Lucky Cement (LUCK):2QFY25 Corporate Briefing Key Takeaways - By Topline Research

Feb 21 2025


Topline Securities


  • Lucky Cement (LUCK) conducted 2QFY25 analyst briefing today to discuss business performance and future outlook.
  • Commenting on Stock Split, LUCK management stated that purpose of split was to increase liquidity of the stock and make it more attractive for participants. Global indices that track Pakistani stocks also have liquidity criteria.
  • Wind power plant of 28.8MW came online in 2QFY25. After completion of this project, the total renewables capacity is close to 100MW for two local cement plants of the company. Wind, Solar and WHR are now fulfilling approximately 55% of power requirements on average
Lucky Cement Company Limited (LUCK): Cost efficiencies to support margins - By JS Research

Feb 24 2025


JS Global Capital


  • Lucky Cement Company Limited (LUCK) conducted its Corporate Briefing to discuss 2QFY25 results and outlook. On a standalone basis, the company reported an EPS of Rs24.8 for 2QFY25, up 7% YoY, driven by higher dispatches YoY (+24%). Meanwhile, on a consolidated basis, the company posted EPS of Rs73.2 in 2QFY25, up 22% YoY.
  • Management is confident that LUCK is well-positioned to withstand declining cement MRPs in the North, due to its cost efficiency measures such as investments in renewable energy capacity (103.1 MW). Additionally, its fuel cost/ton remains among the lowest in the industry following its Dec-2022 expansion.
  • The recently announced stock split is proposed to improve liquidity and increase accessibility for retail investors, avoiding a bonus issue as it would have resulted in significant taxes for investors.
Lucky Cement Limited (LUCK): 1HFY25 Corporate Briefing Takeaways - By IIS Research

Feb 21 2025


Ismail Iqbal Securities


  • Lucky Cement Limited (LUCK) held its corporate briefing today to discuss the financial results of 1HFY25 and future outlook of the company. Key highlights of the briefing are follows:
  • Local dispatches of the industry declined by 10.4% YoY, reaching 18.1mn tons in 1HFY25 due to subdued demand, while exports saw a significant growth of 31.7% YoY. Local demand showed some improvement in 2QFY25, reflecting an increase of 22.8% QoQ. Looking ahead, the company expects demand to recover from this negative double-digit growth, hinging on factors such as decrease in interest rates. However, Ramazan and Eid factor will likely affect the sales in 2HFY25.
  • For LUCK, total dispatches increased by 8.7% YoY in 1HFY25, primarily driven by rise in exports, as the company continues to explore different export destinations. However, local dispatches declined by 14%, in line with the industry trend.
Lucky Cement Limited (LUCK): Analyst briefing takeaways - By Insight Research

Feb 21 2025


Insight Securities


  • Lucky Cement Limited has conducted its analyst briefing to discuss its financial result and future outlook. We have summarized following key takeaways from the briefing.
  • In 1HFY25, LUCK’s local retention price stood at ~PKR16,000/ton. While export retention price for Afghanistan stood at ~PKR9,000/ton. For sea borne, retention price for clinker and cement export stood at US$31/ton and US$41/ton, respectively.
  • Company is fulfilling 55% of its total power requirement from renewable energy. Plant wise renewable power mix stands at 42%/56% for North and South.
Lucky Cement (LUCK):2QFY25 Corporate Briefing Key Takeaways - By Topline Research

Feb 21 2025


Topline Securities


  • Lucky Cement (LUCK) conducted 2QFY25 analyst briefing today to discuss business performance and future outlook.
  • Commenting on Stock Split, LUCK management stated that purpose of split was to increase liquidity of the stock and make it more attractive for participants. Global indices that track Pakistani stocks also have liquidity criteria.
  • Wind power plant of 28.8MW came online in 2QFY25. After completion of this project, the total renewables capacity is close to 100MW for two local cement plants of the company. Wind, Solar and WHR are now fulfilling approximately 55% of power requirements on average
Lucky Cement Ltd. (LUCK): LUCK board approves 5-for-1 split - By AKD Research

