External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Pakistan Petroleum (PPL) announced its 2QFY25 result today, where the company recorded earnings of Rs27.3bn (EPS of Rs10.05), down 30% YoY while up 16% QoQ. This takes 1HFY25 earnings to Rs50.9bn (EPS of Rs18.71), down 26% YoY.</li><li>Along with the results, the company also announced a cash dividend of Rs2/share for 2QFY25, taking the 1HFY25 dividend to Rs4/share. This came in lower than industry expectations.</li><li>However, 2QFY25 earnings came slightly higher than industry expectations due to lower-than-expected Other Expenses which is down by 45% YoY and 31% QoQ at Rs2.8bn.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pakistan Petroleum (PPL) announced its 2QFY25 result today, where the company recorded earnings of Rs27.3bn (EPS of Rs10.05), down 30% YoY while up 16% QoQ. This takes 1HFY25 earnings to Rs50.9bn (EPS of Rs18.71), down 26% YoY.Along with the results, the company also announced a cash dividend of Rs2/share for 2QFY25, taking the 1HFY25 dividend to Rs4/share. This came in lower than industry expectations.However, 2QFY25 earnings came slightly higher than industry expectations due to lower-than-expected Other Expenses which is down by 45% YoY and 31% QoQ at Rs2.8bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Petroleum (PPL): 2QFY25 EPS at Rs10 up 16% QoQ

Thematic (Sector/Industry)

<ul><li>KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.</li><li>Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.</li><li>The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.</li></ul>

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at US$1.6bn.Despite a decline in interest rates, the banking sector’s earnings increased by 7% YoY to Rs164bn in 1QFY26.The E&P sector posted a 7% YoY and 4% QoQ decline in profitability during 1QFY26 to Rs79.8bn.

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

<ul><li>KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.</li><li>Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.</li><li>The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.</li></ul>

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24.Despite the decline in interest rates, the banking sector's earnings increased by 24% YoY to Rs160bn in 4QFY25.The E&P sector posted a 6% YoY decline in profitability during 4QFY25 to Rs83bn.

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

<ul><li>Pakistan&#8217;s balance recoverable gas reserves increased by 4.6% to 18,981 BCF, compared to 18,142 BCF as of Dec 2024.</li><li>Other notable discoveries, such as Soghri North (operated by OGDC) and Razgir (operated by MOL Pakistan), contributed additional volumes of 125 and 57 BCF, respectively.</li><li>Total gas production over the past six months stood at 621 BCF.</li></ul>

Pakistan&#8217;s balance recoverable gas reserves increased by 4.6% to 18,981 BCF, compared to 18,142 BCF as of Dec 2024.Other notable discoveries, such as Soghri North (operated by OGDC) and Razgir (operated by MOL Pakistan), contributed additional volumes of 125 and 57 BCF, respectively.Total gas production over the past six months stood at 621 BCF.

Pakistan Oil & Gas Production - 1 TCF Of Gas Added By MARI Operated Fields In The Last Six Months

Cross Asset Strategy

<ul><li>KSE-100 index companies posted earnings of Rs409bn in 3QFY25, up 2% YoY, while excluding Banks, profitability declined by 5% YoY to Rs243bn.</li><li>The banking sector's earnings increased by 14% YoY to Rs166bn, driven by an increase in both Net Interest Income and Non-Interest Income.</li><li>KSE 100 index companies announced cash dividends of Rs119bn, down 6% YoY, translating into a 29% dividend payout in 3QFY25.</li></ul>

KSE-100 index companies posted earnings of Rs409bn in 3QFY25, up 2% YoY, while excluding Banks, profitability declined by 5% YoY to Rs243bn.The banking sector's earnings increased by 14% YoY to Rs166bn, driven by an increase in both Net Interest Income and Non-Interest Income.KSE 100 index companies announced cash dividends of Rs119bn, down 6% YoY, translating into a 29% dividend payout in 3QFY25.

Pakistan Strategy – Corporate Profitability in 3QFY25; Earnings up 2%

Pakistan

Pakistan Petroleum Ltd. specializes in the exploration and production of crude oil and natural gas. The Company also sells liquefied petroleum gas and condensates.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pakistan Petroleum (PPL PA)

Pakistan Petroleum (PPL): 2QFY25 EPS at Rs10 up 16% QoQ

Pakistan Petroleum (PPL) announced its 2QFY25 result today, where the company recorded earnings of Rs27.3bn (EPS of Rs10.05), down 30% YoY...

Topline Securities

Pakistan Strategy – Corporate Profitability in 1QFY26; Earnings Rose 13% YoY, With Dividends Up 22%

KSE-100 index companies posted earnings of Rs458bn in 1QFY26, up 13% YoY from Rs407bn in 1QFY25. In US dollar terms, profitability stood at...

Topline Securities

Pakistan Strategy – Corporate Profitability In 4QFY25; Earnings Up 21%, While Dividends Grew By 7% YoY

KSE-100 index companies posted earnings of Rs445bn in 4QFY25, up 21% YoY from Rs366bn in 4QFY24. Despite the decline in interest rates, the...

Topline Securities

Pakistan Oil & Gas Production - 1 TCF Of Gas Added By MARI Operated Fields In The Last Six Months

Pakistan’s balance recoverable gas reserves increased by 4.6% to 18,981 BCF, compared to 18,142 BCF as of Dec 2024. Other notable discoveries,...

Topline Securities

Pakistan Strategy – Corporate Profitability in 3QFY25; Earnings up 2%

KSE-100 index companies posted earnings of Rs409bn in 3QFY25, up 2% YoY, while excluding Banks, profitability declined by 5% YoY to Rs243bn. The...

Topline Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)