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NEGATIVE - FoxLogica

⏸️ ICCI: HOLD Signal (4/10) – Transmission of Annual Financial Statements for the Year Ended June 30, 2025

⚡ Flash Summary

ICC Industries Limited reported an after-tax loss of Rs. 16.538 million for the year ended June 30, 2025, compared to a loss of Rs. 11.648 million in the previous year. Revenue decreased slightly to Rs. 50.148 million from Rs. 52.974 million due to reduced rental occupancy. The company continues to face material uncertainty regarding its ability to continue as a going concern, as current liabilities exceed current assets by Rs. 270.829 million. Directors are focused on consolidating the company’s position through repaying borrowings, selling inefficient machinery, and renting out vacant buildings.

Signal: HOLD ⏸️
Strength: 4/10
Sentiment: NEGATIVE
Time Horizon: LONG_TERM

📌 Key Takeaways

  • 📉 After-tax loss increased to Rs. 16.538 million in 2025 from Rs. 11.648 million in 2024.
  • Revenue decreased to Rs. 50.148 million from Rs. 52.974 million in the prior year, a 5.3% decrease.
  • Gross profit decreased to Rs. 30.058 million from Rs. 32.885 million.
  • Operating loss widened to Rs. 10.077 million from Rs. 5.335 million.
  • Finance costs decreased slightly to Rs. 136,876 from Rs. 139,646.
  • Change in fair value of investment property decreased to Rs. 4.256 million from Rs. 5.010 million.
  • Accumulated losses increased to Rs. 777.989 million.
  • Loss per share worsened to (Rs. 0.55) from (Rs. 0.39).
  • Revenue decrease is attributed to reduced rental occupancy of factory premises.
  • Admin expenses increased due to enhanced minimum wage requirements.
  • The company is focusing on warehouse services to improve performance.
  • ⚠️ Current liabilities exceeded current assets by Rs. 270.829 million, indicating a material uncertainty.
  • Directors have provided interest-free loans amounting to Rs. 761.328 million.
  • Auditors draw attention to going concern uncertainty but do not qualify their opinion.
  • 📊 No dividend is recommended for the period ended June 30, 2025.

🎯 Investment Thesis

Given the ongoing losses, liquidity challenges, and reliance on director’s loans, a ‘HOLD’ rating is appropriate. The company’s ability to turn around its operations is highly uncertain, and the risks are substantial. A price target cannot be reasonably established due to the high degree of uncertainty.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 8, 2025

📉 DNCC: SELL Signal (8/10) – Financial Results for the Year Ended June 30, 2025

⚡ Flash Summary

Dandot Cement Company Limited reported financial results for the year ended June 30, 2025. The company experienced a significant loss after taxation of PKR 153.14 million, a stark contrast to the profit of PKR 20.43 million in the prior year. Net sales increased substantially to PKR 6,344.18 million from PKR 2,456.36 million. However, increased finance costs and other operating expenses contributed to the overall loss. The company did not declare any cash dividend, bonus issue, or right shares for the year.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • ❌ Dandot Cement reported a loss after taxation of PKR 153.14 million for FY2025, compared to a profit of PKR 20.43 million in FY2024.
  • 📈 Net sales increased significantly to PKR 6,344.18 million from PKR 2,456.36 million, indicating strong revenue growth.
  • 💸 Finance costs surged to PKR 652.16 million from PKR 392.91 million, heavily impacting profitability.
  • 📉 Basic earnings per share (EPS) turned negative, with a loss of PKR 0.48 per share compared to earnings of PKR 0.08 per share in the previous year.
  • 💰 No cash dividend was declared for the year ended June 30, 2025.
  • 🚫 No bonus issue or right shares were recommended by the Board of Directors.
  • 📊 Operating profit increased to PKR 519.27 million from PKR 122.23 million.
  • ⚠️ Other operating expenses resulted in an expense of PKR 16.74 million, compared to an income of PKR 3.06 million in the previous year.
  • 🏦 Long-term financing from banking companies decreased slightly to PKR 2,711.89 million from PKR 2,811.73 million.
  • 🧾 Trade and other payables decreased to PKR 1,377.37 million from PKR 1,667.37 million.
  • 📉 Total comprehensive loss for the year was PKR 153.14 million, contrasting with a comprehensive income of PKR 1,083.43 million in the prior year.
  • 🚧 Capital work in progress saw a slight decrease, reported at PKR 10.46 million versus PKR 10.54 million in the previous year.
  • 🏦 Cash and bank balances increased significantly to PKR 170.60 million from PKR 21.72 million.
  • 📉 Accumulated losses increased to PKR 5,724.00 million from PKR 5,669.65 million.

