⚡ Flash Summary

ICIBL’s unaudited financial results for the quarter ended September 30, 2025, reveal a mixed performance. The company reported a profit for the quarter of PKR 20.404 million, a decrease from the PKR 33.839 million reported in the same quarter last year. Earnings per share also decreased to PKR 0.072 from PKR 0.119. No cash dividend, bonus shares, or right shares were recommended by the board.

📌 Key Takeaways

• 📉 Profit for the quarter decreased to PKR 20.404 million compared to PKR 33.839 million in September 2024.
• 📉 Earnings per share (EPS) declined to PKR 0.072 from PKR 0.119 year-over-year.
• 🚫 No cash dividend was recommended by the Board of Directors.
• 🚫 No bonus shares were declared for the quarter.
• 🚫 No right shares were announced.
• ⚠️ Unrealized loss on financial assets at fair value decreased cash flow from operating activities
• ⬆️ Total assets increased from PKR 1,567.878 million in June 2025 to PKR 1,602.287 million in September 2025.
• ➡️ Capital reserves remained unchanged at (PKR 2,022,075,992).
• ⬆️ Accumulated loss decreased slightly from PKR (228,327,759) to PKR (207,923,300).
• ⬆️ Cash generated from operations decreased from PKR 32,464,486 to PKR 28,184,138.
• ⬇️ Net cash used in investing activities was PKR (35,828,148), compared to a positive PKR 5,250,547 in the previous year.
• ➡️ Authorized capital remains at 485,000,000 ordinary shares of Rs. 10 each.

🎯 Investment Thesis

HOLD. The company’s declining profitability and cash flow generation are concerning. Further, ICIBL has a significant accumulated loss. The price target is based on stabilizing the revenue and profit trends in future quarters. Need further clarity before making any changes in investment strategy.