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Fauji Fertilizer Company (FFC) Urea Volumes Drop On RLNG Constraints While Sector Profits Rise
Pakistan

Fauji Fertilizer Company (FFC) Urea Volumes Drop On RLNG Constraints While Sector Profits Rise

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Fauji Fertilizer Company (FFC) is expected to record a decline in urea offtakes in the third quarter of calendar year 2026 as restricted supplies of re-gasified liquefied natural gas (RLNG) and subdued inventory levels constrain granular urea production. Despite the pressure on FFC’s volumes, Pakistan’s fertilizer sector is projected to deliver higher overall earnings, supported by stronger fertilizer prices and improved nitrogenous fertilizer sales. FFC’s urea offtakes are forecast to decline approximately 9% year-on-year during the quarter. However, improved pricing in the domestic market is expected to provide some relief to margins and partially offset pressures in other product segments. RLNG Constraints Limit FFC Urea Production Limited RLNG availability and subdued inventory levels have restricted granular urea production at FFC, weighing on the company’s expected sales volumes. The anticipated decline highlights the fertilizer industry’s continued exposure to gas availability and supply disruptions. Although higher local urea prices are expected to support product margins, sustained production will depend on the consistency of gas supplies. FFC’s gross margin is projected at approximately 30% for the quarter, reflecting the combined impact of stronger urea pricing and weaker profitability in the phosphate segment. DAP Margins Face Pressure From Rising Phosphoric Acid Prices FFC’s diammonium phosphate (DAP) segment is expected to face continued margin pressure as phosphoric acid prices rise faster than international DAP prices. The company’s DAP margins are estimated at approximately $127 per ton, reflecting the unfavourable movement in input and output prices. Imported DAP volumes are projected at around 12,000 tons, compared with no sales in the corresponding period last year. Meanwhile, locally manufactured DAP volumes are expected to decline approximately 8% year-on-year amid higher prices. The divergence between urea and phosphate performance illustrates the challenges facing fertilizer producers as input costs and selling prices move at different rates. Fertilizer Sector Profits Expected to Rise 5% Pakistan’s fertilizer sector is projected to post combined net profit of PKR 39 billion in the third quarter of 2026, representing a 5% increase year-on-year. Higher fertilizer prices and an estimated 2.6% increase in nitrogenous fertilizer offtakes are expected to drive earnings growth. In contrast, phosphatic fertilizer offtakes are forecast to decline around 25%, with phosphoric acid prices hovering near $1,700 per ton. Sector-wide gross margins are projected at 34.7%, up 2.3 percentage points from the corresponding period last year. Urea and calcium ammonium nitrate (CAN) prices increased approximately 6% and 7%, respectively, while gas costs remained largely stable. DAP and nitrophosphate (NP) prices rose around 22% and 18%, respectively, lagging behind the increase in phosphoric acid prices. As a result, stronger nitrogenous fertilizer margins are expected to outweigh the compression in phosphate profitability. Higher Financing and Distribution Costs Weigh on Earnings Despite the projected increase in sector profits, higher operating and financing expenses are expected to limit the improvement in net margins. Finance costs are forecast to rise 46%, primarily due to borrowings associated with the PEF and capital expenditure requirements. Distribution expenses are expected to increase 23%, partly reflecting higher diesel prices. Other income is projected to fall approximately 43%, driven by anticipated portfolio losses at one sector participant. Consequently, the sector’s net margin is forecast at 14.3%, down 0.8 percentage points, despite the expected improvement in gross profitability. EFERT and FATIMA Show Diverging Earnings Trends Company-level performance is expected to vary, reflecting differences in product mix, sales volumes and operating margins. EFERT Earnings Supported by Urea Volumes Engro Fertilizers (EFERT) is expected to report earnings per share (EPS) of PKR 6.71 and a dividend of PKR 5.40 per share. Urea offtakes are projected to increase 9.1%, supporting gross margins of approximately 39%. Improved volumes and profitability are also expected to contribute to a substantial sequential recovery in earnings. FATIMA Benefits From Urea and CAN Pricing Fatima Fertilizer Company (FATIMA) is projected to report EPS of PKR 4.35, with no dividend expected for the quarter. Sarsabz urea volumes recorded a significant increase, while premium-brand volumes and NP offtakes declined. Gross margins are forecast near 40%, supported by higher urea and CAN prices and an improved sales mix. The contrasting performance of individual companies underscores the importance of product diversification, pricing power and sales composition in determining profitability across the fertilizer industry. Urea Inventories Remain Adequate Despite Supply Concerns Despite earlier plant shutdowns and an outage in August, Pakistan’s urea inventories are considered adequate to meet near-term demand. Fourth-quarter offtakes are forecast at approximately 2.0 million tons, compared with expected supply of around 2.5 million tons. This would leave a projected surplus of roughly 0.5 million tons. The estimated supply-demand balance suggests that immediate shortages are unlikely under the current outlook. However, maintaining adequate availability will depend on consistent RLNG imports and stable production across the industry. Fertilizer Sector Outlook Depends on Gas Supply and Pricing Pakistan’s fertilizer industry is entering the final quarter of 2026 with a mixed outlook. Higher nitrogenous fertilizer prices and offtakes are expected to support sector earnings, while rising phosphoric acid costs continue to pressure phosphate margins. For FFC, the key near-term challenge remains balancing the impact of restricted RLNG availability on urea production against improved domestic pricing. Across the wider sector, financing costs, distribution expenses and the availability of imported inputs will remain important factors shaping profitability.

