📉 GLPL: SELL Signal (8/10) – Corporate Briefing Session 2025 – Presentation

📌 Key Takeaways

• 📉 GLPL reported a loss after tax of PKR 25.95 million in 2025, a significant reversal from the profit of PKR 25.95 million in 2024.
• Revenue increased by 15% from PKR 1,502.01 million to PKR 1,719.85 million.
• ⚠️ Gross profit decreased from PKR 482.35 million to PKR 340.37 million, reflecting higher cost of goods sold.
• Expenses decreased from PKR (211.900) million to PKR (126.663) million.
• 💸 Operating loss of PKR (7.621) million compared to a profit of PKR 153.326 million in the previous year.
• Import duties and macroeconomic headwinds negatively impacted profitability.
• ✨ Strategic interventions led to a significant revenue growth of 15%.
• Retail, wholesale, and supermarket channels were expanded to boost sales.
• In-store execution was improved, and targeted customer acquisition initiatives were implemented.
• Procter & Gamble decided to discontinue its business in Pakistan as part of global restructuring.
• SABV proposed to buy back shares from minority shareholders at PKR 216.49 per share.
• Current assets decreased significantly from PKR 2,723.73 million to PKR 1,442.316 million.
• Inventories saw a major decline from PKR 1,111.711 million to PKR 599.677 million.
• Total liabilities and equity decreased from PKR 2,880.407 million to PKR 1,598.830 million.

🎯 Investment Thesis

I recommend a SELL rating for GLPL. While the revenue growth demonstrates the company’s ability to capture market share, the significant decline in profitability and the impending delisting make the stock unattractive. The buyback offer at PKR 216.49 per share represents a fair exit price for minority shareholders, given the circumstances. The time horizon for this recommendation is short-term, as the delisting process is expected to occur within the coming months.