Arif Habib Limited (AHL) reported earnings per share of PKR 14.99 for FY25, compared to PKR 9.37 in FY24. Furthermore, in 1QFY26, the company reported earnings per share of PKR 3.77, compared to earnings per share of PKR 2.09 in the same period last year (SPLY).
The company currently serves approximately 36,000 domestic and international clients, highlighting its growing presence across brokerage, advisory, and investment banking. The company expects 7 to 8 IPOs during FY26, with two imminent listings Pak Qatar Takaful and a REIT scheduled for December.
The company provided M&A advisory and MTO transaction services for UBL Currency Exchange and Shell Pakistan Limited, the first transaction of its kind in Pakistan’s exchange company segment. It also acted as financial advisor for Shell Pakistan’s Wafi transaction, a deal that successfully attracted foreign direct investment (FDI) into the country. Brokerage revenue rose by 60% YoY to PKR 993 million, with market share remaining strong around 8%. Retail investors contributed between 22–24% of total brokerage income, while active accounts increased from 30,671 on June 30, 2025, to 33,777 currently, driven by consistent monthly account openings.
AHL maintains a commanding 30% market share in Roshan Digital Accounts (RDA), serving 4,213 out of 14,090 total accounts nationwide, and remains the largest broker for Meezan Bank RDA clients. The company’s regional performance was robust, led by Islamabad (up 145%), followed by Multan (up 75%), Peshawar (up 59%), and Lahore (up 48%), where further growth is expected with continued hiring and regional expansion efforts. Investment gains surged to PKR 1.1 billion from PKR 355 million, mainly from arbitrage and fixed-income portfolios.
Administrative expenses increased primarily due to higher variable commissions paid to agents and traders. The EPS impact from the upcoming IPO pipeline remains unquantified, given ongoing transaction discussions. Management noted that competitors have reduced pricing, while AHL continues to maintain similar rates. They emphasized that the success of upcoming IPOs will depend on reasonable valuation expectations from issuers.
Important Disclosures
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