Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Meezan Bank Limited (MEBL): Result Review - 1QCY25 - By HMFS Research

Apr 21 2025


HMFS Research


  • Meezan Bank Limited (MEBL) reported a consolidated Profit After Taxation (PAT) of PKR 22.4bn (EPS: PKR 12.26) for 1QCY25, down 11% y/y from PKR 25.1bn (EPS: PKR 13.87) in 1QCY24. The decline in profitability was primarily due to lower net mark-up income, despite strong growth in feebased earnings and foreign exchange income.
  • Profit/return earned stood at PKR 107.6bn, reflecting a 10% y/y decline from PKR 119.2bn in 1QCY24, largely impacted by a lower interest rate environment.
  • Other income recorded at PKR 9.2bn (↑33%) mainly attributable to the 22% rise in Fee and com mission income (PKR 7.2bn) and 234% increase in foreign exchange income (PKR 1.6bn), transaction volumes and currency market movements.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Meezan Bank Limited (MEBL): Earnings Down 13% YoY; Dividend Maintained - By IIS Research

Apr 21 2025


Ismail Iqbal Securities


  • Meezan Bank Limited has announced 1QCY25 result, where the bank has posted unconsolidated earnings of PKR 12.28/sh, down by 13% YoY and 8% on QoQ basis. The result is inline with our expectations. The bank has announced interim cash dividend of PKR 7/sh.
  • Net spread income declined by 9% YoY and 15% QoQ, reflecting the impact of asset repricing concentrated in 3Q/4Q and the implementation of the Minimum Deposit Rate (MDR) for Islamic banks. Fee income rose 10% YoY but dropped 8% QoQ, while FX income surged 3x amid higher trade activity and volumes.
  • Operating expenses down by 7% YoY and increase by 11% QoQ. Bank also recorded a provisioning of PKR 1.86 billion in 1QCY25 vs. Reversal of PKR0.35 bn in SPLY.
Meezan Bank (MEBL): 1Q2025 EPS at Rs12.3, down 12% YoY and 8% QoQ - By Topline Research

Apr 21 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 1Q2025 result today, where the bank recorded earnings of Rs22bn (EPS of Rs12.3), which is down 12% YoY and down 8% QoQ. The earnings came in line with industry expectations.
  • Alongside the result, the bank also announced first interim cash dividend of Rs7.0/share in 1Q2025, in-line with industry expectations.
  • Net spread earned by MEBL fell by 8% YoY and 15% QoQ to Rs62bn in 1Q2025. This decline in spread is due to a decrease in interest rates, along with the imposition of the Minimum Deposit Rate (MDR) on the individual portfolio.
Meezan Bank Limited (MEBL): 1QCY25 Result Review - By Taurus Research

Apr 21 2025


Taurus Securities


  • 1QCY25 EPS: PKR 12.3. 1QCY25 PAT down 11%YoY – in line with expectations. Additionally, MEBL has also announced an interim cash dividend of PKR 7.00/sh. Earnings were down mainly due to margin compression and higher provisions.
  • Net Spread Earned (NSE): Down 8%YoY/15%QoQ on the back of substantial drop in yields on the asset side due to the repricing following the reduction in the SBP policy rate. However, the impact was offset to an extent by lower cost of funds.
  • Other Income: Up 31%YoY. However, down 29% on a sequential basis owing to significant decrease in capital gains and other income. Moreover, Fee and Commissions income was also down 4% on a QoQ basis.
Meezan Bank Limited (MEBL): Strong Upside Potential – Buy - By AHCML Research

