⚡ Flash Summary

BFAGRO’s unaudited results for the quarter ended September 30, 2025, reveal a mixed performance. Revenue increased to PKR 1,878.24 million from PKR 1,713.46 million YoY. Profit after tax also saw an increase, reaching PKR 161.17 million compared to PKR 121.54 million in the prior year, however EPS decreased. The company’s financial position shows increased total equity and liabilities.

📌 Key Takeaways

• 📈 Revenue increased to PKR 1,878.24 million, up from PKR 1,713.46 million YoY.
• 💰 Gross profit rose to PKR 234.74 million from PKR 224.00 million YoY.
• 💸 Operating profit increased to PKR 171.31 million from PKR 151.25 million YoY.
• 📉 Finance costs decreased to PKR 10.84 million from PKR 29.23 million YoY.
• ✅ Profit before tax increased to PKR 160.47 million from PKR 122.03 million YoY.
• ✅ Profit after tax increased to PKR 161.17 million from PKR 121.54 million YoY.
• 📉 Earnings per share decreased to PKR 0.52 from PKR 1.35 YoY.
• ⬆️ Total Equity and Liabilities increased to PKR 3,893.28 million from PKR 3,841.82 million.
• ⬆️ Non-Current Assets increased to PKR 1,208.66 million from PKR 826.77 million.
• ⬇️ Current Assets decreased to PKR 2,684.62 million from PKR 3,015.05 million.
• ⬇️ Short term investments decreased from PKR 1,021.46 million to PKR 563.39 million.
• ⬆️ Cash from operating activities increased to PKR 66.89 million from PKR 25.72 million.
• ⬆️ Cash from investing activities increased to PKR 63.87 million from PKR -19.05 million.
• ⬇️ Cash used in financing activities increased to PKR -64.85 million from PKR 50.70 million.
• ⬆️ Cash and cash equivalents at the end of the year increased to PKR 137.20 million from PKR 99.88 million.

🎯 Investment Thesis

HOLD. Despite increased revenue and profit, the significant decrease in EPS raises concerns. The company should address this issue to strengthen investor confidence. I will assign the hold for now, but will update the assessment once management provides an explanation of the changes to EPS. A price target cannot be recommended at this time.