3rd Chitral Expo 2026 Inaugurated by Commandant Chitral Scouts
Pakistan

3rd Chitral Expo 2026 Inaugurated by Commandant Chitral Scouts

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TDAP and Chitral Chamber Organise Two-Day Exhibition CHITRAL, October 10, 2026: The Trade Development Authority of Pakistan (TDAP), Peshawar, in collaboration with the Chitral Chamber of Commerce & Industry (CCCI), inaugurated the 3rd Chitral Expo 2026 at Pamir Riverside Inn Hotel, Chitral. The two-day exhibition was formally inaugurated by Col. Arsalan, Commandant Chitral Scouts. The event brought together representatives of the business community, government departments, banks and non-governmental organisations (NGOs) to promote local products, encourage entrepreneurship and explore opportunities for trade and investment in the region. The exhibition aims to provide businesses with a platform to showcase their products, connect with potential buyers and strengthen commercial linkages across Chitral and other parts of Pakistan. Speakers Highlight Chitral’s Economic and Trade Potential The inaugural ceremony featured speeches by Col. Arsalan, Commandant Chitral Scouts; Noman Bashir, Director TDAP Peshawar; Fahad Azam, President CCCI; and Aseer, Coordinator CCCI. The speakers highlighted Chitral’s potential in tourism, handicrafts, fresh fruits and vegetables, dry fruits, honey, gemstones, minerals and other value-added products. They emphasised the importance of supporting local enterprises, improving access to domestic and international markets, strengthening public-private partnerships and creating new trade and investment opportunities for the region. Chitral’s diverse natural resources, agricultural produce and traditional craftsmanship offer opportunities for local businesses to expand their reach and develop commercially viable products. The expo provides a venue for entrepreneurs to present these offerings to visitors, businesses and other stakeholders. 70 Stalls Showcase Products From Chitral and Other Regions The 3rd Chitral Expo 2026 attracted exhibitors from Lower and Upper Chitral, including Booni, Karimabad, Kalash and Garam Chashma, as well as Swat, Peshawar and Faisalabad. A total of 70 stalls were arranged for the exhibition, including 10 food stalls. The stalls feature a range of local and regional products, handicrafts and food items, offering participating businesses an opportunity to introduce their products to a wider audience. The participation of exhibitors from different locations also creates opportunities for business networking and the exchange of ideas, helping entrepreneurs explore potential partnerships beyond their immediate markets. Expo Creates Opportunities for SMEs and Business Networking The exhibition provides a platform for entrepreneurs, small and medium-sized enterprises (SMEs) and established businesses to display their products, establish business-to-business (B2B) connections and explore new markets. The involvement of government departments, financial institutions, NGOs and business representatives reflects a collective effort to support Chitral’s economic development. By bringing businesses and institutional stakeholders together, the expo seeks to encourage collaboration, improve market access and help local enterprises identify opportunities for growth. Such platforms can also help regional producers understand market requirements, build commercial relationships and explore ways to add value to locally sourced products. TDAP Help Desk Inaugurated at Chitral Chamber At the conclusion of the inaugural ceremony, chief guest Col. Arsalan also inaugurated a TDAP Help Desk at the Chitral Chamber of Commerce & Industry. The help desk is intended to facilitate local businesses, entrepreneurs and exporters seeking access to TDAP’s services and support for trade promotion and export development. Its establishment provides a dedicated point of contact for businesses looking to explore export opportunities and obtain assistance related to trade promotion. The initiative complements the expo’s broader objective of connecting local enterprises with institutions that can help them develop their businesses and access wider markets. Chitral Expo Continues Through October 11 The 3rd Chitral Expo 2026 will continue on October 11, providing additional opportunities for product promotion, business networking and collaboration among exhibitors and stakeholders. Through the combined participation of businesses, government representatives and supporting institutions, the event seeks to highlight Chitral’s commercial potential and encourage greater economic activity across the region.