Feb 21 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK), in its Board of Directors meeting held yesterday, approved a share split in the ratio of 5:1, reducing the face value from PkR10/sh to PkR2/sh. Consequently, shareholders will receive 5 shares for every 1 share held. The date of determination which will be announced after the Extraordinary General Meeting (EoGM) on March 18, 2025.
  • The share split will increase the number of outstanding shares from 293mn to 1,465mn without triggering tax implications, unlike the bonus issue. The said development is expected to enhance the scrip’s liquidity and broaden investor participation.
  • Outlook: We maintain our ‘BUY’ stance on LUCK with a Dec’25 target price of PkR1,965/sh (PKR393/sh @1,465mn sh). Our view is supported by: i) improving market share given recent expansion, ii) higher gross margins driven by optimal coal and power mix, and iii) expected recovery in portfolio businesses alongside broader economic improvement.
Lucky Cement (LUCK): LUCK announced stock split, increased share liquidity and better price discovery likely - By Topline Research

Feb 21 2025


Topline Securities


  • In a notice to the stock exchange today, Feb 21 2025, LUCK announced the board recommendation for sub-division of shares of the company.
  • The above-mentioned Stock Split will be in the ratio of 5 shares for every 1 share held.
  • After the stock split, the paid-up capital of the company will be divided into 1,465mn shares of Rs2 each form current 293mn shares of Rs10 each.
Lucky Core Industries (LCI): FY24 Corporate Briefing Key Takeaways - By Topline Research

Feb 13 2025


Topline Securities


  • Lucky Core Industries (LCI) held its corporate briefing today to discuss 1HFY25 financial result and future outlook.
  • LCI’s operating performance improved due to Pfizer portfolio integration and better margins in Polyester & Pharmaceuticals. Lower finance costs followed a policy rate reduction, while Soda Ash, Chemicals & Agri Sciences, and Animal Health faced demand challenges.
  • LCI saw a 26% YoY rise in 1HFY25 due to short-term investments, scrap sales, and gain on the sale of assets sold, but majorly a Rs550mn one-time impact due to a change in loan discounting policy per IFRS guidelines.
Lucky Core Industries Limited (LCI) : 2HFY25 Analyst briefing takeaways - By Insight Research

Feb 13 2025


Insight Securities


  • Lucky Core Industries Limited has conducted its 2HFY25 analyst briefing to discuss its financial result and future outlook. We have summarized following key takeaways from the briefing.
  • In 1HFY25, LCI revenue from pharma business was ~PKR10.4bn vs. PKR5.8bn in SPLY. The increase is attributable to deregulation of nonessential and integration of Pfizer portfolio. Additionally, the company stated that PKR3.2bn of the total PKR10.4bn revenue came from the Pfizer portfolio. The Pfizer portfolio is expected to contribute approximately PKR8-9bn on an annualized basis in FY25.
  • Regarding its pharmaceutical business, the company stated that 65% of its current portfolio consists of nonessential products. In the recently acquired Pfizer portfolio, six out of seven brands fall under the nonessential category
Lucky Cement Limited’s (LUCK): 2QFY25 EPS clocked-in at PKR 73.17, up 22/20% YoY/QoQ - By Foundation Research

