Fauji Cement Company Limited (FCCL): Result Review: FCCL 2QFY25 EPS Rs1.64 - By Sherman Research

Feb 25 2025


Sherman Securities


  • Fauji Cement Company Limited (FCCL) announced its 2QFY25 result today wherein the company posted net earnings of Rs4bn (EPS of Rs1.64) compared to net earnings of Rs2.7bn (EPS of Rs1.1) during same period last year, up by 51%YoY. The result came in-line with our estimate.
  • During 2QFY25, net revenue surged by 24%YoY to Rs24.9bn primarily driven by rise in volumetric sales (up 19%YoY) and elevated retention prices (up 4%YoY).
  • FCCL’s gross margin clocked in at 36% during 2QFY25 as compared to 33% during the same period last year (up 3ppt). The increase in margins is mainly attributed to lower coal prices and efficient coal mix.
Fauji Cement (FCCL): 3QFY25 EPS at Rs0.87, up by 21% YoY (Earnings lower than expectations) - By Topline Research

Apr 24 2025


Topline Securities


  • FCCL announced its 3QFY25 result today, where the company recorded earnings of Rs2.1bn (EPS of Rs0.87), up by 21% YoY.
  • The result came lower than industry expectations due to higher-than-expected finance costs and lower than expected gross margins.
  • Alongside the result, the company did not announce any cash dividend in 3QFY25 which was according to expectations.
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.
Fauji Cement Company Limited (FCCL): Poised for Continued Growth - Market Weight - By WE Research

Mar 18 2025



  • Since Jan’2024, the Pakistan cement sector has witnessed a swift recovery on the back of anticipated interest cut, where the industry stock performance increased by 46%. Among the local peers, FCCL has been the key driver on this rally, delivering an 92% return, with its share price surging from PKR 18.95/sh on January 1, 2024, to PKR 36.4/sh on January 1, 2025. However, despite this strong market performance, cement dispatches in CY24 remained stagnant/low, where local demand reached at 38.2 Mn tons, depicting a decline of 4.5% YoY. However, we expect FY25 to be a strong year for the industry, driven by lower interest rates and enhanced purchasing power across both consumer and industrial sectors, where we anticipated local dispatches to clock in at 38Mn tons 4% YoY increase from FY25.
  • We have a Market Weight stance on FCCL, with a DCF-based target price of PKR 64.40 per share for DEC’25 offering 40% upside potential. FCCL is currently valued at ~US$39.17EV/ton compared to 5-year average of ~US$32.65EV/ton. On EV/EBIDTA basis, stock is trading at ~11.07x as compared to 5-year average of ~6x.
  • Our liking for the stocks emanate from 1) Healthy gross margins driven by cost efficiency initiatives, 2) Recent capacity expansion to enhance market footprint, 3) Strong cash flow led to higher payouts & 4) Reducing interest rate to increase profitability.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked-in at PKR 1.6, up 24%QoQ - By Taurus Research

Feb 25 2025


Taurus Securities


  • 2QFY25: EPS: PKR 1.6; PAT: PKR 4.0Bn, up 51%YoY – in line with expectation.
  • FCCL’s net sales clocked-in at PKR 25Bn, up 8%QoQ on account of increase in overall dispatches by 12%QoQ and better retention prices. Further, gross margin arrived at 36% for the quarter, up 2pptsQoQ due to improving cost efficiencies i.e. better fuel and power mix. Further, finance cost was down significantly by 22%QoQ on the back of lower interest rates. 2QFY25 PAT arrived at PKR 4.0Bn, up 24%QoQ. Lastly, the Company did not announce any dividend for quarter.
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.
Fauji Cement Company Limited (FCCL): Result Review: FCCL 2QFY25 EPS Rs1.64 - By Sherman Research