Apr 8 2025


Al Habib Capital Markets


  • We initiate our coverage of Meezan Bank Ltd. (MEBL) with a Dec’25 Target Price (TP) of PKR 335, signifying a potential capital gain of 30.45%. The bank is also offering a healthy dividend yield of 9.76% (an expected dividend payout of PKR 25/share for CY25). The total return (capital gains + dividend) stands at an attractive 40.21%. MEBL is trading at a CY25 P/E ratio of 5.44x and a PBV of 1.62x.
  • Meezan Bank's stellar growth in recent years can be attributed to several factors: 1) Remarkable deposit growth averaging 24% since 2020, driven by rising consumer preferences for Islamic banking; 2) Meezan stands as a major beneficiary of capturing the Islamic banking market share due to its first-mover advantage; 3) The growing consumer interest in Islamic banking and the SBP’s plan to transform Pakistan’s banking system to align with Shariah principles will further propel Meezan’s growth trajectory. Additionally, other highlights include the lowest infection ratio, consumer ease, and improved asset quality with a high coverage ratio.
  • MEBL stands as Pakistan’s premier Islamic bank, delivering consistent growth, profitability, and resilience in an evolving financial landscape. Over the past five years, MEBL has demonstrated exceptional performance, with net interest income soaring from PKR 64.8bn in 2020 to PKR 287bn in 2024, driven by robust deposit growth and an expanding asset base. The bank’s efficiency has improved significantly, with its cost-to-income ratio declining to 26.78% in 2024, reflecting strong operational discipline. Net profit surged to PKR 102bn, while asset quality remains stable, supported by a prudent risk management framework.
Meezan Bank Limited (MEBL): Analyst briefing takeaways -By Insight Research

Feb 26 2025


Insight Securities


  • Meezan Bank Limited has conducted its conference call today to discuss bank’s financial performance and outlook. Key takeaways of the analyst call are as follows:
  • Bank’s deposit has grown at CAGR of ~34% between 2002-2024, compared to industry’s average of 8.5%.
  • During the year, bank opened 47 new branches taking total branches to 1,098
Meezan Bank Ltd (MEBL): Beats expectation on higher gain on sale of securities amid cost controls - By AKD Research

Feb 13 2025


AKD Securities


  • Meezan Bank Ltd (MEBL) announced its 4QCY24 result earlier today, wherein the bank posted unconsolidated NPAT of PkR24.0bn (EPS: PkR13.4), down 9%YoY/ 7%QoQ. The result is above our expectation given higher gain on sale of securities and lower operating expenses. The result was accompanied by a cash-dividend of PkR7/sh, taking CY24 payout to PkR28/sh (vs. PkR20.0/sh in SPLY).
  • Net Spread Earned in 4Q was recorded at PkR72.3bn, higher by 1%YoY primarily because of balance sheet growth. Bank deposit grew by 16.3% YoY to PkR2.6tn at Dec’24.
  • However, NIMs for the quarter are estimated to have stood at ~9.8%, down 140bps YoY/100bps QoQ due to decline in profit on deposits.
Meezan Bank (MEBL): 4Q2024 EPS at Rs13.36, down 9%/7% YoY and QoQ - By Topline Research

Feb 13 2025


Topline Securities


  • Meezan Bank (MEBL) announced its 4Q2024 result today, where the bank recorded earnings of Rs23.9bn (EPS of Rs13.36), which is down 9% YoY and down 7% QoQ. This takes 2024 earnings to Rs101.5bn (EPS Rs56.5) up 20% YoY.
  • Alongside the result, the bank also announced fourth interim cash dividend of Rs7.0/share in 4Q2024, taking 2024 dividend to Rs28.0/share. The 4Q2024 result came in-line with industry expectations.
  • MEBL recorded provision of Rs7.3bn in 4Q2024 as compared to expense of Rs2.5bn in 3Q2024 and provision expense of Rs2.9bn in 4Q2023. The higher provision expense in 4Q2024 is due to implementation of IFRS-9, we believe.
Meezan Bank Limited (MEBL): Result Review: MEBL 4QCY24 EPS Rs13.4, DPS Rs7 - By Sherman Research

Feb 13 2025


Sherman Securities


  • Meezan Bank Limited (MEBL) announced 4QCY24 result today wherein company posted unconsolidated earnings of Rs23.9bn (EPS Rs13.4), down 9%YoY. The decline in earnings is due to decline in interest earned and higher provisioning during the period.
  • Along with the result, bank announced dividend of Rs7/share in 4QCY24 bringing cumulative dividend payout during CY24 to Rs28/share.
  • MEBL’s interest earned clocked in at Rs116bn, (down 9%YoY) while net interest earned remained flat at Rs76.8bn, up 1%YoY. This decrease is due to lower yields aimed 1,000bps cut in the policy rate since Jun’24.
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.
Technical Outlook: KSE-100 setting a record - By JS Research