Solar Pakistan 2026 Opens in Karachi, Showcasing Pakistan’s Growing Green Energy Ambitions
Pakistan

Solar Pakistan 2026 Opens in Karachi, Showcasing Pakistan’s Growing Green Energy Ambitions

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Solar Pakistan 2026 opened at the Expo Centre Karachi on October 9, bringing together more than 350 companies from 15 countries to showcase renewable energy technologies and solutions. Organised by Fakt Exhibitions (Pvt.) Ltd., the three-day exhibition will continue until October 11, highlighting opportunities to accelerate solar energy adoption and strengthen Pakistan’s transition towards a more sustainable energy future. The event comes as solar power gains importance for households, farms, small businesses and industries seeking alternative energy sources and greater control over electricity costs. Solar Pakistan 2026 Brings Global Energy Industry Together The exhibition has attracted a diverse group of stakeholders, including policymakers, diplomats, industry leaders, energy experts, investors and renewable energy professionals. It features a range of solar and renewable energy solutions, from high-efficiency solar panels to smart energy storage technologies and grid systems. The event also provides a platform for investors, technology providers, consultants and government representatives to explore potential partnerships and discuss opportunities in Pakistan’s renewable energy market. By bringing international companies and local industry participants together, Solar Pakistan 2026 aims to encourage knowledge-sharing, investment and collaboration across the clean energy value chain. FPCCI Highlights Solar Energy’s Economic Potential Saquib Fayyaz Magoon, Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), attended the inauguration ceremony as a chief guest. He appreciated the efforts of Fakt Exhibitions and emphasised the importance of transitioning towards alternative energy sources. Magoon noted that solar energy is already helping households reduce electricity costs while supporting farms, small businesses and industrial operations. He said exhibitions such as Solar Pakistan provide access to the knowledge and technologies needed to expand these benefits across Sindh and the wider country. He also called for cooperation among the private sector, innovators, academia and policymakers to support clean energy adoption and enable Sindh to play a leading role in Pakistan’s energy transition. Sindh Positioned to Expand Solar Energy Adoption Saleem Khan Tanoli, Chief Executive Officer of Fakt Exhibitions, said Pakistan had reached an important stage in its energy transition, with solar power playing a growing role in efforts to achieve a more sustainable and affordable energy future. He highlighted Sindh’s abundant sunshine, coastline and industrial base as factors that could support the province’s renewable energy development. Tanoli also described Karachi as an appropriate venue for bringing together industry representatives, government stakeholders and technology providers to accelerate the adoption of alternative energy solutions. The exhibition provides an opportunity for participants to examine technologies and business prospects that could support solar deployment across residential, commercial, agricultural and industrial applications. Solar Technology and Investment Opportunities in Focus Solar Pakistan 2026 showcases technologies intended to improve the efficiency, management and reliability of renewable energy systems. High-efficiency panels, smart storage solutions and grid-related technologies are among the offerings featured at the exhibition. These solutions can support discussions around how solar power may be integrated into different energy requirements and how businesses can evaluate emerging technologies. The gathering also creates opportunities for investors and companies to connect with suppliers, consultants and public-sector representatives, potentially helping to build partnerships for future projects. As Pakistan’s energy needs continue to drive interest in alternative sources, such platforms can help businesses assess available technologies and explore investment opportunities in the renewable energy sector. Exhibition Underscores Pakistan’s Clean Energy Transition Solar Pakistan 2026 places innovation, collaboration and sustainability at the centre of discussions on the country’s energy future. The participation of companies from 15 countries reflects the exhibition’s international scope, while the involvement of local industry stakeholders provides a platform to discuss Pakistan-specific opportunities and challenges. For Sindh, the event highlights the potential to expand solar energy use across households, agriculture, commercial activities and industrial operations. Greater adoption of renewable energy could support efforts to diversify energy sources and improve energy resilience. Running until October 11 at the Expo Centre Karachi, Solar Pakistan 2026 brings together technology providers, investors and decision-makers at a time when renewable energy is an increasingly prominent part of Pakistan’s energy debate.

