The auto parts and accessories segment at the Pakistan Stock Exchange (PSX) represents a dynamic intersection of manufacturing strength, technological progress, and investor interest. These companies supply critical components that keep Pakistan’s automotive industry moving. Their performance often serves as a barometer for the broader auto sector, reflecting demand patterns and localisation initiatives.

In recent years, the industry has faced shifting economic conditions, fluctuations in automobile production, and evolving regulatory frameworks.

This article highlights top eight auto parts and accessories firms listed on the PSX, evaluating them based on market capitalisation.

1. Thal Limited (THALL) ($157 million)

Thal Limited (PSX: THALL) was incorporated in Pakistan as a public limited company in 1966. The principal activity of the company is the manufacturing of jute goods, engineering goods, laminate sheets and paper sacks.

As of June 30, 2025, THALL has a total of 81.030 million shares outstanding which are held by 4451 shareholders. Individuals have the majority stake of 40.33% in the company followed by foreign investors holding 39.93% shares of the company.

Banks, Development Finance Institutions (DFIs), Non-Bank Financial Institutions (NBFIs), insurance, pension funds and other financial institutions collectively hold 6.21% shares of THALL while mutual funds account for 4.89% shares of the company.

In September 2025, THALL announced plans to establish a wholly owned subsidiary in Pakistan to set up a modern grain storage and milling facility in Muzaffargarh, Punjab, with an investment of up to $16 million (Rs5.22 billion).

The company shared then that alongside storage infrastructure, the new company would also integrate milling solutions to process and mill grains, with improved quality and value.

After posting year-on-year decline for two successive year, THALL’s topline (gross revenue) picked up by 11.53% to clock in at Rs29.61 billion in 2025. This was due to 50% rebound in the sale of engineering segment as its major customer - automobile industry- posted growth in volumes due to lower discount rate, stability of Pakistan rupee and launch of new models throughout the year.

The market capitalisation of Thal Limited at the PSX currently stands at $157 million.

2.Treet Battery Limited (TBL) ($46 million)

Treet Battery Limited (PSX: TBL) was listed on the PSX in December 2023. The listing followed the successful de-merger and bifurcation of the Battery Division from First Treet Manufacturing Modaraba (FTMM), a listed entity on the exchange.

It is a division of the well-known Treet Corporation, entered Pakistan’s battery manufacturing industry with a focus on high-quality lead-acid batteries. Leveraging its parent company’s established reputation in various industries, Treet Battery aims to expand its presence in the automotive and energy storage sectors.

The company primarily manufactures batteries for automobiles, including cars, motorcycles, and trucks, as well as batteries for backup power systems and renewable energy storage.

In September this year, TBL entered into an agreement with Highstar Digital Energy Technology (Guangdong) Co., Ltd, a Chinese technology company, for the import and sale of lithium-ion batteries in Pakistan.

Terming the agreement a “strategic step”, Treet Battery said then the agreement paved the way for the company to enter into the fast-growing lithium-ion battery segment, supplementing its existing operations in lead-acid batteries.

The market capitalisation of Treet Battery Limited at the PSX currently stands at $46 million.

3.Panther Tyres Limited (PTL) ($31 million)

Panther Tyres Limited (PSX: PTL) was incorporated in Pakistan as a private limited company in 1983 and was converted into public limited company in 2003. The principal activity of the company is the manufacturing and sale of tyres and tubes for vehicles.

In January 2021, PTL raised Rs2.632 billion through book-building which saw a broad based participation from institutional and high net worth investors. The book-building was over-subscribed by 4.4 times with price closing at the Rs65.80 per share; an increase of 40% from the floor price of Rs47.0 per share. The total demand received was Rs8.215 billion against total issue size of Rs1.880 billion; oversubscribed by Rs6.335 million. Arif Habib Limited is the Lead Manager and Book Runner for this IPO.

In August 2025, PTL said it had commissioned a 2.5 megawatts (MW) solar power system at its manufacturing facility, marking a significant step toward renewable energy adoption. The company said the commissioning would strengthen its energy mix by meeting a considerable portion of its power requirements through clean and renewable sources.