Jul 7 2025


JS Global Capital


  • Bullish momentum continued for the KSE-100 index, which gained 1,262 points to close at 131,949. Trading volumes stood at 733mn shares, compared to 900mn shares previously. The index is likely to retest Friday’s high of 132,130; a break above this level could target 133,412, with potential to rise further toward 135,232. On the downside, support is seen in the 130,710-131,600 range. The RSI and MACD continue to rise, reinforcing the positive outlook. We advise investors to ‘Buy on dips,’ with risk defined below 130,716. Immediate support and resistance are placed at 131,067 and 132,480, respectively.
Morning News: Pakistan, US reach accord on trade and tariffs - By HMFS Research

Jul 7 2025


HMFS Research


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations. While both sides have reached an understanding, a formal announcement is expected only after the US concludes similar ongoing negotiations with other trade partners. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline. The agreement, when signed, could lead to increased Pakistani imports of US goods — notably crude oil — and potential American investment in Pakistan’s mining, energy, and infrastructure sectors.
  • The U.S. dollar hovered near its lowest since 2021 against the euro and the weakest since 2015 versus the Swiss franc on Monday, with traders alert for any trade-related headlines in the countdown to President Donald Trump’s tariff deadline. The dollar index , which measures the currency against those three rivals and three more major counterparts, was flat at 96.967, hovering above Tuesday’s nearly 3-1/2-year trough of 96.373.
  • US President Donald Trump said on Friday that he had signed 12 trade letters to be sent out next week ahead of an impending deadline for his tariffs to take effect. “I signed some letters and they’ll go out on Monday, probably 12,” Trump told reporters aboard Air Force One, adding that the countries to which the letters would be sent will be announced on the same day. His comments come days before steeper duties — which the president said on Thursday would range between 10 and 70 per cent — are set to take effect on dozens of economies, from Taiwan to the European Union.
Morning News: Pakistan, US reach accord on trade and tariffs - By Vector Research

Jul 7 2025


Vector Securities


  • With less than a week to go before the July 9 deadline, Pakistan and the United States have concluded a critical round of trade negotiations, reaching an understanding on a deal that could shape the future of the country’s key export sectors. The delegation arrived in Washington on Monday with the aim of finalising a long-term reciprocal tariff agreement that would prevent the re-imposition of a 29 per cent tariff on Pakistani exports — primarily textiles and agricultural products. The tariff relief, temporarily paused earlier this year, was at risk of expiring if no progress had been made by the July 9 deadline.
  • Pakistan and Azerbaijan in a major development Friday signed a partnership agreement. The agreement for investment of a total of $2 billion by Azerbaijan in the economic sector of Pakistan.
  • Foreign exchange companies contributed around $450 million to remittance inflows during June, taking their total contribution to approximately $5 billion in FY25, according to the Exchange Companies Association of Pakistan (ECAP). “We sold about $450m to banks in June, highlighting our growing role in supporting the country’s exchange rate stability,” said Zafar Paracha, Secretary General of ECAP.
Morning News: Azerbaijan to invest $2bn in economic sector WE Research

