Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨74.25, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 9x in the Basic Materials industry in Pakistan. Total returns to shareholders of 2,979% over the past three years. New Risk • Jul 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (PK₨25.7b market cap, or US$92.5m). Duyuru • Jul 21
Thatta Cement Company Limited Announces Cessation of Muhammad Owais as Chief Financial Officer Thatta Cement Company Limited announced that Mr. Muhammad Owais has ceased to be the Chief Financial Officer. The Company is in the process to complete the necessary formalities to finalize the appointment of a new Chief Financial Officer. The Exchange shall be notified in due course upon completion of the appointment process. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to PK₨66.14, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 2,771% over the past three years. Reported Earnings • May 05
Third quarter 2026 earnings released: EPS: PK₨1.88 (vs PK₨1.21 in 3Q 2025) Third quarter 2026 results: EPS: PK₨1.88 (up from PK₨1.21 in 3Q 2025). Revenue: PK₨2.97b (up 38% from 3Q 2025). Net income: PK₨797.9m (up 55% from 3Q 2025). Profit margin: 27% (up from 24% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has increased by 187% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Apr 20
Thatta Cement Company Limited to Report Q3, 2026 Results on Apr 27, 2026 Thatta Cement Company Limited announced that they will report Q3, 2026 results on Apr 27, 2026 Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨60.27, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 2,795% over the past three years. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (PK₨24.7b market cap, or US$88.4m). Reported Earnings • Mar 01
Second quarter 2026 earnings released: EPS: PK₨1.76 (vs PK₨1.11 in 2Q 2025) Second quarter 2026 results: EPS: PK₨1.76 (up from PK₨1.11 in 2Q 2025). Revenue: PK₨3.51b (up 56% from 2Q 2025). Net income: PK₨747.6m (up 59% from 2Q 2025). Profit margin: 21% (in line with 2Q 2025). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has increased by 186% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 19
Thatta Cement Company Limited to Report First Half, 2026 Results on Feb 26, 2026 Thatta Cement Company Limited announced that they will report first half, 2026 results on Feb 26, 2026 New Risk • Jan 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: PK₨27.2b (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (46% accrual ratio). Minor Risk Market cap is less than US$100m (PK₨27.2b market cap, or US$97.3m). Reported Earnings • Oct 29
First quarter 2026 earnings released: EPS: PK₨1.52 (vs PK₨1.27 in 1Q 2025) First quarter 2026 results: EPS: PK₨1.52 (up from PK₨1.27 in 1Q 2025). Revenue: PK₨2.94b (up 55% from 1Q 2025). Net income: PK₨645.4m (up 20% from 1Q 2025). Profit margin: 22% (down from 28% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has increased by 225% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to PK₨72.49, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 10x in the Basic Materials industry in Pakistan. Total returns to shareholders of 2,696% over the past three years. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨86.79, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 11x in the Basic Materials industry in Pakistan. Total returns to shareholders of 2,995% over the past three years. New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨62.39, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 12x in the Basic Materials industry in Pakistan. Total returns to shareholders of 2,055% over the past three years. New Risk • Sep 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (41% accrual ratio). Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (PK₨25.7b market cap, or US$91.4m). Reported Earnings • Sep 10
Full year 2025 earnings released: EPS: PK₨28.28 (vs PK₨2.98 in FY 2024) Full year 2025 results: EPS: PK₨28.28 (up from PK₨2.98 in FY 2024). Revenue: PK₨9.44b (up 23% from FY 2024). Net income: PK₨2.40b (up 76% from FY 2024). Profit margin: 25% (up from 18% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 133% per year but the company’s share price has increased by 155% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Sep 09