Women Must Be Equipped with Skills to Create Employment, President KATI
Pakistan

Women Must Be Equipped with Skills to Create Employment, President KATI

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KARACHI: Korangi Association of Trade and Industry (KATI) President Sheikh Umer Rehan has stressed the need to equip women with modern technical and vocational skills to expand employment opportunities and increase their participation in Pakistan’s industrial sector. He made the remarks while congratulating former KATI president Junaid Naqi on his appointment as Chairman of the Institute Management Committee of the Vocational Training Centre (Girls), Korangi. Sheikh Umer Rehan described the appointment as a welcome step and expressed hope that Junaid Naqi would use his industrial and administrative experience to strengthen the centre’s training programmes. KATI Calls for Industry-Focused Training for Women The KATI president said entrusting the management of a women’s vocational training centre to an experienced industrialist could contribute significantly to the promotion of technical and professional education. He said training programmes should be aligned with the actual requirements of the industrial sector so that women completing their courses can develop skills relevant to available employment opportunities. According to him, vocational institutions need to continuously modernise their programmes in response to changing industrial requirements and labour market demand. Women’s Skills Can Expand Employment Opportunities Sheikh Umer Rehan stressed that greater participation of women in the industrial sector is an important economic requirement. Providing women with modern technical and vocational skills and connecting them with employers could create opportunities for dignified employment while strengthening their contribution to industrial production and the wider national economy. He said vocational education could help women become economically independent and self-reliant. Skilled women can contribute financially to their families while developing careers and participating more actively in economic activity. Korangi Industrial Area Offers Employment Potential Sheikh Umer Rehan highlighted the importance of Korangi Industrial Area as one of Pakistan’s major industrial hubs. The area has continued demand for trained and skilled workers across multiple industrial sectors, creating an opportunity for vocational institutions to establish stronger connections with local businesses. He said women receiving industry-specific training could be connected with companies through internships, traineeships and employment opportunities. Industry-Vocational Training Linkages Need Strengthening The KATI president emphasised that stronger cooperation between industry and vocational training institutions is essential for developing an effective skilled workforce. Closer collaboration would allow training programmes to be designed around the specific requirements of businesses and industrial units. This could increase the number of skilled women entering the workforce while simultaneously helping industries access workers with relevant technical capabilities. Modern Skills Can Support Women’s Economic Independence Sheikh Umer Rehan said skills development should go beyond classroom-based education and focus on practical capabilities that can translate into employment. Industry-linked vocational programmes can give women greater exposure to workplace requirements and help them transition from training to employment. He said such initiatives could support women’s economic independence while contributing to productivity and the broader economy. KATI Pledges Support for Skills Development Sheikh Umer Rehan expressed his best wishes to Junaid Naqi and said KATI would continue cooperating with relevant institutions to promote technical education and skills development among women. The association would also support initiatives aimed at increasing women’s participation in the industrial sector and creating employment opportunities. He expressed hope that the Vocational Training Centre (Girls), Korangi, would develop into an effective platform for equipping women with modern skills and connecting them with dignified employment. The initiative could also strengthen the relationship between vocational education and industry, helping ensure that women’s skills development responds directly to the needs of Pakistan’s industrial sector.

