Barkat Frisian Agro Limited (BFAL): Scaling in the untapped segment - By Insight Research
Feb 14 2025
Insight Securities
Pasteurized eggs have seen steady growth in the food service
sector in recent years, driven by rising regulation & awareness
of food safety standards, extended shelf life, convenience, and
the prevention of foodborne diseases. In line with this trend,
the upcoming IPO of Barkat Frisian Agro Limited (BFAL) offers
a good exposure to this growing industry. The company plans
to raise PKR0.9bn by offering 67.7mn shares at a floor price of
PKR13/share. BFAL specializes in producing pasteurized,
liquid, and dried egg products, catering to the HoReCa, baking,
and protein supplement market. As the only manufacturer of
processed eggs in Pakistan, BFAL serves both domestic and
export markets and has decent room to grow. As per the
management, Pakistan's annual egg consumption is 21.1bn
eggs, with 15% utilized by company’s addressable market
translating to a target market size of 3.2bn eggs annually.
Additionally, the global pasteurized egg market is projected to
grow at a CAGR of ~10.3%. To capitalize on this demand, BFAL
is expanding its production capacity by establishing a new
factory in Faisalabad to serve the local market. The company is
also introducing new products, which will enhance the
revenue growth in the future.
We have a subscribe stance on the stock, with Dec’25 DCF
based target price of PKR19/sh. Our liking stems from the
following facts i) First mover advantage in pasteurized egg
segment, ii) Potential to cater local and export demand, iii)
Competitive pricing due to lower raw material cost, iv) New
product offerings, v) Tax holiday on both facilities and vi)
Expertise of parent company to aid future growth.
Barkat Frisian Agro Ltd (BFAL): BARKAT FRISIAN AGRO LIMITED – IPO - By AHCML Research
Feb 14 2025
Al Habib Capital Markets
Barkat Frisian Agro Ltd (BFAL) is a Pakistani-Dutch joint venture, established in 2017 and
operational since 2019. The company specializes in value-added egg products that meet
European standards, serving bakery, confectionery, food dressings, FMCG, and ice cream
industries.
BFAL benefits from a strong collaboration with three key partners:
Frisian Egg Group (Netherlands).
Barkat Frisian Agro Limited (BFAL): Scaling in the untapped segment - By Insight Research
Feb 14 2025
Insight Securities
Pasteurized eggs have seen steady growth in the food service
sector in recent years, driven by rising regulation & awareness
of food safety standards, extended shelf life, convenience, and
the prevention of foodborne diseases. In line with this trend,
the upcoming IPO of Barkat Frisian Agro Limited (BFAL) offers
a good exposure to this growing industry. The company plans
to raise PKR0.9bn by offering 67.7mn shares at a floor price of
PKR13/share. BFAL specializes in producing pasteurized,
liquid, and dried egg products, catering to the HoReCa, baking,
and protein supplement market. As the only manufacturer of
processed eggs in Pakistan, BFAL serves both domestic and
export markets and has decent room to grow. As per the
management, Pakistan's annual egg consumption is 21.1bn
eggs, with 15% utilized by company’s addressable market
translating to a target market size of 3.2bn eggs annually.
Additionally, the global pasteurized egg market is projected to
grow at a CAGR of ~10.3%. To capitalize on this demand, BFAL
is expanding its production capacity by establishing a new
factory in Faisalabad to serve the local market. The company is
also introducing new products, which will enhance the
revenue growth in the future.
We have a subscribe stance on the stock, with Dec’25 DCF
based target price of PKR19/sh. Our liking stems from the
following facts i) First mover advantage in pasteurized egg
segment, ii) Potential to cater local and export demand, iii)
Competitive pricing due to lower raw material cost, iv) New
product offerings, v) Tax holiday on both facilities and vi)
Expertise of parent company to aid future growth.
Barkat Frisian Agro Limited (BFAL): Pakistan’s Only Pasteurized Eggs Producer - By Taurus Research
Feb 13 2025
Taurus Securities
Barkat Frisian Agro Limited (BFAL) is a Pakistani – Dutch joint
venture between the Buksh Group and the Frisian Egg Group.
BFAL primarily produces frozen, liquid, and dried whole eggs,
egg yolks, and egg whites. It also produces specialized versions
of these egg products which are blended with other ingredients
depending on their end-use. Pasteurized egg products are essential for baking, cooking, food supplements, sauces, and mayonnaise. Pasteurized eggs also have longer shelf-lives and are safer
for consumption.
BFAL’s European-style production facility is located at Bin
Qasim Industrial Park in Karachi and carries the capacity to process 17,000MT of eggs annually. This facility operated at 75% capacity during FY24. Additionally, BFAL is setting up a subsidiary in the U.A.E. to boost its exports to the Middle East.
