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’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and prices. This takes 9MFY26, earnings to Rs108bn up by 17% YoY.</li><li>Net sales for the cement sector increased by 14% on a YoY basis but declined by 4% QoQ to Rs190bn in 3QFY26. Cumulatively, the sales surged by 9% YoY to Rs575bn in 9MFY26.</li><li>Domestic dispatches surged by 4% YoY to 10.1mn tons, whereas the export volumes increased by 35% YoY to 2.3mn tons in 3QFY26. The YoY growth was primarily driven by surge in sea-borne exports from South based mills, which offset the loss of Afghan market. Note, that the QoQ decline was driven by a drop in domestic dispatches amid Ramadan and Eid holidays.</li></ul>

Pakistan’s listed cement sector reported earnings of Rs36.2bn, reflecting a 7% YoY and 4% QoQ rise in 3QFY26, driven by higher dispatches and prices. This takes 9MFY26, earnings to Rs108bn up by 17% YoY.Net sales for the cement sector increased by 14% on a YoY basis but declined by 4% QoQ to Rs190bn in 3QFY26. Cumulatively, the sales surged by 9% YoY to Rs575bn in 9MFY26.Domestic dispatches surged by 4% YoY to 10.1mn tons, whereas the export volumes increased by 35% YoY to 2.3mn tons in 3QFY26. The YoY growth was primarily driven by surge in sea-borne exports from South based mills, which offset the loss of Afghan market. Note, that the QoQ decline was driven by a drop in domestic dispatches amid Ramadan and Eid holidays.

Pakistan Cements - Sector Profits Increased By 7% YoY in 3QFY26; Led By Higher Dispatches And Price Growth