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AGP Pharma Faces 10% Sales Drop as Afghan Exports Vanish
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AGP Pharma Faces 10% Sales Drop as Afghan Exports Vanish

Pakistan’s pharmaceutical sector is expected to report mixed third-quarter results, with AGP Pharma facing a notable year-on-year decline in sales following the complete absence of exports to Afghanistan. Despite price increases across its product portfolio, AGP’s net sales are projected to fall 10% compared with the same period last year. The decline primarily reflects the loss of Afghan export revenue, which contributed PKR 764 million during the corresponding quarter last year. While higher product prices and lower taxes are providing some support to the broader pharmaceutical industry, these factors have not been sufficient to offset AGP’s lost export business. The company’s profit after tax is projected at PKR 590 million for the quarter. Seasonal Demand Supports Quarterly Sales Recovery Although AGP’s annual performance is expected to weaken, its quarter-on-quarter outlook shows a substantial improvement. Net sales are forecast to increase 47% from the previous quarter, supported by seasonal demand for antibiotics and antiallergic medicines, alongside lower trade discounts. The expected recovery indicates that domestic demand continues to provide support despite the disruption in export sales. However, the year-on-year decline highlights the impact of AGP’s reliance on the Afghan market as a source of revenue. Earnings Outlook and Gross Margin Trends AGP’s earnings per share are projected at PKR 2.1, representing a 43% decline year-on-year and a 2% decrease compared with the previous quarter. Gross margins are expected to remain around 59.4%, slightly below the level recorded a year earlier. The reduction reflects the loss of higher-margin export sales, which has weighed on the company’s overall sales mix despite price adjustments. No dividend is anticipated for the quarter. AGP’s near-term performance will depend on its ability to manage costs, sustain domestic sales and address the revenue shortfall caused by the suspension of Afghan exports. Pakistan Pharmaceutical Sector Faces Uneven Performance Across the pharmaceutical companies covered by analysts, higher prices are largely helping offset softer domestic volumes and export-related pressures. However, AGP’s expected results demonstrate how the loss of a key overseas market can significantly affect an individual company, even when the broader industry records modest gains. Investors will monitor whether cross-border trade with Afghanistan resumes in the coming quarters. The availability of alternative export markets and the company’s ability to strengthen domestic sales will also be important factors in determining whether AGP can stabilize its revenue and earnings.

Honda HR-V, BR-V Sales Plunge 72% In 1QFY27
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Honda HR-V, BR-V Sales Plunge 72% In 1QFY27

Honda Atlas Cars Pakistan’s profit after tax (PAT) is expected to increase 52% year-on-year to Rs1.1 billion in the first quarter of fiscal year 2026-27, despite a sharp 72% decline in HR-V and BR-V sales amid delays in hybrid vehicle deliveries. The company’s earnings per share (EPS) are projected at Rs7.50 for the quarter ended September 2026, compared with Rs5.20 in the corresponding period last year, according to an analyst estimate. Hybrid Delivery Delays Hit HR-V and BR-V Sales Honda Atlas recorded a sharp decline in HR-V and BR-V sales volumes, which fell 72% year-on-year as deliveries of the HR-V hybrid variant were delayed. However, sales of the Civic and City surged 86% during the period, helping offset the weakness in SUV volumes and supporting an estimated 32% increase in revenue. The contrasting performance of Honda’s vehicle models highlights how delivery delays can affect sales composition even when demand for other models remains strong. While the increase in Civic and City sales is expected to support overall revenue growth, the decline in HR-V and BR-V volumes remains a key development in the company’s quarterly performance. Honda Atlas Net Profit Margin Expected to Improve Honda Atlas’s net profit margin is projected to improve slightly to 3.2% in the September quarter, compared with 2.9% in the same period last year. Gross margin, however, is expected to remain broadly unchanged at 7.5%, against 7.6% a year earlier. The unfavourable sales mix is expected to offset some of the benefits associated with higher overall sales. Lower finance costs are also expected to support earnings. Finance costs are projected to decline 70% year-on-year, partly reflecting lower expected discounting of trade debts. The combination of higher revenue and reduced finance costs is expected to contribute to annual profit growth despite the steep decline in SUV sales. Quarterly Profit Expected to Decline From Previous Quarter Despite the projected year-on-year increase in earnings, Honda Atlas’s PAT is expected to fall significantly on a quarterly basis. Profit after tax is forecast to decline from Rs2.4 billion in the preceding quarter to Rs1.1 billion in the September quarter. Earnings per share are expected to decrease from Rs17.40 to Rs7.50 over the same period. The company is also not expected to announce a dividend for the quarter. The sequential decline indicates that the anticipated annual earnings improvement may not translate into stronger profitability compared with the preceding quarter. Honda Pakistan Earnings Outlook Hinges on Sales Mix Honda Atlas’s first-quarter outlook reflects a mixed performance, with stronger Civic and City sales and lower finance costs expected to support annual earnings growth, while delayed hybrid deliveries weigh heavily on HR-V and BR-V volumes. The company’s ability to improve profitability will depend on vehicle delivery schedules, sales composition and the sustainability of demand across its model lineup. The September-quarter results will provide further insight into how these factors are affecting Honda Atlas’s earnings and its position in Pakistan’s automobile market.

