limestone), Mari East EL in district Rahim Yar Khan; ii) Baloch-2 (Sember), Baloch D & PL in district Sanghar; and iii) Bettani-2 (Samana Suk), Wali EL in district Laki Marwat in KPK, respectively.
Oil & Gas Development Company Ltd (OGDC): 2QFY25 EPS clocks in PKR 9.63, down by 44% YoY, DPS PKR 4.05 - By Alpha - Akseer Research

Feb 28 2025


Alpha Capital


  • OGDC announced its 2QFY25 financial result today wherein the company reported an EPS of PKR 9.63, down by 44% YoY. Along with the result, the company announced an interim cash dividend of PKR 4.05/share.
  • Net sales for 2QFY25 clock in at PKR 100.4bn, compared to PKR 115.2bn in SPLY, down 13% YoY mainly on the back of a lower oil prices (-10.2% YoY), and an appreciating exchange rate (+5% YoY).
  • Exploration expenses climbed to PKR 4.0bn (+68% YoY) for 2QFY25 vs PKR 2.4bn in SPLY, due to a dry well encountered at Kandewaro-1.
Oil & Gas Development Company Limited (OGDC): 2QFY25 EPS expected to clock in at PKR 9.03, down by 48% YoY, DPS PKR 3.00 - By Alpha - Akseer Research

Feb 25 2025


Alpha Capital


  • OGDC is expected to announce its 2QFY25 results, wherein we expect the company to report an EPS of PKR 9.03, down by 48% YoY. Along with the result, the company is expected to announce an interim cash dividend of PKR 3.00/share.
  • Net sales for 2QFY25 expected to clock in at PKR 102.1bn, compared to PKR 115.2bn in SPLY, down 11% YoY mainly on the back of lower oil prices (-11.5% YoY), and a PKR appreciation of 1.8% YoY against the greenback.
  • Exploration expenses are projected at PKR 6.1bn (2.6x YoY) for 2Q FY 25 compared to PKR 2.4bn in SPLY, due to a dry well encountered at Kandewaro-1.
Oil & Gas Exploration Companies: Reko Diq feasibility update: Long-term value emerges for OGDC & PPL - By AKD Research

Feb 19 2025


AKD Securities


  • Barrick Gold Corporation, the 50% operating partner in the Reko Diq Mining project, recently provided an update on the highly anticipated revised feasibility study in its latest press release for the project.
  • The updated feasibility study for Reko Diq estimates a 37-year mine life, with total capital investment estimated at US$8.83bn (Phase-1 requiring US$6.0bn).
  • Factoring in OGDC/PPL’s pre-divested 8.33% stakes, we estimate the mining project to contribute PkR51/81 per sh to respective valuations before adjusting for the minority stake discount.
Oil and Gas Development Company Ltd (OGDC): Discovery of Bettani-2 in Wali Block – By AKD Research

Dec 13 2024


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC), the operator of Wali Block, has discovered a second well i.e. Bettani-2, having a flow rate of 2.1mmcfd/74bpd of gas and oil, respectively. To note, Bettani-1 well is presently yielding 14.6mmcfd/978bpd of gas and oil as per Oct’24 data, and has been in production since Jun’23. Additionally, a third well Bettani Deep-1 is under drilling as well. In summary, the following discovery is expected to contribute an annualized EPS impact of PkR0.16/sh for OGDC.
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 Ltd. (SAZEW): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 22 2025


AKD Securities


  • Sazgar Engineering Works Ltd. (SAZEW) held its analyst briefing to discuss 9MFY25 results and its future outlook. Following are the key highlights:
  • To recall, company posted topline of PkR81.4bn in 9MFY25 vs PkR34.6bn in 9MFY24, an increase of 2.4xYoY. The said increase is primarily attributed to higher volumetric sales of four wheelers, particularly HAVAL.
  • Company posted earnings of PkR12.9bn (EPS: PkR212.7) in 9MFY25, compared to PkR4.4bn (EPS: PkR73.6) in SPLY, an increase of 2.9xYoY.
Power Cement Ltd. (POWER): 9MFY25 Analyst Briefing Takeaways - By AKD Research

May 21 2025


AKD Securities


  • Power cement Ltd. (POWER) held its analyst briefing today to discuss the 9MFY25 financial results and future outlook of the company. Following are the key points:
  • To recall, company posted profit of PkR348mn (EPS: PkR0.07) in 9MFY25 compared to a loss of PkR1.2bn (LPS: PkR1.41) in SPLY. The said improvement in profitability was primarily attributable to lower financial charges (down 35%YoY) during the period amidst falling interest rates and improved operating efficiencies.
  • Company’s total offtakes for 9MFY24 decreased by 19%YoY to 1.7mn tons. This was due to decrease in clinker exports amid falling prices in the international market. Avg. export prices for clinker during the period stood at ~US$30-31/ton
Pakistan Power: Power Generation up 25%YoY in Apr'25 - By AKD Research