Jul 7 2025



  • Pakistan and Azerbaijan have signed a significant $2 billion investment agreement, marking a new milestone in bilateral economic relations. The deal, signed in the presence of Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, and Azerbaijani Economy Minister Mikayil Jabbarov, reflects growing investor confidence in Pakistan. It follows a cordial meeting between Prime Minister Sharif and Azerbaijani President Ilham Aliyev in Khankandi, with a more detailed agreement to be finalized during the Azerbaijani President’s upcoming visit to Pakistan. Both countries committed to further enhancing cooperation across various sectors, including trade, investment, and climate issues, as emphasized by Prime Minister Sharif during his remarks in Shusha.
  • With less than a week before the July 9 deadline, Pakistan and the United States have reached a preliminary understanding on a trade agreement aimed at securing Pakistan’s key export sectors, particularly textiles and agriculture, from the re-imposition of a 29% tariff. Led by Commerce Secretary Jawad Paal, the Pakistani delegation concluded four days of negotiations in Washington, with a formal announcement expected after the US finalizes talks with other trade partners. The proposed deal includes reciprocal tariff arrangements, increased Pakistani imports of US goods such as crude oil, and potential American investment in Pakistan’s mining, energy, and infrastructure sectors—including projects like Reko Diq. Officials remain optimistic that the agreement will preserve Pakistan’s access to the US market and revitalize economic ties strained since the Trump-era tariffs.
  • Oil prices dropped over 1% after OPEC+ surprised markets by announcing a larger-than-expected production increase of 548,000 barrels per day (bpd) for August, raising fears of oversupply. Brent crude fell to $67.50 per barrel, while U.S. West Texas Intermediate dropped to $65.68. The hike, up from prior monthly increases of 411,000bpd, reflects a more aggressive push for market share, with Saudi Arabia driving much of the actual output gains. OPEC+ cited strong global demand and low inventories as justification. Goldman Sachs expects a final 550,000bpd increase to be announced for September at the group’s August 3 meeting. Meanwhile, Saudi Arabia raised prices for its flagship Arab Light crude in a show of confidence in demand. In a related development, U.S. President Trump indicated higher tariffs will be announced by July 9, with implementation set for August 1.
Market Wrap: Banking on Bulls: KSE-100 Hits a New Milestone - By HMFS Research

Jul 4 2025


HMFS Research


  • The Pakistan Stock Exchange (PSX) sustained its upward trajectory in today’s session, with the benchmark KSE-100 Index surging to a fresh intra-day high of 132,130 before closing at 131,949, up by a robust 1,262 points (+0.97%). The rally was supported by sustained investor interest—particularly in the banking sector—as participants continued to rotate into fundamentally sound, undervalued plays amid a supportive macroeconomic backdrop. Trading activity remained strong, with the All-Share Index posting a healthy turnover of 731mn shares, while KSE-100 volumes came in at 199mn shares, indicating broad-based participation. Top volume leaders included, WTL (58mn), BML (36mn), and TREET (30mn). The banking sector emerged as the primary driver of index gains, supported by attractive dividend yields, and compelling P/B valuations. The recent softening in Pakistan’s sovereign credit default swap (CDS) spreads has further improved investor sentiment by lowering perceived external risk, catalyzing flows into equities. While the momentum remains firmly intact, the market’s proximity to psychological resistance levels suggests room for near-term consolidation, especially as investors may opt to lock in recent gains. However, the medium-term narrative remains constructive, underpinned by prospects of continued IMF engagement, fiscal reforms, and easing external account pressures. We continue to advise investors to remain selective and focus on sectors with resilient fundamentals and earnings visibility. In the current phase of the cycle, valuation discipline, liquidity considerations, and macro-driven event positioning will remain critical in navigating market dynamics.
Market Wrap: Highlights of the day - JS Research

Jul 4 2025


JS Global Capital


  • The KSE-100 Index closed the session on a strong note, gaining 1,262 points to settle at 131,949. Broad-based buying was seen across key sectors, with Autos, banks, and Power leading the charge. Investor sentiment remained upbeat, supported by improved macros and anticipation of further monetary easing. Looking forward, we have a favorable view on the market in the near term, backed by favorable liquidity conditions, positive policy cues, and foreign interest returning to key sectors. However, intermittent consolidation cannot be ruled out as the index approaches resistance levels.
Fertilizers: Sales to recover in June-2025; albeit inventory level remains high - By JS Research

Jul 4 2025


JS Global Capital


  • As per provisional figures, Urea off-take during Jun-2025 is expected to clock in at 580k tons, arriving at a growth of 20% YoY/ 39% MoM. Cumulatively, Urea off-take is likely to post a negative growth of 23% YoY during 1HCY25. On the other hand, DAP off-take is likely to fall 15% YoY during the month.
  • Company-wise, Fauji Fertilizer Company (FFC) is expected to post Urea off-take of 269k tons in Jun-2025, up 4% YoY. This includes 51k tons of granular Urea. Engro Fertilizers (EFERT) is likely to post growth 32% YoY, arriving at 205k tons. In terms of market share, EFERT Urea share improved by 3ppts YoY to 35%, while FFC’s share dipped 8ppts YoY during the month.
  • Urea inventory is expected to remain elevated at around 1.3mn tons by the end of 1HCY25. Assuming capacity utilization remains stable at current levels, allowance of export can be a key trigger in our view, helping to mitigate inventory buildup despite the anticipated increase in local sales during 2HCY25.
Technical Outlook: KSE-100; Upside to continue - By JS Research