Healthy Foods and Exercise, Along with Treatment, Can Help in Early Cure of Breast Cancer
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Healthy Foods and Exercise, Along with Treatment, Can Help in Early Cure of Breast Cancer

KARACHI: Timely screening, early diagnosis and prompt medical treatment can significantly improve outcomes for women with breast cancer, leading oncologists, mental health professionals and survivors stressed at a Pink October awareness seminar organised by the National Forum for Environment & Health (NFEH). The experts urged women not to delay medical examinations because of fear, embarrassment or misconceptions about diagnostic procedures. They emphasised that early detection, appropriate treatment, healthy lifestyle choices and emotional support all play important roles in breast cancer care. Mammography Can Help Detect Breast Cancer Earlier Dr Rufina Soomro, senior oncologist and Head of the Breast Surgery Department, explained that mammography is a specialised breast X-ray that can detect abnormalities before they become clinically apparent. She said early detection can improve the chances of effective treatment and may reduce the complexity or duration of treatment in some cases. Speaking as the keynote speaker at the seminar, organised as part of the World Health Organization’s global Pink October breast cancer awareness campaign, Dr Soomro recommended that women aged 40 and above discuss mammography with their healthcare providers. Screening at two-year intervals may be appropriate, depending on individual circumstances and medical advice. She also highlighted the importance of regular clinical breast examinations and breast self-awareness, encouraging women to seek medical advice when they notice unusual changes. According to Dr Soomro, breast cancer accounts for up to 35% of cancers among women in Pakistan, while approximately one in eight to nine women faces a lifetime risk. She added that women in Pakistan are diagnosed, on average, around a decade earlier than women in Western countries, reinforcing the need for awareness and timely medical attention. Medical Examinations and Biopsies Help Confirm Diagnosis Dr Soomro said qualified healthcare professionals could perform physical breast examinations, while trained midwives could help expand access to preliminary screening services. She stressed that a biopsy remains the definitive method for establishing a diagnosis when cancer is suspected and urged women not to avoid the procedure because of fear or misconceptions. She also cautioned that pain is not usually an early warning sign of breast cancer. Women should therefore consult healthcare professionals about unusual breast changes rather than waiting for pain to develop. Healthy Lifestyle Choices Support Overall Health Discussing prevention and risk factors, Dr Soomro highlighted smoking, alcohol consumption and obesity as factors associated with an increased risk of breast cancer. She encouraged women to maintain a balanced diet, exercise regularly and adopt healthier lifestyles. She recommended around four hours of physical activity each week and noted that breastfeeding is associated with a reduced risk of breast cancer. She also discussed reproductive factors, including the age at which a woman has her first child. Dr Zubala Yasir Lutfi, a food and nutrition expert, similarly emphasised the importance of a balanced diet containing essential nutrients to support overall health and immune function. The speakers stressed that healthy eating and physical activity should complement, rather than replace, medical screening and evidence-based cancer treatment. Breast Cancer Survivors Urge Women to Seek Timely Care Mahanaz Rahman, former Karachi Resident Director of the Aurat Foundation and a breast cancer survivor, encouraged women to overcome hesitation and seek timely medical advice, diagnosis and treatment. Diagnosed at the age of 75, Rahman called for awareness campaigns to reach women through communication channels they use every day. She urged mobile phone companies to revive breast cancer awareness messages as caller tunes, particularly during October. Recalling an earlier nationwide campaign led by Pakistan’s then First Lady, Rahman said the caller tunes had encouraged her to seek medical attention after she noticed early symptoms. Her experience, she said, demonstrated how accessible awareness messages could prompt women to take potentially lifesaving action. Senior journalist and breast cancer survivor Afia Salam also stressed the importance of vigilance among younger women, particularly those with a family history of the disease. She urged women to seek professional advice about their individual risk and appropriate screening, given the possible role of hereditary and genetic factors. Mental Health Support Essential for Patients and Families Dr Isra Hyder Shaikh, a psychiatrist, highlighted the need for accessible mental health services for women undergoing cancer treatment and their close relatives. She said psychological support could help patients and caregivers cope with the emotional challenges of diagnosis and treatment while maintaining morale and emotional wellbeing. Rahman also called for specialised counselling services, emphasising that women facing cancer need reassurance, guidance and compassionate care rather than additional psychological pressure. The speakers noted that emotional support should be an integral part of cancer care, helping patients and families navigate the treatment process. NFEH Calls for Affordable Screening Across Pakistan NFEH Secretary General Ruqiya Naeem, herself a breast cancer survivor, urged provincial governments, civil society, the corporate sector, non-profit organisations and philanthropists to establish a nationwide network of affordable screening, diagnostic and treatment facilities. She said women in rural and underprivileged communities often struggle to access or afford services available in major cities, potentially delaying diagnosis and treatment. Naeem called for the deployment of mobile medical vans equipped with breast screening and mammography facilities to reach women in remote areas. She emphasised that awareness campaigns must be accompanied by affordable diagnostics, timely referrals, accessible treatment and sustained public education. She added that access to healthcare should not depend on a woman’s financial circumstances or geographical location. NFEH Urges Action on Environmental Health Risks NFEH President Muhammad Naeem Qureshi called on the government and relevant regulatory authorities to investigate environmental factors that may contribute to Pakistan’s cancer burden and address pollution-related public health risks. The seminar concluded with a call for stronger public awareness, wider access to screening, timely diagnosis and compassionate support for patients and their families. The speakers stressed that early medical attention, evidence-based screening and coordinated healthcare services are essential to improving breast cancer outcomes and helping more women receive appropriate treatment before the disease advances.