Jan 31 2025


Foundation Securities


  • Lucky Cement Limited’s (LUCK PA) consolidated profitability clocked-in at PKR 21.4Bn (EPS PKR 73.17, up 22/20% YoY/QoQ) in 2QFY25 compared to a profit of PKR 11.8Bn (EPS PKR 40.3) in 2QFY24. This brings 1HFY25 profitability to PKR 39.3Bn (EPS of PKR 134.6, up 11% YoY) against profit of PKR 35.3Bn in 1HFY24.
  • Standalone earnings were recorded at PKR 24.84/sh (up 7/11% YoY/QoQ) in 2QFY25, resulting in 1HFY25 earnings of PKR 47.24/sh, undergoing a mild increase of 1% YoY.
  • LUCK’s profitability on a standalone basis jumped 7% YoY in 2QFY25, this surge is accredited to volumetric growth of 24% YoY in overall dispatches. To highlight, LUCK exhibited an uptick in domestic dispatches (2/17% YoY/QoQ) and surge in export dispatches (86/26% YoY/QoQ). Hefty gross margins of 35.26% could be because of higher than expected retention prices (Punjab royalty disparity) along with efficient procurement of coal. The company recorded other income of PKR 3.5Bn (up 32% YoY) which further enhanced the profitability. In our view, the strong other income could be due to high dividend income and surge in income from cash & short term investments (PKR 39.1Bn as of 1QFY25, PKR 32.4Bn in 4QFY24).
Lucky Cement Limited (LUCK): 2QFY25 Review Earnings surge on elevated gross margins & other income - By AKD Research

Jan 30 2025


AKD Securities


  • Lucky Cement Ltd. (LUCK) announced its 2QFY25 financial results, reporting standalone earnings of PkR7.3bn (EPS: PkR24.8), up 7%YoY from PkR6.8bn (EPS: PkR23.1) in SPLY. Earnings were above our expectations due to higher-than-expected gross margins and other income. On a consolidated basis, profitability improved to PkR21.4bn (EPS: PkR73.2), up 22%YoY.
  • Revenue increased by 13%YoY to PkR34.5bn in 2QFY25 from PkR30.5bn in SPLY. The said topline growth is primarily attributed to 83%/2%YoY rise in export and local dispatches, respectively.
  • Gross margins slightly contracted to 35.3% from 36.0% in SPLY, mainly due to a higher proportion of low-margin exports in the total sales mix. However, gross margins exceeded our expectations, possibly due to lower-than-anticipated fuel costs.
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.
Morning News: Trade gap with ME widens - By WE Research

Apr 15 2025



  • Pakistan’s trade deficit with the Middle East widened by 9.75% to $9.35 billion in the first eight months of FY25, mainly due to a surge in petroleum imports, particularly a 20.29% increase in crude oil volumes. While exports to the region rose modestly—by 3.56% to $2.095 billion—imports jumped 8.56% to $11.44 billion during the same period. Despite a narrowing of the trade gap in FY24 due to lower petroleum consumption, the deficit has grown again, raising concerns. Pakistan recently signed a free trade agreement with GCC states to address the imbalance, with notable export growth to the UAE, Saudi Arabia, and Qatar. Exports to Saudi Arabia rose 10.59% and to the UAE by 5.84% during July-February, while imports from both also fluctuated. However, exports to Bahrain, Kuwait, and Qatar declined significantly, while imports from these countries mostly increased, further contributing to the widening trade deficit.
  • In the upcoming 2025–26 federal budget, the Pakistani government is expected to raise taxes on a wide range of food and beverage items to increase tax revenue. Proposed measures include doubling the excise duty on soft drinks, sweetened beverages, and juices from 20% to 40%, while introducing a new 20% tax on industrial dairy products. Meat products, bakery goods, and confectionery items— such as chocolate, pastries, and cereals—are also likely to face a 50% tax increase, along with frozen desserts and products made from animal or vegetable fats. These tax hikes are planned to be implemented gradually over three years. Simultaneously, the defence budget is set to increase by Rs159 billion to Rs2,281 billion for FY26, marking a 7.49% rise from the previous year and a Rs263.2 billion increase since FY24, highlighting a continued focus on national security amid broader fiscal reforms.
  • Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a high-level meeting on priority sector lending aimed at aligning Pakistan’s financial sector with the government's export-led growth agenda. Attended by key officials from the State Bank, the Pakistan Banks Association, and leading banks, the session emphasized the banking sector's vital role in facilitating foreign direct investment and supporting export-oriented industries. The minister highlighted the successful Pakistan Minerals Summit and Maersk Line’s $2 billion investment in maritime infrastructure as indicators of investor confidence. He stressed the need for sustainable, investment-led economic growth, avoiding past boom-bust cycles. Notably, this year’s budget process was initiated early, incorporating stakeholder feedback from commerce chambers. Zafar Masud of the PBA presented updates on banking support for agriculture, SMEs, and digital sectors, including initiatives like electronic warehouse receipt finance and SME performance indices. The minister concluded with a call for coordinated efforts to develop fintech-driven credit solutions for smallholder farmers and to ensure long-term economic transformation rooted in stability, inclusivity, and resilience.
Engro Powergen Qadirpur Limited (EPQL):1QCY25 EPS to clock-in at PKR 0.04; PAT of ~PKR 13Mn - By Taurus Reseach

