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Pakistan Railways Declares Three-Month Emergency Amid Rising Train Accidents
Pakistan

Pakistan Railways Declares Three-Month Emergency Amid Rising Train Accidents

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Pakistan Railways has declared a three-month emergency across the department to improve operational safety and restore public confidence in train travel following a series of accidents. The measures, introduced on the instructions of Railways Minister Hanif Abbasi, will remain in force until December 31. Under the new directives, field officers will not be allowed to take leave during the emergency period. They will also be required to visit operational sites every Sunday to supervise train movements personally rather than remain in their offices. Field Officers Face Stricter Monitoring Requirements The emergency introduces tighter supervision and reporting requirements for railway officials. Officers travelling between cities for official duties must use trains, allowing them to experience passenger conditions firsthand and strengthen monitoring of railway operations. Chief engineers from the civil and mechanical wings have been directed to submit daily reports to the ministry. The head of safety must also provide daily updates on operational risks and performance. Abbasi said the measures were intended to ensure the safest possible travel in line with the prime minister’s vision. The directives follow a rise in railway incidents that have resulted in fatalities, injuries and millions of rupees in damage to tracks and rolling stock. Pakistan Railways Records More Than 55 Accidents Pakistan Railways has recorded more than 55 accidents involving passenger and freight trains since January 1. Most incidents have occurred in the Sukkur, Karachi and Multan divisions, with recurring problems involving coal trains and ageing equipment. Notable incidents include the derailment of the Rawal Express near Kala Gujran, several coal-train mishaps near Khanpur and Khairpur, and a major accident involving the Rahman Baba Express in the Multan division. A shuttle train in Quetta was also damaged in an act of sabotage earlier this year. The repeated incidents have raised concerns among passengers about railway safety. Many travellers say they continue to rely on trains because alternative transport options are either limited or too expensive for regular journeys. Railways Minister Inspects Mughalpura Workshops On October 17, Abbasi visited the Steel and Carriage Shops in Mughalpura, where he inspected the electric arc furnace and the spectro laboratory used to test components manufactured at the facility. He instructed staff to maintain strict quality checks on all manufactured parts, highlighting the importance of component quality in railway operations. The inspection forms part of the broader effort to strengthen maintenance standards and improve the reliability of railway equipment. Can Tighter Supervision Improve Railway Safety? The three-month emergency places greater responsibility on field officers, engineers and safety officials to identify operational risks and report problems promptly. Daily reporting, mandatory site visits and closer monitoring are intended to improve accountability and help detect potential issues before they lead to accidents. However, sustained improvements will also depend on addressing ageing equipment, maintenance standards and infrastructure weaknesses. The effectiveness of the emergency measures will become clearer as Pakistan Railways implements the directives over the coming weeks.

KATI President Urges SBP to Bring Policy Rate Down to Single Digits
Pakistan

KATI President Urges SBP to Bring Policy Rate Down to Single Digits

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Korangi Association of Trade and Industry (KATI) President Sheikh Umer Rehan has urged the State Bank of Pakistan (SBP) to reduce the policy rate to single digits at the upcoming Monetary Policy Committee (MPC) meeting, arguing that lower borrowing costs are essential to encourage industrialisation, investment and economic growth. He said high interest rates were increasing financial pressure on manufacturers, raising production costs and discouraging businesses from undertaking new investment projects. Without affordable financing, industries would struggle to expand production capacity, establish manufacturing facilities, create jobs and increase exports. High Interest Rates Add to Industrial Production Costs Sheikh Umer Rehan said Pakistan’s industrial sector was already facing multiple cost pressures, including high electricity and gas tariffs, expensive raw materials and a substantial tax burden. Costly bank financing was adding to these challenges, increasing the overall cost of doing business and weakening the competitiveness of Pakistani products in domestic and international markets. He stressed that reducing borrowing costs would help industrialists manage working capital requirements, expand operations and make investment decisions with greater confidence. According to the KATI president, monetary policy should take into account the financial needs of manufacturers, prevailing business costs and investment trends to support productive economic activity. KATI Calls for Affordable Financing to Boost Investment Sheikh Umer Rehan said an appropriate reduction in the policy rate could encourage businesses to expand production facilities, adopt modern technologies and establish new manufacturing units. Lower financing costs could also support employment generation and help businesses improve productivity, strengthening the industrial sector’s contribution to economic growth. He emphasised that a more supportive monetary environment was particularly important for industries seeking to increase production and compete in export markets. SMEs Need Easier Access to Credit The KATI president also highlighted the importance of affordable financing for small and medium-sized enterprises (SMEs), which play a significant role in industrial development, employment generation and economic activity. He said high borrowing costs could restrict smaller businesses’ ability to invest, manage cash flow and expand their operations. Improved access to reasonably priced credit, he added, would help SMEs strengthen their businesses, create employment opportunities and contribute more effectively to the national economy. KATI Appeals to SBP Governor for Single-Digit Policy Rate Sheikh Umer Rehan appealed to SBP Governor Jameel Ahmad and members of the Monetary Policy Committee to develop a clear strategy for gradually bringing interest rates down to single digits while considering concerns raised by the business community. He said a reduction in the policy rate would help encourage industrialisation, restore investor confidence and create a more favourable environment for business expansion. KATI maintains that affordable financing, combined with measures to address energy costs, taxation and other structural challenges, is necessary to strengthen industrial competitiveness and put Pakistan’s economy on a sustainable growth path.