PTCL Quarterly Profit Collapses as Margins Come Under Pressure
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PTCL Quarterly Profit Collapses as Margins Come Under Pressure

Pakistan Telecommunication Company Limited (PTCL) reported a sharp decline in profitability in the third quarter of calendar year 2026, with profit after tax plunging 96% quarter-on-quarter to PKR 62 million. Earnings per share fell to PKR 0.01 from PKR 0.31 in the preceding quarter. Revenue remained largely stable, declining just 1% sequentially to PKR 102.7 billion. However, rising service costs, weaker gross margins and higher selling and marketing expenses placed significant pressure on the company’s operating performance and bottom line. Rising Costs Squeeze PTCL’s Profit Margins PTCL’s gross profit declined 11% compared with the June quarter as the cost of services increased 4%. Consequently, the gross margin narrowed to 32.2% from 35.8%, reflecting mounting pressure on profitability despite relatively stable revenue. Administrative and general expenses fell 18% quarter-on-quarter, providing some relief. However, selling and marketing expenses surged 52%, offsetting part of the savings from lower administrative costs. Operating profit dropped 20% sequentially to PKR 12.8 billion, while the operating margin contracted to 12.4% from 15.3% in the previous quarter. The figures indicate that PTCL’s challenge during the quarter was not a significant decline in revenue but the impact of higher costs and deteriorating margins. PTCL’s Profit Falls to PKR 62 Million Lower operating earnings continued to weigh on PTCL’s financial performance further down the income statement. Although finance costs and other expenses declined 8% quarter-on-quarter, the reduction was insufficient to prevent a steep fall in pre-tax profitability. Profit before tax plunged 97% sequentially to PKR 134 million. Following a small tax charge, the company recorded a quarterly profit of just PKR 62 million, leaving its net profit margin at approximately 0.1%. PTCL did not declare a dividend for the quarter, consistent with its recent payout record. The company has not paid a dividend in any of the last five quarters covered by the reported data. Nine-Month Earnings Reflect a Broader Recovery Despite the sharp quarterly decline, PTCL’s performance over the first nine months of 2026 remained stronger than in the corresponding period last year. The company reported a cumulative profit of PKR 4.7 billion, compared with a loss of PKR 11.2 billion in the same period last year. Revenue for the nine-month period increased 62% year-on-year. This contrast highlights the difference between PTCL’s broader earnings recovery and its weaker performance in the latest quarter. While the nine-month figures show a substantial improvement over last year, the September-quarter results point to renewed pressure on margins and profitability. The coming quarters will be important in determining whether PTCL can stabilise its cost structure and restore margins while sustaining revenue growth.