Apr 14 2025


Taurus Securities


  • 1QFY25 EPS: PKR 0.04; PAT: PKR 13Mn, down 98%YoY over the SPLY.
  • Revenue is expected to grow slightly on a sequential basis due to seasonal pickup in demand. However, YoY topline may decline by 5% owing to the revised PPA structure, wherein ROE component has been shifted to the 'take-and-pay' basis, reducing guaranteed capacity revenues.
  • Finance costs & income are expected to undergo a structural shift – EPQL previously recorded sizable finance income from late payment surcharge, which has ceased following the full settlement of PKR 8.4Bn receivables. As a result, net finance income is expected to convert into finance cost, although lower short-term borrowings should limit the overall impact.
Pakistan Cement: FCCL & KOHC: 3QFY25 result previews - By JS Research

Apr 14 2025


JS Global Capital


  • We present 3QFY25 earnings expectations for Fauji Cement Company Ltd (FCCL) and Kohat Cement Company Ltd (KOHC).
  • We expect FCCL and KOHC to post earnings of Rs1.02/share and Rs12.89/share, reflecting growth of 41% and 23% YoY, respectively. This improvement is primarily driven by higher gross margins — up 3.3ppt YoY for FCCL and 8.5ppts for KOHC — supported by higher retention prices and lower coal costs during 3QFY25 compared to 3QFY24.
  • The proposed increase in limestone royalty rates in KPK, aligning them with those in Punjab, is expected to weigh negatively on both companies. However, reduction in power tariffs may partially offset this impact, given both companies' significant reliance on the national grid.
Pakistan Economy: Tariffs put USD 115Trn world economy at risk - By Taurus Research

Apr 14 2025


Taurus Securities


  • Global equity markets plunged enormously in the aftermath of the announcement of reciprocal tariffs on about 90 countries by the US President Donald Trump, putting the USD 115Trn global economy at risk. Wherein, the new tariff rates seemed to have been somewhat ludicrously calculated; inflicting disparate punishment on several countries, as they scrambled to renegotiate.
  • The tariffs include a 10% base-line tariff on all imports into the US, with additional tariffs of up to 34% on China (now raised to 145%), 20% on the EU, 29% on Pakistan, 26% on India and so on.
  • Accordingly, the MSCI World & the MSCI Emerging Markets Indices, which cover 85% of the free-float adjusted large-cap and mid-cap stocks in 23 developed and 24 emerging markets, respectively, were down ~11% owing to the announcement of the tariffs, with trillions of dollars being wiped out from the financial markets globally—amidst heightened global macroeconomic uncertainty, putting the USD 115Trn global economy at risk.
Pakistan Cement: Cement profitability likely to increase by 40% YoY in 3QFY25 Led by lower finance costs and higher sales - By Topline Research

Apr 14 2025


Topline Securities


  • Topline Cement Universe is expected to post profitability of Rs16.0bn in 3QFY25 against profit of Rs11.4bn in 3QFY24, up by 40% YoY, mainly due to lower finance costs and higher sales.
  • Net sales are anticipated to increase by 10% YoY to Rs93.7bn in 3QFY25 mainly due to higher YoY domestic retention prices and higher YoY total dispatches.
  • Finance costs in 3QFY25 is likely to decrease by 44% YoY to Rs2.8bn due to lower interest rates
Pakistan Cement: Cement profitability likely to increase by 40% YoY in 3QFY25 Led by lower finance costs and higher sales - By Topline Research