Jul 4 2025


JS Global Capital


  • The KSE-100 Index witnessed a volatile session to close at 130,687, up 343 points DoD. Volumes stood at 900mn shares compared to 1,026mn shares traded in the last session. The index is expected to revisit yesterday’s high of 131,325 with a break above targeting 132,134, which can extend to 133,412. However, any downside will find support in the range of 129,050-129,870 levels. The RSI and the MACD are heading up, supporting a positive outlook. We advise investors to 'Buy on dips', keeping stoploss below 128,616. The support and resistance levels are placed at 129,867 and 131,415, 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.
Systems Limited (SYS): 1QCY25 EPS clocked in at PKR8.54 – Above expectation - By Insight Research

Apr 28 2025


Insight Securities


  • SYS has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR2.5bn (EPS: PKR8.54) vs. PAT of PKR1.6bn (EPS: PKR5.36) in SPLY. The result is above our expectation mainly due to lower selling and distribution expenses during the quarter.
  • Revenue for the quarter clocked in at PKR18.1bn, up by ~19% YoY, mainly due to higher revenue from Middle east and Europe region. However, same is down by 6% on QoQ basis, mainly due decline in revenue from Middle east and Europe region.
  • Company’s dollarized revenue clocked in at ~US$65mn in 1QCY25, depicting a growth of ~19% YoY. However, same is down by ~6% QoQ due to lower revenue from Middle east region.
Fatima Fertilizer Company Limited (FATIMA): 1QCY25 EPS clocked in at PKR4.0 – Above expectation - By Insight Research

Apr 25 2025


Insight Securities


  • FATIMA has announced its 1QCY25 result, wherein company has posted consolidated PAT of PKR8.4bn (EPS: PKR3.99) vs. PAT of PKR13.6bn (EPS: PKR6.49) in preceding quarter. The result is above our expectation mainly due to higher than expected gross margins.
  • Revenue for the quarter clocked in at PKR52.0bn vs. PKR66.0bn in SPLY, down by 21%/40% YoY/QoQ, mainly attributable to lower offtakes.
  • Gross margins decreased by ~200bps YoY, to clock in at ~40%, attributable to lower offtakes. While on QoQ basis, margins increased by ~8ppts.
Maple Leaf Cement Limited (MLCF): 3QFY25 EPS clocked in at PKR2.67 – Above expectation - By Insight Research

Apr 23 2025


Insight Securities


  • Maple Leaf cement has announced its 3QFY25 result, wherein company has posted PAT of PKR2.8bn (EPS: PKR2.7) vs. PAT of PKR1.5bn (EPS: PKR1.4) in SPLY. The result is above our expectation due to lower effective tax rate.
  • In 3QFY25, revenue increased by 4% YoY mainly due to higher volumetric sales and better retention price. While on QoQ, same is down by 13% amid lower offtakes and retention price.
  • Gross margins of the company clocked in at 35%, up by ~5.5ppts YoY, due to decline in coal prices and reliance on cheaper fuel mix. While on sequential basis, same is down by ~4.7ppts due to lower retention prices.
Meezan Bank Limited (MEBL): 1QCY25 EPS clocked in at PKR12.3 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • MEBL has announced its 1QCY25 result, wherein it has posted unconsolidated PAT of PKR22.0bn (EPS: PKR12.3) vs. PAT of PKR24.9bn (EPS: PKR13.9) in SPLY. The result came slightly above our expectations, mainly due to healthy volumetric growth QoQ.
  • Profit earned fell by ~10%/8% YoY/QoQ, mainly driven by lower yields on assets. To highlight, bank recorded deposit growth of ~11% QoQ in 1QCY25.
  • Other income recorded QoQ decline of ~23%, amid 8% QoQ decline in fee income and absence of capital gains. On YoY basis, other income inched up by ~29% due to 10% increase in fee income and healthy jump in FX income.
Sazgar Engineering (SAZEW): 3QFY25 EPS clocked in at PKR103.06 – Above expectation - By Insight Research

