⚡ Flash Summary

First Capital Securities Corporation Ltd (FCSC) reported a significant turnaround for the year ended June 30, 2025. The company generated a profit after taxation of Rs. 1,187.9 million compared to a loss of Rs. (159.3) million in the previous year. This dramatic improvement was primarily driven by unrealized gains on investments and fair value gains on investment properties. FCSC’s focus on long and short term investments continues to shape its performance.

📌 Key Takeaways

• ✅ FCSC achieved a profit after tax of Rs. 1,187.9 million in 2025, a substantial improvement from the Rs. (159.3) million loss in 2024.
• 📈 Unrealized gains on investments contributed significantly, totaling Rs. 730.0 million.
• 🏢 Fair value gains on investment properties amounted to Rs. 787.0 million, boosting overall profitability.
• 📉 Finance costs decreased from Rs. 440.424 million to Rs. 319.375 million, positively impacting the bottom line.
• 📊 Investment properties increased in value from Rs. 3,364 million to Rs. 4,352 million due to fair valuation.
• 💼 Long-term investments rose from Rs. 1,539 million to Rs. 2,245 million, reflecting increased investment activity.
• ⬆️ Net equity increased to Rs. 3,161 million from Rs. 1,813 million, demonstrating improved financial health.
• 💰 Operating revenue increased significantly from Rs. 294.8 million to Rs. 1,521.8 million year-over-year.
• ✔️ Basic and diluted earnings per share (EPS) turned positive at Rs. 3.75 compared to a loss of Rs. (0.50) in the previous year.
• 🌎 FCSC has investments in Pakistan and Sri Lanka, indicating some geographical diversification.
• ⚠️ Key business risks include market conditions, law and order situation, natural disasters, currency risk, and political instability.
• 🏦 FCSC is involved in making long and short-term investments, driving its revenue streams.
• dividend income, capital gains, and rental income from properties.
• 📜 Actual company results may vary from those forecasted or estimated, as is standard in financial disclosures.
• shares is 2.4236 vs (0.1339).

🎯 Investment Thesis

Based on the strong financial performance in 2025, a BUY rating is warranted. The positive EPS, increased revenue, and improved balance sheet suggest a positive outlook for FCSC. Price target of Rs 4.50 with a medium-term horizon, expecting continued profitability and growth driven by its investment strategies.