🎯 Investment Thesis

Based on the reported loss, increased finance costs, and negative EPS, a SELL recommendation is warranted for Dandot Cement. The company’s high debt burden and operational inefficiencies raise concerns about its ability to sustain profitability. While net sales have increased, the overall financial performance does not justify a BUY or HOLD rating. Price Target: PKR 5.00. Time Horizon: Medium Term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 8, 2025

📉 YOUW: SELL Signal (8/10) – YOUW | Yousaf Weaving Mills Limited Transmission of Annual Report for the year Ended 30-06-2025

⚡ Flash Summary

Yousaf Weaving Mills Limited (YOUW) reported a challenging year, with a significant shift from a gross profit to a substantial gross loss, primarily due to rising production costs and reduced sales volumes. The company incurred a net loss of Rs. 306.713 million, a stark contrast to the previous year’s loss of Rs. 49.205 million. Despite these difficulties, management remains confident in the company’s ability to continue as a going concern, citing successful renegotiations of financing arrangements and cost rationalization measures. The board has initiated a BMR plan and received financial support from sponsors to address liquidity issues and improve operational efficiency. Investors should exercise caution and closely monitor the company’s performance and restructuring efforts.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • ❌ YOUW recorded a gross loss of Rs. 254.473 million, a significant drop from the previous year’s gross profit of Rs. 3.050 million.
  • 📉 The company’s net loss surged to Rs. 306.713 million, compared to a net loss of Rs. 49.205 million in the prior year.
  • 🏭 Production costs increased sharply, leading to reduced capacity utilization and lower sales volumes.
  • 🤝 Management successfully renegotiated and restructured major financing arrangements with lending banks.
  • ✅ Regular installment payments are now being made to the Bank of Punjab.
  • 👍 Restructuring with the National Bank of Pakistan has been finalized and implemented.
  • 💬 Negotiations with the remaining financial institution are at an advanced stage and expected to conclude favorably.
  • 💲 Sponsors and directors injected Rs. 81 million during the current year to meet liquidity requirements.
  • 🔄 A Balancing, Modernization and Replacement (BMR) plan has been initiated to improve production efficiency.
  • 🌱 The company had no female employees on the payroll during the year, emphasizing the need for increased gender diversity.
  • ⚠️ Statutory auditors have highlighted material uncertainty regarding the company’s ability to continue as a going concern.
  • 📅 The 38th Annual General Meeting will be held on October 28, 2025, to adopt the audited accounts and appoint auditors.
  • 🚫 No gifts, hampers, or giveaways will be distributed at the upcoming Annual General Meeting, complying with SECP directives.
  • 💻 Financial statements for the year ended June 30, 2025, will be uploaded on the company’s website 21 days prior to the AGM.
  • 🔒 Share transfer books for ordinary shares will be closed from October 21-28, 2025.

🎯 Investment Thesis

Given the substantial losses, material uncertainty regarding going concern, and weakened financial standing, a SELL recommendation is warranted for YOUW. The company’s restructuring efforts and potential BMR plan might offer some upside, but these are not yet reflected in improved financial performance. A price target cannot be accurately assessed currently due to these uncertainties and the lack of detailed future projections. Any time horizon is speculative.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025

⏸️ RPL: HOLD Signal (6/10) – RPL | Roshan Packages Limited Transmission of Annual Report for the year Ended 30-06-2025

⚡ Flash Summary

Roshan Packages Limited’s 2025 Annual Report reveals a challenging year marked by macroeconomic headwinds, including high inflation and currency volatility, leading to a 6.5% decline in net revenue to Rs. 9,661 million. Despite these challenges, the company maintained profitability through strategic resilience and cost discipline. Financial performance was impacted by higher raw material and energy costs, although finance costs decreased due to effective capital management. The company remains focused on sustainable growth and shareholder value, continuing investments in renewable energy and innovative packaging solutions.

