| OGDC - Oil & Gas Development Company Ltd. |
| OGDC Exploratory Well at Nashpa KPK. |
| SCS Research update 3/4/2026 12:00:00 AM |
| OGDC ongoing Baghzai Nashpa KPK.....
5th DST results
OGDC discovered 3765 bopd & 1.1mn gas
We expect an incremental impact of PKR 1.64/sh in OGDC
Also PPL can see an incremental impact on EPS i.e. PKR 1.16/sh
This field is considered a significant find
OGDC as an operator holds 65% stakes
PPL as a JV partner holds 30% stakes
The total oil production from the field is 14165 bopd which is considered significant from Pakistan's perspective |
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| MLCF - Maple Leaf Cement Factory Ltd. Consolidated |
| Maple Leaf Cement (MLCF) — 2QFY26 Result Review |
| Ahsan Muhammad Asif 2/25/2026 12:00:00 AM |
| Flat Topline Sequentially – EV/ton $50/ton
Maple Leaf Cement Factory (MLCF) reported revenue of Rs 18.94bn in 2QFY26, compared to Rs 19.03bn in 2QFY25, reflecting a marginal YoY decline. The largely flat topline suggests stable dispatch volumes in a competitive cement market.
Margins firmed up
Gross profit declined to Rs 6.03bn, down 15% YoY from Rs 7.14 bn, even though we believe margins remained firm.
MLCF reported a GP margin of ~30%. The companies in Punjab are facing the ignominy of 6% royalty charges.
2Q Bottom Line Reflects continuation of margins
MLCF reported PAT of Rs 2.5 bn, down 22% YoY from Rs 3.23 bn. EPS came in at Rs 2.40/sh, compared to Rs 3.08/sh in 2QFY25, reflecting the impact of margin compression despite lower finance costs. The effective tax rate stood at 36% compared to 27% in SPLY.
Earnings firmed up in 1HFY26
On a cumulative basis (1HFY26), performance appears comparatively stronger. MLCF revenue increased to Rs 35.42bn vs Rs 34.75 bn in 1HFY25, while net profit rose to Rs 5.12bn from Rs 4.27bn. The improvement is primarily attributable to reduced finance costs.
In 7MFY26, the company sold 2.45 mn tons of cement. In our view, this reflects a capacity utilization of approximately 50% to 53%, i.e., 4.2mn tons of annual sales.
MLCF is yielding EV/ton of $50/ton vs DGKC $53/ton – both of them are lower than the market average of $60-80/ton.
SCS Research |
| Link: https://www.linkedin.com/in/mahsan178/ |
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| APL - Attock Petroleum Ltd. |
| Attock Petroleum Limited (APL) – 2QFY26 Result Review |
| Ahsan Muhammad Asif 2/24/2026 12:00:00 AM |
| Earnings Overview
Attock Petroleum Limited (APL) reported 2QFY26 earnings of PKR 2.61bn (EPS: PKR 20.97), down 5% YoY compared to PKR 2.74bn (EPS: PKR 22.01) in 2QFY25. While topline growth remained modest, with net sales increasing to PKR 122.9bn (+3% YoY), the quarter was characterized by a recovery in core operating margins.
Gross profit clocked in at PKR 4.78bn, up 19% YoY, reflecting improved inventory gains and relatively better product spreads. Consequently, operating profit rose to PKR 3.63bn, marking a 35% YoY increase.
Margin Dynamics
The expansion in gross profitability highlights a more favorable margin environment during the quarter. Improved product spreads and inventory effects supported earnings at the operating level, suggesting that core marketing operations remained resilient despite sector-wide volatility. The strength in operating profit underscores that the underlying business fundamentals remained intact, with margin recovery serving as the primary driver of earnings.
Cumulative Performance (1HFY26)
On a cumulative basis, 1HFY26 earnings stood at PKR 6.42bn (EPS: PKR 51.60), up 25% YoY, highlighting that overall profitability remains on a growth trajectory despite quarterly volatility. The cumulative growth trend reinforces the view that earnings moderation in the quarter is largely cyclical rather than reflective of structural weakness.