The market capitalisation of Panther Tyres Limited at the PSX currently stands at $31 million.

4.Atlas Battery Limited (ATBA) ($29 million)

Atlas Battery Limited (PSX: ATBA) was incorporated in Pakistan as a public limited company in 1966. The company manufactures and sells automotive, motorcycle batteries energy storage batteries, and allied products.

Shirazi Investments (Private) Limited is the holding company of ATBA holding 58.86% of its shares. The company has signed a technical collaboration with Japan Storage Battery Co. Limited for the production and sale of Japanese batteries in Pakistan. ATBA also boasts itself to be the first battery manufacturer to launch branded distilled water and hybrid batteries.

In November 2024, Atlas Battery was among the six Pakistani exhibitors that presented innovations in the auto industry at the Automechanika Dubai. Other were Osaka Batteries, Panther Tyres, Loads limited, Mecas, and Servis Industries.

The market capitalisation of Atlas Battery Limited at the PSX currently stands at $29 million.

5.Agriauto Industries Limited (AGIL) ($18 million)

Agriauto Industries Limited (PSX: AGIL) was incorporated in Pakistan as a public limited company in 1981. The principal activity of the company is the manufacturing and sale of components for motorcycles, agricultural tractors and automotive vehicles.

As of June 30, 2025, AGIL has a total of 36 million shares outstanding which are held by 3,668 diverse shareholders. Foreign investors represent the largest shareholding category of AGIL holding around 42.24% shares followed by local individuals accounting for 35% shares of the company.

The market capitalisation of Agriauto Industries Limited at the PSX currently stands at $18 million.

6.Exide Pakistan Limited (EXIDE) ($18 million)

Exide Pakistan Limited (PSX: EXIDE) was incorporated in Pakistan as a private limited company in association with Chloride Group PLC of United Kingdom and was later converted into a public limited company.

The principal activity of the company is the manufacturing and sale of batteries, chemicals and acid as well as solar energy solutions. EXIDE acquired Furukawa Battery in 1991 which further strengthened its position in the industry.

As on March 31, 2025, EXIDE has a total of 7.769 million shares outstanding which are held by 2825 shareholders. Directors, CEO & children have the majority stake of 75.54% in EXIDE followed by mutual funds holding 10.27% shares of the company. Local general public accounts for 7.38% shares of EXIDE while foreign companies hold 1.48% shares.

The market capitalisation of Exide Pakistan Limited at the PSX currently stands at $18 million.

7.Loads Limited (LOADS) ($17 million)

Loads Limited (PSX: LOADS) was incorporated in Pakistan as a private limited company in 1979 and was later converted into a public limited company in 1994. The company manufactures and sells radiators, exhaust systems, sheet metal components, and other parts for the automobile industry.

As of June 30, 2024, LOADS has a total of 251.250 million shares outstanding which are held by 8182 shareholders. Directors, their spouses, minor children, and sponsors have the majority stake of around 41.47% in the company followed by the local general public holding 35.67% shares. Associated companies, undertakings, and related parties account for 12.5% of the outstanding shares of LOADS. The remaining shares are held by other categories of shareholders.

LOADS thrived in the 1QFY25 as evidenced by 44.47% year-on-year growth in its topline during the quarter. The rebound in the automobile sector resulted in improved demand from original equipment manufacturers.

In October this year, Loads Limited’s board approved plans to raise up to Rs1.5 billion through a potential right issue of ordinary shares to meet working capital and expansion needs.

The market capitalisation of Loads Limited at the PSX currently stands at $17 million.

8.Ghandhara Tyre & Rubber Company Limited (GTYR) ($16 million)

Ghandhara Tyre & Rubber Company limited (PSX: GTYR) was incorporated in Pakistan as a private limited company in 1963 and was subsequently converted into public limited company. The principal activity of the company is the manufacturing and trading of tyres and tubes for automobiles and motorcycles.

As of June 30, 2025, GTYR has a total of 121.933 million shares outstanding which are held by 5466 shareholders. Associated companies, undertakings and related parties which include Bibojee Services (Private) Limited and Pakistan Kuwait Investment Company (Private) Limited, collectively hold 57.79% shares of the company. These are followed by local general public having 26.13% stake in the company.

