Mari Energies Ltd (MARI): Second discovery at Spinwam -1, Waziristan Block - By AKD Research

Mar 17 2025


AKD Securities


  • Mari Energies Ltd (MARI) has achieved a second discovery at the Spinwam -1 well in the Waziristan Block, KPK (working interest: 55%), with tested flows of 20.5mmcfd of gas and 117bpd of oil. Notably, first discovery at Spinwam -1 was announced in late Feb’25, with the latest find bringing cumulative production potential to 33.4mmcfd of gas and 137bpd of oil. We estimate Spinwam -1 well to contribute annualized EPS impact of PkR3.48/sh for MARI and PkR0.62/sh for OGDC.
Mari Energies Ltd (MARI): 9MFY25 Analyst Briefing Takeaways - By AKD Research

Jul 1 2025


AKD Securities


  • Mari Energies Ltd (MARI) held its analyst briefing yesterday to discuss 9MFY25 financial results and future outlook
  • The company reported net sales of PkR132.3bn during 9MFY25, down 7%YoY, primarily due to a combination of lower production of 29.3mn boe (down 2%YoY) and softening wellhead prices during the period.
  • Net profit declined by 10%YoY to PkR46.3bn (EPS: PkR38.6), with the contraction attributed to the impact of additional royalty applied to Mari D&P lease during the year.
Mari Energies Limited (MARI): Analyst Briefing Key Takeaways - By Foundation Research

Jul 1 2025


Foundation Securities


  • Mari Energies Limited (MARI) held its Conference call yesterday to discuss the company’s financial performance in 9MFY25 and future plans. Following are the key takeaways of the call:
  • Mari Energies Limited’s (MARI) profitability clocked-in at PKR 15.9Bn (EPS PKR 13.25, up 13% YoY) in 3QFY25 as compared to profit of PKR 14.1Bn (EPS PKR 11.76) in 3QFY24. In 9MFY25, profits contracted 10% YoY to PKR 46.3Bn (EPS PKR 38.56) vs. PKR 51.6Bn (EPS PKR 43.00) in the SPLY. This decline in profitability was on the back of 1) incremental royalty of 15%, 2) forced curtailment of indigenous production due to back pressure in the system, and 3) FX stability.
  • The management reiterated the company’s dominance in the exploration and production sector with an area under exploration and production of 97,166 square km while boasting 46 exploration blocks and 14 D&P licenses.
MARI Petroleum Company (MARI): Corporate Briefing Session - By Insight Research

Jun 30 2025


Insight Securities


  • MARI Petroleum Company (MARI PA) has conducted its corporate briefing to discuss financial results and future outlook of the company. We have highlighted key takeaways from the briefing.
  • During 9MFY25, MARI has posted net sales and PAT of PKR132.3bn and PKR46.3bn (EPS: PKR38.6), down by 7% and 10% YoY, respectively. The decrease in earnings is mainly attributable to lower production due to forced curtailment.
  • Company’s production clocked in at 29.32MMBOE in 9MFY25, down by 2% YoY.
Mari Energies Limited (MARI): 3QFY25 Strategic Rebranding & Diversification - By HMFS Research

Jun 30 2025


HMFS Research


  • Rebranded from Mari Petroleum to Mari Energies in Jan 2025, marking a strategic shift into minerals, technology, and cloud services.
  • Operates as a holding company with full ownership of Mari Technologies and Mari Minerals, and a 25% stake in Pakistan International Oil Ltd. (PIOL), Abu Dhabi.
  • Covers 97,166 sq. km across 46 ELs and 14 D&PLs, including Offshore Block-5 in Abu Dhabi.
Mari Energies Ltd (MARI): MARI discovers gas at Soho-1 in Sujawal Block, Sindh - By AKD Research

May 9 2025


AKD Securities


  • Mari Energies Ltd (MARI) has announced a gas discovery at the exploratory well Soho-1, located in the Sujawal Block, Sindh. The company (100% working interest), successfully tested across two formations, with gas flow reaching 30mmcfd at a 64” choke. We anticipate the aforementioned discovery to contribute an annualized EPS impact of ~PkR5.0/sh (8% of FY26E earnings).
Mari Energies Limited (MARI): Earnings Beat by Lower Than Expected ETR - By IIS Research

Apr 25 2025


Ismail Iqbal Securities


  • Mari Energies Limited (MARI PA) has announced its 3QFY25 profit of PKR 15.9bn (PKR 13.25/share), up by 13% YoY & 42% on QoQ basis. The result is above our expectations mainly due to lower than anticipated ETR.
  • Revenue fell 5% YoY (up by 10% QoQ) in 3Q, driven by lower oil prices. Royalty rose 2x YoY due to a 15% hike in MARI field charges amid lease extension from Nov’24.
  • Operating expenses declined by 27% YoY and 45% QoQ, mainly because of absence of amortization of dry well costs. Exploration expenses also decreased by 81% YoY and 22% on QoQ basis, mainly because of no dry well during the qtr.
Mari Energies Limited (MARI): 3QFY25 EPS clocked in at PKR13.2 – Above expectatio - By Insight Research

Apr 25 2025


Insight Securities


  • Mari Energies (MARI PA) has announced its 3QFY25 result today, wherein company has posted PAT of PKR15.9bn (EPS: PKR13.2) vs. PKR14.1bn (EPS: PKR11.8). The result is above our expectation mainly due to higher than expected topline coupled with lower than expected ETR.
  • In 3QFY25, revenue decreased by 5% YoY mainly due to lower gas production. However, same in up by 10% QoQ possibly attributable to increase in production.
  • Royalty expense increased by 100%/45% YoY/QoQ due to an additional 15% royalty payment on the wellhead value, following the extension of the MARI D&P lease.
Mari Energies Limited (MARI): 3QFY25 EPS to clock-in at PKR 9.5; PAT down 19%YoY/Up 3%QoQ - By Taurus Research

Apr 24 2025


Taurus Securities


  • Board Meeting: April 25, 2025.
  • 3QFY25 EPS: PKR 9.5; 3QFY25 DPS: NIL. 9MFY25 EPS: PKR 34.9; 9MFY25 DPS: NIL. 3QFY25 PAT down 19%YoY.
  • Net sales for the quarter are likely to fall 17%YoY/3%QoQ on account of lower production due to drop in offtake by SNGP due to system constraints mainly. However, some respite is expected amid slight uptick in realized prices for the quarter
Mari Energies Ltd (MARI): Fourth discovery at Spinwam-1, Waziristan Block - By AKD Research

Apr 8 2025


AKD Securities


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

Mar 17 2025


AKD Securities


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

Apr 8 2025


AKD Securities


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

Mar 17 2025


AKD Securities


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