PakStox Outlook

 Fauji Fertilizer Bin Qasim 2ndQ Jun 2024 - Financial Results FFBL delivered impressive financial performance in Q2 2024, with net income per share surging to Rs. 4.8. This represents a substantial increase of 45.2% compared to the previous quarter. The revenue also climbed 8.2% sequentially and 42.8% year-on-year, driven by a robust 29.1% quarter-on-quarter and 149.3% year-on-year expansion in gross profit. This translated to an improved gross profit margin of 23%, surpassing the four-quarter average of 19%. While financial charges increased by 8.1% quarter-on-quarter, they declined significantly by 61.2% year-on-year. Notably, the effective tax rate for the quarter was 40%, lower than the four-quarter average of 48%. The FFBL holds a significant 21.57% stake in Askari Bank (PSX:AKBL) and a controlling 63.71% stake in Fauji Foods (PSX:FFL). There is possibility of merger of FFBL and FFC. Download FFBL Announcement Notes with the Earnings Release. FINANCIAL RESULTS - OVERVIEW a. Ec...

The KSE100 Index lost 1,579 points today and dropped 1.97% to close at 78,539.  The Pakistan Stock Exchange (PSX) continued its downward trend today, following a significant loss of 1,722 points, or 2.1%, on the previous working day, triggered by political remarks and Fitch's comments on potential interim changes. Despite this, there was higher-than-usual net buying by foreign corporates, amounting to $2.37 million. Overseas Pakistanis were also more active than usual, with net buying of $1.421 million. Last Friday, the sell-off was led by insurance companies, which made net sales of close to $10 million, while local mutual funds were net buyers. Today, the roles reversed: local mutual funds made net sales of $3.3 million, while insurance companies made net purchases of $3.5 million. It will be interesting to see how they act for the rest of the week, given that insurance companies and local mutual funds operate under different dynamics.