In December 2024, GTYR announced its collaboration with Shandong Huasheng Rubber Co., Ltd. (SHRC), a prominent Chinese technology service provider, to explore the establishment of a joint venture in Pakistan.

The market capitalisation of Ghandhara Tyre at the PSX currently stands at $16 million.

Market capitalisation for each company was calculated on Wednesday, November 19, 2025.

For the purpose of this calculation, the exchange rate was used at Rs282 to 1 US dollar.

The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).

The chemical industry plays an important role in Pakistan’s industrial landscape, serving as a backbone for various sectors including agriculture, textiles, pharmaceuticals, construction, and consumer goods.

At the heart of this dynamic sector are the publicly listed chemical companies at the Pakistan Stock Exchange (PSX), which not only contribute to the country’s gross domestic product (GDP) but also drive innovation, exports, and employment.

The chemical sector at the PSX holds a market capitalisation of $1.33 billion, representing approximately 2.02% of the total market capitalisation of $65 billion.

The sector’s contribution to the index performance from July 2023 to date has remained relatively modest at around 0.48%.

In terms of financial performance, the chemical sector listed on the KSE-100 Index reported a profitability of $40 million for the period ending June 2025, as per data provided by Arif Habib Limited.

This article highlights the top 10 chemical companies on the PSX, evaluating them based on market capitalisation.

Lucky Core Industries Limited (LCI) ($532 million)

Lucky Core Industries Limited (PSX: LCI) was incorporated in Pakistan as a public limited company as Khewra Soda Ash Company in 1953. In 1966, after a year of acquisition of Fuller Paints Limited, the company changed its name to ICI Pakistan Manufacturers Limited. Later Imperial Chemicals (Private) Limited was also merged into the company. In 2012, Lucky Holdings Limited acquired the majority shareholding of the company from AkzoNobel and became the holding company of LCI. The company changed its name from ICI Pakistan Limited to Lucky Core Industries Limited in December 2022.

The company undertook other major acquisitions of Cirin Pharmaceuticals Limited, Wyeth Pakistan Limited, and Pfizer Pakistan Limited in the subsequent years.

It is engaged in five diverse businesses i.e. soda ash, polyester, chemicals & agri sciences, pharmaceuticals, and animal health.

On a consolidated basis, the profit after tax (PAT) of the company for the year ended June 30, 2025 stood at Rs11.75 billion and earning per share (EPS) attributable to the owners of the holding company was reported at Rs25.46.

In May this year, LCI informed the PSX that its Board of Directors (BoD) had proposed the sub-division of equity shares subject to shareholder approval.

“It is hereby informed that in order to improve investor accessibility and participation, the BoD of Lucky Core Industries Limited has approved a sub-division of the face value of the shares of the company, subject to the approval of the members,” read the notice then.

In 2024, Lucky Core completed the acquisition of a manufacturing facility owned by Pfizer Pakistan Limited in Karachi alongside certain assets.

The market capitalisation of Lucky Core Industries at the PSX currently stands at $532 million.

Lotte Chemical Pakistan Limited (PSX: LOTCHEM) ($141 million)

Lotte Chemical Pakistan Limited (PSX: LOTCHEM) is a manufacturer and supplier of Purified Terephthalic Acid (PTA). The company was incorporated in Pakistan in 1998. LOTCHEM is the core supplier of the domestic Polyester and PTA industries besides exporting to Asia and the Middle East region. Its parent company LOTTE is Korea’s one of the largest conglomerates with over 20 businesses in 30 countries across the globe.

In July this year, PTA Global Holding Limited, along with Liberty Daharki Power Limited and Daewoo Pakistan Express Bus Service Limited, announced a public offer to acquire up to 189.17 million ordinary shares, representing 12.49% stake, of Lotte Chemical Pakistan Limited.