Commercial Importers Urge SBP to Cut Policy Rate to Revive Economy
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Commercial Importers Urge SBP to Cut Policy Rate to Revive Economy

The Pakistan Chemicals & Dyes Merchants Association (PCDMA) has urged State Bank of Pakistan (SBP) Governor Jameel Ahmed to reduce the policy rate at the Monetary Policy Committee (MPC) meeting scheduled for October 26, 2026, arguing that lower borrowing costs could revive economic activity and ease liquidity constraints facing businesses. In a statement, PCDMA Chairman Saleem Mukati said the prevailing high interest rate had become a significant hurdle for traders and industrialists, limiting access to capital and putting pressure on business operations. He called for the policy rate to be brought down to single digits, saying a reduction could encourage investment, support industrial growth and provide fresh momentum to commercial activity. PCDMA Warns High Interest Rates Are Hurting Businesses Mukati said businesses in Pakistan were facing serious economic challenges amid continuing uncertainty in global markets. He argued that maintaining high interest rates solely to control inflation would not effectively address the difficulties confronting the business community. According to the PCDMA chairman, the burden of expensive financing ultimately falls on traders and industrialists, restricting their ability to sustain operations, expand capacity and pursue new investment opportunities. He urged the central bank to consider the concerns of the business community when determining its monetary policy stance. Lower Policy Rate Could Support Investment and Employment The association believes a significant reduction in the policy rate could help reduce financing costs, improve access to working capital and encourage businesses to increase economic activity. Mukati said lower borrowing costs could support industry and trade while creating opportunities for employment as businesses expand and investment improves. He also emphasised the importance of monetary policy decisions that support economic stability while addressing the financial pressures facing commercial enterprises. Business Community Awaits SBP Monetary Policy Decision The PCDMA chairman expressed hope that the MPC would give due consideration to the concerns of traders and industrialists at its October 26 meeting. He urged policymakers to consider a substantial interest rate cut as part of efforts to support economic recovery, strengthen business activity and ease financing constraints. The association’s call comes as businesses weigh borrowing costs against inflation risks and the broader economic outlook. The SBP’s decision will determine whether the policy rate remains unchanged or is adjusted in response to prevailing economic conditions.

Google Hosts Think Apps 2026 to Advance Pakistan’s Growth as a Global App and Gaming Hub
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Google Hosts Think Apps 2026 to Advance Pakistan’s Growth as a Global App and Gaming Hub

