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.
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.
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.
Engro Holdings Limited (ENGROH): 1HCY25 EPS clocked-in at PKR 29.5 (up 5.3x YoY) – By Foundation Research

Aug 28 2025


Foundation Securities


  • Engro Holdings Limited (ENGROH PA) reported a profit of PKR 69.3Bn (EPS: PKR 28.0) in 2QCY25 (up 11.3/17.1x YoY/QoQ) against profit of PKR 6.1Bn (EPS: PKR 4.0) in 2QCY24. This cumulates into profitability of PKR 73.3Bn (EPS: PKR 29.5), up 5.3x YoY, during 1HCY25.
  • 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 ~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.
Engro Holdings Limited (ENGROH): Earnings to surge with energy portfolio continuation – By AKD Research

Aug 27 2025


AKD Securities


  • We expect ENGROH consolidated recurring earnings to clock in at PkR8.7bn (EPS: PkR7.25) in 2QCY25, up 3.9x YoY. We do not expect any payout with the result.
  • Surge in profitability is mainly attributed to the continuation of energy portfolio and improved performance in fertilizer and telecom businesses.
  • We maintain our ’BUY’ stance on ENGROH with Dec’25 TP of PkR301/sh.
Engro Holdings (ENGROH): Earnings and Dividend Revised Down; Buy Stance Maintained - By Topline Research

Mar 18 2025


Topline Securities


  • We revise down our earnings estimate for Engro Holdings (ENGROH) for 2025 and 2026 by 23% and 27% to Rs17.5/share and Rs20/share, respectively. The downward adjustment in earnings outlook is on the back of revision in earnings of Engro Fertilizers and after incorporating expiry of Engro Vopak Terminal from mid 2026.
  • Engro Connect Tower Deal not yet incorporated: We have not incorporated earnings contribution from recently announced deal of Engro Connect as transaction is yet to be completed. However, based on our estimates, Engro Connect (Tower Company) will achieve breakeven in Year 1 of its operations and then will post earnings of Rs1.6bn and Rs5.3bn in Year 2 and Year 3, respectively, translating into per share earnings contribution of Rs1.3 and Rs4.4 respectively. The business will turn in profit due to expectations of falling interest expense on the back of sliding debt levels due to stronger cashflows of the business (EBITDA 60%).
  • Dividend Outlook Revised Down: In our previous estimates, we anticipated cash received from thermal assets sale transaction (Rs25bn) as part of one-off dividend in 2025. However, after acquisition of Pakistan Mobile Communications Limited (PMCL) tower business, we believe, these cashflows will be used to finance equity portion of the deal.
Engro Holdings Limited (ENGROH): Outlook remains positive; Energy portfolio divestment underway - By JS Research

Mar 5 2025


JS Global Capital


  • Engro Holdings Limited (ENGROH) recently held analyst briefing session apprised that the financial results presented are based on the pre-merger accounts of Dawood Hercules (DAWH). Since the restructuring transaction structure took effect on January 1, 2025.
  • Under the new scheme of restructuring, EFERT (now 56% directly held by ENGROH versus indirect holding of 22.49% previously), is expected to drive earnings outlook for ENGROH. Furthermore, expansions in the tower segment coupled with lower interest rates to further support earnings.
  • The transaction of divestment of thermal assets portfolio is currently in-progress subject to certain regulatory approvals. The Thermal asset portfolio of the group, under Engro Energy Ltd, contains Engro Powergen Qadirpur Ltd, Engro Powergen Thar Ltd and Sindh Engro Coal Mining Co. Ltd. Also, the company is in process of divesting Engro Eximp Agriproducts (Pvt) Ltd.
Engro Holdings Limited (ENGROH): CY24 Corporate Briefing Takeaways - By Taurus Research