Dividend & Balance Sheet Comfort
The company announced an interim dividend of PKR 20/share alongside the results. At the prevailing market price of PKR 585, the payout translates into an implied yield of approximately 3.4%. The dividend announcement, supported by the company’s liquidity position, reinforces APL’s defensive investment appeal. APL’s strong balance sheet, with the company holding approximately PKR 50bn in cash on its books. This translates into roughly PKR 420 cash per share
SCS Research |
| Link: https://www.linkedin.com/in/mahsan178/ |
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| HUBC - The Hub Power Company Ltd. Consolidated |
| HUBC Reports Impressive 2QFY26 Earnings – 2Q Dividend PKR 5/sh |
| Ahsan Muhammad Asif 2/24/2026 12:00:00 AM |
| The Hub Power (HUBC) reported a robust consolidated earnings performance in 2QFY26, with net profit clocking in at PKR 12.35bn (EPS: PKR 8.19), registering a substantial increase compared to PKR 5.48bn (EPS: PKR 3.25) in 2QFY25. The strong year-over-year growth was primarily underpinned by improved operational profitability and a notable rise in income from associates and joint ventures.
Revenue and Gross Profit
Revenue for the quarter stood at PKR 16.7bn, reflecting modest YoY growth, while gross profit increased to PKR 7.43bn (+16% YoY), indicating relatively stable cost dynamics and improved margin retention. Consequently, profit from operations strengthened materially, highlighting the resilience of HUBC’s core earnings base.
Cumulative Performance (1HFY26)
On a cumulative basis, 1HFY26 profitability stood at PKR 25.62bn (EPS: PKR 17.16), largely consistent with PKR 25.79bn (EPS: PKR 17.99) recorded in the corresponding period last year. While the half-year comparison remains broadly flat, the sharp recovery in quarterly earnings suggests improved earnings momentum and better income visibility.
Dividend Yield 10%
Alongside the result, HUBC announced an interim dividend of PKR 5/share. Notably, the company had already paid PKR 5/share earlier, bringing the cumulative payout to PKR 10/share for the period. |
| Link: https://www.linkedin.com/in/mahsan178/ |
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| DGKC - D. G. Khan Cement Company Ltd. |
| DGKC 2QFY26 Result Review |
| Ahsan Muhammad Asif 2/24/2026 12:00:00 AM |
| D.G. Khan Cement posted a robust growth in profitability of PKR 3.85bn, up 28% YoY during 2QFY26, despite a slight decline in topline revenue. The company posted 1HFY26 EPS of PKR 13.59/sh, which is up 61% YoY from PKR 8.42/sh.
The quarterly revenue stood at Rs 22.95 bn, marginally lower than Rs 23.43 bn in 2QFY25, reflecting a ~2% YoY decline. The slight drop in sales suggests either softer dispatch volumes or pricing pressure in the domestic/export market. However, the real strength of the quarter lies in margin expansion.
Profitability Increased
Gross profit increased significantly to Rs 7.04 bn compared to Rs 5.84 bn in the same quarter last year, registering a ~20% YoY growth. Gross margins improved to approximately 30.7% from around 24.9% last year. This indicates strong cost control, improved retention prices, and likely benefits from lower coal or energy costs. The margin improvement clearly shows operational efficiency gains.
Decline in Finance Cost:
A major positive driver of earnings this quarter was the sharp decline in finance costs. Finance cost dropped to Rs 505mn from Rs 1.07bn in 2QFY25 — a decline of more than 50% YoY. This reduction reflects lower interest rates and significant debt repayment during the period. The impact of lower finance charges directly boosted bottom-line growth.
As a result, PBT rose to Rs 5.88 bn compared to Rs 4.33 bn last year. After taxation, Profit After Tax (PAT) stood at Rs 3.85 bn, up from Rs 3.01 bn, showing a strong ~28% YoY increase. Earnings per share (EPS) for the quarter improved to Rs 8.62 versus Rs 6.56 last year, reflecting solid earnings expansion.
Long-Term Borrowing Decline:
The balance sheet shows a significant strengthening compared to June 2025. Long-term borrowings declined from Rs 13.43 bn to Rs 6.13 bn, reflecting aggressive deleveraging. This explains the sharp drop in finance costs.
Equity Increased & Book Value Increased:
Total equity increased from Rs 99.6 bn in June 2025 to Rs 117.0 bn, and Book value increased to Rs 267/sh in December 2025, driven by higher retained earnings. Liquidity improved substantially, with short-term investments rising sharply and cash balances increasing from under Rs 1 bn to over Rs 2.4 bn. The company is now in a much stronger financial position compared to last year. |
| Link: https://www.linkedin.com/in/mahsan178/ |
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