External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

Pakistan Construction materials / Thematic (Sector/Industry)

<ul><li>Pakistan’s listed cement sector has reported after tax earnings (PAT) of Rs51bn down 3% YoY in FY23 vs growth of 8% in FY22. The negative earnings growth is primarily due to higher tax expense amid implantation of 10% super tax.</li><li>However Cement sector recorded pre tax earnings (PBT) of Rs100bn up 11% despite 16% YoY fall in total cement dispatches and 78% YoY increase in finance cost.</li><li>The improvement in PBT is primarily back of increase in sales by 21% YoY to Rs590bn in FY23 led by 37% YoY increase in cement prices.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pakistan’s listed cement sector has reported after tax earnings (PAT) of Rs51bn down 3% YoY in FY23 vs growth of 8% in FY22. The negative earnings growth is primarily due to higher tax expense amid implantation of 10% super tax.However Cement sector recorded pre tax earnings (PBT) of Rs100bn up 11% despite 16% YoY fall in total cement dispatches and 78% YoY increase in finance cost.The improvement in PBT is primarily back of increase in sales by 21% YoY to Rs590bn in FY23 led by 37% YoY increase in cement prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Cement: Sector profits down 3% YoY in FY23; Pre-tax profitability up 11% YoY in FY23