Mar 5 2025


Taurus Securities


  • ENGROH’s (formerly known as Dawood Hercules Corporation Limited) management presented CY24 results of the Company where they specifically highlighted the ongoing process of divesting its various businesses i.e. Engro Eximp AgriProducts Ltd, Engro Powergen Qadirpur Ltd, Engro Powergen Thar (Pvt.) Ltd and Sindh Engro Coal Mining Ltd.
  • Regarding the performance of the group, ENGROH’s investment portfolio stood at PKR 112Bn (PKR 95.5Bn for Engro and PKR 16.5Bn in other listed equities) as on December 31, 2024. Other income (comprised of interest, dividend and quoted shares income) dropped during CY24 owing to bumper dividend distribution in CY23 which had limit the Company to generate higher return on investments during CY24.
  • On the basis of segment results, the management told that EFERT achieved highest ever profitability in CY24 due to better retention prices and cost optimization despite slowdown in operational activities amid major turnaround of its EnVen plant and decline in Urea sales. Further, the management quoted ECPL’s performance as worst ever in history, reflecting a drastic drop in demand for PVC and Ethylene due to lower construction demand, decline in global commodity prices and higher volume of imported PVC.
Engro Holdings Ltd. (ENGROH): CY24 Analyst Briefing Takeaways - By AKD Research

Mar 5 2025


AKD Securities


  • Engro Holdings Ltd. (ENGROH) held its analyst briefing yesterday to discuss their CY24 performance and future outlook. Here are the key highlights from the call:
  • Management confirmed that the recently disclosed financial results reflect the previous Dawood Hercules holding structure. From the next quarter, financials will be reported under the new structure, as the merger became effective on Jan 1, 2025.
  • On an Engro Corp basis, consolidated earnings from continuing operations increased by 7%YoY to PkR21bn (EPS: PkR17 @ 1,204mn shares) in CY24. The said growth was driven by higher urea prices and cost efficiencies, which offset the weaker performance of polymer segment and higher finance costs
Engro Holdings (ENGROH): 4Q2024 EPS at Rs5.42, up 10x YoY - Earnings lower than industry expectations - By Topline Research

Mar 3 2025


Topline Securities


  • Engro Holdings (ENGROH) announced its 4Q2024 results today, reporting a profit attributable to equity owners of Rs6.5bn (EPS of Rs5.42), down 10x YoY.
  • This took 2024 earnings to Rs12.8bn (EPS of Rs10.70) down 14% YoY.
  • To note, these are results of Dawood Hercules (DAWH), while the results of Engro Holding (post transaction) will be shared from Mar quarter onwards as effective date of the transaction structure was Jan 01, 2025.
Engro Holdings Ltd. (ENGROH): 4QCY24 Result Review — Earning increased; dividend skipped amid merger - By AKD Research

Mar 3 2025


AKD Securities


  • Engro Holdings Ltd. (ENGROH) announced its 4QCY24 results, reporting consolidated earnings of PkR5.8bn (EPS: PkR4.8) vs. PkR5.3bn (EPS: PkR4.4) in SPLY. This result pertains to previous Dawood Hercules’s holding structure and will be reported on new structure from the next quarter, as the merger became effective on Jan 1, 2025. Furthermore, company opted to skipped the final dividend, which we attribute to the ongoing merger.
  • Fertilizer business (EFERT) reported 8%YoY decline in earnings to PkR10.3bn in 4QCY24, primarily due to higher selling & distribution expenses and lower other income. While segment’s revenue grew on an annual basis, driven by a 17%/24%YoY rise in urea offtakes and prices, gross margins contracted by 3.8ppts YoY, as the 56%YoY surge in input gas prices outpaced the growth in selling prices.
  • EPCL’s profitability declined by 40%YoY in 4QCY24, mainly due to lower gross margins and higher finance costs. Wherein, a 45%/15%YoY increase in captive and process gas prices, respectively, led to a 12.8ppt YoY contraction in gross margins during 4Q. Additionally, finance costs surged 7.1x YoY to PkR1.8bn, largely due to a one-off reversal in SPLY and an increase in total outstanding debt.
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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