In February, the Board of Directors of Lotte Chemical Corporation (LCC Korea), the majority shareholder of Lotte Chemical Pakistan, entered into a Share Purchase Agreement to sell the entire stake in the Pakistani subsidiary to AsiaPak Investments Limited and Montage Oil DMCC.

The market capitalisation of Lotte Chemical at the PSX currently stands at $141 million.

Engro Polymer & Chemicals Limited (PSX: EPCL) ($104 million)

Engro Polymer and Chemicals Limited (PSX: EPCL) was incorporated in Pakistan in 1997 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The company is a subsidiary of Engro Corporation Limited, which is a subsidiary of Dawood Hercules Corporation Limited.

EPCL’s principal activity is to manufacture, market and sell Poly Vinyl Chloride (PVC), Vinyl Chloride Monomer (VCM), Caustic soda and other related chemicals. The company is also engaged in the supply of surplus power generated from its power plants to Engro Fertilizers Limited.

As of December 31, 2024, EPCL has 908.92 million shares outstanding which are held by 34,310 shareholders. Associated companies, undertakings, and associated companies are the major shareholders of EPCL holding around 77.35% shares. Within this category, Engro Corporation Limited takes the lead, followed by Mitsubishi Corporation. Local general public accounts for 15.51% of the company’s shares followed by Insurance companies holding 4.9% shares. The remaining shares are held by other categories of shareholders.

The market capitalisation of Engro Polymer at the PSX currently stands at $104 million.

Nimir Industrial Chemicals Limited (PSX: NICL) ($74 million)

Nimir Industrial Chemicals Limited (PSX: NICL) was incorporated in Pakistan in 1994 as Ravi Alkalis Limited and was listed at the PSX in 1996. The company changed its name in 1998 after its ownership was taken over by a Saudi Group.

In 2004, the ownership was sold to an American Group; Knightsbridge which was later bought back by the company in 2011 under management buyout scheme. The principal activity of the company is the manufacturing and sale of chemical products including wide range of oleo chemicals, aerosols, and chlor alkali as well as personal and home care products.

Last year, NICL completed its acquisition of the soap manufacturing facility from Procter & Gamble Pakistan (Pvt.) Limited.

The market capitalisation of Nimir Industrial Chemicals at the PSX currently stands at $74 million.

Pakistan Oxygen Limited (PSX: PAKOXY) ($74 million)

Pakistan Oxygen Limited (PSX: PAKOXY) was incorporated in Pakistan as a private limited company in 1949 and was converted into a public limited company in 1958. The principal activity of the company is the manufacturing of industrial and medical gases and welding electrodes besides marketing of medical equipment.

In April this year, the company announced the signing of a 15-year long-term Hydrogen supply agreement with Archroma Pakistan Limited, a global leader in specialty chemicals.

To facilitate the supply arrangement, PAKOXY would invest approximately Rs1.3 billion in developing a state-of-the-art Hydrogen production facility at Port Qasim, it was informed then.

In September 2023, the company announced to raise Rs749.8 million through a rights issue of 13.86 million shares at a price of Rs54 per share.

Pakistan Oxygen said then that the funds would be utilised to meet the increased working capital requirements of the company and maintenance of plant and machinery in order to enhance the profitability of the company and, consequently, returns to the shareholders.

The market capitalisation of PAKOXY at the PSX currently stands at $74 million.

Sitara Chemical Industries Limited (PSX: SITC) ($72 million)

Sitara Chemical Industries Limited (PSX: SITC) was incorporated in Pakistan on September 08, 1981 as a public limited company under the Companies Act, 1913 (now the Companies Act, 2017). The principal activities of the company are operating Chlor Alkali plant, Oleo chehmical plant, and yarn spinning unit.

As of June 30, 2024, SITC has a total of 21.429 million shares outstanding which were held by diverse shareholders. Directors, CEO, their spouses, and minor children have the majority stake of around 65.2% in the company followed by banks, DFIs, and NBFIs accounting for 10.27% shares of SITC.

The local general public holds 9.66% shares of the company while associated companies, undertakings, and related parties hold 3.56% shares. Around 3.5% of SITC’s shares are held by mutual funds and 3.04% by joint stock companies. Insurance companies account for 1.47% of shares of SITC. The remaining ownership is distributed among other categories of shareholders.