Feb 25 2025


Sherman Securities


  • Fauji Cement Company Limited (FCCL) announced its 2QFY25 result today wherein the company posted net earnings of Rs4bn (EPS of Rs1.64) compared to net earnings of Rs2.7bn (EPS of Rs1.1) during same period last year, up by 51%YoY. The result came in-line with our estimate.
  • During 2QFY25, net revenue surged by 24%YoY to Rs24.9bn primarily driven by rise in volumetric sales (up 19%YoY) and elevated retention prices (up 4%YoY).
  • FCCL’s gross margin clocked in at 36% during 2QFY25 as compared to 33% during the same period last year (up 3ppt). The increase in margins is mainly attributed to lower coal prices and efficient coal mix.
Fauji Cement (FCCL): 2QFY25 EPS at Rs1.64, up by 51% YoY (Earnings higher than expectations) - By Topline Research

Feb 25 2025


Topline Securities


  • FCCL announced its 2QFY25 result today, where the company recorded earnings of Rs4.02bn (EPS of Rs1.64), up by 51% YoY.
  • The result came higher than industry expectations due to higher-than-expected gross margins.
  • Alongside the result, the company did not announce any cash dividend in 2QFY25 which was according to expectations.
Pakistan Cement: PIOC, MLCF & FCCL: 2QFY25 result previews - By JS Research

Feb 18 2025


JS Global Capital


  • We present 2QFY25 earnings expectations for Pioneer Cement Ltd (PIOC), Maple Leaf Cement Factory Ltd (MLCF), and Fauji Cement Company Ltd (FCCL). PIOC and MLCF are expected to report a decline in earnings, with EPS likely to arrive at Rs6.2 and Rs1.47, reflecting a YoY decrease of 17% and 16%, respectively. This decline is primarily driven by lower local dispatches and higher royalty charge.
  • On the other hand, we expect FCCL to post an EPS of Rs1.45 during the quarter, up 34% YoY, largely attributed to a 19% rise in dispatches, following the company’s expansion, which has increased its capacity-based market share.
  • Punjab-based manufacturers continue to face pressure from the higher royalty charge, which adds Rs60-70/bag to manufacturing costs. However, cost efficiencies and declining Afghan and local coal prices are expected to partially offset this impact.
Textiles: Pause-period for US tariffs ending today - By JS Research

Jul 8 2025


JS Global Capital


  • The 90-day pause period for the implementation of reciprocal tariffs expires today. Meanwhile, US govt plans to issue letters to all countries which have not struck a deal yet and are likely to face higher than previously announced tariffs effective 1st August, 2025.
  • Countries having completed successful round of bilateral trade agreements including Pakistan, are expected to face a lower tariff, however, a minimum baseline tariff of 10% is likely to remain. A formal notification of the same is likely to be announced along with other trading partners with negotiated contracts.
  • With softening of US stance towards Pakistan since the cease-fire between India and Pakistan and a potential successful round of dialogues between the two, optimism towards Pak Textile sector has gained strength, with an upside of 38% from its low seen in May-2025 and 21% from the pre-tariff announcement levels.
Cement: Capacity Utilization at Record Low, Huge Growth Potential - By Sherman Research

Jul 8 2025


Sherman Securities


  • Currently, cement sector is running on historical low utilization level of 55% versus last 30-year average utilization of 76%. The main reason for this significant decline is that although capacity has increased sharply, demand has remained subdued over the past few years. To note, cement capacity in Pakistan has increased to 84.6mn tons as compared to 9mn tons in FY92, (up 9x) during the years.
  • Historically, we have observed that capacity expansions have only been undertaken when utilization surpasses 80%, therefore, we do not expect any capacity expansion in the near term. Furthermore, the pause in expansion is expected to enhance the liquidity of companies, which could enable them to increase their payout going forward.
  • During FY25, local dispatches arrived at 37mn tons compared to 38.2mn tons during FY24. Thus, during last 4 years, cement sales posted consistent decline on annualized basis reaching at 8 – year low level in FY25.
Morning News: Reserves up: SBP eyes global bond market - By Next Research

