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.
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.
Oil and Gas Development Company Ltd (OGDC): OGDC discovers oil and gas at Fakir-1 in Bitrism E.L., Sindh - By AKD Research

Jun 12 2025


AKD Securities


  • Oil and Gas Development Company Ltd (OGDC) has announced an oil and gas discovery at the exploratory well Fakir-1, located in the Bitrism E.L., Khairpur, Sindh. The company (95% working interest), successfully tested the results in the Lower Goru formation with gas flow reaching 6.4mmcfd, alongside crude oil of 55bpd. We anticipate the aforementioned discovery to contribute an annualized EPS impact of ~PkR0.36/sh for the company.
  • We reiterate our ‘BUY’ stance on OGDC with a Dec’25 target price of PkR371/sh, alongside a DY of 9% during the same period. Our outlook is strengthened due to the following aspects: i) strong production profile, ii) higher future exploration prospects on back of improving liquidity situation, iii) 8.33% stake in highly prospective Reko Diq Mining Project, iv) offshore working interest in Abu Dhabi Offshore Block-5, along with consortium partners and v) improvement in cash payouts.
Oil and Gas Development Company (OGDC): 3QFY25 EPS recorded at PKR 11.0/sh, DPS PKR 3.0/sh - By Foundation Research

Apr 30 2025


Foundation Securities


  • Oil and Gas Development Company (OGDC PA) earnings in 3QFY25 remained stable at PKR 47.1Bn (EPS PKR 11.0/sh) vs. PKR 47.8Bn (EPS PKR 11.1/sh) during 3QFY24. While in 9MFY25, the profitability clocked-in at PKR 129.6Bn (EPS PKR 30.1/sh), down 24% YoY, against PKR 171.1Bn (EPS PKR 39.8/sh) in the SPLY. The earnings are in-line with our expectation.
  • The result was accompanied by a cash payout of PKR 3.0/sh taking 9M payout to PKR 10.1/sh.
  • The bottom-line in 3QFY25 remained stable despite a 17% YoY decline in gross profit. We attribute this to (1) stable PKR-USD parity, (2) steady other income (↑5% YoY), and (3) effective tax rate of only 30% against 41% in the SPLY which we believe is due to depletion.
Oil and Gas Development Company Limited (OGDC): 3QFY25 Result Review: Earnings fall on weaker volumes and oil prices - By AKD Research

Apr 30 2025


AKD Securities


  • OGDC announced its 3QFY25 results earlier today, where the company posted NPAT of PkR47.1bn (EPS: PkR10.96), down by 1%YoY — in line with our expectations. Company also announced an interim cash dividend of PkR3.0/sh for the third quarter, taking cumulative nine-month payout to PkR10.05/sh (payout ratio: 33%).
  • Net Sales stood at PkR104.5bn during 3QFY25, down 7%YoY, with the decline mainly attributable to i) reduced hydrocarbon production, ii) lower average oil prices (Arab light: US$78.3/bbl during 3Q, down 7%YoY).
  • Regarding hydrocarbon production, OGDC’s estimated oil and gas output fell by 6%/6%/7%YoY during the quarter, reaching 32kbpd/684mmcfd/683tpd of oil/gas/lpg, respectively.
Oil and Gas Development Company Limited (OGDC): 3QFY25 EPS clocked in at PKR10.96 – Above expectation - By Insight Research

Apr 30 2025


Insight Securities


  • OGDC has announced 3QFY25 PAT of ~PKR47.1bn (EPS: PKR11.0) vs. PKR47.8bn (EPS: PKR11.1), down by 1% YoY. The result is above our expectation mainly attributable to lower then expected ETR.
  • In 3QFY25, revenue decreased 7% YoY, mainly attributable to decline in oil and gas production coupled with lower oil prices. On QoQ basis revenue is up by 4% attributable to higher oil prices.
  • Operating cost inched up by 19% YoY/QoQ to clock in at ~PKR31.9bn.
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
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.
Oil & Gas Development Company Limited (OGDC): 1HFY25 Corporate Briefing Takeaways - By Taurus Research

Mar 3 2025


Taurus Securities


  • OGDC is Pakistan’s largest exploration and production company. It is a market leader in terms of its exploration acreage (covering around 39%), oil and gas reserves, and production. OGDC holds 33% of Pakistan Minerals Private Limited (PMPL), 25% of Pakistan International Oil Limited (PIOL), and 20% of Mari Petroleum Company Limited (MARI). OGDC owns 112 Development & Production Leases, with 79 operated and 33 non-operated, respectively.
  • In 1HFY25, OGDC contributed 48%, 28% and 34% in total production of Oil, Natural Gas and LPG, respectively. Where, average daily saleable crude oil, gas and LPG production was 31.4K barrels, 672MMCF and 629 tons, respectively. In 1HFY25, remaining recoverable reserves (on net basis) were 491.41MMBOE on 1P basis and 710.74MMBOE on a 2P basis. Further, four wells were spud and three gas condensate discoveries were made during 1HFY25.
  • The management discussed operational highlights of the Company where they shared new developments i.e. acquisition of 174 line KM of 2D, 131 Sq.Km of 3D seismic survey. Four wells were spud (comprising of 3 exploratory wells and 1 development well. Exploratory efforts yielded three new gas condensate discoveries namely: i) Chak 202-1 (Sui Main Limestone), Mari East EL in district Rahim Yar Khan; ii) Baloch-2 (Sember), Baloch D & PL in district Sanghar; and iii) Bettani-2 (Samana Suk), Wali EL in district Laki Marwat in KPK, respectively.
Oil & Gas Development Company Ltd (OGDC): 2QFY25 EPS clocks in PKR 9.63, down by 44% YoY, DPS PKR 4.05 - By Alpha - Akseer Research

Feb 28 2025


Alpha Capital


  • OGDC announced its 2QFY25 financial result today wherein the company reported an EPS of PKR 9.63, down by 44% YoY. Along with the result, the company announced an interim cash dividend of PKR 4.05/share.
  • Net sales for 2QFY25 clock in at PKR 100.4bn, compared to PKR 115.2bn in SPLY, down 13% YoY mainly on the back of a lower oil prices (-10.2% YoY), and an appreciating exchange rate (+5% YoY).
  • Exploration expenses climbed to PKR 4.0bn (+68% YoY) for 2QFY25 vs PKR 2.4bn in SPLY, due to a dry well encountered at Kandewaro-1.
Oil & Gas Development Company Limited (OGDC): 2QFY25 EPS expected to clock in at PKR 9.03, down by 48% YoY, DPS PKR 3.00 - By Alpha - Akseer Research

Feb 25 2025


Alpha Capital


  • OGDC is expected to announce its 2QFY25 results, wherein we expect the company to report an EPS of PKR 9.03, down by 48% YoY. Along with the result, the company is expected to announce an interim cash dividend of PKR 3.00/share.
  • Net sales for 2QFY25 expected to clock in at PKR 102.1bn, compared to PKR 115.2bn in SPLY, down 11% YoY mainly on the back of lower oil prices (-11.5% YoY), and a PKR appreciation of 1.8% YoY against the greenback.
  • Exploration expenses are projected at PKR 6.1bn (2.6x YoY) for 2Q FY 25 compared to PKR 2.4bn in SPLY, due to a dry well encountered at Kandewaro-1.
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.
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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