PIA Unveils New Cabin Crew Uniforms by HSY
Pakistan

PIA Unveils New Cabin Crew Uniforms by HSY

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Pakistan International Airlines (PIA) has unveiled a redesigned cabin crew uniform collection created by renowned Pakistani fashion designer Hassan Sheheryar Yasin, popularly known as HSY. Announced on October 22, 2026, the collection combines Pakistani cultural heritage with contemporary tailoring as the national flag carrier seeks to refresh its onboard experience under its consortium-led new management. The new uniforms are designed to reflect national pride, professional elegance and Pakistani hospitality while prioritising crew comfort and functionality during long-haul flights. HSY Blends Pakistani Heritage with Modern Design The collection marks a new chapter in PIA’s longstanding association with fashion and design. The uniforms feature soft, breathable fabrics, structured tailoring and silhouettes intended to support ergonomic movement and durability during extended flights. The design incorporates subtle elements of Pakistan’s cultural craftsmanship while maintaining the practical requirements of cabin crew attire. According to PIA, the collection aims to strengthen the airline’s visual identity while enhancing crew confidence and comfort. HSY said designing for Pakistan’s national carrier was an opportunity to express collective pride and the warmth of Pakistani hospitality. He added that the uniforms were developed to respect the country’s heritage while reflecting contemporary fashion and presenting Pakistan’s identity to international audiences. PIA’s Legacy of Fashion-Forward Uniforms PIA has a longstanding history of collaborating with prominent fashion designers. In 1966, French designer Pierre Cardin created the airline’s pioneering A-line tunic and hood, helping establish its reputation for distinctive aviation fashion. The tradition continued in the 1970s with Sir Hardy Amies, the royal couturier associated with Queen Elizabeth II, who brought refined tailoring to the airline’s uniforms. More recently, designer Nomi Ansari contributed uniform inspiration that remained part of PIA’s visual identity for 12 years. HSY now takes forward this legacy, bringing his experience in couture and international fashion to the airline’s latest uniform collection. Competitive Showcase Led to Final Collection The new designs emerged from a competitive showcase in Karachi, where 10 leading Pakistani fashion designers presented concepts before a jury comprising fashion icons and industry representatives. The collaborative process aimed to identify a design that balances national identity, modern aesthetics and the practical demands of aviation operations. The collection forms part of PIA’s broader effort to refresh its brand presentation and passenger experience as the airline moves into a new phase under its new management. New Uniforms to Debut on Boeing 787-9 Dreamliner Flight PIA has scheduled the collection’s official debut for October 31, 2026, aboard its inaugural Boeing 787-9 Dreamliner flight from London to Islamabad, according to the airline’s spokesperson. The launch will introduce the new uniform identity on an international route connecting Pakistan with the United Kingdom. The airline says the collection represents a renewed emphasis on comfort, sophistication and national pride. With HSY’s designs, PIA is drawing on its fashion heritage while presenting a contemporary image intended to reflect Pakistani craftsmanship and hospitality to passengers around the world.