Thatta Cement Company Limited, Annual General Meeting, Oct 07, 2025 Thatta Cement Company Limited, Annual General Meeting, Oct 07, 2025. Location: karachi Pakistan Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨45.42, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 10x in the Basic Materials industry in Pakistan. Total returns to shareholders of 1,621% over the past three years. Buy Or Sell Opportunity • Jul 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 82% to PK₨38.76. The fair value is estimated to be PK₨49.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 106%. New Risk • May 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (51% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (PK₨14.3b market cap, or US$50.8m). Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to PK₨152, the stock trades at a trailing P/E ratio of 6.2x. Average forward P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 873% over the past three years. Reported Earnings • May 02
Third quarter 2025 earnings released: EPS: PK₨6.07 (vs PK₨5.38 in 3Q 2024) Third quarter 2025 results: EPS: PK₨6.07 (up from PK₨5.38 in 3Q 2024). Revenue: PK₨2.15b (down 7.2% from 3Q 2024). Net income: PK₨514.1m (up 1.8% from 3Q 2024). Profit margin: 24% (up from 22% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 08
Second quarter 2025 earnings released: EPS: PK₨5.54 (vs PK₨1.54 in 2Q 2024) Second quarter 2025 results: EPS: PK₨5.54 (up from PK₨1.54 in 2Q 2024). Revenue: PK₨2.25b (up 36% from 2Q 2024). Net income: PK₨469.8m (up 210% from 2Q 2024). Profit margin: 21% (up from 9.1% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year and the company’s share price has also increased by 108% per year. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to PK₨210, the stock trades at a trailing P/E ratio of 10.1x. Average forward P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 856% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to PK₨169, the stock trades at a trailing P/E ratio of 8.1x. Average forward P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 683% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨128, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 377% over the past three years. Reported Earnings • Oct 30
First quarter 2025 earnings released: EPS: PK₨6.34 (vs PK₨1.36 in 1Q 2024) First quarter 2025 results: EPS: PK₨6.34 (up from PK₨1.36 in 1Q 2024). Revenue: PK₨1.90b (up 27% from 1Q 2024). Net income: PK₨537.0m (up 296% from 1Q 2024). Profit margin: 28% (up from 9.1% in 1Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 18
Thatta Cement Announces Board Appointments Thatta Cement Company Limited has officially informed the Pakistan Stock Exchange (PSX) about the election of new directors. The disclosure was made following the company's Annual General Meeting, held on October 15, 2024, which saw the election of seven members to its board for the next three years. According to the letter addressed to the General Manager of the PSX, the newly elected directors include Mr. Khawaja Muhammad Salman Younis, Mr. Kamran Munir Ansari, Ms. Naheed Memon, Mr. Saleem Zamindar, Mr. Noor Muhammad, Mr. Alamuddin Bullo, and Ms. Shaista Bano Gilani. These appointments come as part of the regular governance and oversight responsibilities outlined by corporate regulations. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨93.47, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 6x in the Basic Materials industry in Pakistan. Total returns to shareholders of 305% over the past three years. New Risk • Oct 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.6% average weekly change). Minor Risk Market cap is less than US$100m (PK₨7.60b market cap, or US$27.4m). Reported Earnings • Sep 28
Full year 2024 earnings released: EPS: PK₨14.88 (vs PK₨1.08 in FY 2023) Full year 2024 results: EPS: PK₨14.88 (up from PK₨1.08 in FY 2023). Revenue: PK₨7.68b (up 39% from FY 2023). Net income: PK₨1.36b (up PK₨1.26b from FY 2023). Profit margin: 18% (up from 1.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Basic Materials industry in Pakistan. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 27
Upcoming dividend of PK₨1.00 per share Eligible shareholders must have bought the stock before 04 October 2024. Payment date: 05 November 2024. Trailing yield: 1.3%. Lower than top quartile of Pakistani dividend payers (12%). Lower than average of industry peers (5.1%). Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to PK₨62.98, the stock trades at a trailing P/E ratio of 4.1x. Average forward P/E is 6x in the Basic Materials industry in Pakistan. Total returns to shareholders of 228% over the past three years. Reported Earnings • Aug 24
