Fatima Fertilizers Company Limited (FATIMA): Rising prices, strengthen strategic position – By Insight Research

Aug 4 2025


Insight Securities


  • Phosphate fertilizer prices have seen a significant rally in recent months, with global DAP prices rising by ~18% since the start of the year, reaching US$720/ton in Jul’25, amid supply constraints, geopolitical tensions, higher energy costs, and robust regional demand. The increase in DAP prices is visible in local market, where DAP has recorded an increase of 17% CYTD. NP prices, which typically follows DAP price, have also increased by ~9% in the same period. FATIMA, as the market leader in the NP segment, is well-positioned to benefit from this price uptrend.
  • In addition to its core fertilizer business, the company is pursuing long-term growth through diversification. It has invested in National Resources Private Limited (NRL) to tap into the country’s mining potential. Furthermore, company is also acquiring Fatima Petroleum Company Limited (FPC), which has entered into farm-out agreement with Orient Petroleum Inc. for working interests in key blocks marking the company’s strategic entry into the energy sector.
Fatima Fertilizer Company Limited (FATIMA): 2QCY25 Result Review — Profitability improved on higher offtakes – By AKD Research

Aug 27 2025


AKD Securities


  • Fatima Fertilizer Company Ltd. (FATIMA) announced its 2QCY25 financial results, re porting consolidated earnings of PkR8.6bn (EPS: PkR4.1), an increase of 65%YoY. Earnings came lower than expectations, likely due to higher than anticipated discount offerings. Along with the result, company announced half-yearly dividend of PkR3.5/sh (Payout ratio: 43%).
  • Revenue inclined by 51%YoY to PkR63.9bn from PkR42.3bn in SPLY, mainly due to higher offtakes, with Urea/CAN/NP sales increased by 2.1x/57%/27% YoY, respectively.
  • Gross margins contracted to 32.8% from 38.2% in SPLY, primarily due to higher dis count offerings and lower proportion of urea sales from the base plant, which benefits from lower gas pricing.
Fatima Fertilizer Company Limited (FATIMA): 2QCY25 EPS clocked in at PKR4.08 – Below expectation – By Insight Research

Aug 27 2025


Insight Securities


  • FATIMA has announced its 2QCY25 result, wherein company has posted consolidated PAT of PKR8.5bn (EPS: PKR4.08) vs. PAT of PKR5.2bn (EPS: PKR2.47) in SPLY. The result is below our expectation mainly due to lower than expected gross margins.
  • Revenue for the quarter clocked in at PKR63.9bn vs. PKR42.4bn in SPLY, up by 51%/23% YoY/QoQ, mainly attributable to higher offtakes.
  • Gross margins decreased by ~500bps/700bps YoY/QoQ, to clock in at ~33%, possibly attributable to discount offered during the quarter amid high inventory. However, we await further clarity on this.
Fatima Fertilizers Company Limited (FATIMA): Rising prices, strengthen strategic position – By Insight Research

Aug 4 2025


Insight Securities


  • Phosphate fertilizer prices have seen a significant rally in recent months, with global DAP prices rising by ~18% since the start of the year, reaching US$720/ton in Jul’25, amid supply constraints, geopolitical tensions, higher energy costs, and robust regional demand. The increase in DAP prices is visible in local market, where DAP has recorded an increase of 17% CYTD. NP prices, which typically follows DAP price, have also increased by ~9% in the same period. FATIMA, as the market leader in the NP segment, is well-positioned to benefit from this price uptrend.
  • In addition to its core fertilizer business, the company is pursuing long-term growth through diversification. It has invested in National Resources Private Limited (NRL) to tap into the country’s mining potential. Furthermore, company is also acquiring Fatima Petroleum Company Limited (FPC), which has entered into farm-out agreement with Orient Petroleum Inc. for working interests in key blocks marking the company’s strategic entry into the energy sector.
Fatima Fertilizer Company Limited (FATIMA): Earnings Dip 39% QoQ on Lower Offtake - By IIS Research