Signal: HOLD ⏸️
Strength: 6/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📉 Net revenue declined by 6.5% YoY to Rs. 9,661 million, reflecting weaker demand.
  • ✅ Gross profit decreased by 12.6% YoY to Rs. 774.4 million.
  • ✅ Finance costs improved year-over-year to Rs. 190 million due to better capital management.
  • 📉 Profit before tax (PBT) significantly dropped to Rs. 240 million, compared to the previous Rs. 416 million, indicating lower profitability.
  • 📉 Profit after tax (PAT) decreased to Rs. 141 million, a considerable decrease over previous Rs. 211 million.
  • 📉 Earnings per share (EPS) decreased to Rs. 0.99, significantly less than the prior Rs. 1.49.
  • Total assets increased slightly to Rs. 12,161 million showing the increased operational ability.
  • ✨ Successful transition of over 52% of total operations to renewable solar energy for cost and carbon efficiency.
  • 🏆 Awarded ‘Brand of the Year 2024’ for Corrugated and Flexible Packaging Solutions.
  • ✅ Company is diversifying into circular economy.
  • All 7 Directors attended at least 5 of the 6 board meetings, indicating good governance.
  • The company did not recommend dividend payout.
  • Roshan Sun Tao Paper Mills, a wholly owned subsidiary, is in pre-operational phase, supported by continuous investment.
  • 👍 Signed Memorandum of Understanding (MoU) with universities to promote industry-academia collaboration.
  • ✨ Implemented an online and paperless performance management system.

🎯 Investment Thesis

Roshan Packages faces headwinds and there might be downside potential, so hold.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025

📉 FNEL: SELL Signal (8/10) – Transmission of Annual Report for the Year Ended REVOKED

⚡ Flash Summary

First National Equities Limited (FNEL) reported a loss after tax of PKR 78.68 million for the year ended June 30, 2025, a significant decrease from the profit of PKR 497.90 million in 2019. Gross revenue decreased substantially to PKR 19.75 million compared to PKR 23.48 million in 2024 and PKR 6.75 million in 2019. The company’s operations were temporarily affected by transitioning its license framework, which involved a trading closure in September 2024 and a resumption in June 2025. Despite the losses, FNEL is pursuing strategic growth opportunities, including investments in its subsidiary and diversification into the pharmaceutical sector.

Signal: SELL 📉
Strength: 8/10
Sentiment: NEGATIVE
Time Horizon: SHORT_TERM

📌 Key Takeaways

  • 📉 FNEL reported a loss after tax of PKR 78.68 million in 2025, a sharp reversal from a profit of PKR 497.90 million in 2019.
  • 📉 Gross revenue significantly decreased to PKR 19.75 million in 2025 from PKR 23.48 million in 2024.
  • ⚠️ Operating revenues decreased to PKR 8.56 million in 2025 from PKR 33.92 million in 2024.
  • ⛔️ Administrative expenses remained high at PKR 41.77 million despite reduced revenue.
  • 🏦 The company is transitioning its license framework, causing a trading halt in September 2024.
  • ✅ Operations resumed in June 2025 under a trading-only broker status.
  • 💰 FNEL is pursuing strategic growth opportunities, including investments in its subsidiary FNE Developments.
  • 💊 The company intends to diversify into the pharmaceutical sector, potentially investing up to PKR 500 million.
  • 🏢 The KSE-100 Index closed June 2025 at a historic high, but FNEL experienced volatility.
  • 💼 The company divested its 20% equity stake in Kingbhai Digisol for PKR 280 million.
  • 🚫 Auditors highlight non-compliance with corporate governance regulations, including vacant key positions.
  • Chairman mentions FY2026 GDP growth of 3.6%, an improvement compared to -0.4% the year before