Bank Alfalah Quarterly Profit Slips as Non-Interest Income Weakens
Pakistan

Bank Alfalah Quarterly Profit Slips as Non-Interest Income Weakens

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Bank Alfalah reported a 9% quarter-on-quarter decline in profit after tax to PKR 9.3 billion in the third quarter of calendar year 2026, as weakening non-interest income weighed on overall revenue. Earnings per share fell to PKR 2.94 from PKR 3.23 in the preceding quarter. Total revenue declined 12% sequentially to PKR 46.7 billion. Despite the softer earnings performance, the bank maintained its quarterly cash dividend at PKR 1.50 per share. Non-Interest Income Declines on Securities and Dividend Earnings Non-interest income fell 34% quarter-on-quarter, emerging as the main source of pressure on the bank’s financial performance. Gains on the sale of securities shifted from a substantial positive contribution in the June quarter to a small loss in the September quarter. Dividend income also declined 34% sequentially, further weighing on non-funded earnings. These declines offset improvements in other income streams. Fee income offered some support, increasing 25% from the previous quarter, while foreign exchange income rose 6%. Net interest income remained broadly stable, slipping just 1% quarter-on-quarter. However, the improvement in fee and foreign exchange income was insufficient to offset the decline in non-interest income, resulting in lower overall revenue. Operating Costs and Provisions Influence Quarterly Earnings Bank Alfalah’s operating expenses decreased 3% compared with the June quarter, providing limited relief amid weaker revenues. However, costs declined more slowly than income, pushing the cost-to-income ratio up to 63.2%. Provisions supported the bottom line during the quarter. The bank recorded a net reversal in the September quarter, compared with a provision charge in the preceding period, helping cushion the decline in profitability. Profit before tax fell 9% quarter-on-quarter, in line with the decline in profit after tax. The effective tax rate remained broadly stable at around 53%. Bank Alfalah Maintains Quarterly Dividend at PKR 1.50 The bank declared a cash dividend of PKR 1.50 per share for the third quarter, maintaining the same payout as in the previous quarter. The dividend represented a payout ratio of approximately 51%. Cumulative dividends for the first nine months of 2026 reached PKR 4.50 per share, exceeding the payout recorded during the corresponding period last year. Year-on-Year Profit Growth Remains Strong Despite the sequential decline, Bank Alfalah’s quarterly earnings remained significantly higher than a year earlier. Profit after tax increased 51% year-on-year in the third quarter of 2026. The results highlight a mixed performance, with strong year-on-year earnings growth and a stable dividend offset by sequential revenue pressure. The decline in securities gains and dividend income weighed on quarterly profitability, while fee income growth and a favourable movement in provisions provided partial support.

Pakistan Oilfields Profit Drops 34% Quarter On Quarter On Weaker Oil Prices
Pakistan

Pakistan Oilfields Profit Drops 34% Quarter On Quarter On Weaker Oil Prices

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Pakistan Oilfields Limited (POL) reported a 34% quarter-on-quarter decline in profit after tax to PKR 8.2 billion in the first quarter of FY27, as lower oil prices and the absence of a one-off super tax reversal weighed on earnings, according to Optimus Research. Earnings per share fell to PKR 28.86 from PKR 43.69 in the June quarter. The sequential decline came as realised oil prices dropped 13% quarter-on-quarter, while the previous quarter had benefited from a super tax reversal that did not recur. Lower Oil Prices Weigh on Quarterly Performance POL’s net sales declined 18% sequentially to PKR 16.5 billion during the quarter, reflecting the impact of weaker realised oil prices. Gross profit fell 26% to PKR 10.6 billion, highlighting the pressure on earnings despite continued production activity. Operating expenses increased 12% quarter-on-quarter to PKR 4.1 billion. According to Optimus Research, the increase reflected normalised amortisation charges and higher joint-operation costs associated with production, particularly in the Tal Block fields. The combination of lower revenue, reduced gross profit and higher operating expenses contributed to the company’s weaker sequential performance. Year-on-Year Earnings Growth Remains Strong Despite the quarterly decline, POL’s profit after tax increased 51% year-on-year in the first quarter of FY27. Sales grew 26%, supported by oil prices that were 26% higher than a year earlier and a 28% increase in gas production. The contrasting quarterly and annual results reflect changes in the pricing environment and the impact of one-off items in the preceding period. Exploration costs dropped 83% year-on-year to PKR 193 million. The company focused mainly on seismic surveys at the Turkwal Lease rather than more aggressive drilling activity. Other income rose 58% year-on-year to PKR 2.9 billion, supported by higher cash and investment balances. POL held excess liquidity of PKR 124.8 billion at the end of September, providing a substantial financial buffer. Tal Block Production Supports Output but Raises Costs Overall production, measured in million barrels of oil equivalent, increased 15% year-on-year, driven largely by fields in the Tal Block. Higher output supported revenue growth compared with the same period last year, although increased production activity also contributed to operating costs. The company’s production performance remains an important factor in its earnings outlook, particularly as oil prices fluctuate and operating expenses change with activity levels. Drilling Activity and Production Curtailments Remain Key Factors Looking ahead, easing production curtailments and ongoing drilling at Jhandial, Ikhlas and Gurgalot are expected to provide some support to earnings. However, POL’s significant dependence on the Adhi and Tal blocks, alongside relatively subdued exploration activity, continues to pose a risk to longer-term production growth. The company’s future performance will therefore depend partly on the success of ongoing drilling, the sustainability of production levels and movements in realised oil prices. While the 51% annual increase in first-quarter profit demonstrates stronger performance compared with FY26, the sequential decline highlights the sensitivity of POL’s earnings to commodity prices and non-recurring tax adjustments.