Apr 25 2025


Ismail Iqbal Securities


  • FATIMA announced its 1QCY25 results today. On a consolidated basis, EPS came in at PKR 3.99 (our expectations of PKR 4.21). with Sales declining by 21% YoY and 40% QoQ to PKR 51.96 billion, primarily due to lower Offtakes. Despite this, gross margins remained better at 40% (vs. 42% YoY and 32% QoQ) indicating cost efficiencies as production levels remained largely consistent.
  • Inventory levels remain high, with FATIMA holding 233KT of urea, which accounts for 28% of the total industry stock, as well as 258KT of CAN, a product it produces exclusively within the industry. The overall industry continues to struggle with offtake, primarily due to reduced farm incomes following the shift from a crop support price regime to a free market system, while input costs have remained unchanged.
  • Finance costs rose sharply by 131% YoY, due to higher borrowings. The effective tax rate for the quarter stood at 39%, compared to 49% in the SPLY and 37% in the previous quarter.
Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research

Apr 25 2025


Insight Securities


  • FATIMA has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS: PKR6.49) in preceding quarter. The result is above our expectation mainly due to higher than expected gross margins.
  • Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower offtakes.
  • Gross margins decreased by ~200bps YoY, to clock in at ~40%, attributable to lower offtakes. While on QoQ basis, margins increased by ~8ppts.
Fatima Fertilizer Company Ltd. (FATIMA) : 4QCY24 Result Review Record earnings on higher sales and improved margins - By AKD Research

Mar 14 2025


AKD Securities


  • Fatima Fertilizer Company Ltd. (FATIMA) announced its 4QCY24 financial results, reporting consolidated earnings of PkR13.6bn (EPS: PkR6.5), compared to PkR10.0bn (EPS: PkR4.8) in SPLY, an increase of 36%YoY. The said growth is primarily attributed to higher sales and improved gross margins. The earnings came in line with our expectations. Alongside the result, company announced a final cash dividend of PkR4.25/sh, taking the full-year dividend to PkR7.0/sh.
  • Revenue stood at PkR85.9bn, a 16%YoY increase from PkR74.0bn in SPLY. The said growth is driven by increase in retention prices across the product line, with quarterly avg. prices rising 26%/23%/9%YoY for Urea, CAN, and NP, respectively. Additionally, sales volumes for Urea, CAN, and NP increased by 1%/1%/48%YoY, respectively.
  • Gross margins improved to 31.5% from 30.3% in SPLY, mainly due to the increase in retention prices and the availability of comparatively low-cost gas for the company’s Sadiqabad plant.
Fatima Fertilizer Company Limited (FATIMA): 4QCY24 EPS clocked in at PKR6.49 – Below expectation - By Insight Rresearch

Mar 14 2025


Insight Securities


  • FATIMA has announced its 4QCY24 result, wherein company has posted consolidated PAT of PKR13.6bn (EPS: PKR6.49) vs. PAT of PKR10.0bn (EPS: PKR4.77) in SPLY. The result is below our expectation mainly due to lower than expected margins.
  • Revenue for the quarter clocked in at PKR85.9bn vs. PKR73.9bn in SPLY, mainly attributable to higher offtakes coupled with increase in product prices.
  • Gross margins increased by ~120bps YoY, to clock in at ~32% possibly attributable to increase in product prices. While on QoQ margins declined by 220bps despite increase in offtakes.
Fatima Fertilizers Company Limited (FATIMA): Improved profitability led by better margins – By JS Research

