⏸️ BNWM: HOLD Signal (5/10) – Financial Results for the Quarter Ended September 30, 2025

📌 Key Takeaways

• Sales decreased to PKR 235.46 million 📉 from PKR 321.29 million in the same quarter last year.
• Gross profit increased to PKR 103.62 million 📈 from PKR 100.20 million year-over-year.
• Distribution costs increased to PKR 12.07 million ⬆️ from PKR 8.11 million year-over-year.
• Administrative expenses increased slightly to PKR 37.35 million ⬆️ from PKR 37.23 million year-over-year.
• Other expenses increased significantly to PKR 2.80 million ⬆️ from PKR 0 year-over-year.
• Other operating income improved to PKR (0.28) million ⬆️ from PKR (2.19) million year-over-year.
• Profit from operations decreased to PKR 51.70 million 📉 from PKR 57.04 million year-over-year.
• Finance costs decreased to PKR 14.52 million ⬇️ from PKR 26.14 million year-over-year.
• Profit before revenue taxes and income taxes increased to PKR 37.18 million ⬆️ from PKR 30.91 million year-over-year.
• Minimum taxes – levy decreased to PKR 6.32 million ⬇️ from PKR 7.46 million year-over-year.
• Profit before income tax increased to PKR 30.86 million ⬆️ from PKR 23.45 million year-over-year.
• Income tax – deferred tax increased to PKR 7.19 million ⬆️ from PKR 2.34 million year-over-year.
• Profit for the period increased to PKR 23.67 million ⬆️ from PKR 21.10 million year-over-year.
• Earnings per share increased to PKR 2.49 ⬆️ from PKR 2.22 year-over-year.
• No cash dividend, bonus shares, or right shares were declared 🚫.

🎯 Investment Thesis

HOLD. The company shows some positive signs in profitability despite a decrease in revenue. Need to see consistent growth and better cost management before recommending a buy. Currently, it is not a strong enough sell recommendation either, given the positive changes in EPS.