📈 IGIHL: BUY Signal (8/10) – Transmission of Quarterly Report for the Nine Months Period Ended 30 September 2025

📌 Key Takeaways

• 📈 Operating revenue increased by 16% to Rs. 1,362 million.
• 💰 Profit after tax rose to Rs. 997 million.
• 💸 Earnings per share (EPS) increased to Rs. 6.99.
• ✔️ EPS growth driven by improved dividend income.
• ✔️ EPS growth driven by stable returns on investments.
• 💼 IGI Holdings’ performance closely tied to subsidiaries’ performance.
• 🏦 IGI Holdings’ performance tied to broader economic conditions in Pakistan.
• ✔️ Unconsolidated profit before taxation increased to Rs. 1,019,294 thousands compared to Rs 955,826 thousands
• ✔️ Unconsolidated Profit after taxation increased to Rs 997,016 thousands compared to Rs 948,631 thousands
• ✔️ Consolidated profit before taxation increased to Rs 3,090,735 thousands compared to Rs 2,494,681 thousands
• ✔️ Consolidated profit after taxation increased to Rs 2,080,003 thousands compared to Rs 1,528,727 thousands
• ✔️ Consolidated EPS increased to Rs 14.29 compared to Rs 10.49

🎯 Investment Thesis

IGI Holdings Limited is a BUY. The company’s ability to improve revenue, profit, and EPS showcases a sustainable growth pattern, which should continue in the foreseeable future. While risks associated with subsidiaries’ performance and macroeconomic conditions exist, a sound investment strategy and proactive management should mitigate these concerns. The price target, as described above, is Rs. 69.9 with a medium-term horizon, where macroeconomic factors have to be carefully monitored.