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.
Mari Energies Limited(MARI): 4QFY25 Result Review – By Taurus Research

Aug 11 2025


Taurus Securities


  • 4QFY25 EPS: PKR 15.7; 4QFY25 DPS: 21.7. FY25 EPS: PKR 54.3; FY25 DPS: 21.7. FY25 PAT down 16%YoY.
  • Net sales for the quarter arrived in at PKR 44.8Bn, up 12%YoY, better than expectations which can be attributed to better realized prices than anticipated. Royalty expenses were recorded at PKR 10.5Bn, up 1.3x YoY, which negatively impacted profitability. Operating and exploration expenses also rose substantially compared to the previous quarter. Finance costs were up 30%YoY/6%QoQ. Also, the Company’s reserve-to-production (R/P) ratio reached an all-time high at 20 years, reflecting their sustained success in executing its core business growth strategy.
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.
Mari Energies Limited (MARI): 4QFY25 Result Preview – By Taurus Research

Aug 7 2025


Taurus Securities


  • Board Meeting: August 08, 2025.
  • 4QFY25 EPS: PKR 11.4; 4QFY25 DPS: 15.0. FY25 EPS: PKR 49.9; FY25 DPS: 15.0. FY25 PAT: PKR 60Bn (22% YoY decrease).
  • Net sales for the quarter are likely to gradually rise 2%YoY/decline 11%QoQ on account of lower production stemming from reduced offtake by SNGP as a result of system constraints. However, some relief is anticipated from a slight uptick in realized prices during the quarter. Hence, net sales are expected to arrive at PKR 40.7Bn.
Mari Energies Ltd (MARI): 9MFY25 Analyst Briefing Takeaways - By AKD Research

Jul 1 2025


AKD Securities


  • Mari Energies Ltd (MARI) held its analyst briefing yesterday to discuss 9MFY25 financial results and future outlook
  • The company reported net sales of PkR132.3bn during 9MFY25, down 7%YoY, primarily due to a combination of lower production of 29.3mn boe (down 2%YoY) and softening wellhead prices during the period.
  • Net profit declined by 10%YoY to PkR46.3bn (EPS: PkR38.6), with the contraction attributed to the impact of additional royalty applied to Mari D&P lease during the year.
Mari Energies Limited (MARI): Analyst Briefing Key Takeaways - By Foundation Research

Jul 1 2025


Foundation Securities


  • Mari Energies Limited (MARI) held its Conference call yesterday to discuss the company’s financial performance in 9MFY25 and future plans. Following are the key takeaways of the call:
  • Mari Energies Limited’s (MARI) profitability clocked-in at PKR 15.9Bn (EPS PKR 13.25, up 13% YoY) in 3QFY25 as compared to profit of PKR 14.1Bn (EPS PKR 11.76) in 3QFY24. In 9MFY25, profits contracted 10% YoY to PKR 46.3Bn (EPS PKR 38.56) vs. PKR 51.6Bn (EPS PKR 43.00) in the SPLY. This decline in profitability was on the back of 1) incremental royalty of 15%, 2) forced curtailment of indigenous production due to back pressure in the system, and 3) FX stability.
  • The management reiterated the company’s dominance in the exploration and production sector with an area under exploration and production of 97,166 square km while boasting 46 exploration blocks and 14 D&P licenses.
MARI Petroleum Company (MARI): Corporate Briefing Session - By Insight Research

Jun 30 2025


Insight Securities


  • MARI Petroleum Company (MARI PA) has conducted its corporate briefing to discuss financial results and future outlook of the company. We have highlighted key takeaways from the briefing.
  • During 9MFY25, MARI has posted net sales and PAT of PKR132.3bn and PKR46.3bn (EPS: PKR38.6), down by 7% and 10% YoY, respectively. The decrease in earnings is mainly attributable to lower production due to forced curtailment.
  • Company’s production clocked in at 29.32MMBOE in 9MFY25, down by 2% YoY.
Mari Energies Limited (MARI): 3QFY25 Strategic Rebranding & Diversification - By HMFS Research

Jun 30 2025


HMFS Research


  • Rebranded from Mari Petroleum to Mari Energies in Jan 2025, marking a strategic shift into minerals, technology, and cloud services.
  • Operates as a holding company with full ownership of Mari Technologies and Mari Minerals, and a 25% stake in Pakistan International Oil Ltd. (PIOL), Abu Dhabi.
  • Covers 97,166 sq. km across 46 ELs and 14 D&PLs, including Offshore Block-5 in Abu Dhabi.
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).
Mari Energies Limited (MARI): Earnings Beat by Lower Than Expected ETR - By IIS Research

Apr 25 2025


Ismail Iqbal Securities


  • Mari Energies Limited (MARI PA) has announced its 3QFY25 profit of PKR 15.9bn (PKR 13.25/share), up by 13% YoY & 42% on QoQ basis. The result is above our expectations mainly due to lower than anticipated ETR.
  • Revenue fell 5% YoY (up by 10% QoQ) in 3Q, driven by lower oil prices. Royalty rose 2x YoY due to a 15% hike in MARI field charges amid lease extension from Nov’24.
  • Operating expenses declined by 27% YoY and 45% QoQ, mainly because of absence of amortization of dry well costs. Exploration expenses also decreased by 81% YoY and 22% on QoQ basis, mainly because of no dry well during the qtr.
Mari Energies Limited (MARI): 3QFY25 EPS clocked in at PKR13.2 – Above expectatio - By Insight Research

Apr 25 2025


Insight Securities


  • Mari Energies (MARI PA) has announced its 3QFY25 result today, wherein company has posted PAT of PKR15.9bn (EPS: PKR13.2) vs. PKR14.1bn (EPS: PKR11.8). The result is above our expectation mainly due to higher than expected topline coupled with lower than expected ETR.
  • In 3QFY25, revenue decreased by 5% YoY mainly due to lower gas production. However, same in up by 10% QoQ possibly attributable to increase in production.
  • Royalty expense increased by 100%/45% YoY/QoQ due to an additional 15% royalty payment on the wellhead value, following the extension of the MARI D&P lease.
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.
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.
Maple Leaf Cement Factory Limited (MLCF): 4QFY25 EPS clocked in at PKR3.47 – Above expectation – By Insight Research

Aug 7 2025


Insight Securities


  • In 4QFY25, revenue increased by 10%/4% YoY/QoQ, mainly due to higher retention price.
  • Gross margins of the company clocked in at 41%, up by ~2.1ppts/5.0ppts YoY/QoQ, possibly due to better fuel and power mix.
  • Company’s other income clocked in at PKR1.8bn vs. PKR127mn in SPLY. We await further clarity on this.
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