Nishat Chunian Limited (NCL): FY24 Analyst Briefing takeaways – By AKD Research

Nov 28 2024


AKD Securities


  • Nishat Chunian Limited (NCL) held its corporate briefing session today to discuss FY24 financial results and provide insights on the future outlook. Key takeaways from the call are as follows:
  • Company recorded a revenue of PkR88.8bn in FY24, reflecting a 24%YoY led by higher sales in the spinning and weaving divisions. Total sales of the weaving and spinning divisions amounted to PkR11.4bn/55.1bn, respectively, marking an increase of 33%/32.7%YoY.
  • Domestic sales accounted for the majority of the revenue, contributing 69% of the total revenue in the weaving division and 71% in the spinning division during FY24.
United Bank Ltd (UBL): 1QCY25 Result Review — Higher NII led to earnings incline -- By AKD Research

Apr 16 2025


AKD Securities


  • United Bank Ltd (UBL) announced its 1QCY25 financial results earlier today, wherein the bank posted NPAT of PkR36.1bn (EPS: PkR28.8) for the quarter, up 126%YoY/39%QoQ. The result is significantly above our expectations due to higher than expected NII and provisioning reversal. In addition to the result, bank announced an interim cash payout of PkR11/sh and stock split in the ratio of 2 shares for 1 share held.
  • NII recorded at PkR84.2bn in 1QCY25, up by 200%YoY/30%QoQ, primarily due to higher investment book, up 60%YoY/27%QoQ and advances, up 7.1%YoY, compared to SPLY.
  • Non-Interest Income clocked in at PkR17.0bn in 1QCY25, down 20%YoY/38%QoQ, on the back of 55%YoY/69%QoQ dropped in gain on sale of securities. However, fee income increased to PkR7.5bn during the quarter, up 26%YoY/113%QoQ
Morning News: IMF concludes Pak visit, set to propose transparency reforms - By Vector Research

Apr 15 2025


Vector Securities


  • The International Monetary Fund (IMF) has identified key shortcomings in Pakistan's governance, including the politicisation of the civil service, weak organisational accountability, and excessive focus on short-term goals. These issues, the IMF noted, contribute to broader governance weaknesses and increase vulnerability to corruption. The report which is expected to be made public by August this year will give recommendations for ensuring greater transparency and improving the public sector delivery by minimising the chances of corruption and through merit-based decisions.
  • With the halt of USAID operations by President Donald Trump, Pakistan’s total portfolio of $445 million has been affected over five years, surfacing a gap of $40 million for the current fiscal year for on-budget development projects. “However, in a positive development on the external front, Fitch Ratings might upgrade Pakistan’s rating within a few days”, top official sources confirmed while talking to The News on Monday. The Fitch might upgrade from a notch of CCC+ to BBB keeping in view the reduced risk of default.
  • Members of the delegation of US congressmen visiting Pakistan have described their trip to the South Asian country as "extremely productive" and “significant for the future", which is good news for the mineral-rich country. The delegation also attended the Pakistan Mineral Investment Forum 25 (PMIF25) last week in Islamabad.
Nishat Chunian Ltd. (NCL): 2QFY25 Result Review — Earnings rebound on lower finance cost with surprise dividend - By AKD Research

Feb 26 2025


AKD Securities


  • Nishat Chunian Ltd. (NCL) announced its 2QFY25 results, reporting earnings of PkR231mn (EPS: PkR0.96), compared to loss of PkR911mn (LPS: PkR3.80) in SPLY. The said turnaround is attributed to the lower finance cost and improved gross margins. Earning came largely in line with our expectations. Alongside the result, company announced an interim dividend of PkR1.0/sh.
  • Revenue increased by 3%YoY to PkR20.7bn, compared to PkR20.1bn in SPLY, driven by higher prices. On a sequential basis, revenue declined by 11%QoQ due to seasonal export slowdown.
  • Gross margins improved to 11.5% vs. 10.7% in SPLY, as higher retention prices and lower energy cost outweighed increased salary expenses.
Nishat Chunian Limited (NCL): 2QFY24 EPS clocked in at PKR0.96 – Below expectation - By Insight Research