Full year 2024 earnings released: EPS: PK₨13.97 (vs PK₨2.88 in FY 2023) Full year 2024 results: EPS: PK₨13.97 (up from PK₨2.88 in FY 2023). Revenue: PK₨7.68b (up 39% from FY 2023). Net income: PK₨1.36b (up 375% from FY 2023). Profit margin: 18% (up from 5.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 22
Thatta Cement Company Limited, Annual General Meeting, Oct 15, 2024 Thatta Cement Company Limited, Annual General Meeting, Oct 15, 2024. Location: at beach luxury hotel, m.t.khan road, karachi Pakistan Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to PK₨58.40, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 136% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to PK₨42.68, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 8x in the Basic Materials industry in Pakistan. Total returns to shareholders of 90% over the past three years. New Risk • May 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (PK₨3.42b market cap, or US$12.3m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to PK₨32.59, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 94% over the past three years. Reported Earnings • May 02
Third quarter 2024 earnings released: EPS: PK₨5.38 (vs PK₨0.32 in 3Q 2023) Third quarter 2024 results: EPS: PK₨5.38 (up from PK₨0.32 in 3Q 2023). Revenue: PK₨2.31b (up 59% from 3Q 2023). Net income: PK₨504.9m (up PK₨472.9m from 3Q 2023). Profit margin: 22% (up from 2.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 05
Now 20% undervalued Over the last 90 days, the stock has risen 5.4% to PK₨18.97. The fair value is estimated to be PK₨23.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 52%. Reported Earnings • Mar 02
Second quarter 2024 earnings released: EPS: PK₨1.54 (vs PK₨1.16 in 2Q 2023) Second quarter 2024 results: EPS: PK₨1.54 (up from PK₨1.16 in 2Q 2023). Revenue: PK₨1.66b (up 11% from 2Q 2023). Net income: PK₨151.7m (up 32% from 2Q 2023). Profit margin: 9.1% (up from 7.7% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨20.10, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 7x in the Basic Materials industry in Pakistan. Total returns to shareholders of 1.3% over the past three years. Duyuru • Dec 27
Thatta Cement Company Appoints Shaista Bono Gilani as New Director Thatta Cement Company has announced the appointment of Ms. Shaista Bono Gilani as a new Director of the company. This appointment took effect from December 27, 2023, as per the company's latest communication to the Pakistan Stock Exchange. The appointment of Ms. Gilani marks a notable change in the leadership structure of Thatta Cement Company. The company has informed its stakeholders, including the TRE Certificate Holders of the Exchange about this significant development. This move is expected to bring new perspectives and strategies to the company'soperations and governance. Reported Earnings • Oct 06
Full year 2023 earnings released: EPS: PK₨3.11 (vs PK₨0.99 in FY 2022) Full year 2023 results: EPS: PK₨3.11 (up from PK₨0.99 in FY 2022). Revenue: PK₨5.53b (up 26% from FY 2022). Net income: PK₨286.9m (up 190% from FY 2022). Profit margin: 5.2% (up from 2.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to PK₨14.57, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 6x in the Basic Materials industry in Pakistan. Total loss to shareholders of 32% over the past three years. Reported Earnings • Mar 03
Second quarter 2023 earnings released: EPS: PK₨0.49 (vs PK₨0.32 in 2Q 2022) Second quarter 2023 results: EPS: PK₨0.49 (up from PK₨0.32 in 2Q 2022). Revenue: PK₨1.50b (up 56% from 2Q 2022). Net income: PK₨49.3m (up 53% from 2Q 2022). Profit margin: 3.3% (down from 3.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Naheed Memon was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
First quarter 2023 earnings released: PK₨0.65 loss per share (vs PK₨0.18 profit in 1Q 2022) First quarter 2023 results: PK₨0.65 loss per share (down from PK₨0.18 profit in 1Q 2022). Revenue: PK₨995.4m (up 33% from 1Q 2022). Net loss: PK₨64.8m (down 457% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨15.36, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 6x in the Basic Materials industry in Pakistan. Total returns to shareholders of 65% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Naheed Memon was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Naheed Memon was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 19% share price gain to PK₨23.10, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 9x in the Basic Materials industry in Pakistan. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to PK₨22.27, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Basic Materials industry in Pakistan. Total returns to shareholders of 50% over the past three years. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Kamran Ansari was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