🎯 Investment Thesis

Based on the current financial performance and highlighted risks, a SELL recommendation is appropriate for FNEL. The company faces significant challenges related to the temporary operations closure. A turnaround is uncertain, and the lack of profitability makes investment unattractive. Even though the divestiture from Digisol could eventually have a positive impact, the investment comes with a high amount of uncertainty in the near term. The risks associated with the regulatory compliance and operational efficiency remain significant

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025

⏸️ ASTL: HOLD Signal (5/10) – Transmission of Annual Report for the Year Ended 30 June 2025

⚡ Flash Summary

Amreli Steels Limited’s (ASTL) Annual Report 2025 highlights a year marked by economic hardship and strategic adaptation. The company experienced a sharp decline in sales and gross profit due to constrained liquidity and difficulties in securing raw materials. Despite cost rationalization efforts, ASTL reported a significant net loss. Management is focused on completing a debt restructuring agreement and emphasizes financial stability while navigating external pressures. The board reiterates commitment to ethical governance and long-term value creation.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📉 Sales revenue sharply decreased by 58.53% to PKR 16.08 billion in FY25 due to challenges in securing raw materials.
  • 📉 Gross profit plummeted to PKR 76.01 million, with a gross margin of only 0.47%.
  • ⚠️ Operating loss widened to PKR 1.07 billion due to lower gross margins and reduced economies of scale.
  • ✅ Operating expenses were reduced to PKR 1.14 billion through cost rationalization efforts.
  • ⬆️ Taxation credit of PKR 1.55 billion recognized due to deferred tax adjustments.
  • ❗ Net loss stood at PKR 3.84 billion, with a loss per share of PKR 12.83.
  • 🤝 Progress made towards finalizing a Master Restructuring Agreement (MRA) with lenders.
  • 💼 Aims to achieve operational excellence and develop HR capital.
  • 🤝 Remains committed to promoting gender diversity and equal opportunities.
  • 🌱 Actively manages risks related to energy, raw materials, regulation, and the environment.
  • ✨ Values Respect, Resilience, Integrity, Dynamism, and Excellence.
  • 🏦 Plans to meet the country’s demand for construction steel products.
  • 🚫 No cash dividend declared due to the net loss incurred.

🎯 Investment Thesis

Given the significant financial challenges and uncertainties, a HOLD recommendation is appropriate. While the debt restructuring provides a potential path to recovery, its successful implementation and a rebound in profitability are not assured. A specific price target is not provided due to the current uncertainties. Time horizon: MEDIUM_TERM, contingent on the successful turnaround.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025

📉 FNEL: SELL Signal (7/10) – Transmission of Annual Report for the Year Ended

⚡ Flash Summary

First National Equities Limited (FNEL) reported losses for the year ended June 30, 2025, with a loss after tax of Rs. 78.68 million compared to a loss of Rs. 51.47 million in the previous year. Operating revenue significantly decreased to Rs. 8.56 million from Rs. 33.92 million, influenced by a temporary trading closure and market volatility. The company is strategically pivoting towards new investments and pharmaceutical diversification to broaden its revenue base. Despite the losses, FNEL highlights its compliance with corporate governance standards and future growth prospects through strategic initiatives.