Dec 26 2024


JS Global Capital


  • Fatima Fertilizers Company Limited (FATIMA) has rallied 143% during CYTD, outperforming KSE-100 index by ~63% mainly due to improved profitability prospects. To recall, the company reported net earnings of Rs23bn (+79%YoY), translating into an EPS of Rs10.78 for 9MCY24.
  • The management in the recent analyst briefing session shared that fertilizer inventory buildups due to weaker demand in Kharif season, is likely to be cleared in the upcoming months, while the company intends to continue operating plants at optimal level. No major plant turnaround is planned for the upcoming year.
  • On the gas price unification issue, the management highlighted that any such development remains unlikely in near future owing to several constraints including sovereign guarantees on Fertilizer Policy 2001, and other legal constraints.
Fatima Fertilizer Company Limited (FATIMA): 9MCY24 Analyst briefing takeaways – By Insight Research

Dec 24 2024


Insight Securities


  • Fatima Fertilizer Company Limited has conducted its 9MCY24 analyst briefing to discuss financial results and future outlook. We have summarized following key takeaways from the briefing
  • FATIMA has posted PAT of PKR22.8bn (EPS: PKR10.84) in 9MCY24 vs. PKR13.0bn (EPS: PKR6.19) in SPLY, up by 75% YoY, amid higher fertilizer prices.
  • Fatima aggregate fertilizer offtakes clocked in at 1,683KT in 9MCY24, whereas productions stands at 2,140KT in 9MCY23. To note, FATIMA has recorded aggregate market share of 25.6% in 9MCY24 vs. 28.3% in SPLY.
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.
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.
Pakistan Pharmaceuticals: 2QCY25 results shows divergent trend – By Insight Research

Aug 28 2025


Insight Securities


  • The 2QCY25 results for pharmaceutical sector have started to come in, reflecting a mixed performance, with some companies posting growth while others underperformed. The sector underwent a major shift last year when the government deregulated prices of non essential medicines. This policy change has driven a sharp rise in revenues and margins over the past four quarters, though the extent and timing of the impact varied across companies depending on their cost adjustments, seasonality, and product mix.
  • In 2QCY25, HALEON, HPL & ABOT recorded topline growth of ~16%, 15% & 10% QoQ, respectively. The increase is mainly attributable to better product availability post de regulation and addition of new products in the mix. Moreover, the gross margins for the above mentioned companies also witnessed decent improvement, where HALEON’s gross margin inch up by ~660/610bps YoY/QoQ in 2QCY25, while margins for ABOT, inch up by ~1140/180bps YoY/QoQ. For HPL, margins improved YoY by 300bps, however same is down by ~180bps QoQ, possibly due to depreciation of local currency against Euro. On the flip side, revenue for AGP, HINOON & GLAXO fell by ~22%, 12% & 6% QoQ. While margins for these companies recorded improvement both YoY/QoQ. The revenue contraction is attributable to procurement challenges arising from the Indo-Pak war and logistical disruptions.
Engro Holdings Limited (ENGROH): 2QCY25 EPS clocked in at PKR28.02 – By Insight Research

Aug 28 2025


Insight Securities


  • ENGROH has announced its 2QCY25 result, wherein company has posted consolidated PAT of PKR69.3bn (EPS: PKR28.02) vs. PAT of PKR3.4bn (EPS: PKR1.47) in last quarter.
  • The increase in profitability is primarily driven by the gain on re measurement and adjustment in the carrying value of thermal assets of PKR61.8bn. To note, on April 7, the company terminated all SPAs related to the sale of its thermal energy assets. To highlight, last year the company had announced its intention to divest thermal assets, and consequently, profits from them were recorded under discontinued operations.
Fatima Fertilizer Company Limited (FATIMA): 2QCY25 EPS clocked in at PKR4.08 – Below expectation – By Insight Research

Aug 27 2025


Insight Securities


  • FATIMA has announced its 2QCY25 result, wherein company has posted consolidated PAT of PKR8.5bn (EPS: PKR4.08) vs. PAT of PKR5.2bn (EPS: PKR2.47) in SPLY. The result is below our expectation mainly due to lower than expected gross margins.
  • Revenue for the quarter clocked in at PKR63.9bn vs. PKR42.4bn in SPLY, up by 51%/23% YoY/QoQ, mainly attributable to higher offtakes.
  • Gross margins decreased by ~500bps/700bps YoY/QoQ, to clock in at ~33%, possibly attributable to discount offered during the quarter amid high inventory. However, we await further clarity on this.
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.
Service Industries Limited (SRVI): 2QCY25 EPS clocked in at PKR70.4 – By Insight Research