Google hosted Think Apps 2026 in Lahore on October 22, bringing together Pakistan’s leading app developers, global industry leaders and regional experts to explore how artificial intelligence (AI) can help local studios expand internationally and build sustainable businesses. Held at the UNESCO-listed Lahore Fort, the event focused on AI-powered development, user engagement, monetisation and strategies to strengthen Pakistan’s position in the global app and gaming industry. According to Google, products developed by Pakistani studios generated 4.6 billion downloads worldwide over the past 12 months, highlighting the growing international reach of the country’s digital ecosystem. Pakistan’s App Industry Expands Its Global Reach Pakistan’s app and gaming industry has grown from fewer than 30 people to a workforce of more than 30,000 professionals. Local studios are increasingly developing products for international audiences, with companies such as Game District and Funsol representing the sector’s expanding capabilities. The industry’s growth presents opportunities to increase digital exports, attract investment and create skilled employment as global demand for digital products continues to evolve. Farhan Qureshi, Google Cluster Director for Pakistan, the Philippines, Thailand and Frontier Markets, said Pakistani developers had demonstrated world-class talent and ambition. He added that Google aims to accelerate this momentum by providing developers with advanced AI capabilities, helping studios create globally competitive products, achieve sustainable business growth and strengthen Pakistan’s position in the digital economy. AI Creates New Opportunities for Developers Developers are facing rising competition and increasing user acquisition costs, making production efficiency, product quality and audience retention increasingly important. At Think Apps 2026, industry experts highlighted AI tools and growth strategies designed to help studios streamline coding, improve creative production, enhance user engagement and develop applications that respond to changing consumer needs. Google presented its Build, Yield and Scale roadmap to support developers across the product development and commercial growth cycle. Google Cloud AI can assist studios in developing products, while Google Ads and AdMob provide tools for user acquisition and monetisation. Expanding into new categories and markets can also help developers reach international audiences. Google Play, with more than three billion monthly active users, offers developers access to a substantial global distribution platform. Google Strengthens Support for Pakistan’s Digital Talent Google’s initiatives also focus on developing the skills and technology access needed to support Pakistan’s next generation of digital professionals. The company has pledged to train 100,000 Pakistani developers in AI by 2028, supporting the development of next-generation applications and games. Its plans also include enabling the local production of 500,000 Chromebooks to broaden access to technology for digital education. Additionally, Google’s Digital Pasban programme has delivered online safety training to 200,000 families, supporting greater digital awareness and safer participation in online spaces. Together, these initiatives address skills development, access to technology and online safety, which are important components of a sustainable digital economy. Pakistan’s Digital Exports Offer Further Growth Potential The 4.6 billion global downloads generated by Pakistani-developed products over the past year underline the international reach of the country’s app and gaming ecosystem. As AI tools reshape software development and digital content production, Pakistani studios have opportunities to improve productivity, reach new audiences and diversify export earnings. Think Apps 2026 highlighted how access to AI capabilities, effective monetisation strategies and international distribution platforms could help local developers compete in global markets. Sustaining this growth will depend on developing high-quality products, retaining users and building commercially viable businesses.

Mashreq Launches NEO BIZ in Pakistan to Empower SMEs through Integrated Digital Banking
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Mashreq Launches NEO BIZ in Pakistan to Empower SMEs through Integrated Digital Banking

