Sazgar Engineering (SAZEW): 4QFY25 EPS likely at Rs75/share, up 30% YoY - By Topline Research

Jul 14 2025


Topline Securities


  • We expect Sazgar Engineering (SAZEW) to post earnings of Rs74.99/share during 4QFY25, up 30% YoY while down 27% QoQ. Alongside this, we also expect company to declare dividend of Rs15/share based on payout ratio of 20%. This will take FY25 earnings to Rs287.6, up 119% YoY.
  • During 4Q, company is expected to witness 23% YoY increase in sales led by 28% YoY increase in four wheelers sales. While on QoQ basis, four wheelers unit sales is down 24% due to high base effect of Jan 2025 sales amidst year end effect.
  • We expect company to report gross margins at 31% during 4QFY25 due to relatively stable currency and stable sales price in 4 wheelers segment, taking FY25 gross margins to 30.6% compared to 27.1% in FY24.
Sazgar Engineering Works Limited (SAZEW): Adapting to evolve – By Insight Research

Aug 27 2025


Insight Securities


  • Sazgar continues to evolve and adapt to market dynamics by launching Pakistan’s first CKD HEV four-wheelers to expanding into EVs and PHEVs, the company has demonstrated its ability to stay ahead of the curve. Given the lack of charging infrastructure causing range concerns for EVs, PHEV is well suited to act as a bridge for transition between internal combustion engine (ICE) to cleaner energy vehicle. Offering up to 100KM of pure electric range, thus significantly reducing fuel cost, while the petrol engine provides a reliable backup to address range anxiety. Furthermore, minimal price difference between HEV and PHEV variants, is likely to drive consumer preference toward PHEVs, given their higher fuel efficiency and advanced features. Additionally, strong brand equity of Haval among the consumers will also help the adoption of company’s PHEV variant.
  • Moreover, to support growth, the company has approved a expansion plan, which will double production capacity by Mar’26. While near-term margin pressure is expected with the expiry of Greenfield incentives in Jun’26, profitability will be supported by higher volumes from addition of new vehicles in the portfolio and incentives on PHEVs & EVs under the upcoming NEV policy.
Automobile Assembler: GAL & SAZEW: Earnings Preview for 4QFY25 - By Sherman Research

Jul 28 2025


Sherman Securities


  • GAL: 4QFY25 EPS to Clock in at Rs41.3 We present 4QFY25 earnings estimate for Ghandhara Automobiles (GAL) wherein company is expected to post net earnings of Rs2.4bn (EPS Rs41.3) as compared to net earnings of Rs290mn (EPS Rs5.1), up 8xYoY. The growth in profitability is primarily driven by 1) Higher sales of JAC & Dongfeng trucks and 2) Contribution from T9 Hunter.
  • On QoQ basis, earning is expected to grow by 96% on back of rise in sales of JAC Trucks (up 35%QoQ) along with T9 Hunter deliveries. Moreover, we expect T9 Hunter sales to clock in at 1,500 units during the quarter.
  • SAZEW: 4QFY25 EPS to Clock in at Rs77.3 We present 4QFY25 earnings estimate for Sazgar Engineering Works Limited (SAZEW) wherein company is expected to post net earnings of Rs4.7bn (EPS 77.3) as compared to net earnings of Rs3.5bn (EPS 57.7), up 34%YoY. The growth in profitability is primarily driven by higher sales of Haval HEV SUVs (up 28%YoY) coupled with sustained margins. Furthermore, SAZEW is expected to announce a cash dividend 10/share in 4QFY25.
Sazgar Engineering (SAZEW): 4QFY25 EPS likely at Rs75/share, up 30% YoY - By Topline Research

