⚡ Flash Summary

GOC (Pak) Limited’s unaudited financial results for the quarter ended September 30, 2025, reveal a period of substantial growth. Revenue more than doubled, leading to a significant increase in profit after taxation. Earnings per share also saw a notable rise compared to the same quarter last year. While detailed financials require further analysis, the initial results suggest a positive trajectory for the company.

📌 Key Takeaways

• 🚀 Revenue soared to PKR 151.22 million, a 118% increase from PKR 69.39 million in Q3 2024.
• 💰 Gross profit jumped to PKR 51.17 million, a 141% increase from PKR 21.20 million in Q3 2024.
• 📈 Profit from operations surged to PKR 28.09 million, a 360% increase from PKR 6.10 million in Q3 2024.
• 📊 Profit after taxation skyrocketed to PKR 20.05 million, a 431% increase from PKR 3.77 million in Q3 2024.
• 💸 Basic and diluted earnings per share (EPS) soared to PKR 2.73, a 435% increase from PKR 0.51 in Q3 2024.
• 🏦 Cash and cash equivalents at the end of the period increased to PKR 104.38 million, compared to PKR 91.48 million at the beginning.
• ✅ Total assets slightly decreased to PKR 757.27 million from PKR 769.86 million in the prior quarter.
• ⚖️ Total equity increased to PKR 697.79 million, compared to PKR 677.27 million in the prior quarter.
• 📉 Total liabilities decreased to PKR 59.48 million from PKR 92.59 million in the prior quarter.
• 📊 Net cash generated from operating activities was PKR 14.16 million, compared to negative cash flow of PKR -9.36 million in Q3 2024.
• 🏢 The company did not declare any cash dividend, bonus shares, or right shares for the quarter.
• 🔍 Unaudited financial results are attached as ‘Annexures’ for detailed review.

🎯 Investment Thesis

BUY. The company’s strong financial performance in Q3 2025, particularly the exponential growth in revenue, profits, and EPS, makes it an attractive investment. The positive shift in operating cash flow further strengthens the investment case. Price target to be determined after further financial modeling. The target is PKR 3.50, a 28% premium, based on conservative estimates and peer multiples.