Apr 14 2025


Topline Securities


  • Topline Cement Universe is expected to post profitability of Rs16.0bn in 3QFY25 against profit of Rs11.4bn in 3QFY24, up by 40% YoY, mainly due to lower finance costs and higher sales.
  • Net sales are anticipated to increase by 10% YoY to Rs93.7bn in 3QFY25 mainly due to higher YoY domestic retention prices and higher YoY total dispatches.
  • Finance costs in 3QFY25 is likely to decrease by 44% YoY to Rs2.8bn due to lower interest rates
Systems Limited (SYS):2024 Annual Corporate Briefing Key Takeaways - By Topline Research

Apr 10 2025


Topline Securities


  • Systems Limited (SYS) held its corporate briefing today to discuss 2024 financial result and future outlook.
  • SYS EBITDA margins in 2024 decreased to ~15% in 2024 compared to 18% in 2023. Revenue growth in USD terms was 27% in 2024 compared to 2% growth in EBITDA. In 2024 Revenue in USD terms stood at US$242.35mn and EBITDA stood at US$35.94mn.
  • Appreciation of PKR had dealt a blow to margins of the company since the management had planned for PKR to depreciate by 5% in 2024. Going, forward management is now focused on optimizing its operations rather than be dependent on PKR depreciation
Pakistan Bank: Banks earnings to fall 19% YoY and 12% QoQ in 1Q2025 Market Weight Stance Maintained - By Topline Research

Apr 10 2025


Topline Securities


  • Topline Banking Universe is likely to post a 12% QoQ decline in earnings in 1Q2025, amid a fall in Net Interest Income (NII) and Non-Interest Income.
  • NII of the banks in the Universe is likely to decrease by 11% QoQ to Rs279bn due to (1) a decline in the average policy rate from 15.2% in 4Q2024 to 12.3% in 1Q2025, and (2) 10% QoQ decline in advances growth.
  • As per SBP’s weekly publication, advances of the banking sector declined by 10% QoQ from Rs15.6trn as of Dec 27, 2024, to Rs13.9trn as of Feb 28, 2025
Economy: Falling Commodity Prices amidst tariff war Impact on Pakistan Economy and Stock Market - By Topline Research

Apr 8 2025


Topline Securities


  • In the aftermath of tariff war, initiated by US and retaliated by other nations, the Bloomberg commodity index has declined 8% in last 3 sessions. Within this, crude oil prices (brent) and Richards Bay Coal Future (April) are down by 14.3% to US$64.2/bbl and 6.1% to US$88.5/ton.
  • The falling commodity prices shall impact on Pakistan’s macros including external accounts mainly current account, inflation, and fiscal accounts amongst others. We have run sensitivity analysis of decline in oil prices by US$10/barrel, this brings down oil related import bill (including RLNG) to the extent of US$2-2.1bn. In addition to oil, Pakistan can also save US$250- 300mn annually from coal, LPG and Palm oil, if lower levels of prices persists. Oil prices also affects inflation directly and with US$10/barrel decline in oil, the inflation will be directly impacted by 20bps, assuming benefit passed on to the consumers. Details are below;
  • Pakistan Imports 20mn tons of crude and refined oil annually: During FY24, Pakistan imported 9mn tons of crude and 10.3mn tons of refined oil (HSD, Petrol etc.), translating into total ~145mn barrels of equivalent oil. Every US$1/barrel decline in oil prices will reduce import bill by US$145-150mn and every US$10 per barrel will bring savings of US$1.5bn on petroleum oil front.
Insurance: Listed Non-Life Insurance profits up 35% in 2024 to Rs17.4bn - By Topline Research

