⚡ Flash Summary

Murree Brewery Company Limited (MUREB) reported its condensed interim financial information for the quarter ended September 30, 2025. The company experienced revenue growth of 14% year-over-year, increasing from Rs. 7,104 million to Rs. 8,072 million. Net profit after taxation also increased by 5%, rising from Rs. 914 million to Rs. 960 million. Earnings per share improved by 5%, from Rs. 33.03 to Rs. 34.72. The board declared an interim cash dividend of 50%, or Rs. 5 per share.

📌 Key Takeaways

• 📈 Revenue increased by 14%, reaching Rs. 8,072 million from Rs. 7,104 million year-over-year.
• 💰 Gross profit grew by 12%, totaling Rs. 2,139 million compared to Rs. 1,918 million.
• 👍 Profit before taxation increased by 5%, amounting to Rs. 1,574 million from Rs. 1,498 million.
• ✔️ Profit after taxation rose by 5%, reaching Rs. 960 million from Rs. 914 million.
• 💸 Earnings per share (EPS) improved by 5%, rising to Rs. 34.72 from Rs. 33.03.
• 💧 Paid Rs. 3.5 million in water tax to the KPK government.
• ⚠️ Super tax amounts outstanding: Rs. 130.81 million for FY 2025-26 and Rs. 484.40 million for FY 2024-25.
• ⚖️ Filed writ petitions against super tax levies, with some cases decided in favor of MBCL.
• 🎁 Declared an interim cash dividend of 50%, or Rs. 5 per share, for the year ending June 30, 2026.
• 🏦 Contributed Rs. 3,333 million to the national exchequer in duties and taxes compared to Rs. 2,902 million in the prior year.
• 🤝 Donated Rs. 0.6 million to various welfare & charitable organizations.
• 👩‍🦽 Supports vocational training for 74 disabled women at DARAKHSHAN.
• 🏥 Operates a Social Security Dispensary for workers and their families.
• 💪 Outlook is positive, with expectations of continued profitability.
• 🌍 Export sales for the quarter were Rs. 34.04 million.

🎯 Investment Thesis

HOLD. While revenue growth and dividend declaration are positive, the negative operating cash flow and ongoing tax disputes introduce significant uncertainty. A ‘Hold’ is appropriate until cash flow improves and tax issues are resolved. Further analysis is required on efficiency in collecting trade debts, management of inventory, and a decrease in trade payables.