Mashreq has officially launched NEO BIZ in Pakistan, introducing a digital banking proposition designed to serve small and medium-sized enterprises (SMEs), sole proprietors and self-employed professionals. The platform aims to simplify business banking, improve access to financial services and support the growth of businesses through integrated digital solutions. Pakistan’s SME Sector Presents Significant Digital Banking Opportunities Pakistan has approximately 7.14 million micro, small and medium-sized enterprises (MSMEs), contributing nearly 40% of gross domestic product (GDP), 30% of exports and employing more than 80% of the non-agricultural workforce. Despite their economic contribution, many businesses continue to face challenges in accessing formal financing and suitable financial services. As of December 2025, outstanding SME financing stood at approximately PKR 882 billion, highlighting the opportunities to expand access to credit and improve financial inclusion. NEO BIZ is positioned to address some of these gaps by providing businesses with digitally enabled banking services and tools to manage their financial operations more efficiently. NEO BIZ Brings Business Banking and Payments Into One Platform The new proposition combines digital business banking, payments, collections and value-added services within an integrated ecosystem. Eligible businesses can open and manage accounts digitally, reducing reliance on branch visits and simplifying routine financial transactions. The platform’s broader development roadmap includes business debit and virtual cards, payroll solutions, invoice-based payments, transaction analytics and bookkeeping capabilities. These services are intended to support businesses as their financial and operational requirements evolve. By bringing multiple functions together, Mashreq aims to reduce the fragmentation of financial tools and make day-to-day business management more convenient. Mashreq Sees Pakistan as a High-Potential Digital Banking Market Fernando Morillo, Group Head of Retail Banking at Mashreq, said digital-first banking models could transform business operations by improving efficiency, transparency and access to financial services. He said NEO BIZ builds on Mashreq’s international experience and combines commercial banking capabilities with a scalable platform designed around SME requirements. Morillo described Pakistan as a high-potential market and said the launch marked an important step in extending the bank’s global business banking proposition into the country’s rapidly evolving digital economy. Local Platform Targets Underserved Businesses Muhammad Hamayun Sajjad, CEO of Mashreq Bank Pakistan, said the country’s SME sector remained dynamic but underserved, with gaps in access, awareness and digital capabilities. He said NEO BIZ had been developed to address the realities of the local market by simplifying banking, reducing dependence on physical channels and supporting businesses as they expand. According to Sajjad, the launch aligns with Mashreq’s commitment to Pakistan and its broader objective of promoting financial inclusion and economic transformation through digital innovation. Banking-as-a-Service to Expand the NEO BIZ Ecosystem Beyond core banking, Mashreq plans to develop NEO BIZ into a connected business ecosystem through Banking-as-a-Service (BaaS) capabilities and strategic partnerships. The phased roadmap includes potential integration of bookkeeping, supply chain solutions, tax facilitation, analytics, invoicing and cash flow-based financing. These planned capabilities are intended to help businesses manage operational complexities, improve efficiency and access services suited to different stages of growth. Syed Jaffar Abbas Shirazi, Head of NEO BIZ at Mashreq Bank Pakistan, said the platform was designed to address challenges such as fragmented financial tools, limited visibility of available products and barriers to financing. He said the objective was to bring business financial operations into a single integrated platform, combining digital account opening and payments with tools such as analytics, invoicing and bookkeeping. The planned expansion could position NEO BIZ as more than a conventional banking service by connecting businesses with a broader range of operational and financial solutions. Digital Distribution to Expand Access Across Pakistan Mashreq plans to distribute NEO BIZ through digital channels, strategic partnerships and physical-digital, or phygital, touchpoints. The approach is intended to improve accessibility across Pakistan’s diverse SME base while allowing the bank to expand its reach within the business community. Through the launch, Mashreq aims to encourage greater adoption of digital financial services, strengthen digital payment acceptance and support entrepreneurs and self-employed professionals. The initiative also reflects the broader opportunity to bring more businesses into the formal digital economy through accessible banking services, integrated financial tools and technology-led solutions.

BYD Parent Company in Pakistan Hub Power' Data Centre Delayed Due to Uncertain Returns
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BYD Parent Company in Pakistan Hub Power’ Data Centre Delayed Due to Uncertain Returns

Hub Power Company Limited (HUBCO) has delayed its data centre plans due to high electricity and technology costs, substantial infrastructure requirements and uncertain returns, with management indicating that a small-scale project is currently not commercially viable. The company is now considering entering the data centre business at a much larger scale of around 100 megawatts (MW), compared with its earlier proposal of 5–10 MW. Management believes that dedicated zones with multiple grid connections could improve project economics and reduce operational risks. HUBCO Reconsiders Data Centre Investment Strategy HUBCO’s revised approach reflects the significant investment required to establish and operate large-scale data centres. High power costs, technology requirements and infrastructure spending have made a smaller project difficult to justify commercially. Management believes a capacity of around 100 MW could offer a more viable business model by allowing the company to operate at greater scale. Dedicated data centre zones with access to multiple grid connections could also help improve reliability and manage operational risks. However, the project remains subject to commercial considerations, with uncertain returns continuing to delay investment decisions. BYD Plant Expected to Begin Operations by Mid-December HUBCO’s electric vehicle venture involving Chinese automaker BYD is approaching a major milestone, with the vehicle plant expected to begin operations within four to five weeks, by mid-December 2026. Management is targeting an initial sales rate of 1,000 to 1,500 vehicles per month as production ramps up. Manufacturing will initially rely on fully imported components, while the company plans to gradually increase local production. Its longer-term target is to achieve up to 80% localisation to reduce manufacturing costs and dependence on imports. Additional vehicle models are expected to be introduced in phases, with a focus on market segments capable of generating meaningful sales volumes. Changing Consumer Preferences Could Support Vehicle Demand Management noted that younger buyers are increasingly willing to replace their vehicles sooner than the traditional five-to-ten-year ownership cycle. This shift could create opportunities for competitively priced vehicles, particularly as consumers consider new models and technologies. For BYD’s Pakistan operations, the planned localisation programme and phased introduction of additional models will be important to the company’s efforts to manage costs and build sales volumes over time. HUBCO Reports Significant Receivables From Power Projects As of June 30, 2026, HUBCO reported substantial receivables from several power-sector entities. The outstanding amounts included: The receivables highlight the scale of outstanding payments associated with the company’s power-sector investments. Their resolution remains relevant to cash flow management and the broader financial position of the businesses involved. Aluminium Smelting Project Talks Continue Discussions with the government regarding the proposed aluminium smelting project at HUBCO’s Hub plant are continuing, although management expects the process to take time. The proposed project represents another potential industrial investment opportunity, but progress will depend on further discussions and the requirements for moving the initiative forward. Meanwhile, work on fuel storage facilities has experienced slight delays because of the ongoing war, according to management. NEPRA Tariffs for Thar Power Plants Remain Pending The commercial operation date (COD) tariff for the Thar power plants remains pending with the National Electric Power Regulatory Authority (NEPRA). Management noted that the regulator is still working on tariffs for earlier plants, contributing to the delay in finalising the relevant tariff. The pending decision remains an important issue for the company’s power-sector operations, alongside receivables and progress on other proposed investments.