Aug 26 2025


Insight Securities


  • SRVI has announced its 2QCY25 result, wherein company has posted PAT of PKR3.3bn (EPS: PKR70.4) vs. PAT of PKR1.4bn (EPS: PKR30.09) in SPLY, up by ~134% YoY. The increase is mainly attributable to tax reversal of PKR3.0bn during the quarter.
  • Revenue for the quarter clocked in at PKR37.7bn, up by 20%/16% YoY/QoQ, possibly due to higher volumetric sales of SLM.
  • Gross margins for the quarter clocked in at ~22.3%, depicting a decline of ~400bps, possibly attributable to pricing pressure.
Service Global Footwear Limited (SGF): 2QCY25 EPS clocked in at PKR4.93 – By Insight Research

Aug 26 2025


Insight Securities


  • SGF has announced its 2QCY25 result, wherein company has posted PAT of PKR1.0bn (EPS: PKR4.93) vs. PAT of PKR75mn (EPS: PKR0.36) in SPLY, up by ~13.5x YoY, mainly attributable to higher profit from SLM.
  • Revenue for the quarter clocked in at PKR4.7bn, up by 27% YoY, possibly due to higher volumetric sales. While same is down by 1% QoQ.
  • Gross margins for the quarter clocked in at ~18.2%, witnessing an increase of ~390bps/310bps YoY/QoQ, possibly due to higher realized price.
Pakistan State Oil (PSO): 4QFY25 EPS clocked in at PKR12.0 – Inline with expectation – By Insight Research

Aug 19 2025


Insight Securities


  • Topline of the company increased by 14% QoQ in 4QFY25, mainly attributable to higher volumetric sales. To highlight, in 4QFY25 company’s petroleum offtakes increased by 23% QoQ, while retail offtakes increased by 27% QoQ.
  • Gross margins of the company decreased to 2.9% in 4QFY25 vs. 3.2% in preceding quarter amid inventory losses during the quarter.
Mari Energies Limited (MARI): 4QFY25 EPS clocked in at PKR15.7 – Above expectation – by Insight Research

Aug 11 2025


Insight Securities


  • Mari Energies (MARI PA) has announced its 4QFY25 result today, wherein company has posted PAT of PKR18.9bn (EPS: PKR15.7) vs. PKR15.9bn (EPS: PKR13.2) in preceding quarter. The result is above our expectation mainly due to lower than expected ETR.
  • In 4QFY25, revenue decreased by 2% QoQ. However, same is up by 12% YoY attributable to increase in production.
  • Royalty expense increased by 130% YoY due to an additional 15% royalty payment on the wellhead value, following the extension of the MARI D&P lease.
  • Exploration cost increased by 80% QoQ possibly attributable to higher seismic activities.
Pakistan Oil & Gas Exploration: 4QFY25 Previews: Lower production to hinder profitability – By Insight Research

Aug 7 2025


Insight Securities


  • We preview ISL E&P universe 4QFY25 results, where we estimate sector’s profitability to decrease by 18%/19% YoY/ QoQ to clock in at ~PKR74bn. The decrease is mainly attributable to lower oil prices coupled with decline in hydrocarbon production.
  • Revenue of our universe is expected to decrease by 13%/11% YoY/QoQ mainly due to decline in production and oil prices. Company wise, we estimate 4QFY25 EPS for OGDC/PPL/MARI/ POL at PKR8.1/7.6/10.7/20.5, respectively. Along with the result we expect OGDC/PPL/MARI/POL to announce a DPS of PKR4.5/3.5/22.0/40.0.
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