In August this year, the company announced the appointment of Ahmad Hassan as its chairman for a term of three years.

The market capitalisation of SITC at the PSX currently stands at $72 million.

Ghani Chemical Industries Limited (PSX: GCIL) ($68 million)

Ghani Chemical Industries Limited (PSX: GCIL) was incorporated in Pakistan as a private limited company in 2015 and was converted into a public limited company in 2017. The principal activity of the company is the manufacturing, trading & sale of medical and industrial gases and chemicals.

As of June 30, 2024, GCIL has a total of 500.188 million shares. Associated companies have the majority stake of 74.34% in the company followed by individuals holding 19.31% shares. Joint stock companies account for 3.89% shares of GCIL. The remaining shares are held by other categories of shareholders.

In July this year, the company announced it had formally commenced the commissioning after the setup of the import substitute calcium carbide (and its related products) project under the supervision of Chinese and European experts.

The development had come after the Lahore High Court (LHC) sanctioned a demerger/merger scheme for the transfer of the whole of the business and undertaking of the “calcium carbide project” of Ghani Chemical to its wholly-owned subsidiary, Ghani ChemWorld Limited (GCWL).

The market capitalisation of GCIL at the PSX currently stands at $68 million.

Archroma Pakistan Limited (PSX: ARPL) ($57 million)

Archroma Pakistan Limited (PSX: ARPL) is a limited liability company which was previously known as Sandoz (1963-1995) and Clariant (1996–2013). The principal activity of the company is the manufacturing, import and sale of chemicals, dyestuffs, coating, adhesives and sealants. It is also engaged in the indent business for textile, paper, adhesives, sealants, coating and construction industries.

ARPL is a subsidiary of Archroma Textiles Gmbh having its headquarters in Reinach, Switzerland.

Earlier this year, Archroma Pakistan was among the four Pakistani stocks added in the Small Cap Index of the Morgan Stanley Capital International (MSCI).

The market capitalisation of ARPL at the PSX currently stands at $57 million.

Ittehad Chemicals Limited (PSX: ICL) ($39 million)

Ittehad Chemicals Limited (PSX: ICL) was incorporated in Pakistan in September 1991 to purchase the assets of Ittehad Chemicals and Ittehad Pesticides under a scheme of arrangement. The company was privatised in 1995. The company manufactures and sells caustic soda and other chemicals e.g. liquid chlorine, hydrochloric acid, calcium chloride etc.

As of June 30, 2024, ICL has 100 million shares outstanding which are held by 1090 shareholders. The local general public has a majority stake of 65.82% in the company followed by Directors, CEO, their spouses, and minor children holding 21.4% shares. Joint stock companies account for 11.02% of ICL’s shares while Modarabas & Mutual funds hold 1.05% of shares. The remaining shares are held by other categories of shareholders.

The market capitalisation of ICL at the PSX currently stands at $39 million.

Ghani Global Glass Limited (PSX: GGGL) ($34 million)

Ghani Global Glass Limited (PSX: GGGL) was incorporated in Pakistan as a private limited company in 2007. Initially, the company was known as Ghani Tableware (Private) Limited. The principal activity of the company is the manufacturing and sale of glassware, glass tubes, vials, ampoules, and chemicals.

As of June 30, 2024, GGGL has a total of 240 million shares outstanding which are held by 6,227 shareholders. Ghani Global Holdings Limited, the parent company of GGGL holds 50.098% of its shares followed by individuals holding 47.098% shares of GGGL. Joint stock companies account for 1.978% of shares of the company. The remaining shares are held by other categories of shareholders.

The market capitalisation of GGGL at the PSX currently stands at $34 million.

Market capitalisation for each company was calculated on Monday, September 22, 2025.

For the purpose of this calculation, the exchange rate was used at Rs282 to 1 US dollar.

The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).

Pakistan’s fertiliser sector is a cornerstone of the country’s agricultural productivity and food security. With rising population pressure and the need to boost crop yields, the role of fertiliser manufacturers has become increasingly critical.