IMF Calls For Fairer Tax System To Support Growth
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IMF Calls For Fairer Tax System To Support Growth

The International Monetary Fund (IMF) has urged Pakistan to rationalise tax concessions, bring under-taxed sectors into the tax net and reduce disproportionate tax burdens to strengthen revenue collection and support private-sector growth. Jihad Azour, Director of the IMF’s Middle East and Central Asia Department, made the remarks while opening a high-level workshop in Islamabad organised by the Ministry of Finance and Revenue. The two-day event, titled “Reforms for a Modern and Growth-Friendly Tax System in Pakistan,” brings together policymakers, tax experts and private-sector representatives to discuss reforms aimed at improving the country’s tax framework. IMF Calls for a More Neutral and Balanced Tax System Azour said a fairer tax system requires addressing sectors that contribute less than their potential, reviewing existing concessions and ensuring that the tax burden is distributed more evenly. “Addressing under-taxed sectors, rationalising concessions, and reducing disproportionate burden are elements of a fair tax system,” he said. He stressed that changes to tax policy must be accompanied by improvements in revenue administration. Without stronger implementation capacity, policy reforms alone may not produce the intended results. A simpler and more neutral tax structure, supported by effective administration, can help improve compliance, broaden the revenue base and create a more predictable environment for businesses. Pakistan Must Turn Economic Stabilisation Into Growth Azour noted that Pakistan has made progress in restoring macroeconomic stability, rebuilding confidence and strengthening its external buffers. He said the next challenge is to translate these gains into stronger and more sustainable economic growth. Earlier in October, IMF staff and Pakistani authorities reached a staff-level agreement on the fourth review of Pakistan’s $7 billion Extended Fund Facility (EFF) and the third review of the Resilience and Sustainability Facility (RSF). Azour emphasised that achieving lasting results requires more than identifying policy changes. Governments must ensure that reforms are implemented through institutional ownership, coordination and effective communication. “Many countries have strong reform ideas, but few translate them into durable results,” he observed, adding that implementation requires “ownership, coordination, engagement, and communication.” Tax Policy and Revenue Administration Must Move Together The IMF official highlighted the need to align tax policy with the institutions responsible for enforcing it. A simpler tax framework can make compliance and administration easier, while capable revenue authorities can strengthen the credibility and effectiveness of reforms. For Pakistan, the approach involves reviewing tax concessions, broadening the tax base and reducing distortions that place unequal burdens on different sectors of the economy. Azour said the country’s progress on stabilisation provides an opportunity to pursue transformative reforms and strengthen the foundations for sustained growth. Workshop Focuses on Key Tax Reforms The workshop, scheduled to continue through October 21, includes senior government officials, representatives of the IMF and World Bank, tax specialists and private-sector leaders. Discussions cover the introduction of a unified sales tax regime, a simpler and more neutral income tax system, digitalisation, taxpayer trust and fiscal federalism. Finance Minister Muhammad Aurangzeb also addressed the gathering, highlighting the government’s focus on tax reforms designed to support economic growth. The discussions are expected to examine how policy changes, improved administration and stronger coordination can help Pakistan build a more efficient and equitable tax system.