Jul 8 2025


Next Capital


  • According to the central bank, reserves reached $14.5 billion by the end of June, surpassing the IMF’s target of $13.9 billion and exceeding even the Governor’s own projections. The hard work is paying off. SBP has been persistent in buying dollars from the interbank market, and now, finally, the international commercial financing channel has reopened. The next move is to tap into the international bond market — starting with the Panda bond, followed by a Eurobond issuance.
  • In a significant economic achievement, the government of Pakistan has demonstrated its firm commitment to fiscal discipline and long-term stability by retiring Rs 1.5 trillion in public debt ahead of schedule in FY25. This substantial early repayment has contributed to a notable improvement in Pakistan’s fiscal indicators, bringing the debt-to-GDP ratio down from 75 percent in FY23 to 69 percent in FY25.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said on Monday.
Technical Outlook: KSE-100; Upside likely - By JS Research

Jul 8 2025


JS Global Capital


  • The KSE-100 index witnessed a positive session to close at 133,370, up 1,421 points DoD. Volumes stood at 920mn shares compared to 733mn shares traded in the previous session. The index is likely to retest yesterday’s high of 133,862; a break above this level could target 135,232, with potential to rise further towards 137,549 level. Meanwhile, any downside will be tested between 132,460 and 132,610 levels, respectively. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. The support and resistance are placed at 132,604 and 133,999, respectively.
Morning News: SBP governor speaks of policy mix: - By HMFS Research

Jul 8 2025


HMFS Research


  • Governor State Bank of Pakistan (SBP) Jameel Ahmad has said that unlike in the previous episodes of boom-bust cycles, the current policy mix remains conducive to a lasting increase in economic activity rather than a short-sighted, fragile, and populist ‘sugar rush’. Governor SBP also assured that SBP is fully committed to undertake structural reforms and lay the foundation for sustainable and inclusive economic growth. Both SBP and the government remain steadfast in their approach to transitioning from recently hard-earned economic stability to a medium-term economic transformation. This resolve is reflected in our prudent and cautious monetary policy stance, and fundamentals aligned exchange rate, and ongoing fiscal consolidation and improving debt dynamics.
  • The government has repaid a debt of Rs500 billion to the central bank ahead of its scheduled maturity in 2029, resulting in an early retirement of Rs1.5 trillion in public debt, a senior finance official said. Pakistan’s debtto-GDP ratio decreased from 75 percent in FY23 to 69 percent in FY25 due to early debt repayments. The successful buyback of Rs1 trillion in market debt, completed by December 2024, marked the first such operation in Pakistan’s history. Alongside this, the early repayment of the SBP Rs500 billion debt has collectively led to the early retirement of Rs1.5 trillion in public debt during FY25, said Khurram Schehzad, an advisor to the finance minister. The early retirement of central bank debt, executed by the Debt Management Office (DMO), marks a breakthrough in Pakistan’s debt management strategy. Early debt retirement while converting shorter tenure with longer-tenure debt significantly reduces concentration risk, lowers future liabilities, and strengthens the country’s macroeconomic foundations by curbing reliance on borrowings.
  • The Federal Board of Revenue (FBR) has notified businesses, including importers, suppliers, and manufacturers, of tightened restrictions under Section 21 of the Income Tax Ordinance for FY26, aimed at discouraging excessive cash dealings and broadening the tax net. Under the directive, any cash transaction exceeding PKR 200,000 will not be treated as an allowable business expense. Consequently: 50% of such expenditure will be recognized for tax purposes. The disallowed portion will attract an additional tax burden, effectively raising the cost by 20.5%.For completely disallowed transactions, the effective impact could surge to 79.5%. Businesses are urged to ensure all supplier and client payments are processed through proper banking channels to avoid heavy penalties and additional scrutiny by FBR
Market Wrap: Highlights of the day July 7, 2025 - By JS Research

Jul 7 2025


JS Global Capital


  • The KSE-100 Index surged 1.4% to an all-time intraday high of 133,862.01, driven by optimism over trade negotiations, macroeconomic stability, and a strong corporate earnings outlook. Falling inflation, strengthening FX reserves, and capital inflows are enhancing investor confidence, while higher taxes on alternative assets are redirecting capital into equities. With earnings season ahead and technical indicators breaking new ground, we expect the bullish momentum to persist in the near term, supported by favorable macro trends and reallocation from fixed-income instruments.
Market Wrap: Bullish Momentum Carries KSE-100 Beyond 133,000 - By HMFS Research