Fertiliser companies are central to Pakistan’s agriculture-driven economy, and their presence on the Pakistan Stock Exchange (PSX) reflects their national importance.

As of the latest data, the fertiliser sector holds a market capitalisation of $4.6 billion, which accounts for approximately 7.1% of the total market capitalisation of $64.8 billion. Despite this relatively modest share, the fertiliser sector has made a significant impact on the stock market index, contributing around 14% to the index performance from October 2023 to date. This indicates the sector’s outsized influence on market movements relative to its market capitalisation.

In 2024, profitability of the fertiliser sector’s at the PSX stood at $489 million, as per Arif Habib Limited data.

This article profiles the top three fertiliser companies listed at the PSX, based on their market capitalisation as of September 15, 2025.

• Fauji Fertilizer Company Limited (FFC) ($2,302 million)

Fauji Fertilizer Company Limited is a public company incorporated in Pakistan under the Companies Act, 1913, (now the Companies Act, 2017). The principal activity of the Company is manufacturing, purchasing and marketing of fertilisers and chemicals, including investment in other fertiliser, chemical, cement, energy generation, food processing and banking operations.

As of December 31, 2024, FFC has a total of 1,423.109 million shares outstanding which are held by 29,400 shareholders. Associated companies, undertakings and related parties (Committee of Admin Fauji Foundation) have the majority stake of 43.51 percent in FFC followed by local general public holding 25.06 percent shares.

In July, Fauji Fertilizer announced its financial results for the period ended June 30, 2025, declaring net profitably of Rs38.5 billion as compared to Rs26 billion translating into an earnings per share (EPS) of Rs27.

FFC attained aggregate urea production of 1,419 thousand tonnes and registered aggregate sales revenue of Rs155 billion in the said period. Other income of company also increased due to higher dividend distribution by associated companies.

The company declared its second interim dividend of Rs12 per share, with a total distribution of Rs19 per share for the period.

The market capitalisation of FFC at the PSX currently stands at $2,302 million.

• Engro Fertilizers Limited (EFERT) ($1,028 million)

Engro Fertilizers Limited is a public company incorporated in Pakistan on June 29, 2009 as a wholly owned subsidiary of Engro Corporation Limited, which is a subsidiary of Dawood Hercules Corporation Limited. The company is engaged in the manufacturing, purchasing and marketing of fertilisers, seeds and pesticides and providing logistics services.

Engro Fertilizers posted a profit after tax (PAT) of Rs2.90 billion for the quarter ended March 31, 2025, a massive decrease of 63% as compared to Rs7.76 billion recorded in the same period last year, showed the company’s consolidated financial results posted at the PSX.

The company declared a cash dividend of Rs2.25/share for 1QCY25. The EPS stood at Rs2.17 for the said quarter, against Rs5.81 in the same period last year.

The market capitalisation of EFERT at the PSX currently stands at $1,028 million.

• Fatima Fertilizer Company Limited (FATIMA) ($915 million)

Fatima Fertilizer Company Limited (PSX: FATIMA) was incorporated in Pakistan in 2003 as a result of joint venture between Fatima Group and Arif Habib Group. The company has three production plants situated at Multan, Sheikhupura and Sadiqabad.

The company is engaged in the manufacturing, buying, selling, importing and exporting of chemicals and fertilisers.

As of December 31, 2024, FATIMA has a total of 2100 million shares outstanding which are held by 11,652 shareholders. Associated companies, undertakings and related parties have the majority stake of 43.68% in the company followed by directors, CEO, their spouse and minor children holding around 31% of the company’s shares.

In July this year, Fatima Fertilizer announced decision to acquire 100% ownership of Fatima Petroleum Company Limited.

The acquisition would be done at face value, meaning FFCL would pay the original nominal value of the shares, not a market-driven or premium price, the fertiliser maker said in a notice to the Pakistan Stock Exchange (PSX) then.

The market capitalisation of FATIMA at the PSX currently stands at $915 million.

Market capitalisation for each company was calculated on Monday, September 15, 2025.

