Pakistan’s total exports in December 2021 clocked in at US$2.8bn, up a sharp c.20% yoy from US$2.4bn, sustaining the US$2bn level since June 2021 (though down c.5% mom). The robust growth is a testament to the strong demand for Pakistan’s textiles in...

IMS Fertilizer Universe is expected to post cumulative net profits of PKR21.4bn in 4QCY21 up 4% yoy. Engro Fertilizer (EFERT) is expected to post 4Q net profit of PKR4.71bn (EPS: PKR3.53), down 29% yoy. Despite yoy decline in DAP/Urea offtake by 18%/...

Volumes surged c.55% yoy on account of robust demand and long lead times following incentives announced in the FY22 Budget. Despite the sharp rise in volumes, gross margins are likely to decline (though flat yoy) amid (i) rising cost pressures becaus...

A potential crackdown might discourage crypto investors in the short term, but there are three reasons why we think this development is unlikely to stop the growing popularity of the asset class. Restriction on cryptocurrency is not new in Pakistan. ...

In December 2021, Auto industry sales nearly doubled yoy to 27,000 units (up c.45% mom), ending CY21 on a strong note. Overall industry sales clocked in at c.237,000 units in CY21, up a staggering c.90% yoy. CY21 volumes for PSMC clocked in at c.122,...

In July 2021, Oil & Gas Development Co. (OGDC) notified a discovery in the exploratory well, Wali-1 (KPK). Conservatively, we assume that the well will start producing from the Lockhart formation with c.1,000bpd oil and 15mmcfd gas – equivalent to ab...