Signal: SELL 📉
Strength: 7/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • 📉 Loss after tax increased to Rs. 78.68 million in 2025 from Rs. 51.47 million in 2024.
  • Revenue plummeted to Rs. 8.56 million from Rs. 33.92 million YoY. 📉
  • Sale of investment resulted in gain of Rs.6.31 million compared to loss of Rs.6.05 million YoY. 💰
  • Unrealized gain on investments saw an increase of Rs.4.88 million compared to loss of Rs.4.38 million YoY.📈
  • Administrative expenses are down to Rs. 41.77 million compared to Rs. 76.83 million YoY. ✅
  • Finance costs increased slightly to Rs. 25.30 million from Rs. 24.06 million. ⬆️
  • Other income decreased to Rs. 35.37 million compared to Rs. 42.37 million YoY. 🔻
  • KSE-100 Index closed June 2025 at 125,000 points, a 60% increase for FY25. 🚀
  • Remittances reached a record US$38 billion in FY25, a 27% increase YoY. 💸
  • The Company is exploring investment opportunities in its subsidiary, FNE Developments. 🏢
  • Intends to diversify into the pharmaceutical sector with up to PKR 500 million in investments. 💊
  • The company divested its 20% equity stake in Kingbhai Digisol for PKR 280 Million. 🤝
  • Auditors have identified non-compliance issues including lack of Director Training. ⚠️
  • Remuneration to Directors is provided according to policy guidelines. 💼

🎯 Investment Thesis

Given financial performance and risk factors, I recommend a SELL signal. The company is not profitable and has a variety of challenges to address. The company has non-compliance issues that must be resolved. I believe the price will continue to decline and I suggest a time horizon of medium term.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025

⏸️ AATM: HOLD Signal (5/10) – Financial Results for the Year Ended 30-06-2025

⚡ Flash Summary

Ali Asghar Textile Mills Limited’s financial results for the year ended June 30, 2025, show a mixed performance. Revenue from Logistic Center Services decreased slightly, leading to a higher gross profit. However, profit after taxation significantly dropped from PKR 95.51 million to PKR 51.01 million. Despite the drop in profit after tax, total comprehensive income increased from PKR 675.71 million to PKR 714.72 million due to unrealized gains.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • ⬇️ Revenue from Logistic Center Service decreased to PKR 64.78 million from PKR 66.40 million.
  • ⬆️ Gross Profit increased to PKR 27.16 million from PKR 18.52 million.
  • ⬇️ Profit after taxation decreased significantly to PKR 51.01 million from PKR 95.51 million.
  • ⬆️ Total comprehensive income increased to PKR 714.72 million from PKR 675.71 million.
  • ⬇️ Earning per share (basic and diluted) decreased to PKR 1.15 from PKR 2.15.
  • ⬆️ Short Term Investments increased significantly to PKR 959.56 million from PKR 690.80 million.
  • ⬆️ Unappropriated Profit increased to PKR 1,224.73 million from PKR 765.16 million.
  • ⬇️ Unrealized gain/(loss) on Investment decreased to PKR 118.94 million from PKR 260.78 million.
  • ⬆️ Cash and bank balances increased to PKR 6.29 million from PKR 1.35 million.
  • ⬆️ Total Assets increased to PKR 3,025.14 million from PKR 2,517.78 million.

🎯 Investment Thesis

HOLD. The company’s mixed financial performance and reduced profitability warrant a cautious approach. While total comprehensive income has increased, the drop in EPS and profit after tax raises concerns. A hold recommendation is appropriate until further clarity emerges on the company’s ability to improve profitability and operational efficiency. Further monitoring of financial metrics and sector trends is advised.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025

⏸️ SANE: HOLD Signal (5/10) – Financial Results for the year Ended June, 2025

⚡ Flash Summary

Salman Noman Enterprises Ltd. reported financial results for the year ended June 30, 2025. The company experienced a net loss of PKR 23.639 million, a slight improvement compared to the PKR 24.996 million loss in the previous year. Loss per share improved to PKR (5.29) from PKR (5.60). The Board of Directors did not recommend any dividend for the year.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • ⚠️ Salman Noman Enterprises reported a net loss of PKR 23.639 million for the year ended June 30, 2025.
  • 📉 Loss per share (basic and diluted) improved slightly to PKR (5.29) from PKR (5.60) in the prior year.
  • 🛑 No dividend was recommended by the Board of Directors for the year.
  • 🏢 The Annual General Meeting is scheduled for October 28, 2025.
  • 🗓️ Share transfer books will be closed from October 21 to October 28, 2025.
  • 🏭 Depreciation on property, plant, and equipment decreased from PKR 24.631 million to PKR 23.369 million.
  • 💼 Administrative expenses decreased from PKR 365,000 to PKR 270,225.
  • 🏦 Long-term finances from financial institutions decreased slightly from PKR 64.370 million to PKR 57.770 million.
  • 🤝 Long-term finances from related parties increased from PKR 189.167 million to PKR 195.167 million.
  • 📊 Accumulated loss increased from PKR (768.388) million to PKR (783.612) million.
  • 🌱 Surplus on revaluation of property, plant and equipment decreased from PKR 264.794 million to PKR 256.378 million.
  • 💰 Cash and bank balances remain unchanged at PKR 252,511.
  • 💸 Net cash used in operating activities decreased from PKR (165,000) to PKR (270,225).

