External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Materials / Thematic (Sector/Industry)

<ul><li>Pakistan local cement dispatches are likely to be up by 5% MoM to clock in at 2.65-2.75mn tons in Jul-2025. Domestic dispatches are anticipated to surge by 11% YoY.</li><li>Our analysis is based on the provisional numbers of 20 days, based on which local sales stands at 1.82mn tons, while as per our channel checks in 23 days of the month, local sales hovers around ~2.2-2.3 mn tons.</li><li>MoM increase in local cement dispatches is mainly due to backlog of demand from previous month, due to less working days attributable to Eid Holidays. However, as per our channel checks in last few days of Jul 2025, the sales may remain lower by 2-3% due to floods in northern region.</li></ul>

Pakistan local cement dispatches are likely to be up by 5% MoM to clock in at 2.65-2.75mn tons in Jul-2025. Domestic dispatches are anticipated to surge by 11% YoY.Our analysis is based on the provisional numbers of 20 days, based on which local sales stands at 1.82mn tons, while as per our channel checks in 23 days of the month, local sales hovers around ~2.2-2.3 mn tons.MoM increase in local cement dispatches is mainly due to backlog of demand from previous month, due to less working days attributable to Eid Holidays. However, as per our channel checks in last few days of Jul 2025, the sales may remain lower by 2-3% due to floods in northern region.

Pakistan Cements: Local Cement Dispatches Likely To Be Up 11% YoY In Jul 2025; FY26 Started On A Positive Note