First quarter 2022 earnings released: EPS PK₨0.18 (vs PK₨0.05 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: PK₨749.4m (up 31% from 1Q 2021). Net income: PK₨18.1m (up 264% from 1Q 2021). Profit margin: 2.4% (up from 0.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 16% share price gain to PK₨27.56, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 10x in the Basic Materials industry in Pakistan. Total returns to shareholders of 70% over the past three years. Upcoming Dividend • Sep 29
Upcoming dividend of PK₨0.25 per share Eligible shareholders must have bought the stock before 06 October 2021. Payment date: 08 November 2021. Trailing yield: 1.2%. Lower than top quartile of Pakistani dividend payers (10%). Lower than average of industry peers (6.3%). Reported Earnings • Sep 21
Full year 2021 earnings released: EPS PK₨2.43 (vs PK₨0.35 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: PK₨2.79b (up 14% from FY 2020). Net income: PK₨242.3m (up PK₨276.9m from FY 2020). Profit margin: 8.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to PK₨26.34, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 11x in the Basic Materials industry in Pakistan. Total returns to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 17% share price gain to PK₨25.02, the stock trades at a trailing P/E ratio of 33.3x. Average trailing P/E is 16x in the Basic Materials industry in Pakistan. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 15% share price gain to PK₨22.01, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 19x in the Basic Materials industry in Pakistan. Total returns to shareholders of 7.8% over the past three years. Reported Earnings • Apr 29
Third quarter 2021 earnings released: EPS PK₨0.58 (vs PK₨0.04 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: PK₨700.8m (up 22% from 3Q 2020). Net income: PK₨58.2m (up PK₨62.3m from 3Q 2020). Profit margin: 8.3% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 04
New 90-day low: PK₨18.36 The company is down 6.0% from its price of PK₨19.54 on 04 December 2020. The Pakistani market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 25% over the same period. Reported Earnings • Feb 25
Second quarter 2021 earnings released: EPS PK₨0.96 (vs PK₨0.35 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: PK₨764.6m (down 24% from 2Q 2020). Net income: PK₨95.2m (up 174% from 2Q 2020). Profit margin: 13% (up from 3.5% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 67% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 09
New 90-day low: PK₨18.47 The company is down 11% from its price of PK₨20.72 on 11 November 2020. The Pakistani market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 10.0% over the same period. Reported Earnings • Nov 03
First quarter 2021 earnings released: EPS PK₨0.05 The company reported a soft first quarter result with weaker earnings and profit margins, although revenues were improved. First quarter 2021 results: Revenue: PK₨573.1m (up 14% from 1Q 2020). Net income: PK₨4.98m (down 73% from 1Q 2020). Profit margin: 0.9% (down from 3.6% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 15
New 90-day high: PK₨25.26 The company is up 152% from its price of PK₨10.01 on 17 July 2020. The Pakistani market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 16% over the same period. Reported Earnings • Oct 08
Full year earnings released - PK₨0.35 loss per share Over the last 12 months the company has reported total losses of PK₨34.6m, with earnings decreasing by PK₨463.1m from the prior year. Total revenue was PK₨2.44b over the last 12 months, down 41% from the prior year. Reported Earnings • Oct 02
Full year earnings released - PK₨0.35 loss per share Over the last 12 months the company has reported total losses of PK₨34.6m, with earnings decreasing by PK₨463.1m from the prior year. Total revenue was PK₨2.44b over the last 12 months, down 41% from the prior year. Is New 90 Day High Low • Sep 18
New 90-day high: PK₨21.56 The company is up 157% from its price of PK₨8.40 on 19 June 2020. The Pakistani market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 50% over the same period. 