Frisian Egg International B.V. has over 30 years of experience in
egg processing with operational plants in Egypt, China, and the
Netherlands. The Buksh group has over 40 years of experience in
diverse sectors; textile manufacturing and exporting, steel drum
manufacturing, as well as poultry farming and feed operations.
Barkat Frisian Agro Ltd (BFAL): Barkat Frisian Agro Limited – IPO Insights & Business Model - By IIS Research
Feb 11 2025
Ismail Iqbal Securities
Barkat Frisian Agro Limited (BFAL) is Pakistan’s first and only producer of pasteurized eggs,
operating as a joint venture between Pakistan’s Buksh Group and the Netherlands based Frisian
Egg Group. Incorporated in 2017 and beginning commercial operations in 2019, BFAL specializes
in pasteurized whole eggs, yolks, and egg whites in frozen and liquid forms. The company plans to
expand its product line to include powdered, organic, free range, and pasteurized shell eggs.
BFAL is offering 67.7 million shares (21.85% of post-IPO equity) at a floor price of PKR 13 per
share, with a total transaction value of PKR 880.5 million. The raised capital will be primarily used
to establish a new production facility in Faisalabad and reduce outstanding debt.
The pasteurization process begins with egg breaking, filtration to remove shell particles, and
homogenization for uniform consistency. Ingredients like salt or sugar may be added based on
customer needs before controlled heating eliminates bacteria while preserving nutrients. The
eggs are then cooled, stored at 4°C, and continuously agitated to maintain freshness before being
packaged in sprouted containers or bulk bags. This process ensures safer, high quality egg
products with an extended shelf life.
Pakistan Economy: Feb’25 LSMI down 5.9%MoM/down 3.5%YoY - By Taurus Research
Apr 16 2025
Taurus Securities
Large Scale Manufacturing Index (LSMI) down 5.9%MoM in
Feb’25, due to decline from key sectors i.e. Furniture (-56%), Machinery & Equipment (-34%) and Chemical Products (-19%).
Whereas, top contributors were Other Transport Equipment
(38%), Automobiles (31%), Coke & Petroleum Products (23%) and
Tobacco (18%), respectively. 8MFY25 LSMI was down 1.9%YoY.
Textile production declined by ~0.33%YoY in Feb’25 attributable
to decline in production of jute goods, woolen & worsted cloth
and woolen blankets by 36.65%YoY, 3.66%YoY and 94.76%YoY,
respectively— mainly due to the lower domestic and international demand driven by a seasonal shift that reduced the overall requirement of these products. Whereas, on a monthly basis it significantly declined by ~3.24%MoM, mainly due to the decline in
production of jute goods, terry & towels, woolen & carpet yarn
and woolen blankets by 19.56%MoM, 7.34%MoM, 4.42%MoM
and 94.21%MoM, respectively
Automobile production down ~5%MoM in Feb’25. Wherein, Jeeps &
cars production declined by 10%MoM. Similarly, LCVs production
down ~13%MoM, respectively. On a YoY basis, production of LCVs,
Jeeps & Cars, Trucks and Buses went up by ~23%, 26%, 1.8x and 48%
on the back of controlled manufacturing costs, stable tariffs, eased import restrictions on CKD units and recovering demand due to improving macros.
Lotte Chemical Pakistan Limited (LOTCHEM): Earnings Hold Steady as PTA Margins Remain Underwhelming - By IIS Research
Apr 16 2025
Ismail Iqbal Securities
We expect LOTCHEM to report a PAT of PKR 779 million (EPS:
PKR 0.51) for 1QCY25, compared to LPS 0.01 in last quarter.
This improvement comes as operations normalize following a
one-month plant turnaround last quarter. PTA sales volumes
are also anticipated to recover to typical levels. However, PTAPX margins have averaged USD 100/ton this quarter, lower than
the USD 122/ton in the past six years and the long term average
of USD 110/ton, largely due to global dynamics and subdued
international demand.
Additionally, this quarter is affected by the recent gas price
hike. Where, the gas price for captive power plants has
increased to Rs 3,500 per MMBtu, effective February 1, 2025.
While this increase poses some pressure, it's worth noting that
LOTCHEM’s cost structure and margins are largely driven by
international PTA-PX spreads. Notably, in CY24, only around
7% of COGS was from oil, gas, and electricity expenses.
Furthermore, the company is in the process of being acquired,
as AsiaPak Investments Limited and Montage Oil DMCC
entered into a share purchase agreement to acquire a 75.01%
stake in LOTCHEM.
