Listed company profits climb 25% as Pakistan firms beat last year

Listed company profits in Pakistan grew 25 percent over the first nine months of 2026, the best showing for that period in three years.

Khurram Schehzad, adviser to the finance minister, shared the figure on Thursday in a post on X.

What the government says about listed company profits

In Schehzad’s view, businesses performed better and fundamentals improved across major industries. He added that earnings grew 18 percent in the fiscal year to June and 23 percent in the July-September quarter.

Earnings outside banks jumped 37 percent in the latest quarter, he said, which shows momentum beyond the banking sector.

He listed sector gains. Profits of exploration and production companies rose 43 percent, while oil marketing companies saw earnings soar 144 percent.

Engineering firms posted 304 percent growth, cars 19 percent and cement 13 percent. Technology grew 31 percent, pharmaceuticals 14 percent and fertiliser 11 percent.

Schehzad also credited macroeconomic stability, easing financing pressure and reforms in fiscal, energy and business policy. He cited budget measures for 2026-27 that give businesses and exporters targeted tax relief.

A brokerage’s separate count of listed company profits

However, brokerage Arif Habib Limited reported a similar picture. It said oil, gas, refining, fertiliser and textiles drove the growth. Combined earnings of top listed companies rose 26 percent to Rs1.638 trillion in the nine months, it said.

Its study covered 85 companies, which hold about 96 percent of the KSE-100 index weight and nearly 80 percent of total market capitalisation. The figures differ slightly from the government’s because the samples differ.

Exploration and production led the gains. Profits jumped 64 percent to Rs420 billion. Higher global oil prices, better production after output cuts eased in March, and a reduced effective tax rate all contributed.

Refineries posted one of the sharpest rises, with earnings that rose almost 40 times to Rs56 billion on higher volumes and wider margins. Oil marketing companies earned Rs46 billion, up 62 percent, thanks to inventory gains and lower financing costs.

Other sectors in the brokerage report

Fertiliser earnings rose 23 percent to Rs151 billion, with Fauji Fertilizer and Engro Fertilizers contributing most. Textile composites gained 65 percent to Rs16 billion as sales rose, borrowing costs fell and exporters lost the super tax.

Meanwhile, cement makers earned Rs142 billion, up 17 percent, as dispatches rose 6 percent and prices 7 percent. Car assemblers grew 25 percent to Rs55 billion, helped by volumes and new models.

Commercial banks remained the largest single contributor to earnings, though their profits grew only 1 percent. Meanwhile, the brokerage said gains came from higher volumes, firmer margins and lower financing costs across most sectors.

What comes next

Schehzad said Pakistan’s corporate sector is moving beyond recovery. The next phase, he said, should turn better earnings into investment, factory expansion and jobs.

He added that lasting growth needs more private-sector participation. For now, the listed company profits show a broad rebound. Also, listed company profits in energy and engineering did the most to lift the total.