Feb 26 2025


Insight Securities


  • NCL has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR231mn (EPS: PKR0.96) vs. LAT of PKR911mn (LPS: PKR3.8) in SPLY. The result is below our expectation due to higherthan-expected tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR20.7bn (US$74.2mn) compared to PKR20.1bn (US$71.0mn) in SPLY, up by ~3% YoY. The increase in topline is possibly attributable to higher volumetric sales. However, same is down by ~11% on QoQ basis.
  • Gross margins clocked in at ~11% depicting an increase of ~2.3ppts QoQ, possibly due to operational efficiency and lower cotton prices.
United Bank Ltd (UBL): 4QCY24 Result Review — Sharp rise in NFI income leads earnings incline - By AKD Research

Feb 19 2025


AKD Securities


  • United Bank Ltd (UBL) announced its 4QCY24 financial results earlier today, wherein the bank posted NPAT of PkR25bn (EPS: PkR20.4) for the quarter, up 85%YoY/36%QoQ. The result is significantly above our expectations due to higher gain on sale of securities expense and higher NII. This brings full-year profitability to PkR74.2bn (EPS: PkR60.3), reflecting a 34%YoY increase. In addition to the result, bank announced a final cash payout of PkR11/sh, taking total dividends during CY24 to PkR44/sh (payout: 73%)
  • NII recorded at PkR64.7bn in 4QCY24, up by 74%YoY/25%QoQ, primarily due to higher advances and investment book compared to SPLY.
  • Non-Interest Income clocked in at PkR27.2bn in 4QCY24, up 155%YoY/62%QoQ, on the back of PkR18.5bn in gain on sale of securities (up 16xYoY/3xQoQ). However, fee income dropped to PkR3.5bn during the quarter, down 31%YoY/45%QoQ.
Nishat Chunian Ltd (NCL): Earnings growth contingent on better spinning margins – By JS Research

Nov 29 2024


JS Global Capital


  • Nishat Chunian Ltd (NCL) conducted its analyst briefing session yesterday. The management highlighted 28% YoY jump in spinning revenues and shift to coal power plant as key reasons for earnings turnaround in FY24 (EPS: Rs2.69 vs LPS of Rs0.63 in FY23).
  • During 1QFY25, NCL gross margins decreased by 3ppts QoQ to 9%, while earnings declined by 95% QoQ to Rs0.15/sh. due to unfavorable fluctuations in international cotton and yarn prices and increase in tax rates for the company.
  • Going forward, the company believes better inventory management, cost benefit of operating on coal and bio-mass, BMR in spinning segment and expansion in retail network – should bode well for the company. The management aims at crossing the Rs100bn revenue mark this year (vs. Rs89bn in FY24).
Nishat Chunian Limited (NCL): FY24 Analyst Briefing takeaways – By AKD Research

Nov 28 2024


AKD Securities


  • Nishat Chunian Limited (NCL) held its corporate briefing session today to discuss FY24 financial results and provide insights on the future outlook. Key takeaways from the call are as follows:
  • Company recorded a revenue of PkR88.8bn in FY24, reflecting a 24%YoY led by higher sales in the spinning and weaving divisions. Total sales of the weaving and spinning divisions amounted to PkR11.4bn/55.1bn, respectively, marking an increase of 33%/32.7%YoY.
  • Domestic sales accounted for the majority of the revenue, contributing 69% of the total revenue in the weaving division and 71% in the spinning division during FY24.
Nishat Chunian Limited (NCL): FY24 Corporate Briefing Takeaways – By Taurus Research