Daraz Pakistan Deepens Industry Partnerships Through Seller and Brand Summits Ahead of 11.11
Pakistan

Daraz Pakistan Deepens Industry Partnerships Through Seller and Brand Summits Ahead of 11.11

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[Karachi, October 20, 2026]: Daraz Pakistan, the country’s leading e-commerce marketplace, brought together its seller community and leading brand partners through two major industry gatherings, the Daraz Seller Summit in Karachi and the first-ever Daraz Brands Summit in Lahore. Together, the events welcomed more than 1,200 sellers, brand representatives and industry stakeholders, reinforcing the company’s focus on strengthening its marketplace ecosystem and building momentum ahead of its flagship 11.11 shopping festival. Marking the return of the Seller Summit after three years and the first-ever edition of the Brands Summit, the two events reflected Daraz’s renewed emphasis on deeper engagement with the businesses that power its marketplace. The gatherings provided an opportunity for Daraz’s leadership to outline the company’s strategic priorities, share insights into evolving consumer behaviour and explore how sellers and brands can unlock new opportunities for sustainable growth in Pakistan’s increasingly digital retail landscape. The summits also highlighted Daraz’s focus on strengthening the overall customer experience through four key priorities: Speed, Variety, Quality and Value. These pillars underpin the company’s efforts to make online shopping faster and more convenient, expand access to relevant products and brands, strengthen consumer trust and deliver greater everyday value. Daraz also outlined its continued investments in technology, fulfilment capabilities, seller tools and platform improvements to support these priorities and help businesses grow more effectively online. Speaking at the events, Ben Yi, Managing Director, Daraz Pakistan, said, “The future of e-commerce in Pakistan depends on creating an environment where businesses of all sizes can grow, reach more customers and unlock new opportunities. At Daraz, our role is to enable that growth by bringing together the right technology, infrastructure and capabilities to help our partners succeed. These summits reflect our commitment to listening more closely to sellers and brands, understanding their evolving needs and working together to build a stronger, more sustainable digital commerce ecosystem. By drawing on the technology, experience and capabilities of Alibaba International Digital Commerce Group, we see significant opportunities to support the next phase of e-commerce growth in Pakistan.” At the Seller Summit, discussions focused on helping businesses strengthen their online operations, improve product selection and service quality, and use platform tools and insights to drive sustainable growth. Daraz’s leadership also shared updates on initiatives aimed at improving operational efficiency, enhancing fulfilment and creating a more competitive marketplace environment. The event brought together more than 1,000 sellers, providing a platform for direct engagement, knowledge sharing and recognition of the seller community’s contributions to the company’s growth. Meanwhile, the inaugural Brands Summit marked an important step in Daraz’s efforts to deepen strategic partnerships with established and emerging brands. Bringing together representatives from 200 brands across categories including electronics, fashion, beauty, FMCG and lifestyle, the event highlighted the growing role of DarazMall as a trusted destination for authentic branded products and a key platform for brands to expand their digital presence in Pakistan. Discussions focused on opportunities beyond traditional marketplace participation, including product launches, customer acquisition, brand visibility, data-driven insights and long-term category development. With approximately 1,500 verified brand stores on DarazMall, the platform continues to connect brands with consumers nationwide, offering an integrated ecosystem to strengthen customer engagement, build trust and support sustainable online growth. A key focus across both summits was the upcoming 11.11 shopping festival, one of the most anticipated events on Pakistan’s online retail calendar. Daraz shared insights and preparations for the campaign, highlighting opportunities for sellers and brands to reach new customers, expand their visibility and participate in one of the largest annual shopping moments on the platform. The discussions also emphasized the importance of competitive offerings, reliable fulfilment, product authenticity and customer experience in driving sustained engagement beyond major sale events. As the company approaches 11.11, its focus remains on working closely with sellers and brands to strengthen consumer confidence, broaden product accessibility and create new opportunities for businesses to participate in Pakistan’s growing digital economy. About Daraz Group Founded in 2015, Daraz is the leading e-commerce platform in Pakistan, Bangladesh, Sri Lanka, Nepal, and Myanmar. It empowers sellers and consumers with cutting-edge marketplace technology, targeting a rapidly growing region of 500 million people. By building an integrated infrastructure covering e-commerce, logistics, payment and financial services, the company aims to deliver an immersive, personalized shopping experience and uplift South Asian communities through the power of commerce. For more information, please visit www.daraz.com or follow Darazon LinkedIn (www.linkedin.com/company/daraz/) for regular corporate updates. Media Contact ambar.ahmed@daraz.pk