Jul 14 2025


Topline Securities


  • We expect Sazgar Engineering (SAZEW) to post earnings of Rs74.99/share during 4QFY25, up 30% YoY while down 27% QoQ. Alongside this, we also expect company to declare dividend of Rs15/share based on payout ratio of 20%. This will take FY25 earnings to Rs287.6, up 119% YoY.
  • During 4Q, company is expected to witness 23% YoY increase in sales led by 28% YoY increase in four wheelers sales. While on QoQ basis, four wheelers unit sales is down 24% due to high base effect of Jan 2025 sales amidst year end effect.
  • We expect company to report gross margins at 31% during 4QFY25 due to relatively stable currency and stable sales price in 4 wheelers segment, taking FY25 gross margins to 30.6% compared to 27.1% in FY24.
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.
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.
Sazgar Engineering Works Limited (SAZEW): 3QFY25 EPS is recorded at PKR 103.1/sh, DPS PKR 12.0/sh - By Foundation Research

Apr 21 2025


Foundation Securities


  • Sazgar Engineering Works Limited (SAZEW PA) reported profitability of PKR 6.2Bn (EPS PKR 103.1), up 134/159% YoY/QoQ in 3QFY25. This takes 9MFY25 bottom-line to PKR 12.9Bn (EPS PKR 212.7), up 215% YoY. Results is higher than our expectation of PKR 89.2/sh due to higher than anticipated gross margin.
  • The result is accompanied with an interim cash dividend of PKR 12.0/sh in 3QFY25, pulling 9MFY25 pay-out to PKR 32.0/sh. The dividend is lower than our expectation of 18.0/sh given planned expansions which are to be financed completely with internally generated cash.
  • SAZEW posted sales of PKR 36.7Bn (↑83% YoY) in 3QFY25 which were driven by volumetric sales growth and upwelling gross margins. SAZEW’s 4-wheeler sales volume clocked-in at 3,486 units (↑85/80% YoY/QoQ) in 3QFY25, whereas, 3-wheeler sales were 7,170 units, registering a growth of 41/4% YoY/QoQ.
Sazgar Engineering Works Limited (SAZEW): Result Review: SAZEW 3QFY25 EPS Rs103, DPS Rs12 - By Sherman Research

Apr 21 2025


Sherman Securities


  • Sazgar Engineering Works Limited (SAZEW) announced 3QFY25 results today wherein the company posted record net earnings of Rs6.2bn (EPS Rs103.1), 2.6xQoQ higher than our expectations.
  • The earnings growth was driven primarily by robust gross margins and higher sales of Haval SUVs during the 3QFY25.
  • SAZEW declared cash dividend of Rs12 per share for 2QFY25, taking the cumulative dividend payout for 9MFY25 to Rs32 per share.
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.
Sazgar Engineering Works Limited (SAZEW): 3QFY25 EPS to Clock in at Rs90.7 - By Sherman Research

Apr 10 2025


Sherman Securities


  • We present 3QFY25 earnings estimate for Sazgar Engineering Works Limited (SAZEW) wherein company is expected to post net earnings of Rs5.4bn (EPS Rs90.7) as compared to net earnings of Rs3bn (EPS of Rs50.2), up 81%YoY. Furthermore, SAZEW is expected to announce a cash dividend of Rs20/share (up 2.5xYoY) in 3QFY25.
  • The growth in profitability is primarily driven by higher sales of Haval HEV SUVs coupled with higher sustained gross margins expected at 29.5% (supported by tax exemptions on HEV CKD imports).
  • On cumulative basis, net earnings are expected to reach Rs12.2bn (EPS Rs200) compared to net earnings of Rs4.4bn (EPS 73.6) up by 2.7xYoY during 9MFY25
Sazgar Engineering Works Limited (SAZEW): Revving up for the new era - By Foundation Research