Nov 28 2024


Taurus Securities


  • NCL is vertically integrated and one of the largest textile manufacturers of Pakistan. NCL was established in 1990. NCL has four subsidiaries: i) Nishat Chunian USA Inc.; ii) Sweave Inc. USA for e-commerce retail of home textile products; iii) Nishat Chunian Properties (Private) Limited for real-estate development; and iv) TLC Middle-East Trading LLC in UAE.
  • Sales clocked in at PKR 88.8Bn compared to PKR 67.6Bn, up 31% attributable to the spinning and weaving divisions. Gross margins increased ~3ppts arriving at 12% from 10%. Whereas, other income declined by 8% arriving at PKR 865Mn compared to PKR 937Mn in the SPLY.
  • Finance cost arrived PKR 7.7Bn compared to PKR 5.4Bn, up 43% attributable to the higher interest rates. PAT clocked in at PKR 691Mn as compared to a loss of PKR 998Mn over the SPLY, resulting in an EPS of PKR 2.88/sh
Nishat Chunian Limited (NCL): Corporate Briefing Session – By Insight Research

Nov 28 2024


Insight Securities


  • Nishat Chunian Limited has conducted its corporate briefing session to discuss its financial performance. We have summarized following key takeaways from the briefing:
  • NCL’s unconsolidated revenue clockedin at PKR88.8bninFY24 vs.PKR67.6bninSPLY, up by 31%YoY
  • Company’s sales mix comprises of 57% local and 43% exports. On segment basis, company’s sales mix consists of spinning (62%), processing and home textile (25%)and weaving (13%).
Morning News: IMF-govt talks conclude – By Vector Research

Nov 18 2024


Vector Securities


  • The IMF team, the sources said, stressed the need to implement tax targets and the National Fiscal Pact. The talks covered a wide range of economic issues, including provincial budgets, tax reforms, and foreign financing arrangements, where the Fund was convinced by provincial budget surplus. IMF stressed upon accelerating tax revenue collection to meet the tax target of Rs12,970 billion for the current financial year. The IMF team also urged for the collection of taxes on agricultural income starting January 2025.
  • The International Monetary Fund (IMF) has asked Pakistan to decrease State intervention in the economy and enhance competition, which will help foster the development of a dynamic private sector. After conclusion, the Fund issued a statement which noted that based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
  • The IMF shared its "preliminary findings" through the press release and stated that the detailed findings in the shape of the report would be presented before the Executive Board. The IMF's mission chief stated that Pakistan and the IMF staff "agreed with the need to continue prudent fiscal and monetary policies, revenue mobilization from untapped tax bases, while transferring greater social and development responsibilities to provinces". The issues that Nathan mentioned after the emergency visit are the ones where Pakistan is lagging behind the commitments, said the sources.
Commercial Bank: 1QCY25 Universe earnings to grow 13%QoQ - By Taurus Research

Apr 18 2025


Taurus Securities


  • We expect 1QCY25 TSL Banking Universe earnings to grow 13% QoQ on account of lower cost of funds and provisions. Wherein, UBL and BAFL have already announced their results posting 39% QoQ growth and 52%QoQ growth in profitability, respectively. On an annualized basis, we anticipate earnings to go up 5%.
  • During the period, the State Bank of Pakistan cut its policy rate by 100bps to 12%. Resultantly, the industry spread on outstanding loans and deposits is estimated to have averaged ~6.50% as compared an average of 5.39% in the previous quarter—on the back of the re-pricing lag between the assets and the liability side.
  • Nevertheless, we anticipate a cumulative re-pricing of ~900bps in asset yields to have taken place by the period when compared to the corresponding period last year. Hence, affecting the interest incomes, specially on the investment books.
Pakistan Fertilizer: 1QCY25E Result Preview: Muted offtakes to weigh on profitability - By AKD Research

Apr 18 2025


AKD Securities


  • AKD Fertilizer Universe’s profitability is projected to decline by 16%YoY in 1QCY25E, primarily due to lower offtakes.
  • Company-wise, FFC profitability is expected to rise by 46%YoY post-merger, while EFERT and FATIMA earnings are projected to decline by 65%/6%, respectively.
  • FFC payout is expected to increase by 63%YoY, while EFERT dividend is projected to fall by 75%YoY
Economy: Pakistan’s Trade Deficit Narrowed in March’25 - By Sherman Research

