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.
Pakistan State Oil Company Limited (PSO): Higher offtakes lead to earnings inline, liquidity recovery intact – by AKD Research

Aug 19 2025


AKD Securities


  • Net sales for the final quarter clocked in at PkR813bn during the quarter (down 10%YoY). The decline during the quarter was due to 4%YoY decrease in offtakes and lower fuel prices compared to SPLY.
  • Company’s OMC offtakes totalled 1.8mn tons during 4QFY25, reflecting a -4% YoY/+14%QoQ change. For FY25, total volumes amounted to 7.2mn tons (down 5%YoY), resulting in annual market share of 44% (compared to 49.4% in FY24).
  • We have a ‘BUY’ rating on the stock, with a Dec’25 TP of PkR729/sh, representing an upside potential of 81% from last close. Our liking for the stock is on the back of i) strengthening liquidity situation amid ongoing gas-tariff reforms, ii) anticipated growth in OMC volumes on the back of future economic recov ery, iii) CPI-linked OMC margins, and iv) upgradation of refinery subsidiary (PRL), and v) diversification into EV-charging stations.
Pakistan State Oil Company (PSO): Earnings lower than industry expectations – By Topline Research

Aug 19 2025


Topline Securities


  • Pakistan State Oil Company (PSO) announced its FY25 results today, reporting an unconsolidated profit of Rs20.9bn (EPS: Rs44.54). The earnings were below industry expectations due to higher taxation.
  • Company recorded 4QFY25 earnings at Rs5.6bn (EPS of Rs12.02) compared to 4QFY24 profit of Rs2.5bn (EPS of Rs5.25), up 2.3x YoY and 38% QoQ.
  • Net sales for 4QFY25 declined by 10% YoY but increased 14% QoQ to Rs813bn. The QoQ rise was driven by an 39% and 26% increase in HSD and MS sales, respectively. While YoY fall is due to a 7% and 9% fall in HSD and MS prices in 4QFY25 vs 4QFY24.
Pakistan State Oil Company Limited (PSO): 4QFY25& FY25 Result Review – By Taurus Research

Aug 19 2025


Taurus Securities


  • 4QFY25EPS:PKR12.4QFY25PATup1xYoY,38%QoQ.
  • FY25EPS:PKR44.5; FY25PATup32%overtheSPLY.
  • PSO’s net sales in 4QFY25 and FY25 were down 12%YoY and 10% over the SPLY. This is as a result of lower volumes which decreased by 5% compared to the SPLY, though increasing by 23%QoQ and 3%YoY.
  • Finance costs reduced by 36%YoY and 43% over the SPLY, mainly due to lower interest rates and lower short-term borrowings. PSO’s shot-term borrowings reduced by 12% while receivables reduced by 10% compared to the SPLY.
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.
Pakistan State Oil (PSO): Corporate Brief in Corporate Briefing Key Takeaways - By Topline Research

Jun 13 2025


Topline Securities


  • Pakistan State Oil (PSO) conducted its Corporate Briefing Session today where management discussed financial performance and future outlook of the company.
  • As per management, efforts are ongoing to resolve circular debt, though no definitive plan is in place. The target is to recover both principal and Late Payment Surcharge (LPS). As of Mar 2025, PSO’s total receivables stand at Rs732bn, which included Rs325bn in principle from SNGPL alone. Overall LPS amount is over Rs200bn+. Investment plans are in place, pending liquidity, with options still under review.
  • Since Feb 2024, there has been no buildup in circular debt from SNGPL side as company has made it clear to Government and PSO that payments should flow on monthly basis. And this understanding is continuing and being implemented in true spirit. In contrast, OGDC and PPL receivables increased from Sui companies in 3QFY25
Pakistan State Oil Company Limited (PSO): Analyst briefing takeaways - By Insight Research

Jun 13 2025


Insight Securities


  • PSO has conducted its corporate briefing to discuss financial results and outlook of the company. We have highlighted key takeaways from the briefing
  • Regarding power circular debt resolution, management highlighted that there is no clarity on the amount PSO will receive post this settlement.
  • On market share, the company mentioned that it declined due to rising competition and discount offered by competitors. Management expect 3%- 5% growth in retail fuel offtake in FY26.