Bank Al-Falah Limited (BAFL): 1QCY25 EPS to clock-in at PKR 3.3; PAT down 47%YoY/up 13%QoQ - By Taurus Research
Apr 16 2025
Taurus Securities
Board Meeting: Thursday, April 17, 2025
1QCY25 EPS: PKR 3.3. 1QCY25 PAT down 47%YoY. BAFL is also expected to announce a cash dividend of PKR 2.0/sh.
Net Interest Income (NII): We anticipate net interest income to post a drop of 9%YoY/11%QoQ mainly on account of falling
yields on investments and re-pricing of the loan book; partially offset by a lower cost of funds due to the rate cut in Jan’25 and
the impact of revised MDR regime coming into effect Jan’25 onwards
Commercial Bank: Banking Sector’s Dividends Payouts to Persist Despite Earnings Attrition in 1QCY25 - By Pearl Research
Apr 16 2025
Pearl Securities
We preview 1QCY25 earnings result for commercial banks within our coverage.
We expect earnings of the Pearl banking universe to witness erosion of 3.6%
QoQ due to NIM compression coupled with tapering off of growth in non-core
income.
Notably, we expect the lagged impact of asset repricing and declining asset
yields amid aggressive monetary easing measures to serve as a headwind for
interest income, which nonetheless should partly be counteracted by
volumetric balance sheet growth.
Additionally, we anticipate the offsetting decline in cost of deposit to remain
relatively muted compared to the previous quarter despite strategic shift into
low-cost deposits by the sector, thereby resulting in core income witnessing a
contraction of ~6% QoQ, according to our estimates
Technical Outlook: KSE-100; Consolidation likely above key averages - By JS Research
Apr 16 2025
JS Global Capital
The KSE-100 index extended the gain to close at 116,776, up 385 points DoD. Volumes
stood at 479mn shares compared to 485mn shares traded in the previous session. The
index is expected to revisit yesterday’s high of 117,362 where a break above targeting
118,718 level. However, any downside will find support at the 30-DMA which is currently at
115,631. The RSI and the Stochastic Oscillator have moved up, supporting a positive
view. We recommend investors to ‘Buy on dips’, with risk defined below the 30-DMA. The
support and resistance levels are at 116,493 and 117,210 levels, respectively.
Engro Powergen Qadirpur Limited (EPQL): 1QCY25 EPS arrive at PKR 1.19, up 1.5xQoQ - By Taurus Research
Apr 15 2025
Taurus Securities
1QCY25 EPS: PKR 1.19; DPS: PKR 7.5.
Revenue increased 9%QoQ to PKR 3.1Bn, attributed to improved dispatches amid seasonal demand recovery. However, YoY
growth remained flat due to the impact of revised PPA terms, which converted the plant's structure to a 'take-and-pay'
regime, limiting guaranteed capacity payments.
Finance income stood at PKR 26Mn versus PKR 238Mn in 1QCY24 (SPLY), reflecting the absence of late payment surcharge
(LPS) which previously contributed significantly. The decline was anticipated after the company received PKR 8.04Bn in
overdue receivables under the revised PPA settlements.
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.
United Bank Limited (UBL): 1QCY25 EPS to clock-in at PKR 18.4; PAT up 43%YoY/down 12%QoQ - By Taurus Research
Apr 15 2025
Taurus Securities
Board Meeting: Wednesday, April 16, 2025
1QCY25 EPS: PKR 18.4. 1QCY25 PAT up 43%YoY. UBL is also expected to announce an interim cash dividend of PKR 12/sh.
Net Interest Income (NII): Expected to go up 2xYoY/9%QoQ, driven by robust growth in current accounts and a lower cost
of funds as changes to the MDR regime go into effect, along with a drop in leverage on a sequential basis – offsetting the
pressure on yields, specially on the Bank’s investment portfolio.
Technical Outlook: KSE-100: Closed above 30-DMA - By JS Research
Apr 15 2025
JS Global Capital
The KSE-100 index posted a gain of 1,537 points to close at 116,390. Volumes stood at
485mn shares compared to 459mn shares traded in the previous session. The index has
closed above the 30-DMA which will now provide support at 115,535, followed by 114,357
(50-DMA). However, any upside will face resistance in the range of 116,500-117,300
where a break above targeting 118,718 level. The RSI and the Stochastic Oscillator have
improved, supporting a positive view. We recommend investors to ‘Buy on dips’, keeping
stoploss below the 30-DMA. The support and resistance levels are at 115,593 and
116,840 levels, respectively.
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.