SDGs Fair Connects Pakistan’s Development Priorities With Investors
Pakistan

SDGs Fair Connects Pakistan’s Development Priorities With Pakistan’s

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The National Sustainable Development Goals (SDGs) Investment Fair concluded today in Karachi, bringing together federal and provincial governments, domestic and international investors, financial institutions, and development partners to explore investment opportunities that can advance Pakistan’s SDG agenda. Convened by the United Nations Development Programme (UNDP) and the Government of Pakistan under the SDGs Plus Programme, the two-day Fair showcased 35 SDG-aligned public-private partnership projects worth approximately US$26 billion to potential investors and culminated in the signing of a Letter of Intent between a government private-sector partner and an investor for a $40 million project in the tourism sector. The Fair began on 6 October with the launch of the SDG Investment Pipeline Compendium and project pitchbooks. Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, joined virtually as Chief Guest. “Every country needs a policy framework and a financing equation. But the most important piece is capacity building, which is where we need to talk about investable, bankable projects that we can structure, report on and monitor in line with international standards,” said Senator Aurangzeb. The session also featured remarks by Ms. Sherry Rehman, Chair, Senate Standing Committee on Climate Change, and Mr. Najam Shah, Chairman, Planning and Development Department, Government of Sindh. Ms. Van Nguyen, Deputy Resident Representative, UNDP Pakistan, underscored the importance of sustained investment in promising initiatives. “Over the next two days, I hope these conversations translate into partnerships that outlast this Fair. Its success should not be measured only by the number of projects showcased or commitments announced, but by whether these projects move forward: into financing, implementation and real improvements in people’s lives,” she said in her remarks. Over the two days, project representatives from federal and provincial agencies presented investment cases in transport, climate, agriculture, water and sanitation, tourism, industry, trade, and technology. Participating institutions included the Sindh Public Private Partnership Unit, the Punjab Public Private Partnership Authority, the Ravi Urban Development Authority, the Khyber Pakhtunkhwa Board of Investment and Trade, and the Balochistan Public Private Partnership Authority. In his keynote address at the opening session of day two, Prof. Ahsan Iqbal, Federal Minister for Planning, Development and Special Initiatives, reflected on the importance of mobilizing investment to advance Pakistan’s development priorities. “The Fair translates URAAN’s pillars into investable opportunities, bringing government and investors together to accelerate sustainable development through investment across Pakistan,” said Prof. Ahsan Iqbal. The event also included a high-level panel that explored the role of Pakistan’s capital markets and private sector in mobilizing sustainable investment, moderated by Ms. Van Nguyen. The conversation focused on investment opportunities and private-sector financing, bringing together Mr. Umar Ahsan Khan, President of OICCI and CEO of Dawlance; Ms. Zehra Aneek, Director for Sustainability and Climate Change at EY MENA; Mr. Farid Alam, CEO of AKD Securities; and Mr. Amir Masood, Chief Investment Officer, InfraZamin. A panel discussion moderated by Ms. Naghma-e-Tehniat Jerral explored moving from development planning to investment. It featured insights from Mr. Najam Shah, Chairman, Planning & Development Board, Government of Sindh; Dr. Zeeshan Hanif, CEO, Punjab Public Private Partnership Authority; Mr. Faayaz Ali, Additional Secretary Finance, Balochistan; Mr. Iqbal Sarwar, Director for Business Facilitation and Administration; and Dr. Fareena Mazhar, Former Secretary, Board of Investment. The Fair was formally closed by Mr. Jam Khan Shoro, Minister of Planning and Development Department, Government of Sindh, who underscored the value of stronger collaboration between government and the private sector in ensuring development. “Sustainable investment is key to unlocking Sindh’s and Pakistan’s development potential, connecting our projects with the capital and partnerships needed to deliver results in health, WASH, and agriculture,” he added. Dr Samuel Rizk, Resident Representative, UNDP Pakistan, reflected on the importance of sustained engagement to take projects forward. “This Fair is a platform that demonstrates how well-designed investment opportunities can successfully attract financing and also ensure development impact.”