Apr 18 2025


Sherman Securities


  • A detailed breakdown of trade numbers released by the Pakistan Bureau of Statistics (PBS) shows that, on a monthly basis, imports remained flat at US$4.8bn during Mar’25. This stability was primarily driven by lower imports in the petroleum and food sectors on a weighted average basis, while agriculture imports increased.
  • On cumulative basis, import bill was recorded at US$42.7bn (up 9%YoY) during 9MFY25 mainly due to higher imports of machinery, textile and agriculture, while petroleum and food imports declined.
  • Exports increased to US$2.6bn (up 6%MoM) during Mar’24. Likewise, during 9MFY25, exports clocked in at US$24.7bn (up 8%YoY), mainly due to growth in exports in the food and textile sectors.
Pakistan Economy: Power sector circular debt resolution plan in the offing - By Foundation Research

Apr 18 2025


Foundation Securities


  • Pakistan's power sector has become a key challenge in the country's macroeconomic balancing act. Stabilizing the economy hinges on resolving power sector issues, which took center stage in recent IMF negotiations for the $7 billion Extended Fund Facility. In a bid to settle the amount in a single go, the government has plans to inject Rs1.5 trillion to tackle the circular debt crisis, clearing overdue liabilities and paving the way for sector stability.
  • Commercial banks will provide nearly Rs1.275 trillion of the bailout package, despite already having significant exposure to the power sector's circular debt. The deal, negotiated between the government and banks, offers below-KIBOR interest rates, potentially saving the government 3-5% on debt servicing costs. Contrary to news flow of banks being pressured into the deal, top banking executives and government officials have assured that the agreement was reached mutually.
  • According to news flow, a term sheet was signed between the government and banks at a large commercial bank in Karachi, with disbursements slated to begin next month. This financial intervention aims to curb the energy crisis and prevent further debt accumulation.
Economy: Mar-2025: Current Account posts historic surplus - By JS Research

Apr 18 2025


JS Global Capital


  • Pakistan's current account balance posted a massive surplus of US$1.19bn in Mar-2025, bringing the 9MFY25 current account surplus to US$1.86bn. The improvement was driven by record-high remittances, with Mar-2025 inflows reaching US$4.1bn, a 37% YoY surge.
  • Balance of Payments (BoP) remained negative this month as well due to loan repayments. Monthly BoP figure has turned negative for the fifth time FY25TD. However, BoP balance remains in positive territory for 9MFY25.
  • We highlight that some planned foreign inflows have not materialized, likely to be unlocked post IMF disbursement. SBP governor recently revised the Jun-2025 reserves forecast to US$14bn, up from previous estimate of US$13bn. To note, SBP’s reserves have declined by ~US$1.1bn since Dec-24 while Import cover is down from 2.8months to 2.1months.
Pakistan Textile: Mar’25 Textile exports up 10%YoY - By Taurus Research

Apr 18 2025


Taurus Securities


  • Textile exports arrived at USD 1.43Bn in Mar’25 as compared to USD 1.3Bn in the SPLY, reflecting a growth of ~10%YoY. Whereas, on a monthly basis it only increased by 1%MoM. The increase was mainly due to the higher exports of cotton yarn, knitwear, bed wear, ready-made garments, art & silk, made-up articles and other textiles up 30%YoY, 15%YoY, 19%YoY, 12%YoY, 9%YoY, 10%YoY and 11%YoY, respectively. Moreover, 9MFY25 textile exports increased 9%YoY to USD 13.6Bn as compared to USD 12Bn in the SPLY
  • In Mar’25, Basic textile exports totaled USD 205Mn, down ~2% YoY, mainly attributed to decline in exports of cotton cloth and yarn. Whereas, value added exports showed a significant increase of 13%YoY along with a 9%YoY increase in other textiles.
Morning News: March C/A posts $1.2bn surplus - By Vector Research