Oil Marketing Companies: PSO & APL 3QFY25E Result Previews - By AKD Research

Apr 16 2025


AKD Securities


  • OMC players under our coverage universe i.e. PSO and APL are anticipated to report a combined NPAT decline of 17%YoY/28%QoQ during 3QFY25E.
  • The earnings dip is due to i) lower volumetric sales during the period, ii) lower effective taxes during SPLY, and iii) modest inventory losses due to softening oil prices.
  • Our coverage universe is expected to record a 37%YoY decline in finance costs during 3QFY25E, with the bulk of the relief from PSO (finance cost ↓39%YoY).
Pakistan State Oil Company Limited (PSO): 1HFY25 expected EPS of PKR 26.94, up 63%YoY - By Taurus Research

Feb 13 2025


Taurus Securities


  • 2QFY25: – EPS: PKR 18.48, PAT: ~PKR 8.6Bn, up 2x over the SPLY.
  • In 2QFY25, PSO’s topline is expected to clock-in at ~PKR 816.8Bn, down 10%YoY/up 4%QoQ despite 4%YoY drop in volumetric sales. Similarly, gross margins are expected to be 4%; mainly due to inventory losses amid falling MS and HSD prices. However, we expect the margin to remain flat sequentially. Additionaly, we expect the LNG revenue to be ~PKR233Bn.
  • However, finance cost is expected to reduce by 34%YoY and tax expense is expected to increase by 4xYoY. On half yearly basis, finance costs and tax expenses are expected reduce by 20% and 6% over the SPLY.
Pakistan State Oil Company Limited (PSO): Result Preview 2QFY25 - By AHCML Research

Feb 12 2025


Al Habib Capital Markets


  • PSO is scheduled to announce its 2QFY25 financial results on February 13, 2025.
  • PSO is anticipated to declare a profit after tax of PKR6,937mn (EPS: PKR 14.78) in 2QFY25, reflecting a gain of 75% QoQ
  • During the quarter, sales are expected to reach PKR813,533mn, indicating an increase of 3%QoQ.
Oil & Gas Marketing Companies: PSO & APL—2QFY25E Result Previews – By AKD Research

Jan 14 2025


AKD Securities


  • PSO – PAT to clock in at PkR8.4bn (EPS: PkR17.9) in 2QFY25E: PSO is projected to report a quarterly PAT of PkR8.4bn (EPS: PkR17.9), reflecting a healthy increase from LAT of PkR14.1bn (LPS: PkR30.1) in SPLY. The increase is attributed to: i) absence of inventory losses compared to SPLY ii) growth in volumetric offtakes, iii) healthy delayed-payment income on account of past-due gas receivables from SNGPL and, iv) reduction in finance costs by 33%YoY due to declining short-term borrowings (down PkR48bn during CYTD, ↓11%) and lower lending rates for both FX and domestic borrowings. In terms of offtakes, PSO delivered total volumes of 2.0mn tons during 2QFY25 (up 7%YoY), where-in MS/HSD volumes rose by 7%YoY each, while RFO offtakes stood down by 48%YoY during the quarter. For the RLNG segment, PSO handled 25 cargoes during 2QFY25 (compared to 25 cargoes in SPLY), where-in average DES price stood at US$9.12/mmbtu vs. US$10.4/mmbtu during 2QFY24, resulting in topline from the RLNG segment to clock in at PkR222bn (down 5%YoY). We have a ‘BUY’ rating on the stock, with a Dec’25 TP of PkR729/sh, representing an upside potential of 86% from last close.
  • APL – PAT to clock in at PkR2.4bn (EPS: PkR19.5) in 2QFY25E: Attock Petroleum Limited (APL) is expected to post an uneventful 2QFY25E financial result with a PAT of PkR2.4bn (EPS: PkR19.5), down by 4%YoY. The said decline is attributable to: i) lower volumetric offtakes during the quarter and ii) lower finance income to clock in at PkR1.9bn for the period (down 22%YoY), amidst dropping yields on fixed-income investments during the quarter. Consequently, we expect APL’s topline to amount to PkR117bn, down 14%YoY, with offtakes standing at 365k tons (down 2%YoY) during the period. However, relative stability in fuel prices also led to non-incurrence of inventory losses as opposed to last year, resulting in gross margins to amount to 3.5% during the period (vs. 2.3% in SPLY). We have a ‘BUY’ rating on the stock, with a Dec’25 TP of PkR825/sh, representing total upside potential of 61% from last close.
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 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.
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