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 Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.</li><li>Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.</li><li>Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.</li></ul>

Pakistan's listed cement sector reported earnings of Rs35.01bn, almost flattish on YoY basis but down by 6% QoQ in 2QFY26 due to decline in sector’s other income.Net Sales for the cement sector remained flattish on YoY basis and increased by 7% QoQ to Rs192.1bn in 2QFY26. The QoQ growth was driven by a 13% increase in domestic dispatches.Export dispatches declined by 23% YoY and 21% QoQ to 2.04mn tons in 2QFY26. The YoY drop was primarily driven by lower sea-borne exports, along with halted exports from the northern region amid ongoing political instability at the Afghan border.

Pakistan Cements - Sector Profits Remain Flattish On YoY Basis In 2QFY26; Led By Decrease In Retention Prices