Apr 18 2025


Vector Securities


  • Pakistan’s current account posted a record all-time high monthly surplus of $1.2 billion in March 2025, fueled by historic inflows of home remittances, according to data released by the State Bank of Pakistan (SBP) on Thursday.
  • Foreign Direct Investment (FDI) into Pakistan rose by 14 percent during the first nine months of this fiscal year (FY25). According to the State Bank of Pakistan (SBP), the country fetched FDI amounting to $1.644 billion in July-March of FY25 compared to $1.442 billion in the same period of last fiscal year (FY24), showing an increase of $202 million. During the period under review, FDI inflows were $2.472 billion as against $828 million outflow.
  • Pakistan’s central bank’s foreign exchange reserves dropped by $127 million to $10.57 billion during the week ended April 11 due to external debt repayments, the State Bank of Pakistan (SBP) said on Thursday. The total liquid foreign reserves held by the country also decreased by $91 million to $15.66 billion. However, the reserves of commercial banks increased by $36 million to $5.09 billion.
Technical Outlook: KSE-100; Consolidation to continue - By JS Research

Apr 18 2025


JS Global Capital


  • The KSE-100 index witnessed positive movement to close at 116,901, up 881 points DoD. Volumes stood low at 408mn shares compared to 482mn shares traded in the previous session. The index is currently trading above the 30-DMA and the 50-DMA that will restrict downside at 115,828 and 114,617 levels, respectively. However, any upside will face resistance in the range of 117,210-118,050 levels where a break above targeting 118,718 level. The RSI and the Stochastic Oscillator have moved up, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping stoploss below the 30-DMA. The support and resistance levels are at 116,074 and 117,472 levels, respectively.
Morning News: March C/A posts $1.2bn surplus - By WE Research

Apr 18 2025



  • Pakistan recorded a historic monthly current account surplus of $1.2 billion in March 2025, driven by unprecedented remittance inflows of $4.1 billion, according to the State Bank of Pakistan. This marked a 229% increase from March 2024 and a significant reversal from February 2025’s deficit. Cumulatively, the current account showed a $1.859 billion surplus in July–March FY25, compared to a $1.652 billion deficit in the same period last year. Analysts hailed this as a vital boost for the economy, easing pressure on the rupee, supporting foreign reserves, and reducing reliance on external borrowing. While the trade deficit widened to $18.73 billion due to increased imports, moderate export growth and a $2.32 billion services deficit highlighted ongoing challenges. Despite persistent financial pressures and IMF support under a $7 billion program, Pakistan’s external sector is showing signs of recovery backed by policy reforms and improved macroeconomic stability.
  • Foreign Direct Investment (FDI) in Pakistan rose by 14% in the first nine months of FY25, reaching $1.644 billion compared to $1.442 billion during the same period in FY24, primarily due to strong inflows from China and Hong Kong and increased investment in the financial services and power sectors. China contributed the largest share at 41%, with its FDI doubling to $684.5 million. Despite this overall growth, March 2025 saw a sharp month-on-month decline of 91% in FDI. Economists attribute the positive trend to improved macroeconomic stability and IMF-backed reforms, but warn that sustained growth depends on consistent policies and political stability to maintain investor confidence.
  • Pakistan’s textile exports grew by 9.38% during July–March FY25, reaching $13.613 billion compared to $12.445 billion in the same period last year, according to the Pakistan Bureau of Statistics (PBS). Overall exports rose by 7.82% to $24.719 billion, with March 2025 exports totaling $2.646 billion—up 6.27% from February and 3.08% year-on-year. Textile exports in March specifically increased by 9.97% from February. However, rice exports declined by 5.91%, totaling $2.757 billion compared to $2.930 billion last year. Key export commodities in March included knitwear, readymade garments, bedwear, various rice types, cotton cloth, towels, and petroleum products, highlighting continued strength in the textile sector despite weaknesses in agricultural exports.
Lotte Chemical Pakistan Limited (LOTCHEM): 1QCY25 EPS clocked in at PKR0.44 – Below expectation - By Insight Research