PTA Intensifies Nationwide Monitoring and Measures to Improve Telecom Services
Pakistan

PTA Intensifies Nationwide Monitoring and Measures to Improve Telecom Services

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The Pakistan Telecommunication Authority (PTA) has intensified nationwide monitoring and oversight to improve telecom service quality, enhance network performance, and address consumer complaints. Between October 8 and 14, 2026, the authority carried out monitoring activities and service improvement measures through its 10 zonal offices. PTA Inspects Telecom Services Across Multiple Regions During the reporting period, PTA’s zonal offices, in coordination with relevant stakeholders, visited several areas across Thatta, Dera Ghazi Khan, Mandi Bahauddin, Quetta, Faisalabad, and Gilgit-Baltistan. The visits focused on assessing telecom service quality, identifying network-related issues, and addressing problems reported by consumers. The inspections form part of PTA’s ongoing efforts to improve connectivity and ensure reliable telecommunications services across the country. Telecom Operators Directed to Address Service Issues Following the monitoring activities, telecom operators were instructed to resolve identified issues within the stipulated timeframe. These included concerns related to mobile network coverage and the quality of voice calls and internet services. PTA’s intervention also resulted in the successful resolution of an issue involving the closure of a telecom site in Faisalabad, restoring progress toward addressing the affected service concern. PTA Continues Nationwide Service Improvement Efforts The authority said it would continue working with telecom operators, relevant organisations, and local administrations to strengthen network performance and improve the consumer experience. Through its nationwide oversight activities, PTA aims to ensure that telecom operators address service deficiencies and deliver more reliable, accessible, and quality telecommunications services to consumers throughout Pakistan.