Pakistan Fertilizer: 1QCY25 Preview: Lower offtakes to dent profitability - By Insight Research
Apr 10 2025
Insight Securities
As per NFDC, urea offtakes decreased by 38% YoY to clock in
at 1.13mn tons in 1QCY25, from 1.82mn tons in SPLY.
Similarly, DAP offtakes decreased by 52% YoY to reach at
143kt, compared to 299kt in SPLY. This decrease is primarily
attributable to weak farm economics. Due to steep decline in
offtakes, we estimate EFERT/FFC/FATIMA to post EPS of
PKR2.0/9.1/3.3 in 1QCY25, respectively.
FFC is expected to post unconsolidated PAT of PKR12.9bn
(EPS: PKR9.1) in 1QCY25, reflecting a decline of ~13%/9%
YoY/QoQ, primarily driven by lower offtakes. In 1QCY25,
FFC's urea offtakes decrease by 34%/36% YoY/QoQ to reach
at 537kt, compared to 819kt in the SPLY and 839kt in
previous quarter. Similarly, DAP offtakes decreased by
52%/77% YoY/QoQ. FFC's revenue is expected to clock in at
PKR60.8bn, down from PKR104.9bn in SPLY. Gross margins
are expected to increase by ~11ppts YoY, amid increase in
product prices. Similarly on QoQ basis, gross margins
improved by ~10ppts due to a one-off adjustment in the
previous quarter following the FFBL merger. Additionally,
company’s finance cost is anticipated to decrease by 35%
YoY, primarily due to decline in interest rates. Other income
is expected to witness a decrease of ~46% YoY, amid lower
dividend income and interest rates. Whereas same is
expected to increase by ~14% QoQ due to dividend income in
the quarter and increase in cash & cash equivalent. Along
with the result, we expect company to announce a cash
dividend of PKR7.3/sh.
Pakistan Economy: Power tariff got slashed - By Insight Research
Apr 4 2025
Insight Securities
In a recent development, Prime Minister has announced a reduction in
electricity tariffs by PKR7.41/unit for residential consumers and
PKR7.59/unit for industrial users. This long-awaited relief had been
widely anticipated in recent months, as rising administered energy
prices were significantly eroding consumer purchasing power and were
negatively impacting the overall economic activity. According to
government sources, the IMF has endorsed this plan.
To address the issue, the government initiated measures such as
revising/terminating contracts with IPPs and increasing the rate of PDL
on petroleum products by PKR10/ltr last month, to finance tariff
differential subsidy.
The primary contributors to the PKR7/unit tariff reduction includes
termination of Power Purchase Agreements with certain IPPs along with
renegotiation regarding hybrid take and pay model with others.
Furthermore, the government plans to utilize the incremental revenue
from the recent PKR10/ltr hike in PDL to fund Tariff Differential Subsidy.
Moreover, Quarterly Tariff Adjustment of ~PKR1.9/unit, effective from
Apr’25, along with expected fuel cost adjustments, will further support
the government in implementing the announced relief of ~PKR7/unit.
Economy: Mar’25 CPI likely to clock in at 0.65% - By Insight Research
Mar 27 2025
Insight Securities
Headline inflation is set to fall below 1% mark in Mar’25 and is estimated to
clock in at ~0.65%. The decline in CPI is mainly driven by lower food prices and
is further aided by decline in housing and transport index. On MoM basis,
inflation is likely to inch up by 0.8%, amid higher food prices due to Ramzan
seasonality. While housing and transport index is likely to decline MoM amid
negative FCA in electricity charges and lower motor fuel prices, respectively.
This will take 9MFY25 inflation to ~5.4% compared to ~27.2% in SPLY.
Within the SPI basket, items that recorded significant increase in prices during
the period are as follows, Tomatoes (42.5↑%), Fresh fruits (41.1↑%), Chicken
(15.0%↑), Eggs (14.7%↑) & Sugar (11.4%↑). On the flip side, prices of the
following items eased off during the month, Onions (20.7%↓), Tea (11.8%↓),
Fresh vegetables (8.9%↓), Potatoes (7.3%↓) & Pulse gram (6.7%↓).
MCB Bank Limited (MCB): Defensive play with steady gains - By Insight Research
Mar 17 2025
Insight Securities
MCB boasts one of the highest current account mixes in the
banking sector. MCB presents a compelling investment case
due to its attractive dividend yield and stable strategic
approach. The bank has been focusing on building a low-cost
deposit base and with interest rates dropping sharply in the
last few quarters resulting in narrowing NIMs and the removal
of ADR-based taxation, the bank is now more focused on
increasing zero-cost deposits in its mix.