For the purpose of this calculation, the exchange rate was used at Rs282 to 1 US dollar.

The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).

Among various financial institutions operating in Pakistan, commercial banks hold a dominant position due to their vast customer base, nationwide branch networks, and significant involvement in both retail and corporate banking services.

At the Pakistan Stock Exchange (PSX), commercial banks represent a major portion of market capitalisation and trading volume, reflecting their importance to investors and the overall economy.

The total market capitalisation currently stands at $64.76 billion, with the banking sector accounting for $15.12 billion—representing about 23% of the overall market.

The listed banks played a key role in the KSE-100 Index’s historic rally from 50,000 to 150,000 points. Since June 2023 to date, the banking sector has contributed approximately 35% to the index’s overall gains.

The KSE-100 banking sector recorded its highest-ever profit after tax (PAT) at $1.15 billion in the first half of 2025, a 19% year-on-year (YoY) increase, according to an Arif Habib Limited report.

These banks are not only instrumental in facilitating financial intermediation but also act as key drivers of liquidity and investor confidence in the equity market.

This article profiles the top 10 commercial banks listed at the PSX, based on their market capitalisation as of September 8, 2025.

• United Bank Limited (UBL) ($3,352 million)

United Bank Limited is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. The Bank is a subsidiary of Bestway International Holdings Limited which is a wholly owned subsidiary of Bestway Group Limited.

UBL enjoys its position as the second most valuable listed company on the PSX.

According to Muhammad Sohail, CEO of Topline Securities, UBL’s market capitalisation experienced an astounding six-fold surge in just two years, leaping from under $0.5 billion to $3 billion.

The bank posted consolidated Rs36.11 billion profit after tax during the quarter ending March 31, 2025, up massive 124% from the PAT of Rs16.14 billion in the same period of 2024.

The market capitalisation of UBL at the PSX currently stands at $3,352 million.

• Meezan Bank Limited (MEBL) ($2,516 million)

Meezan Bank Limited (MEBL) was incorporated in Pakistan on January 27, 1997, as a public limited company under the Companies Act, 2017 (previously Companies Ordinance, 1984). The Bank was granted a ‘Scheduled Islamic Commercial Bank’ license on January 31, 2002 and formally commenced operations as a Scheduled Islamic Commercial Bank with effect from March 20, 2002. Currently, the bank is engaged in corporate, commercial, consumer, investment and retail banking activities.

Meezan Bank posted consolidated profit after tax of Rs22.42 billion for the quarter that ended March 31, 2025, down by 12% from Rs25.08 billion in the same period of the preceding year. According to its notice sent to the PSX then, earnings per share (EPS) clocked in at Rs12.32 for the period as compared to Rs13.93 in 1QCY24. The Board of Directors of the bank also announced a cash dividend for the period ended March 31 at Rs7 per share i.e. 70%.

The market capitalisation of Meezan Bank at the PSX currently stands at $2,516 million.

• MCB Bank Limited (MCB) ($1,501 million)

MCB Bank Limited is one of the pioneers of the banking sector of Pakistan. The bank was incorporated in the private sector in 1947, however, in 1974, it was nationalised. The bank was later privatised in 1991. MCB is the first Pakistani bank that got its global deposit receipts (GDRs) listed on London Stock Exchange in 2006. It is also the first Pakistan bank to incorporate a wholly owned Islamic subsidiary.

MCB Bank reported a profit after tax of Rs63.47 billion in 2024, a decrease of nearly 3% against Rs65.27 billion recorded in 2023. In its consolidated statement released to the PSX, the bank’s EPS clocked in at Rs53.35 per share during the year as compared to earnings of Rs54.94 per share in 2023.

In 2024, the bank saw its fee and commission income rise to Rs24.78 billion, a yearly growth of over 10%.

The market capitalisation of MCB Bank at the PSX currently stands at $1,501 million.

• Habib Bank Limited (HBL) ($1,360 million)

Habib Bank Limited (HBL) is incorporated in Pakistan and is engaged in commercial banking related services in Pakistan and overseas. The Aga Khan Fund for Economic Development (AKFED), S.A. is the parent company of the Bank and its registered office is in Geneva, Switzerland.