Jul 7 2025


HMFS Research


  • The market continued its unrelenting bullish streak, surging past the 133,862 mark for the first time in history. This milestone rally was fueled by renewed investor confidence, driven by key trade developments and sector-specific momentum. Investor sentiment received a notable boost as Pakistan and the U.S. concluded a critical round of trade talks ahead of the July 9 deadline. While an official announcement is still awaited, early signs point to a favorable deal for Pakistan’s export sectors. Adding to the positive momentum, OGDC reported a production uplift following the successful installation of an ESP at Rajian-05, where it holds full ownership—further reinforcing its operational strength. The rally was led by the banking and fertilizer sectors, supported by expectations of strong upcoming results and favorable sectoral tailwinds. The KSE-100 index closed at 133,370 level, up 1,421 points in a robust session. Market activity remained upbeat, with 344 million shares traded on the KSE100 and total market volume reaching 915 million shares. Volume leaders included IMAGE (48mn), BOP (43mn), and WTL (37mn). While a short-term breather cannot be ruled out given the sharp upward trajectory, overall sentiment is expected to remain strong amid continued macroeconomic improvement. Investors are advised to stay focused on fundamentally sound stocks with long-term value.
Oil and Gas Development Company Ltd (OGDC): OGDC enhances production at Rajian-05 well - By AKD Research

Jul 7 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has enhanced production in Rajian-05 through installation of electrical submersible pumps (ESP). Following the workover, production has increased to 3.1kbpd of oil and 1.0mmcfd of gas, compared to 1.1k bpd/0.5mmcfd of oil/gas during 3QFY25. Notably, OGDC is the wholly-owned operator of the Rajian heavy oil field, where several workovers and artificial lift systems have been implemented at previous wells to expedite revival. We anticipate the aforementioned development to have an annualized EPS impact of ~PkR1.3 per sh for OGDC, respectively.
Pakistan Power: Base tariff cut and circular debt overhaul to reshape energy sector outlook - By AKD Research

Jul 7 2025


AKD Securities


  • The national base tariff is determined at PkR34.0/kwh for FY26, down by 4%YoY compared to PkR35.5/kwh in FY25.
  • GoP has accelerated its power sector reform agenda, with the PkR1.25tn commercial bank borrowing facility to reduce the mounting circular
  • Continued resolution of the circular debt would be beneficial for companies under our coverage space, namely: OGDC (Dec’25 TP: PkR371/sh), PPL (Dec’25 TP: PkR281/sh) and PSO (Dec’25 TP: PkR729/sh).
Autos: Marking FY25 as a year of recovery - By JS Research

Jul 7 2025


JS Global Capital


  • We preview automobile sales volumes for Jun-2025, expecting the three major players including Indus Motors Company Ltd (INDU), Honda Atlas Cars Ltd (HCAR), and Pak Suzuki Motor Company Ltd to post combined growth of 33%/9% YoY/MoM, reaching ~14.5k units – highest since Dec-2022.
  • All three companies are projected to post strong YoY volume growth, with HCAR leading peers with 65% YoY growth in Jun2025, followed by PSMC (+31% YoY), and INDU (+25% YoY), helped by pre-budget buying ahead of anticipated negative budgetary measures. Meanwhile, Sazgar Engineering Works Ltd (SAZEW) volumes also rose 55% YoY in Jun-2025.
  • For FY25 cumulatively, the auto sector witnessed a strong recovery, with volumes expected to grow by 37% to ~121k units, supported by improving macroeconomic stability and a rebound in consumer confidence amid stable car prices.
Cement: Capacity Utilization at Record Low, Huge Growth Potential - By Sherman Research

Jul 8 2025


Sherman Securities


  • Currently, cement sector is running on historical low utilization level of 55% versus last 30-year average utilization of 76%. The main reason for this significant decline is that although capacity has increased sharply, demand has remained subdued over the past few years. To note, cement capacity in Pakistan has increased to 84.6mn tons as compared to 9mn tons in FY92, (up 9x) during the years.
  • Historically, we have observed that capacity expansions have only been undertaken when utilization surpasses 80%, therefore, we do not expect any capacity expansion in the near term. Furthermore, the pause in expansion is expected to enhance the liquidity of companies, which could enable them to increase their payout going forward.
  • During FY25, local dispatches arrived at 37mn tons compared to 38.2mn tons during FY24. Thus, during last 4 years, cement sales posted consistent decline on annualized basis reaching at 8 – year low level in FY25.
Fertilizer: Urea Sales Up 21%YoY in Jun’25 - By Sherman Research