We maintain our BUY stance on MCB, with a DDM & P/BV
based target price of PKR345/sh for Dec’25. The stock is
currently trading at a P/E & P/B of 6.9x & 1.3x on CY25
estimates, with a DY of ~13%
Key risk to our investment thesis are i) Lower than estimated
growth in current accounts, ii) Deterioration in asset quality,
iii) Higher than estimated operating expenses and iv) Abrupt
changes in regulatory framework.
Indus Motor Company Limited (INDU): Analyst briefing takeaways - By insight Research
Mar 13 2025
Insight Securities
Indus Motor Company Limited (INDU) has conducted its corporate briefing to discuss financial results of the company. We have highlighted
key takeaways from the briefing.
INDU posted a PAT of PKR9.96bn in 1HFY25 compared to PAT of PKR4.96bn in SPLY. The increase in profitability is driven by higher
volumetric sales and healthy gross margins.
Management stated that improvement in gross margins is attributable to stable exchange rate, reduced fixed cost, higher localization level
and efficient energy mix. To highlight, solar constitutes ~25% of total energy requirement.
Pakistan Petroleum (PPL): Solid foundations - By Insight Research
Mar 11 2025
Insight Securities
We reiterate our ‘BUY’ stance on PPL with reserves based
Dec’25 target price of PKR280/sh, implying 54% potential
upside. With the consecutive increase in gas prices for past
four semi-annual revisions, cashflow situation has improved
significantly in state owned oil & gas companies where PPL’s
cash collection ratio improved to ~100% in 1HFY25 vs. 73% in
SPLY. As per 1HFY25 accounts, company’s CFO reached to
PKR48.6bn vs. PKR32.1bn in SPLY, attributable to higher
recovery from Sui companies.
The company's cash flow is expected to remain robust going
forward due to higher recoveries from Sui companies.
Additionally, IMF program will ensure that the Government
will continue to pass on cost pressure to consumer. This will
ease the company’s liquidity constraints, enabling it to expand
exploration activities, focus on growth-related projects, and
provide higher payouts.
The Government has taken steps to enhance the viability of the
sector and reduce reliance on imports by increasing local
production. Any progress in resolving the gas circular debt
pileup would be highly beneficial for PPL, as company holds
overdue trade debts of PKR544bn (PKR200/sh) from SOEs, as
per Dec’24 accounts. Furthermore, Barrick Gold’s feasibility
study for Reko Diq highlights a compelling 22% dollarized IRR,
reinforcing its potential as a significant value driver for the
company. Based on our initial estimates, Reko Diq is projected
to contribute PKR87/sh to PPL’s valuation, positioning it as a
key catalyst for long-term growth.
Meezan Bank Limited (MEBL): Analyst briefing takeaways -By Insight Research
Feb 26 2025
Insight Securities
Meezan Bank Limited has conducted its conference call today to discuss bank’s financial performance and outlook. Key takeaways of the
analyst call are as follows:
Bank’s deposit has grown at CAGR of ~34% between 2002-2024, compared to industry’s average of 8.5%.
During the year, bank opened 47 new branches taking total branches to 1,098
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.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked in at PKR1.6 – Above expectation - By Insight Research
Feb 25 2025
Insight Securities
FCCL has announced its 2QFY25 result, wherein company has posted
PAT of PKR4.0bn (EPS: PKR1.6) vs. PAT of PKR2.7bn (EPS: PKR1.1) in
SPLY. The result is above our expectation due to higher-than-expected
gross margins.
In 2QFY25, revenue increased by 24%/8% YoY/QoQ mainly due to
higher volumetric sales and better retention prices. To note, company’s
local cement offtakes increased by 17%/14% YoY/QoQ.
Gross margins of the company clocked in at 35.8%, up by
314bps/142bps YoY/QoQ, possibly due to optimal energy mix and
decline in coal prices.
Gul Ahmed Textile Mills Limited (GATM): 2QFY24 EPS clocked in at PKR0.93 – Above expectation - By Insight Research
Feb 25 2025
Insight Securities
GATM has announced its 2QFY25 result, wherein the company has posted
consolidated PAT of PKR687mn (EPS: PKR0.93) vs. PKR547mn (EPS:
PKR0.74) in SPLY, up by 26% YoY. The result is above our expectation
due to higher-than-expected gross margin and lower tax expense.
In 2QFY25, company’s revenue clocked in at PKR45.68bn compared to
PKR41.23bn in SPLY, up by ~11 YoY. The increase in topline is possibly
attributable to higher volumetric sales.
In dollar terms, company’s revenue clocked in at US$164.0mn in
2QFY25 vs. US$145.5mn in SPLY, up by ~13 YoY. However, same is
down by ~7 QoQ.