Fatima DAP Offtake Falls 54 Percent as Phosphate Demand Stays Weak
Pakistan

Fatima DAP Offtake Falls 54 Percent as Phosphate Demand Stays Weak

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Fatima Fertilizer’s DAP offtake fell 54 percent year-on-year in the third quarter of calendar 2026, slipping to 3,000 tons from 6,000 tons, National Fertilizer Development Centre data show. The drop sat inside a softer phosphate market. Industry DAP sales were 287,000 tons, down 15.6 percent from a year earlier, though they rose 48.1 percent from the June quarter. Urea Steady, Phosphate Soft Urea held up better. Industry sales rose 0.9 percent year-on-year and 26.9 percent quarter-on-quarter to 1.871 million tons. Over nine months, urea offtake increased 4 percent to 4.383 million tons. Fauji Fertilizer led, up 10 percent to 2.159 million tons. Fatima’s urea sales rose 8 percent to 769,000 tons, while Engro Fertilizers fell 4 percent to 1.230 million tons. September carried the yearly gain. Earlier months were hit by monsoon delays, transporter strikes and other logistics snags that pushed application later. Better farm economics then helped urea recover. DAP stayed weak on a cumulative basis. Nine-month offtake slipped 3 percent to 773,000 tons, off an already low base. High international prices kept farmers tilted toward cheaper nitrogen. Who Sold What Fauji’s DAP sales fell 19 percent to 206,000 tons. Engro moved the other way, up 168 percent to 37,000 tons, against Fatima’s 54 percent slide. Urea split the same way. Fauji sold 755,000 tons, down 9 percent. Engro rose 18 percent to 693,000 tons and Fatima gained 14 percent to 367,000 tons. Agritech’s urea offtake fell 49 percent to 57,000 tons. Earnings Still Point Up Engro is expected to earn about Rs9.28 billion, or Rs6.95 a share, up 60 percent, with a dividend near Rs6.60 a share. Sales are seen up 44 percent year-on-year, helped by September urea sales of 693,000 tons. Its urea share rose to 37 percent, from 17.5 percent in June, after shutdowns at Fatima, Fauji and Agritech. It withdrew its bag discount in April, after cutting it from Rs400 to Rs150 in January. Fauji is expected to earn about Rs20.55 billion, or Rs14.28 a share, up 6 percent, on a 31 percent blended margin, with a dividend near Rs10.75. Prilled and granular urea fell 8.9 and 11.9 percent, and Sona DAP dropped 24.2 percent. Phosphoric acid margins narrowed to $125 a ton from $238. Other income includes dividends from Askari Bank and Fauji Cement.

ISL Exits CECL Stake As Reko Diq Project Slows Amid Balochistan Security Situation
Pakistan

ISL Exits CECL Stake As Reko Diq Project Slows Amid Balochistan Security Situation

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International Steels Limited (ISL) has fully exited its investment in China Energy Copper Limited (CECL), selling its stake as progress on the Reko Diq project slowed amid heightened security concerns in Balochistan. ISL liquidated the investment at Rs72.24 per share after acquiring the position at Rs10 per share, allowing the company to book a substantial gain on the exit. According to Optimus Management Research, ISL management linked the decision to delays surrounding the project and the prevailing security situation in the province. Rather than maintain exposure amid prolonged uncertainty, the company opted to exit its investment. The divestment came as ISL’s core steel business delivered a significantly stronger performance during FY26. ISL Profit More Than Doubles on Higher Volumes ISL reported earnings per share (EPS) of Rs8.44 for FY26, compared with Rs3.58 in the previous year. The company’s board declared a final dividend of Rs5 per share, twice the Rs2.50 dividend paid in FY25. Net sales increased 50 per cent year-on-year to Rs93.3 billion, while profit after tax surged 136 per cent to Rs3.67 billion. The June quarter was particularly strong, contributing Rs2.91 in earnings per share and representing the strongest quarterly performance of the year. The company also announced a Rs3 interim dividend for the quarter. Policy Measures Support Domestic Steel Sales ISL’s sales volumes rose 62 per cent year-on-year to 435,000 tons during FY26. Management attributed much of the increase to policy measures affecting the domestic steel market, including a 10 per cent sales tax on steel from FATA and PATA and a 19.04 per cent anti-dumping duty on imported cold-rolled coils. These measures helped narrow the competitive gap between domestic steel and untaxed or imported material. Pakistan’s domestic flat-steel demand increased 25.6 per cent to 1.25 million tons during the year. Against this backdrop, ISL increased its market share by five percentage points to 28 per cent. ISL Exports Remain Resilient Despite US Tariff ISL exported around 90,000 tons of steel during FY26, with demand from the United States and Europe supporting overseas sales. The company maintained access to the US market despite a 50 per cent import tariff imposed under Section 232. According to management, the tariff also restricted the competitiveness of other foreign suppliers, reducing the number of alternatives available to US buyers. This allowed ISL to remain competitive against imported steel despite the higher tariff environment. Solar Power Helps Improve Margins ISL also benefited from lower energy costs during FY26 following the commissioning of its solar power project in FY25. Solar energy accounted for 11 per cent of the company’s energy mix and helped contain power costs during the year. As a result, gross margin improved to 11.5 per cent in FY26 from 8.6 per cent a year earlier. Operating margin also increased to 7.7 per cent from 5.3 per cent. The company’s effective tax rate declined to 33.8 per cent from 36.3 per cent. CECL Exit Leaves ISL With Lower Investment Exposure The sale of ISL’s CECL stake marks a significant change in the company’s investment exposure to the Reko Diq-linked project. The sharp difference between the Rs10 acquisition price and Rs72.24 exit price allowed ISL to realise a substantial gain. However, management’s decision to exit reflects the uncertainty created by project delays and the security situation in Balochistan. The move also leaves ISL more focused on its core steel operations at a time when domestic demand, policy support, exports and energy savings have strengthened its financial performance. Outlook Hinges on Policy and Security Conditions ISL closed FY26 with stronger sales volumes, improved margins and a cleaner balance sheet following the CECL divestment. However, the sustainability of the company’s recent performance will depend partly on how long supportive domestic policy measures remain in place and whether export markets continue to provide opportunities. Changes in security conditions in Balochistan, developments around the Reko Diq project, future trade barriers and international steel demand could influence the company’s investment and operating environment going forward.

