Oil Marketing Companies: 4QFY25 Previews: Higher volumes to enhance bottom-line - By Insight Research

Jul 22 2025


Insight Securities


  • We preview Oil Marketing Companies 4QFY25 results where we expect revenue of our universe (PSO & APL) to increase by 16% QoQ, amid higher volumetric sales. Industry’s volumetric sales increased by 22% QoQ to clock in at 4.6mn tons in 4QFY25. As per OCAC’s data, PSO & APL closed the quarter with market shares of 42.3% & 8.7%, respectively.
  • To highlight, ex-refinery prices of MS and HSD decreased by 5% and 4% to PKR156/ltr and PKR163/ltr on quarter end basis, respectively. We expect PSO/APL to post EPS of PKR11.8/ PKR14.7 in 4QFY25. Along with the result, we expect PSO/APL to announce DPS of PKR15.5 / PKR15.0, respectively.
  • PSO is expected to post an unconsolidated PAT of PKR5.5bn (EPS: PKR11.8) vs. PKR4.1bn (EPS: PKR8.7) in preceding quarter amid increase in volumetric sales. In 4QFY25, company’s petroleum offtakes Increased by 3%/23% YoY/QoQ, similarly retail offtakes increased by 5%/27% YoY/QoQ. On RLNG front, net sales are expected to clock in at PKR242bn, up by 3% QoQ due to higher LNG vessels docked during the period. During the quarter, 30 LNG cargoes were handled by PSO vs. 27 cargoes in preceding quarter. We expect finance cost to clock in at PKR7.5bn, down by 2% QoQ amid decline in interest rates. Similarly on YoY basis finance cost is expected to decrease by 37% amid lower debt level coupled with decline in borrowing cost. Along with result, we expect company to announce cash dividend of PKR15.5/sh.
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.
Oil Marketing Companies: 4QFY25 Previews: Higher volumes to enhance bottom-line - By Insight Research

Jul 22 2025


Insight Securities


  • We preview Oil Marketing Companies 4QFY25 results where we expect revenue of our universe (PSO & APL) to increase by 16% QoQ, amid higher volumetric sales. Industry’s volumetric sales increased by 22% QoQ to clock in at 4.6mn tons in 4QFY25. As per OCAC’s data, PSO & APL closed the quarter with market shares of 42.3% & 8.7%, respectively.
  • To highlight, ex-refinery prices of MS and HSD decreased by 5% and 4% to PKR156/ltr and PKR163/ltr on quarter end basis, respectively. We expect PSO/APL to post EPS of PKR11.8/ PKR14.7 in 4QFY25. Along with the result, we expect PSO/APL to announce DPS of PKR15.5 / PKR15.0, respectively.
  • PSO is expected to post an unconsolidated PAT of PKR5.5bn (EPS: PKR11.8) vs. PKR4.1bn (EPS: PKR8.7) in preceding quarter amid increase in volumetric sales. In 4QFY25, company’s petroleum offtakes Increased by 3%/23% YoY/QoQ, similarly retail offtakes increased by 5%/27% YoY/QoQ. On RLNG front, net sales are expected to clock in at PKR242bn, up by 3% QoQ due to higher LNG vessels docked during the period. During the quarter, 30 LNG cargoes were handled by PSO vs. 27 cargoes in preceding quarter. We expect finance cost to clock in at PKR7.5bn, down by 2% QoQ amid decline in interest rates. Similarly on YoY basis finance cost is expected to decrease by 37% amid lower debt level coupled with decline in borrowing cost. Along with result, we expect company to announce cash dividend of PKR15.5/sh.