Pakistan Oil and Gas Firms Set for Stronger Quarterly Earnings
Pakistan

Pakistan Oil and Gas Firms Set for Stronger Quarterly Earnings

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Pakistan’s listed exploration and production (E&P) companies are expected to report strong year-on-year earnings growth in the first quarter of fiscal year 2027, supported by higher crude oil prices and improved production volumes. However, profits are projected to decline significantly compared with the previous quarter as oil prices soften and a one-off tax benefit falls out of the comparison. Combined earnings for listed E&P companies are estimated at approximately PKR 105 billion, representing a 32% increase from the same period last year. The growth is primarily attributed to a 26% rise in average crude oil prices and improved oil and gas output from key fields. National hydrocarbon production averaged 69,302 barrels of oil per day and nearly 3,000 million cubic feet of gas per day during the quarter. Listed companies recorded double-digit year-on-year increases in both oil and gas production, supported by additional flows from newer and existing fields. Higher Exploration Costs Put Pressure on Earnings Exploration spending across the sector is expected to rise 65% year-on-year to PKR 11.6 billion during the first quarter of FY2027. The increase reflects expenditure on one dry well, alongside expanded seismic surveys and exploration work across several blocks. While such investment is necessary to identify and develop future hydrocarbon reserves, it can weigh on near-term profitability. Operating expenses have also increased for most companies, partially offsetting the benefits of higher production and stronger oil prices. On a quarter-on-quarter basis, combined sector earnings are projected to fall by approximately 50%. The decline is attributed to softer oil prices and the absence of a substantial super tax reversal that boosted results in the preceding quarter. The contrasting annual and quarterly comparisons suggest that the sector’s earnings growth remains supported by stronger underlying operating conditions, although one-off factors and commodity price movements continue to influence reported profits. OGDC, Mari Energies and Other Producers in Focus Company-level earnings projections indicate growth across several major listed producers, with dividend expectations varying by company. Oil and Gas Development Company (OGDC) is projected to report earnings per share (EPS) of PKR 12.51, up 40% year-on-year. The company may also announce a dividend of PKR 5 per share. Mari Energies is expected to report EPS of PKR 14.67 during the quarter, while Pakistan Petroleum Limited (PPL) is projected to post EPS of PKR 9.29. Pakistan Oilfields Limited (POL) is expected to report EPS of PKR 28.89. Dividend expectations across the sector differ, depending on individual companies’ payout practices and financial performance. These estimates provide an indication of expected quarterly performance, although actual results may vary depending on realised prices, production levels, operating costs and other financial factors. Production Growth Supports the Sector Improved oil and gas production remains a key driver of the sector’s expected earnings growth. Double-digit annual increases in output indicate that additional flows from producing fields are helping listed companies benefit from stronger hydrocarbon prices. Sustaining this momentum will depend on field performance, the development of new reserves and the availability of infrastructure to bring production to market. Reduced gas curtailments could further support output and cash generation in the coming quarters. Continued exploration activity, particularly in frontier areas, may also help strengthen the sector’s longer-term production outlook. However, exploration carries financial and operational risks, and increased spending does not necessarily translate into immediate commercial discoveries or higher output. Sector Outlook Remains Constructive The outlook for Pakistan’s listed E&P companies remains constructive, supported by improving production, ongoing exploration and potentially better liquidity conditions. Nevertheless, fluctuating global oil prices remain a significant variable for earnings. Higher exploration expenditure and operating costs could also limit the benefits of increased production, particularly if commodity prices weaken. Investors will be watching quarterly results for evidence that companies can sustain output growth, manage exploration budgets and maintain cash flows amid changing market conditions. While the projected PKR 105 billion in combined earnings points to a strong year-on-year performance in the first quarter of FY2027, the expected sequential decline highlights the importance of distinguishing recurring operating gains from temporary tax-related benefits.

National Bank of Pakistan Signs MoU with PowerChina| Integrity Energy Storage (Shanghai) Technology Co. Ltd. China to Explore Financing and Green Banking Opportunities
Pakistan

National Bank of Pakistan Signs MoU with PowerChina| Integrity Energy Storage (Shanghai) Technology Co. Ltd. China to Explore Financing and Green Banking Opportunities

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National Bank of Pakistan (NBP) has signed a Memorandum of Understanding (MoU) with China-based PowerChina|Integrity Energy Storage (Shanghai) Technology Co. Ltd. (I²-ESS) to explore financing opportunities, expand business collaboration and develop potential green banking initiatives. The agreement was signed at NBP’s Head Office in Karachi on October 12, 2026, establishing a framework for cooperation in small and medium-sized enterprise (SME), commercial and corporate financing, lead generation, cross-selling of banking products and services, and potential green financing projects. NBP and PowerChina|I²-ESS Explore Financing Opportunities The MoU aims to connect prospective borrowers, particularly businesses operating in renewable energy, energy storage and related sectors, with NBP’s banking and financing solutions. Under the arrangement, both organisations will explore commercially viable opportunities that can support business growth and contribute to the development of sustainable energy-related industries. The collaboration also envisages positioning NBP as a preferred banking partner for financing opportunities referred by PowerChina|I²-ESS. This framework is intended to facilitate connections between businesses seeking financing and the bank’s range of financial services. Collaboration to Expand Banking Services and Customer Outreach The agreement also provides a basis for cross-selling NBP’s banking products and services to prospective customers introduced through the collaboration. Through these efforts, NBP aims to strengthen customer relationships and expand its business outreach across relevant commercial and corporate segments. Both parties will also examine potential projects in green financing and other commercially viable areas that align with NBP’s strategic priorities and business objectives. The MoU establishes a framework for exploring these opportunities rather than confirming specific financing commitments or project approvals. Senior Officials Attend MoU Signing Ceremony The signing ceremony was attended by senior representatives from both organisations. NBP was represented by President Imran Sarwar, Group Chief IDG Naushaba Shahzad, Group Chief CIBG Usman Shahid and RE-ID Faisalabad Hamad Rasool. PowerChina|I²-ESS was represented by Global Chairman Si Min Zhou and Chairman South Asia Chengyang Yao. The agreement reflects a shared interest in developing mutually beneficial business opportunities and exploring financing solutions for enterprises operating in emerging and sustainability-oriented sectors. Focus on Green Financing and Sustainable Energy The collaboration comes as renewable energy and energy storage remain important areas for businesses seeking sustainable energy solutions and investment opportunities. By exploring financing arrangements for enterprises in these sectors, NBP and PowerChina|I²-ESS aim to identify projects with commercial potential while supporting the development of energy-related industries. The MoU marks a step towards closer institutional cooperation between the two organisations. Future opportunities will depend on the identification of suitable projects, commercial viability and alignment with the parties’ respective business objectives.