Jul 2 2025


Sherman Securities


  • According to provisional data, urea sales during June’25 is expected to clock in at 582k tons (up 21%YoY). Despite weaker farm economics, the YoY increase in urea sales can be mainly attributed due to 1) Subdued sales over the past few months and 2) Pre buying of urea amid concern of imposition of FED in recent budget.
  • Similarly, on MoM basis, urea sales is likely to rebound sharply by 39%MoM mainly due to higher demand owing to seasonal impact (Kharif season).
  • Urea sales of Fauji Group to clock in at 269k tons versus sales of 259k tons during the same period last year (up 4%YoY). Similarly, EFERT is likely to witness sharp recovery in urea sales of 34%YoY to 208k tons, mainly led by low base impact.
Economy: June CPI Expected at 3.54%YoY - By Sherman Research

Jun 24 2025


Sherman Securities


  • We expect headline inflation in June’25 to be reported at 3.54%YoY, slightly higher than 3.45%YoY recorded in the previous month. This increase is primarily attributed to a pickup in energy and food prices and a low base effect from the previous year. On a monthly basis, CPI is expected to increase by 0.5%MoM in June’25.
  • Despite a decrease in the heavy-weighted wheat flour (down 14.7%YoY) the food sector is expected to grow by 3.6%YoY mainly due to increase in price of Sugar (up 26.8%YoY), Eggs (up 33%YoY), Beef (up 13.8%YoY) and Fresh Milk (up 9%YoY).
  • On a MoM basis, the food index is expected to increase by 0.53%, driven by increasing prices of Sugar and Eggs by 3.7%MoM and 17.4%MoM respectively, however we expect a decline in prices of Tomatoes and Chicken by 30.7%MoM and 20.5%MoM respectively.
Energy: Levy on FO & Its Impact on Companies - By Sherman Research

Jun 23 2025


Sherman Securities


  • Under IMF’s program for Resilience and Sustainability Financing (RSF), government is expected to impose both Carbon Levy (CL) and Petroleum Levy (PL) on Furnace Oil (FO) from July 01, 2025 to curb excessive fossil fuel consumption and gather additional funds for green energy programs. This is the first time government will impose Levy of Rs79.5 per liter on FO including PL of Rs77 per liter and CL of Rs2.5 per liter. This will inflate price of FO by Rs85,000 per ton (57%) to around Rs235,000 per ton and may impact FO demand in Pakistan. It is to be noted that, if international oil prices stay above US$75 per barrel during rest of the ongoing month, FO price after this Levy may increase by 67% to Rs250,000 per ton.
  • Pakistan is likely to consume around 0.9mn tons (950mn liters) of FO during FY25 compared to 1.2mn tons during F24. Over the last 3 years (FY23-FY25), Pakistan’s FO consumption declined sharply by average 40% per annum. Interestingly, 10 years back Pakistan’s FO consumption was around 9.2mn tons as power sector was the major consumer since FO based electricity generation mix at that time was around 35%. Now Coal and LNG substituted FO as share of FO is now only 1.5% of the electricity generation mix. Local refineries produce around 2.5mn tons while annual export is 1.5mn tons. FO is a dyeing product used as bunker fuel for the ships and thus its global demand is limited.
Auto: SUV Sales Rebounded With 84%MoM Growth - By Sherman Research

Jun 13 2025


Sherman Securities


  • SUVs posted robust growth in sales with 2,638 units (up 84%MoM). This is the highest monthly sales numbers of the current year– barring one-off sales in January due to year end phenomenon.
  • Within SUVs, Tucson sales grew to 569 units compared to only 5 units last month. Havel sales also climbed by 70%MoM.
  • Company wise, highest sales was recorded by SAZEW ( Up 67%MoM) on back of elevated Havel sales. In 11MFY25, SAZEW lead the industry with the most sales growth (Up 2.3xYoY)
Pakistan Economy: FEDERAL BUDGET FY26, Key Budgetary Measures - By Sherman Research