Apr 7 2025


Foundation Securities


  • In a rapidly evolving automotive landscape, SAZEW’s entry into Pakistan’s 4-wheeler market capitalizing on the surging demand for SUVs, marked a pivotal moment. At the heart of this transformation stood the company’s resolve at redefining the industry with its sustainable forward-thinking approach - leveraging Greenfield incentives and expanding into the electric and hybrid segments. With the expected resurgence in the Auto sector, our positive view is underpinned by the company’s (1) brand equity of “HAVAL” in the 4-wheeler market, (2) robust gross margins to upkeep bottom-line, (3) efforts to penetrate further into the EV and HEV segment solidifying its green foot prints and (4) growth in iconic “SAZGAR” 3-wheelers along with broad products offerings - diversifying operational risks. In the light of the above, we initiate coverage on SAZEW with an ‘Outperform’ rating and a Dec’25 TP of PKR 1,504/sh, implying a 38% upside.
  • HAVAL's success story: HAVAL made its entry into the Pakistani market at a very opportune time. Where the SUV segment was slowly growing post the launch of KIA Sportage, MG-HS and Hyundai Tucson to name a few, HAVAL made a solid entry with the launch of Pakistan’s first locally assembled HEV. Consequently, the company has sold over 14k units in just 30 months. In 8MFY25, sales have exceeded 7k units and given the momentum, we opine reaching 12k mark in FY25 would not be a challenging feat. Plus, the collaboration with HIT to convert HAVAL H6 into a security vehicle and the recent MOU signed with Armed forces suggest robust volumetric growth going forward.
  • Elevated margins to stabilize but still remain higher than peers: SAZEW benefits greatly from its Greenfield status and AIDEP (2021-26) policy providing CD and ST concessions, which have resulted in stellar ~29% gross margins over the past 4 quarters compared to only ~10% when 3-wheelers was its main operating segment. Upwelling margins are expected to remain intact till FY26 when concessions end, whereby, we see them settling at ~16.5% in the longer term.
Pakistan Economy: Aug’25 CPI likely to clock in at 4.1% - By Insight Research

Aug 29 2025


Insight Securities


  • Headline inflation is estimated at ~4.1% for Aug’25, compared to ~9.6% in SPLY and ~4.1% in preceding month. On MoM basis, inflation is expected to inch up by ~0.4%, amid increase in prices of food items the impact of which has been negated by lower electricity charges and decline in LPG price.
  • Within the SPI basket, items that recorded significant increase in prices during the period are as follows, Tomato (38.8↑%), Onions (21.5↑%), Eggs (9.9%↑), Fresh vegetables (4.0%↑) & Wheat (4.0%↑). On the flip side, prices of the following items eased off during the month, Fresh fruits (9.9%↓), LPG (9.8%↓), Potato (5.1%↓), Pulse moong (4.6%↓) & Sugar (4.1%↓).
  • We anticipate that the SBP will keep the policy rate unchanged in upcoming MPC, as the full impact of cumulative 1,100bps reduction in policy rate is still unfolding. The real sector remains in recovery mode following the strain of elevated inflation and sharp currency depreciation, both of which eroded purchasing power of masses. Furthermore, central bank’s tone in the last MPC suggested a pause for now, which will provide clarity to the market and encourage credit offtake in the coming months, given that no immediate cut in borrowing costs is expected. Hence, it appears prudent to maintain the policy rate at its current level and wait for the steep decline in interest rates to translate into real economic activity.
Bank Islami Pakistan Limited (BIPL): 2QCY25 Corporate Briefing – By Taurus Research

Aug 29 2025


Taurus Securities


  • BIPL is currently operating with 544 branches across Pakistan. Number of accounts as of Jun’25 are ~1.7Mn.
  • During CY25, the Bank launched AIK Digital App, which is one of its kind Islamic digital app, offering complete digital banking experience. The Bank is also planning to relocate its head-office, for which it has acquired a 32-storey building. Moreover, the Bank has also upgraded its core banking system to R-14 to enhance operational efficiencies and services.
Engro Holdings Limited (ENGROH): 1HCY25 Analyst Briefing Takeaways – By Foundation Research

Aug 29 2025


Foundation Securities


  • Engro Holdings Limited (ENGROH PA) held its Analyst Briefing to discuss the company’s financial/operational performance during 1HCY25 and prospects. The following are key takeaways of the session.
  • To recall, ENGROH’s PAT underwent a jump of 11.3x YoY in 2Q to PKR 69.3Bn due to thermal asset adjustments and re-measurements. However, excluding thermal asset adjustments, normalized PAT stood at only ~PKR 1.3Bn, reflecting the true underlying business performance. During 1HCY25, PAT reached PKR 73.3Bn versus PKR 13.8Bn in SPLY, recording a 5.3x YoY increase.
Morning News: ADB pledges $410m for Reko Diq project – By IIS Research