Fatima Fertilizer Secures Top Position at UN GCNP Sustainability Awards 2026
Pakistan

Fatima Fertilizer Secures Top Position at UN GCNP Sustainability Awards 2026

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Company recognised for its people-centred sustainability journey and contribution to the Sustainable Development Goals LAHORE, October 6, 2026: Fatima Fertilizer Company Limited has secured 1st Position in the Human Rights category at the United Nations Global Compact Network Pakistan (GCNP) Sustainability Awards 2026. The recognition highlights the company’s focus on responsible business practices, inclusion and creating positive impact for its employees, farmers and the communities it serves. Fatima Fertilizer Recognised for Sustainability Efforts The award marks another milestone in Fatima Fertilizer’s sustainability journey, which was formally anchored in November 2024 when the company became the first private-sector organisation in Pakistan to formally adopt the UNDP SDG Impact Framework. Through the framework, Fatima Fertilizer has mapped its activities against 15 Sustainable Development Goals (SDGs) and 49 targets across eight priority impact areas. The approach provides a structured framework for aligning the company’s business activities with broader sustainable development objectives. Sustainability Approach Focuses on People and Communities Fatima Fertilizer’s sustainability strategy integrates responsible business practices with its role in supporting Pakistan’s agriculture sector and contributing to the well-being of the communities it serves. Its initiatives cover a range of areas, including farmer livelihoods and food security, employee well-being, women’s empowerment, education and skills development. The company’s sustainability efforts also extend to environmental stewardship, climate action, resource efficiency, digital inclusion and responsible agricultural practices. Company Links Sustainability With Agriculture As a fertiliser company supporting Pakistan’s agricultural economy, Fatima Fertilizer’s sustainability programme also focuses on farmers and responsible agricultural practices. The company’s initiatives seek to address issues affecting agricultural communities while supporting food security and farmer livelihoods. Its broader sustainability framework combines social and environmental priorities with its business role in the agriculture sector. Fatima Fertilizer Reaffirms Commitment to Sustainable Development Commenting on the recognition, Rabel Sadozai, Director Marketing and Sales, Fatima Fertilizer, said the award in the Human Rights category was a meaningful affirmation of the company’s people-centred approach to sustainability. “At Fatima Fertilizer, we remain committed to creating lasting value for our employees, farmers and communities while advancing responsible business practices and contributing to the Sustainable Development Goals,” Sadozai said. The recognition at the GCNP Sustainability Awards 2026 adds to Fatima Fertilizer’s stated efforts to embed sustainability across its operations and align its initiatives with the UN Sustainable Development Goals.