Apr 21 2025


Insight Securities


  • SAZEW has announced its 3QFY25 result, wherein company has posted PAT of PKR6.2bn (EPS: PKR103.06) vs. PAT of PKR3.0bn (EPS: PKR50.19) in SPLY. The result is above our expectation mainly due to higher than estimated topline and gross margins.
  • During 3QFY25, revenue witnessed an increase of ~83%/100% YoY/QoQ to clock in at PKR36.7bn, primarily due to higher volumetric sales.
  • Gross margins increased by ~360bps/420bps YoY/QoQ to clock in at ~32.6% in 3QFY25, possibly attributable to higher sales volumes.
United Bank (UBL): 1QCY25 EPS clocked in at PKR28.8 – Above expectation - By Insight Research

Apr 16 2025


Insight Securities


  • UBL has announced its 1QCY25 result, wherein it has posted consolidated PAT of PKR36.1bn (EPS: PKR28.8) vs. PAT of PKR16.1bn (EPS: PKR12.9) in SPLY. The result is above our expectation due to higher than estimated NII and reversal in provisioning expense.
  • Net interest income clocked in at PKR84.2bn, up by 200%/24% YoY/QoQ. The increase is attributable to favorable pricing of investment book aided by healthy volumetric growth and higher share of zero cost deposits.
  • Non markup income declined by 21%/38% YoY/QoQ despite a healthy increase of 26%/90% YoY/QoQ in fee income. The decline is primarily driven by elevated gain on securities in preceding quarters.
Fauji Cement Company Limited (FCCL): 2QFY25 EPS clocked in at PKR1.6 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • FCCL has announced its 2QFY25 result, wherein company has posted PAT of PKR4.0bn (EPS: PKR1.6) vs. PAT of PKR2.7bn (EPS: PKR1.1) in SPLY. The result is above our expectation due to higher-than-expected gross margins.
  • In 2QFY25, revenue increased by 24%/8% YoY/QoQ mainly due to higher volumetric sales and better retention prices. To note, company’s local cement offtakes increased by 17%/14% YoY/QoQ.
  • Gross margins of the company clocked in at 35.8%, up by 314bps/142bps YoY/QoQ, possibly due to optimal energy mix and decline in coal prices.
Gul Ahmed Textile Mills Limited (GATM): 2QFY24 EPS clocked in at PKR0.93 – Above expectation - By Insight Research

Feb 25 2025


Insight Securities


  • GATM has announced its 2QFY25 result, wherein the company has posted consolidated PAT of PKR687mn (EPS: PKR0.93) vs. PKR547mn (EPS: PKR0.74) in SPLY, up by 26% YoY. The result is above our expectation due to higher-than-expected gross margin and lower tax expense.
  • In 2QFY25, company’s revenue clocked in at PKR45.68bn compared to PKR41.23bn in SPLY, up by ~11 YoY. The increase in topline is possibly attributable to higher volumetric sales.
  • In dollar terms, company’s revenue clocked in at US$164.0mn in 2QFY25 vs. US$145.5mn in SPLY, up by ~13 YoY. However, same is down by ~7 QoQ.
Maple Leaf cement (MLCF): 2QFY25 EPS clocked in at PKR3.6 – Above expectation - By Insight Research

Feb 20 2025


Insight Securities


  • Maple Leaf cement has announced its 2QFY25 result, wherein company has posted PAT of PKR3.7bn (EPS: PKR3.6) vs. PAT of PKR2.2bn (EPS: PKR2.1). The result is above our expectation due to higher-than expected gross margins.
  • In 2QFY25, revenue increased by 5%/21% YoY/QoQ mainly due to higher volumetric sales and better retention prices.
  • Gross margins of the company clocked in at 39.8%, up by 450bps/825bps YoY/QoQ, possibly due to increased usage of alternate fuel.
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