🎯 Investment Thesis

HOLD. Given the continuous losses, lack of dividend and weak financial position, a HOLD recommendation is appropriate. A more definitive stance cannot be determined without significantly more financial information.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025

⏸️ CTM: HOLD Signal (5/10) – Financial Results for the Year Ended June 30, 2025

⚡ Flash Summary

Colony Textile Mills Limited reported a net loss of PKR 2,234 million for the year ended June 30, 2025, compared to a net loss of PKR 3,641 million in the previous year. Revenue increased slightly from PKR 16,764 million to PKR 16,888 million. The company’s loss per share improved to PKR (4.49) from PKR (7.31). The statement of financial position shows a decrease in total assets and liabilities.

Signal: HOLD ⏸️
Strength: 5/10
Sentiment: NEGATIVE
Time Horizon: MEDIUM_TERM

📌 Key Takeaways

  • ⚠️ Colony Textile Mills reported a net loss of PKR 2,234.018 million for FY2025, a decrease from the PKR 3,641.195 million loss in FY2024.
  • 📈 Revenue saw a slight increase, reaching PKR 16,888.072 million in FY2025 compared to PKR 16,764.028 million in FY2024.
  • 📉 Loss per share improved to PKR (4.49) in FY2025 from PKR (7.31) in FY2024.
  • 🏭 Cost of sales decreased to PKR 18,221.646 million in FY2025 from PKR 19,150.617 million in FY2024.
  • 💸 Operating loss decreased to PKR 1,951.046 million in FY2025 from PKR 3,001.236 million in FY2024.
  • 💰 Finance costs decreased to PKR 1,404.783 million in FY2025 compared to PKR 1,554.808 million in FY2024.
  • 📉 Total assets decreased from PKR 28,947.236 million in 2024 to PKR 26,967.867 million in 2025.
  • 📉 Non-current assets decreased from PKR 20,570.041 million in 2024 to PKR 20,365.378 million in 2025.
  • ⚠️ Current assets decreased from PKR 8,377.195 million in 2024 to PKR 6,602.489 million in 2025.
  • 📉 Total equity decreased to PKR 5,099.973 million in 2025 from PKR 7,349.918 million in 2024.
  • ⚠️ Non-current liabilities decreased to PKR 10,365.473 million in 2025 from PKR 10,935.535 million in 2024.
  • ⚠️ Current liabilities increased to PKR 11,502.421 million in 2025 from PKR 10,661.783 million in 2024.
  • 💸 Net cash generated from operating activities decreased from PKR 1,607.054 million in 2024 to PKR 338.025 million in 2025.
  • 💸 Net cash used in investing activities increased from PKR (332.095) million in 2024 to PKR (342.526) million in 2025.
  • 📉 Net cash used in financing activities decreased from PKR (1,277.998) million in 2024 to PKR (36.636) million in 2025.

🎯 Investment Thesis

HOLD. While the company has shown some improvement in reducing its losses and managing costs, it is still operating in the red. The decrease in cash flow from operations is a concern. A hold recommendation is appropriate until the company demonstrates a sustainable path to profitability and improved financial health. Further monitoring of quarterly results is necessary to reassess the investment potential.

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Disclaimer: AI-generated analysis. Not financial advice.

Written by: FoxLogica News Analysis

Published on: October 7, 2025