Apr 17 2025


Insight Securities


  • LOTCHEM has announced its 1QCY25 result, wherein company has posted PAT of PKR0.7bn (EPS: PKR0.44) vs. PAT of PKR0.9bn (EPS: PKR0.59) in SPLY. The result is below our expectation due to lower than estimated revenue.
  • In 1QCY25, revenue decreased by 33% YoY, due to lower volumetric sales. While on QoQ basis, same is up by 6% possibly due to higher PTA prices and volumetric sales.
  • Gross margins of the company clocked in at 6.2%, up by 100bps/540bps YoY/QoQ, due to improved core delta.
Pakistan Fertilizer: 1QCY25E Result Preview: Muted offtakes to weigh on profitability - By AKD Research

Apr 18 2025


AKD Securities


  • AKD Fertilizer Universe’s profitability is projected to decline by 16%YoY in 1QCY25E, primarily due to lower offtakes.
  • Company-wise, FFC profitability is expected to rise by 46%YoY post-merger, while EFERT and FATIMA earnings are projected to decline by 65%/6%, respectively.
  • FFC payout is expected to increase by 63%YoY, while EFERT dividend is projected to fall by 75%YoY
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).
United Bank Ltd (UBL): 1QCY25 Result Review — Higher NII led to earnings incline -- By AKD Research

Apr 16 2025


AKD Securities


  • United Bank Ltd (UBL) announced its 1QCY25 financial results earlier today, wherein the bank posted NPAT of PkR36.1bn (EPS: PkR28.8) for the quarter, up 126%YoY/39%QoQ. The result is significantly above our expectations due to higher than expected NII and provisioning reversal. In addition to the result, bank announced an interim cash payout of PkR11/sh and stock split in the ratio of 2 shares for 1 share held.
  • NII recorded at PkR84.2bn in 1QCY25, up by 200%YoY/30%QoQ, primarily due to higher investment book, up 60%YoY/27%QoQ and advances, up 7.1%YoY, compared to SPLY.
  • Non-Interest Income clocked in at PkR17.0bn in 1QCY25, down 20%YoY/38%QoQ, on the back of 55%YoY/69%QoQ dropped in gain on sale of securities. However, fee income increased to PkR7.5bn during the quarter, up 26%YoY/113%QoQ
Commercial Banks: 1QCY25 Result Preview: Payouts to remain intact - By AKD Research

Apr 15 2025


AKD Securities


  • AKD Banking Universe is set to announce its 1QCY25E results, where we expect profitability to decline by 12%QoQ, as contraction in NIMs and a drop in nonmarkup income are expected to outweigh the impact of lower operating expenses and reduced taxation.
  • We anticipate our banking universe to maintain dividends in the first quarter, supported by resilient capitalization amid monetary easing, recovery in macro economic variables and removal of mandated ADR based taxation during the previous quarter.
  • Profitability to take a hit from declining yields: AKD Banking Universe is set to announce its 1QCY25E results, where we expect profitability to decline by 12%QoQ to PkR75.1bn, as contraction in NIMs and a drop in non-markup income are expected to outweigh the impact of lower operating expenses and reduced taxation.
Mari Energies Ltd (MARI): Fourth discovery at Spinwam-1, Waziristan Block - By AKD Research

Apr 8 2025


AKD Securities


  • Mari Energies Ltd (MARI) has achieved a milestone fourth discovery at the Spinwam-1 well in the Waziristan Block, KPK (working interest: 55%), with tested flows of 70.3mmcfd of gas and 310bpd of oil (at choke size of 64/64”). The latest discovery is anticipated to push cumulative output from the field to 127.6mmcfd of gas and 569bpd of oil.
  • We estimate Spinwam-1 well to contribute annualized EPS impact of PkR13.35/sh for MARI and PkR2.37/sh for OGDC. Notably, the incremental EPS impact from the latest find comes out to be PkR7.4/1.3 per share for MARI and OGDC, respectively.
Economy: IMF supplements EFF program with Resilience and Sustainability Facility - By AKD Research