Apr 7 2025


Topline Securities


  • Pakistan's listed Non-Life (General) Insurance companies reported profits of Rs17.4bn in 2024 which is up by 35% YoY compared to 2023 and better than last 5-year CAGR of 19%.
  • Higher profits are led by better underwriting results, and higher Investment Income.
  • In 2024 Net Premiums increased by 25% YoY to reach Rs68.6bn compared to 2023. Net premiums have increased due to growth in all major segments including Fire & Property, Motor, Marine.
Fertilizer: Pakistan’s Urea sales for Mar-2025 is expected to clock in at 308K tons, down 54% YoY - By Topline Research

Apr 4 2025


Topline Securities


  • Pakistan Urea sales in Mar-2025 is expected to clock in at 308k tons, down 54% YoY compared to 671k tons in Mar-2024.
  • Similarly, Urea sales is expected to decline by 11% MoM. This will take 1Q2025 offtake to 1.1mn tons, down 40% YoY compared to 1.8mn tons in 1Q2024.
  • This is likely to take closing inventory of Urea to be around 837k tons in Mar-2025, up from 536k tons in Feb-2025.
Economy: Reciprocal Tariffs of US Impact on Pakistan and Listed Cos - By Topline Research

Apr 3 2025


Topline Securities


  • The United States of America (USA) has imposed reciprocal tariffs on its trading partners including Pakistan, aiming to boost domestic manufacturing by making foreign imports expensive and to raise revenue.
  • The reciprocal duties ranges from 10-48%, which reportedly is in addition to universal tariff of 10% on all countries.
  • The reciprocal duties are imposed with the exception of Mexico and Canada as these countries were subject to previously announced tariffs of 10-25%. While certain goods from key industries i.e. steel, aluminum, automobiles, copper, pharmaceuticals, semiconductors, and lumber - are also exempt from these rates.
Pharmaceuticals: Pakistan Listed Pharma Sector Analysis 2024 Deregulation improved sales and margins - By Topline Research

Mar 27 2025


Topline Securities


  • Pakistan listed pharmaceuticals sector’s earnings were up 3.1x to Rs24.8bn in calendar year 2024. This jump in profitability is primarily attributed to higher net sales and improved gross margins.
  • Net sales increased by 15% YoY to Rs318bn in 2024, primarily driven by a increase in drug prices.
  • To recall, in Feb-2024 the government approved the deregulation of non-essential drug prices, which allowed companies to increase prices without any cap as it was under previous drug policy to increase the prices of all other non-essential drugs by up to the full increase in CPI (with a cap of 10%). While prices of essential drugs are still capped with formula of up to 70% of the increase in CPI (with cap of 7%).
Oil and Gas Exploration: OGDC and PPL completes feasibility study of the Reko Diq project - By Topline Research

Mar 26 2025


Topline Securities


  • Oil and Gas Development Company (OGDC), and Pakistan Petroleum (PPL) announced completion of the feasibility study of the Reko Diq project.
  • To recall, State-Owned Enterprises (SOEs), including OGDC, PPL, and Government Holdings Private (GHPL), collectively hold a 25% stake in the Reko Diq Project through a Special Purpose Vehicle (SPV), with each company holding an equal stake of 8.33%.
  • As per the feasibility study, Reko Diq has a lifespan of 37 years, divided into 2 phases
Cement: Royalty increase proposed on KPK based cement manufacturers in line with Punjab - By Topline Research

Mar 24 2025


Topline Securities


  • In a major development, royalty on cement for KPK province is considered to be shifted from ore-based to bag-based calculation with a minimum of 6% of ex-factory sale value as prevalent in Punjab province.
  • To recall that previously royalty on limestone and argillaceous clay used for cement manufacturing was fixed at Rs250/ton for plants based in KPK.
  • This would have a negative impact on profits of KPK based manufacturers since the royalty on raw material which currently stands at Rs250/ton will increase incrementally by Rs1,100-1,200/ton based on current ex-factory prices, which is prevalent for Punjab based plants.
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