Jun 11 2025


Sherman Securities


  • We view the FY26 budget as Positive for the stock market, given that the announced targets appear realistic and largely aligned with IMF expectations.
  • With the budget now behind us, investor attention will shift toward macroeconomic indicators—particularly inflation trends and the external account. In this context, the trajectory of international oil prices will play a key role during FY26.
  • We do not foresee any material changes to our corporate earnings estimates, as key heavyweight sectors such as Energy and Banks remain largely insulated from new taxation measures. Accordingly, we maintain our FY26 earnings growth projection at 12%.
Refinery: GRMs Sharply Recovering - By Sherman Research

Jun 4 2025


Sherman Securities


  • After plunging to lowest level of US$4.5 per barrel in April 25, Gross Refining Margins (GRMs) of local refineries significantly recovered to US$9.3 per barrel during ongoing month of June. This is positive for local refineries as their earnings are directly linked with changes in GRMs.
  • Just to recall, highest GRM was recorded at US$30 per barrel during July 2022 while average GRMs during last 5 years stood at US$7 per barrel.
  • GRM is the sum of the weighted average spread of products which a refinery is yielding on every barrel of crude it processes. Major products include Diesel (HSD), Gasoline (MS) and Furnace oil (FO).
Economy: May CPI Clocked in at 3.5%YoY - By Sherman Research

Jun 2 2025


Sherman Securities


  • CPI for May’2025 was recorded at 3.5%, the highest level recorded in CY25 so far, primarily driven by a sharp rise in the Food and Clothing indices.
  • The food index posted inflation of 3.5%YoY in May’25. This increase was mainly driven by a increase fall in the prices of essential food items such as Meat (up 11.8%YoY), Chicken (up 52%YoY), Milk fresh (up 11%YoY), and Fresh fruits (up 30%YoY).
  • On a MoM basis, CPI declined by 0.2%MoM primarily driven by housing index (down 1.2%MoM) aimed decline in electricity charges (down 7.02%MoM). The food index also fell by 0.2% MoM, largely due to continued decline in the prices of wheat, onions, and tomatoes.
Fertilizer: Urea Sales Up 5%YoY, Inventory at 8-Year High - By Sherman Research

Jun 2 2025


Sherman Securities


  • According to provisional data, urea sales during May’25 is expected to clock in at 418k tons (up 5%YoY). Despite weaker farm economics, the YoY increase in urea sales can be mainly attributed due to subdued sales over the past few months.
  • Similarly, on MoM basis, urea sales is likely to rebound sharply by 67%MoM mainly due to seasonal impact along with base impact due to canal protest in several parts of Sindh during the last month.
  • Urea sales of Fauji Group to clock in at 207k tons versus sales of 289k tons during the same period last year, down 28%YoY. On the flip side, EFERT is likely to witness sharp recovery in urea sales of 85%YoY to 142k tons, mainly led by low base impact.
Economy: Pakistan’s Trade Deficit Widens to 2–Year High - By Sherman Research

May 19 2025


Sherman Securities


  • A detailed breakdown of trade numbers released by the Pakistan Bureau of Statistics (PBS) shows that, on a monthly basis, imports of goods posted growth of 17%MoM at US$5.6bn during April’25. The growth was primarily driven by imports in the Machinery and Petroleum group on a weighted average basis, while Food imports remained flat.
  • Wherein exports clocked in at US$2.1bn (down 18%MoM) mainly due to decrease in exports in the textile sector.
  • Thus, the monthly trade deficit widened to US$3.4bn (up 59%MoM) in Apr’25 highest since May’23. On cumulative basis, import bill was recorded at US$48.3bn (up 8%YoY) during 10MFY25 mainly due to higher imports of Machinery, Textile and Metals, while Petroleum imports declined. Thus, cumulative trade deficit clocked US$21.4bn (up 9%YoY) for 10MFY25.
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