May 21 2025


AKD Securities


  • Power generation for Apr’25 clocked in at 10,513GWh, marking an increase of 22%YoY/25% MoM. The rise is driven by elevated cooling demand amid rising temperatures and reduced reliance on captive generation by industries. Key contributors to the power mix during the month were Coal, Hydel, RLNG, and Nuclear sources.
  • Notably, authorities imposed a levy of PkR791/mmbtu on gas-based CPPs during Mar'25, raising gas tariff to PkR4,291/mmbtu. This translates into a significantly higher effective generation cost of ~PkR42/kwh, assuming a thermal efficiency of 35% for off-grid captives utilizing natural gas. The sharp increase in generation cost likely prompted industries to shift towards relatively cheaper grid electricity in the near term, in light of recent reductions in grid tariffs, which is estimated at ~PkR28/kwh (excluding taxes and duties).
  • More positively, the cost of generation declined by 5%YoY/8%MoM to PkR8.95/kWh, compared to PkR9.75/kWh in Apr’24, reflecting improved fuel economics. On a cumulative basis, total power generation during 10MFY25 stood at 100,648GWh, broadly unchanged YoY.
Economy: IMF projects considerable improvement in external position despite softer growth outlook - By AKD Research

May 19 2025


AKD Securities


  • IMF acknowledges that authorities met all quantitative performance criteria and majority of the indicative criteria and structural benchmarks.
  • The baseline macroeconomic projections reflect a moderately lower outlook for near-term activity, due to the impact of higher US tariffs on Pakistan.
  • The IMF program remained fully financed, with firm commitments for the next 12 months and good prospects for the reminder of the Fund-supported program.
Oil and Gas Exploration: Improving liquidity to set stage for E&P activity revival - By AKD Research

May 15 2025


AKD Securities


  • The government has provisionally allocated 13 new onshore exploration blocks under the DGPC Bid Round 2025.
  • Recent bouts of gas price rationalization has finally enabled local E&P companies to pursue long-delayed development strategies.
  • Improvement in security measures are anticipated to aid in E&P sector growth, backed by initiation of SIFC-led mining activities and CPEC Phase-II.
Mari Energies Ltd (MARI): MARI discovers gas at Soho-1 in Sujawal Block, Sindh - By AKD Research

May 9 2025


AKD Securities


  • Mari Energies Ltd (MARI) has announced a gas discovery at the exploratory well Soho-1, located in the Sujawal Block, Sindh. The company (100% working interest), successfully tested across two formations, with gas flow reaching 30mmcfd at a 64” choke. We anticipate the aforementioned discovery to contribute an annualized EPS impact of ~PkR5.0/sh (8% of FY26E earnings).
Economy: Fiscal Operations: Fiscal deficit narrows by 24%YoY in 9MFY25 - By AKD Research

May 8 2025


AKD Securities


  • Finance division reported consolidated fiscal accounts for 3QFY25, reporting a quarterly budget deficit of PkR1.4tn (1.2% of GDP), compared to a deficit of PkR1.5tn (1.4% of GDP) in SPLY. Cumulatively, country’s 9MFY25 budget deficit amounted to PkR3.0tn (2.4% of GDP), down 24%YoY.
  • Total revenues grew by 23%YoY during 3QFY25, led by increases in tax revenue, which grew by 26%YoY, while non-tax revenues also improved by 7%YoY. Rise in tax revenues was led by increase in direct taxes (↑21%YoY) and sales tax (↑33%YoY), while non-tax revenues surged due to higher collection from Petroleum Levy (↑15%YoY) and three-fold increase in dividends from SOEs during the quarter.
  • Notably, total expenditures rose by 14%YoY during the quarter, although markup payments remained unchanged at PkR1.3tn, possibly due to declining interest rates, partially offsetting the impact of higher debt levels (GoP total debt: PkR73.0tn, up 13%YoY as of Feb'25).
Pakistan Cement: Apr'25 dispatches improve amid low base - By AKD Research

May 6 2025


AKD Securities


  • Cement dispatches for Apr’25 clocked in at 3.34mn tons, an increase of 13%YoY, driven by 8%YoY surge in local offtakes, while exports increased by 35%YoY.
  • We believe, MRPs in the South are likely to rise to match those in the North. As a result, South based players are expected to be the primary beneficiaries.
  • Our preferred picks from the sector remain LUCK & FCCL with Dec’25 target prices of PkR393/sh and PkR61/sh, respectively
Fauji Fertilizer Company Ltd. (FFC): 1QCY25 Analyst Briefing Takeaways - By AKD Research

May 6 2025


AKD Securities


  • Fauji Fertilizer Company Ltd. (FFC) held its corporate briefing session today to discuss 1QCY25 financial results and future outlook. Key takeaways from the call are as follows:
  • Company reported earnings of PkR13.3bn (PkR9.3/sh) in 1QCY25, compared to PkR10.5bn (PkR8.3/sh) in SPLY. The growth in profitability is attributed to i) improved gross margins amid the absence of high-cost imported urea, and ii) higher DAP volumes due to the inclusion of FFBL figures.
  • The fertilizer business contributed PkR8.1bn in profitability, along with PkR2.0bn and PkR3.2bn stemming from dividend and portfolio income, respectively
Nishat Mills Ltd. (NML): 3QFY25 Result Review — Profitability remains positive but fall short of expectations - By AKD Research

Apr 30 2025


AKD Securities


  • Nishat Mills Ltd. (NML) announced its 3QFY25 financial results, reporting standalone earnings of PkR696mn (EPS: PkR1.98), compared to a loss of PkR286mn (LPS: PkR0.81) in SPLY. The result was below our expectations, mainly due to lower-than-expected gross margins.
  • Revenue increased by 5%YoY to PkR45.3bn, compared to PkR43.3bn in SPLY, driven by higher export volumes and improved pricing. Notably, readymade garment exports rose 13%YoY during 3QFY25, as per PBS.
  • Gross margins improved to 10.4%, up from 8.9% in SPLY, supported by higher export prices and lower power costs, on the back of declining coal prices and reduced grid tariffs. However, margins remained below our expectations, and we await further clarity on that.
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