Mar 26 2025


AKD Securities


  • The IMF team has reached SLA with the Pakistani authorities on the first review of EFF and a new 28-month arrangement of US$1.3bn under Resilience and Sustainability Facility (RSF).
  • Fund recognizes Pakistan's substantial progress in restoring macroeconomic stability and rebuilding confidence despite a challenging global environment.
  • Successful completion of first review would pave the way for KSE-100 to reach 165,215 by Dec’25.
National Bank of Pakistan (NBP): CY24 AGM Takeaways - By AKD Research

Mar 26 2025


AKD Securities


  • National Bank of Pakistan (NBP) bank held its Annual General Meeting (AGM) yesterday, during which following key matters were discussed:
  • Pension Expense Provisioning: The bank has provisioned PkR81bn for past-due pension liabilities under compensation costs during the year. Moving forward, based on actuarial valuations, management anticipates an annual charge of ~PkR10bn on a recurring basis under the head of pension expenses.
  • TSA Implementation update: A cumulative outflow of PkR350bn in public-sector deposits has been recorded so far, with PkR125bn exiting during CY24. Moving forward, outstanding outflows are expected to be more gradual, with a remaining balance of PkR600bn as per management. • Divestment of Investments: The bank divested its 45% stake in United National Bank Ltd (UNBL) in the UK, recording a gain of PkR5.7bn. Additionally, the sale of Agritech Ltd added PkR6.4bn to profits. The bank also closed its Paris and New York branches in compliance with regulatory directives.
Systems Limited (SYS): 4QCY24 Result Review - Earnings up 32% YoY, with MENA region at the helm - By AKD Research

Mar 24 2025


AKD Securities


  • Systems Limited (SYS) announced its 4QCY24 financial results today, wherein the company posted Profit after Tax (PAT) of PkR2.0bn (EPS: PkR6.9) vs. PkR1.5bn (EPS: PkR5.3) in SPLY, up 31.5%YoY. However, earnings were below our estimate, primarily due to higher than anticipated operating expenses and impairment losses. Alongside the result, company declared a final cash dividend of PkR6.0/sh and announced a share split in a 5:1 ratio.
  • Company reported revenue of PkR19.2bn in 4QCY24, compared to PkR16.1bn in SPLY, up 19.0%YoY. The growth in topline is attributed to robust growth of 17.4%/13.6%/84.3%YoY in the MENA/North America/Europe regions, respectively.
  • Gross margins clocked in at 24.4%, up from 22.0% in 4QCY23. This increase can primarily be attributed to improvement in gross margins in North America region to 30.2% from 25.7% in 4QCY23. In contrast, MENA region saw a drop in gross margins to 26.8%, declining from 28.0% in 4QCY23.
Mari Energies Ltd (MARI): Second discovery at Spinwam -1, Waziristan Block - By AKD Research

Mar 17 2025


AKD Securities


  • Mari Energies Ltd (MARI) has achieved a second discovery at the Spinwam -1 well in the Waziristan Block, KPK (working interest: 55%), with tested flows of 20.5mmcfd of gas and 117bpd of oil. Notably, first discovery at Spinwam -1 was announced in late Feb’25, with the latest find bringing cumulative production potential to 33.4mmcfd of gas and 137bpd of oil. We estimate Spinwam -1 well to contribute annualized EPS impact of PkR3.48/sh for MARI and PkR0.62/sh for OGDC.
Oil and Gas Development Company Ltd (OGDC): Gas discovery at Soghri North-1, Attock - By AKD Research

Mar 17 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has successfully made a discovery at the Soghri North-1 exploratory well in Attock District, Punjab, yielding 13.95mmcfd of gas and 430bpd of oil, respectively. Notably, this marks OGDC’s seventh successful discovery/ production enhancement during CYTD, reflecting company’s improving ability to carry E&P activities, supported by a strengthened liquidity position. We estimate the new find to contribute annualized EPS impact of PkR1.03/sh for OGDC.
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