1st Africa Diplomatic & Economic Conference 2026 to Be a Milestone in Promoting Pakistan–Africa Trade and Investment: Muhammad Rafiq Memon
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1st Africa Diplomatic & Economic Conference 2026 to Be a Milestone in Promoting Pakistan–Africa Trade and Investment: Muhammad Rafiq Memon

The 1st Africa Diplomatic & Economic Conference 2026 is expected to create new opportunities for trade, investment and economic cooperation between Pakistan and African countries, particularly members of the Southern African Development Community (SADC), according to Muhammad Rafiq Memon, Chairman of the Pakistan SADC Chamber Trade Federation (PSCTF), Pakistan Chapter. Speaking at a press conference at the Pearl-Continental Hotel in Karachi on October 19, 2026, Memon expressed confidence that the initiative would help translate diplomatic relations into practical business partnerships, strengthen bilateral commerce and open new markets for Pakistani companies. He said collaboration between the federation, government institutions and trade organisations could play an important role in expanding Pakistan’s commercial engagement with Africa. Conference Aims to Strengthen Pakistan–Africa Economic Relations The conference, organised by the PSCTF Pakistan Chapter, aims to bring together Pakistani business representatives, African diplomatic missions and other stakeholders to explore opportunities for trade, investment and economic cooperation. Memon said the initiative could help establish stronger commercial links between the two regions, with particular attention to the 16-member SADC bloc. The event is being held under the theme “Building Bridges of Diplomacy, Trade & Investment for Shared Prosperity.” Its objectives include facilitating business networking, encouraging investment and helping Pakistani companies explore emerging markets across Africa. Yousuf Dewan Companies Reaffirm Commitment to Cooperation Dewan Muhammad Yousuf Farooqui, Patron-in-Chief of the PSCTF Pakistan Chapter, welcomed the delegates and participants and described the conference as an opportunity to strengthen Pakistan–Africa relations. He highlighted the potential for strategic partnerships across industry, technology and sustainable mobility, emphasising the importance of international collaboration in supporting economic development. “Yousuf Dewan Companies remains committed to Pakistan’s economic development, innovation and global collaboration,” he said, expressing hope that the conference would advance lasting partnerships and shared prosperity between Pakistan and African nations. PSCTF Calls for New Trade and Investment Opportunities Syed Moizuddin, President of the PSCTF Pakistan Chapter, stressed the importance of strengthening trade relations with African countries. He said the conference would provide a practical platform for Pakistani businesses and African diplomatic missions based in Pakistan to identify commercial opportunities, develop collaborative strategies and pursue initiatives that benefit both sides. Moizuddin reaffirmed the federation’s commitment to promoting stronger trade and investment ties between Pakistan and Africa. Mohammad Shafiq, Senior Vice President of the PSCTF Pakistan Chapter, also called for concrete measures to expand economic cooperation. He said African markets offered substantial opportunities for business and urged Pakistan to make better use of this potential to strengthen its economy and diversify export destinations. Diplomats and Business Leaders Expected to Participate The press conference was also addressed by Bakhtiyar Ahmed Farooqui, Chairman of the PSCTF Economic Advisory Council, and Ikram Ullah Jan, President of the federation’s Khyber Pakhtunkhwa chapter. Organisers announced that ambassadors of African countries based in Islamabad, along with consuls general and consuls representing African countries in Karachi, were expected to attend the conference. Presidents and chief executives of major trade associations and chambers of commerce and industry, as well as representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), were also expected to participate. The gathering is intended to connect diplomatic missions with business leaders and encourage direct engagement between companies seeking trade, sourcing and investment opportunities. SADC Markets in Focus for Pakistani Businesses The 16-member Southern African Development Community is a key focus of the initiative. The federation hopes the conference will help Pakistani companies explore opportunities across the region and establish relationships with potential buyers, suppliers and investment partners. The conference also reflects a broader effort to diversify Pakistan’s international commercial relationships by strengthening engagement with African markets. Its longer-term impact will depend on whether discussions lead to concrete business agreements, investment commitments and sustained cooperation between companies and institutions.

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