Aug 29 2025


Ismail Iqbal Securities


  • Out of the total $6 billion funding committed by all international lenders for Reko Diq, the Asian Development Bank (ADB) has committed to provide financing of $410 million.
  • Federal Minister for Petroleum Ali Pervaiz Malik on Thursday welcomed the interest of the Japan Bank for International Cooperation (JBIC) in Pakistan’s landmark Reqo Diq mining project, terming it a pivotal moment for strengthening bilateral cooperation in the mining and energy sectors.
Technical Outlook: KSE-100 targeting the 30-DMA; stay cautious – By JS Research

Aug 29 2025


JS Global Capital


  • The KSE-100 index witnessed range bound activity to close at 147,344, down 151 points DoD. Volumes stood at 935mn shares compared to 857mn shares traded in the previous session. The index is expected to test support between 146,700 and 147,210 levels as a fall below, will extend the decline towards 146,057, followed by the 30-DMA at 143,859 level. However, any upside will face resistance in the range of 148,040-148,370 levels. The RSI and the MACD are moving down, supporting a corrective view. We recommend investors to stay cautious at current levels. The support and resistance are at 147,021 and 147,854 levels, respectively.
Morning News: SBP forex reserves rise by USD 18mn to USD 14.27bn – By Alpha-Akseer Research

Aug 29 2025


Alpha Capital


  • Pakistan’s foreign exchange reserves held by the central bank rose for a third straight week and stood at USD 14.27bn as of August 22, the State Bank of Pakistan (SBP) said on Thursday.
  • Following the ongoing sugar crisis, Pakistan may now face a potential wheat flour crisis, as national wheat stocks stand at 33.47mn tons, slightly below the country’s annual consumption requirement of 33.58mn tons.
Morning News: RLNG arrears recovery: PD-private sector ‘alliance’ takes on Ogra – By HMFS Research

Aug 29 2025


HMFS Research


  • The Power Division and the private sector on Thursday appeared to have formed an undeclared alliance against the Oil and Gas Regulatory Authority (Ogra) over the recovery of RLNG arrears from 2015 to 2024 — a move that, if enforced, would impact both industry and power plants, with the ultimate burden shifting to electricity consumers. The joint position was evident during a public hearing at the National Electric Power Regulatory Authority (NEPRA) regarding uniform Fuel Charges Adjustment (FCA) for July 2025 across the country, including K-Electric’s service area.
  • Pakistan’s economic stability faces renewed challenges as the Finance Division warns that flood-related damages could intensify fiscal pressures and disrupt food supplies across affected areas as well as pose a risk in achieving agriculture sector’s targeted growth. The monthly economic update and outlook August 2025 noted that adverse climatic events (heavy rainfall and floods) pose a risk in achieving agriculture sector’s targeted growth.
D.G. Khan Cement Company Limited (DGKC): Result Review — Earnings rise on surging margins – By AKD Research

Aug 28 2025


AKD Securities


  • D.G. Khan Cement Company Ltd. (DGKC) announced its 4QFY25 financial results, reporting earnings of PkR3.2bn (EPS: PkR7.2), compared to a loss of PkR1.7bn (LPS: PkR3.9) in SPLY. The result is above our expectations, mainly due to im proved margins and lower ETR during the quarter. Additionally, company an nounced a final cash payout of PkR2.0/sh.
  • Revenue declined by 1%YoY to PkR16.8bn, compared to PkR17.0bn in SPLY, driven by 1.2%YoY decline in total offtakes to 1.28mn tons.
  • Gross margins improved to 31.8% from 7.9% in SPLY, supported by decline in coal prices and grid tariffs.
Pakistan Floods: Historical Impact – By CHASE Research