Mr. Muhammad Farooq Naseem, Chairman & CEO of DWP Group, Elected Chairman of PEMA
Pakistan

Mr. Muhammad Farooq Naseem, Chairman & CEO of DWP Group, Elected Chairman of PEMA

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Pakistan, October 6, 2026: Muhammad Farooq Naseem, Chairman and CEO of DWP Group, has been elected Chairman of the Pakistan Electronics Manufacturers Association (PEMA). The election took place during PEMA’s Annual General Meeting (AGM), following which the Association formally announced its new Executive Committee and Office Bearers with immediate effect. New PEMA Leadership Takes Charge Naseem will lead the association alongside Umar Ahsan Khan, CEO of Dawlance, who has been elected Senior Vice Chairman, and Muhammad Faisal Afzal, CEO of Super Asia, who will serve as Vice Chairman. The new leadership is expected to focus on strengthening Pakistan’s electronics manufacturing sector and addressing industry priorities as manufacturers seek to expand production capabilities and improve their competitiveness in domestic and international markets. PEMA Focuses on Electronics Manufacturing and Exports PEMA represents Pakistan’s manufacturing industry for home appliances and electronic products. The association’s current strategic priorities include export development, advocacy on government policy, market affairs and vendor development. These areas are aimed at supporting manufacturers in building stronger supply chains, developing local vendor capabilities and creating conditions that can help Pakistani electronics manufacturers compete in international markets. New Leadership Targets International Competitiveness Naseem and the incoming PEMA leadership reiterated their commitment to scaling up and modernising Pakistan’s electronics manufacturing industry. The leadership aims to strengthen the sector’s international competitiveness and manufacturing capabilities, with a particular focus on enabling greater export opportunities. The emphasis on export development comes as the domestic electronics and home-appliance industry seeks to move beyond local market demand and build stronger production and supply-chain capabilities for global markets. PEMA to Strengthen Industry Advocacy Under the new leadership, policy advocacy is expected to remain a key area of PEMA’s work. The association’s focus on government policy, market affairs and vendor development reflects the need for closer coordination between manufacturers and policymakers on issues affecting industrial growth, investment, production and exports. The new Executive Committee will also work to advance the broader interests of Pakistan’s home-appliance and electronics manufacturing industry.

Finance Minister Highlights Macroeconomic Stability, Investment Confidence at SDGs Investment Fair 2026
Pakistan

Finance Minister Highlights Macroeconomic Stability, Investment Confidence at SDGs Investment Fair 2026

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Karachi, 6 Oct 2026 – Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb addressed the importance of macroeconomic stability, investor confidence and public-private partnerships in mobilizing domestic and foreign investment for Pakistan’s sustainable development. Delivering an online keynote address as Chief Guest at the SDGs Investment Fair 2026, titled “Investing in Pakistan’s Sustainable Future,” organized by UNDP Pakistan in Karachi, the Finance Minister commended the event as a timely platform for dialogue on strengthening the country’s investment climate. “Macroeconomic stability is the basic hygiene factor for investment. Building confidence among domestic investors is essential to attracting foreign investment,” he said, emphasizing the need for both local and foreign investors to finance development projects. Senator Aurangzeb noted that Pakistan’s economy, which had been contracting three years ago, was now moving towards growth. While acknowledging inflation pressures arising from global conflicts, he stressed that maintaining macroeconomic stability remained a priority. He also said that the privatisation of Pakistan International Airlines, with the collective bid of $1.2 billion, demonstrated the capacity of domestic investors to collaborate and pursue large-scale opportunities. He also highlighted the growing activity at the Pakistan Stock Exchange, including five upcoming initial public offerings (IPOs), as evidence of expanding investment opportunities. On foreign investment, the Federal Minister highlighted interest from three Turkish companies in the privatisation of power distribution companies (DISCOs), urging investors to leverage platforms such as the SDGs Investment Fair to pitch develop bankable projects and attract international financing. Senator Muhammad Aurangzeb also highlighted Pakistan’s participation in the COP31 Climate Implementation Bridge (BRIDGE) initiative, developed in partnership with UNDP to connect climate goals with financing through investment-ready projects. He stressed the importance of capacity building and collaboration among federal and provincial governments and the private sector. In his concluding remarks, Senator Aurangzeb identified population growth and climate change as two major challenges requiring sustained national attention and expressed his confidence in Pakistan’s potential to address them. The two-day National SDGs Investment Fair brings together stakeholders from the financing and investment sectors to explore opportunities for sustainable development.

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