Engro Powergen Qadirpur Profit Seen Falling 43%
Pakistan

Engro Powergen Qadirpur Profit Seen Falling 43%

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Engro Powergen Qadirpur Limited (EPQL) is expected to report a 43% year-on-year decline in profit for the third quarter of calendar year 2026, as higher fuel costs weigh on margins despite a substantial increase in electricity generation. The company’s profit after tax is projected at Rs225 million for the July-September quarter, compared with Rs391 million in the same period last year, according to an analyst report dated October 15, 2026. The earnings pressure is primarily linked to EPQL’s growing reliance on relatively expensive gas supplied by Pakistan Energy Limited (PEL). Higher fuel expenses are expected to offset revenue growth and reduce the company’s profitability. Higher Fuel Costs Expected to Squeeze Margins EPQL’s gross profit is projected to decline 35% year-on-year to Rs304 million in the third quarter as the cost of fuel rises. Revenue, meanwhile, is expected to increase 31% to Rs4.45 billion from Rs3.39 billion a year earlier. However, the cost of sales is forecast to rise by 42%, outpacing revenue growth and putting pressure on gross margins. The projected results highlight the challenge facing the power producer: higher electricity generation can increase revenue, but earnings may remain under pressure when additional output depends on more expensive fuel. Electricity Generation Expected to Increase Despite the anticipated decline in profitability, EPQL’s electricity dispatch is estimated to rise 27% year-on-year to 265 gigawatt-hours (GWh) during the third quarter, compared with 208 GWh in the corresponding period last year. Generation is also projected to increase 44% quarter-on-quarter. Improved gas availability and increased demand from industrial consumers shifting from captive power generation to the national grid are expected to support higher output. However, the improvement in dispatch may not translate into stronger earnings unless the company can control its fuel costs and improve the economics of electricity generation. Declining Qadirpur Gas Reserves Increase Fuel Challenges Declining reserves at the Qadirpur gas field have prompted EPQL to secure between 8 million and 13 million standard cubic feet per day (MMscfd) of low-BTU gas from PEL’s Badar field. While the additional supply supports plant operations, its higher cost has weakened the plant’s position in the electricity merit order. EPQL has moved to 18th place in the latest merit order list, compared with ninth place when it operated on permeate gas. A lower ranking could limit its dispatch opportunities relative to more competitive power plants. The change illustrates how fuel availability and pricing can influence both plant utilisation and financial performance in Pakistan’s power sector. EPQL Explores Alternative Gas Supply Sources To reduce its dependence on relatively expensive fuel, the company is exploring additional gas supplies from Kandhkot through the PPL corridor, along with further volumes from the Badar and Salam fields. Securing more competitive gas could improve the plant’s operating position and support stronger dispatch levels. The availability, pricing and delivery of these alternative supplies will be important factors in determining whether EPQL can reduce its cost pressures and improve earnings in subsequent quarters. Higher Load Factor Could Support Future Earnings If the company secures sufficient gas at competitive prices and increases its load factor to between 80% and 85%, earnings and cash flows could improve. A higher load factor would allow the plant to operate at greater utilisation, provided fuel economics and dispatch conditions support sustained generation. For now, EPQL’s near-term outlook remains closely tied to its ability to secure affordable gas supplies. Although electricity generation is expected to increase, elevated fuel costs and a weaker merit order position remain key constraints on profitability.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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