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(MLN):Pakistan State Oil Company Limited (PSX: PSO) reported a net profit of Rs12.12bn for the half year ended December 31, 2025, which represents an 8% increase from the Rs11.18bn profit recorded in the same period last year.

The company's earnings per share rose to Rs25.82 from Rs23.81 in the corresponding period of the previous year.

The country's largest oil marketing company's gross sales declined 8% YoY to Rs1.61 trillion from Rs1.74 trillion, reflecting lower petroleum product prices or reduced volumes.

Sales tax decreased 16% to Rs80.95bn from Rs95.81bn, while inland freight equalization margin increased 25% to Rs27.79bn from Rs22.15bn.

Net sales declined 8% to Rs1.50 trillion from Rs1.63 trillion in the prior period.

Cost of products sold decreased 8% to Rs1.45 trillion from Rs1.57 trillion, resulting in a gross profit of Rs47.10bn, down 7% from Rs50.77bn in H1 FY2025.

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RS. 50 to 60 Rupees dividend is expected in this quarter.

Lucky Core Industries Limited (PSX: LCI) posted a profit after taxation of Rs4.60bn for the six months ended December 31, 2025, down 27.8% compared to Rs6.37bn in the corresponding period last year.

Earnings per share (EPS) declined to Rs9.96 from Rs13.80.

Net turnover declined 9.5% YoY to Rs56.34bn from Rs62.25bn, showing lower sales volumes during the period.

After accounting for cost of sales of Rs43.79bn (down 8.7% YoY), the company reported a gross profit of Rs12.55bn, down 12% from Rs14.26bn in 6MFY25.

HCAR EPS soars to Rs15.6 in 9MFY26

Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) reported a strong turnaround, posting a profit after taxation of Rs2.23bn for the nine months ended December 31, 2025, up 116.8% YoY compared to Rs1.03bn in the same period last year.

Earnings per share (EPS) surged to Rs15.59, more than doubling from Rs7.19 in 9MFY25, showing a sharp recovery in profitability.

Net sales jumped 68.6% YoY to Rs84.98bn from Rs50.41bn, driven by significantly higher vehicle sales volumes amid improving demand conditions.

Despite a 68.2% increase in cost of sales to Rs78.29bn, the sharp topline growth translated into a gross profit of Rs6.69bn, up 72.7% YoY from Rs3.88bn in 9MFY25.

On the expense side, distribution and marketing costs rose 87.0% YoY to Rs1.10bn, while administrative expenses increased 39.8% to Rs1.80bn, showing higher operational activity and inflationary pressures.

(26-Jan-2026)

*MARI Energies Limited*

*Result Review: Earnings inclined by 15% YoY in 2QFY26*

*2QFY26: Bottomline arrived at PKR 10.66/share*

• Mari Energies Limited (MARI) announced its financial results today, reporting earnings of PKR 12,800mn (EPS: PKR 10.66) for 2QFY26, reflecting a 15% YoY increase. Alongside the results, the company announced an interim dividend, returning to its historic payout level of 35%, with a cash dividend of PKR 8.30/share. Earnings rose due to a 6% increase in oil production, a 20% decline in operating expenses, and a 50% drop in exploration costs YoY.

*Result Highlights*

• Net sales in 2QFY26 rose 8% YoY to PKR 44,770mn. Oil production increased 6% YoY to 1,298 bopd, while gas production fell. Among MARI’s key gas fields, HRL dropped 2.8% YoY due to ATA at FFC’s plant, limiting incremental volumes. Goru B stayed stable, reflecting only two months’ data, while Shewa output surged 102% QoQ to 53 mmcfd.
• Royalty charges in 2QFY26 rose 33% YoY to PKR 10,648mn, mainly due to incremental royalty on Mari D&P Lease wellhead revenue.
• Exploration costs in 2QFY26 dropped 50% YoY to PKR 1,864mn and 16% QoQ, driven by reduced prospecting expenditure.
• Finance income stood at PKR 1,001mn in 2QFY26, declining by 56% YoY due to lower interest rates.
• The company recorded an effective tax rate of 35% in 2QFY26 (25% SPLY).
• MARI’s cash position declined to PKR 60,811mn in Dec’25 (Jun’25: PKR 76,895mn), while trade receivables increased up to PKR 88,765mn (Jun’25: PKR 86,581mn).

• MARI is currently trading at a forward FY26/FY27 multiples of 15.8x/11.8x P/E and 3.2x/2.7x P/B, offering a dividend yield of 2.6%/3.4

SNGP ends FY25 with lower profit amid tariff headwinds

Sui Northern Gas Pipelines Limited (PSX: SNGP) revealed its financial results for the fiscal year ended June 30, 2025, reporting a profit after tax of Rs14.59 billion, marking a 23% decline from Rs18.98bn recorded in the previous fiscal year.

Earnings per share fell 23% to Rs23.01 compared to Rs29.92 in FY24.

Revenue from contracts with customers gas sales decreased 3% year-on-year to Rs1.33tr from Rs1.37tr, primarily showing lower tariff adjustments.

The tariff adjustment dropped sharply by 52% to Rs76.23bn from Rs158.19bn, resulting in total revenue and tariff adjustment of Rs1.41tr, down 8% from last year’s Rs1.53tr.

Significant surge in CSAP's earnings. 🚀💰📈

AGTL swings to Rs270m loss in 9MFY25

Al-Ghazi Tractors Limited (PSX: AGTL) posted a loss after tax of Rs269.8 million for the nine months ended September 30, 2025, compared to a profit of Rs2.37 billion in the corresponding period last year, reflecting a significant downturn in performance.

Earnings per share (EPS) stood at negative Rs4.65, against Rs40.87 in 9MFY24.

Net sales dropped 59% year-on-year to Rs9.76bn from Rs23.84bn, mainly due to subdued market demand and challenging macroeconomic conditions. The cost of sales declined 55.7% to Rs8.03bn from Rs18.13bn in the same period last year.

As a result, gross profit fell 69.7% to Rs1.73bn from Rs5.7bn, while the gross margin narrowed to 17.7% from 23.9% in 9MFY24.

Millat Tractors earnings rise 33% on improved efficiency

Millat Tractors Limited (PSX: MTL) reported a profit after tax of Rs613.5 million for the quarter ended September 30, 2025, marking a 33.4% increase from Rs459.8m in the corresponding period last year.

Earnings per share (EPS) rose 33.5% to Rs3.07, compared to Rs2.30 in the same quarter of 2024.

The company's revenue from contracts with customers declined 11.5% year-on-year to Rs7.78 billion, down from Rs8.79bn, showing softer demand conditions during the quarter.

Meanwhile, cost of sales decreased 12.6% to Rs5.59bn, leading to a gross profit of Rs2.19bn, down 8.3% from Rs2.39bn last year. However, gross margin improved to 28.2%, compared to 27.2% in the same period of 2024

Meezan Bank delivers Rs7 dividend as profit moderates to Rs70bn in 9MFY25

Meezan Bank Limited (PSX: MEBL) reported a profit after taxation of Rs70.52bn for the nine months ended September 30, 2025, down 10% from Rs78.33bn in the corresponding period last year.

Earnings per share declined to Rs38.59 compared to Rs43.42 in 9MFY24.

Dividend by the company is declared at Rs7 per share.

Profit/return earned on Islamic financing and related assets, investments and placements decreased 17.5% year-on-year to Rs312.13bn from Rs378.34bn, showing lower yields during the period. Profit/return on deposits and other dues expensed fell 24.5% to Rs123.91bn from Rs164.19bn.