Aug 28 2025



  • Pakistan is currently at the cusp of widespread floods due to its eastern rivers overflowing as a result of monsoon rains and release of water from Indian dams. As such, we believe it is important to assess the impact of past floods to determine whether equity markets will be impacted.
  • In this report, we look over the KSE100 index performance and impact on different sectors during flooding years to determine whether these floods will impact broader market sentiment and growth in fertilizer and cement demand.
Archroma Pakistan Limited (ARPL): 9MSY25 Corporate Briefing Takeaways – By Taurus Research

Aug 28 2025


Taurus Securities


  • Archroma Pakistan Limited is primarily engaged in the manufacture, import, and sale of dyes and other specialty chemical solutions. It is a subsidiary of the Switzerland-based company, Archroma Textiles GmbH. ARPL has two business divisions: textile effects and packaging technologies with a combined portfolio of between 300-400 products. APRL’s products are used in the pre-treatment, dyeing, printing, and finishing of textiles, and coloration and coatings of packaging materials. The Company’s products help enhance both the optical as well as the functional properties of its clients’ end products.
  • The textile effects division has four markets with several segments within each. These are: apparel (denim, casual wear, performance apparel, and formal war), home textiles (home and institutional, automotive), specialized textiles (technical textiles, protection textiles), and home care (personal care, plastics, and leather). This division serves customers from a wide range of industries such as textile, healthcare, cosmetics (anti-perspirant agents), construction (protective clothing), and producers of household care products such as detergents, dishwashing liquids, and other cleaning products.
Sazgar Engineering (SAZEW): 4QFY25 EPS likely at Rs75/share, up 30% YoY - By Topline Research

Jul 14 2025


Topline Securities


  • We expect Sazgar Engineering (SAZEW) to post earnings of Rs74.99/share during 4QFY25, up 30% YoY while down 27% QoQ. Alongside this, we also expect company to declare dividend of Rs15/share based on payout ratio of 20%. This will take FY25 earnings to Rs287.6, up 119% YoY.
  • During 4Q, company is expected to witness 23% YoY increase in sales led by 28% YoY increase in four wheelers sales. While on QoQ basis, four wheelers unit sales is down 24% due to high base effect of Jan 2025 sales amidst year end effect.
  • We expect company to report gross margins at 31% during 4QFY25 due to relatively stable currency and stable sales price in 4 wheelers segment, taking FY25 gross margins to 30.6% compared to 27.1% in FY24.
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
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%.
Commercial Banks: Banks earnings to increase 7% YoY in 2Q2025 Market Weight Stance Maintained - By Topline Research

Jul 10 2025


Topline Securities


  • Topline Banking Universe is likely to post an earnings growth of 7% YoY in 2Q2025, driven by higher Net Interest Income (NII) and Non-Interest Income
  • Despite the decline in the average policy rate from 21.5% in 2Q2024 to 11.3% in 2Q2025, Net Interest Income (NII) of banks in our universe is expected to increase by 12% YoY to Rs303bn, driven by (1) volumetric growth particularly in current accounts and (2) higher investment yields on old portfolio.
  • Non-interest income of Topline Universe is also expected to post a 14% YoY growth, reaching Rs84bn in 2Q2025, mainly driven by an increase in fee and commission income and higher gain on sale of securities.
Economy: FY26 Budget: Proposed Stock Market measures Focus on Dividend Tax, CGT and Corporate Income Tax - By Topline Research

Jun 2 2025


Topline Securities


  • In continuation of our report titled 'Pakistan Federal Budget FY26 Preview: Fiscal Consolidation to Continue; Third Consecutive Year of Primary Surplus,' released on May 22, 2025, we outline additional proposed measures that the government may announce in the upcoming budget on June 10, 2025, as per recent reports.
  • Increase in Tax Rates on Passive Income: As reported, FBR is considering increasing tax rates on passive income by 2–3% in the upcoming budget mainly on bank deposits and saving schemes. Currently, the Passive income is taxed at 15% for filers and 35% for non-filers. Although news doesn’t outline increase in tax on Capital gain and dividend income, however, we believe, tax on capital gain and dividend income may also be enhanced if income on debt is taxed at 17–18% compared to the current 15%.
  • This increase in the tax rate from 15% to 17–18% is likely to have a negative impact on local equities.
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).
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