HBL declared a consolidated profit before tax of Rs75.3 billion for the half year ended June 30, 2025, 30% higher than in the same period last year.

The profit after tax increased 19% to Rs34.4 billion despite a 4% higher tax rate further burdening banks. EPS for H1’25 improved from Rs20.18 in H1’24 to Rs23.44. Along with the results, the bank declared an interim cash dividend for the second quarter ended June 30, 2025, at Rs4.50 per share i.e., 45%. This is in addition to the interim cash dividend already paid at Rs4.50 per share i.e., 45%.

The market capitalisation of HBL at the PSX currently stands at $1,360 million.

• National Bank of Pakistan (NBP) ($1,296 million)

National Bank of Pakistan was incorporated in Pakistan under the National Bank of Pakistan Ordinance, 1949. The bank is engaged in providing commercial banking and related services in Pakistan and overseas. The bank also handles treasury transactions for the Government of Pakistan as an agent to the State Bank of Pakistan.

In June this year, NBP announced that it had surpassed Rs100 billion in total outstanding loans secured against gold, serving both the agriculture and consumer segments.

Later in August, the bank reported a pre-tax profit of Rs56.7 billion, which had come despite recognising an extraordinary cost of Rs68.0 billion in compliance with the judgment of the Honourable Supreme Court of Pakistan regarding pension litigation, it added.

The market capitalisation of NBP at the PSX currently stands at $1,296 million.

• Standard Chartered Bank Pakistan (SCBPL) ($1,022 million)

Standard Chartered Bank (Pakistan) Limited was incorporated in Pakistan on 19 July 2006 and was granted approval for commencement of banking business by State Bank of Pakistan, with effect from 30 December 2006. The ultimate holding company of the bank is Standard Chartered Plc., incorporated in England. The bank is engaged in the banking business as defined in the Banking Companies Ordinance, 1962.

SCBPL posted a profit before tax of Rs32.9 billion in first half of 2025, lower than Rs49.3 billion in the same period last year.

The bank recorded total revenue of Rs44.4 billion in H12025, down 24% from H12024, primarily due to a reduction in interest rates. The decline was partially offset by higher non-funded income and a lower cost of funds.

The market capitalisation of SCBPL at the PSX currently stands at $1,022 million.

• Bank AL Habib Limited (BAHL) ($758 million)

Bank AL Habib Limited is a banking company incorporated in Pakistan on 15 October 1991 as a public limited company under repealed Companies Ordinance, 1984. It is a scheduled bank principally engaged in the business of commercial banking.

Earlier this year, BAHL officially closed its representative office in Kenya, following formal approvals from the central banks of both Pakistan and Kenya.

For the first quarter ended March 31, 2025, BAHL reported a net interest income of Rs33.71 billion, as compared to Rs37.21 billion a year ago. Basic earnings per share from continuing operations clocked in at Rs9.65 compared to Rs9.22 a year ago.

The market capitalisation of BAHL at the PSX currently stands at $758 million.

• Allied Bank Limited (ABL) ($707 million)

Allied Bank Limited, incorporated in Pakistan, is a scheduled bank, engaged in commercial banking and related services. Ibrahim Holdings (Private) Limited is the parent company of the bank and it’s registered office is in Pakistan. The bank is the holding company of ABL Asset Management Company Limited.

ABL posted a profit after tax of Rs44.4 billion ($159.4 million) in 2024, a growth of over 7% more than earnings recorded in the preceding year.

As per ABL’s consolidated financial results, the bank’s earnings per share clocked in at Rs38.77 in 2024, as opposed to Rs36.07 in 2023.

The market capitalisation of ABL at the PSX currently stands at $707 million.

• Bank Alfalah Limited (BAFL) ($591 million)

Bank Alfalah Limited is a banking company incorporated in Pakistan on June 21, 1992 as a public limited company. It commenced its banking operations on November 1, 1992. The Bank is engaged in banking services as described in the Banking Companies Ordinance, 1962.

Bank Alfalah saw its consolidated profit jump to Rs39.9 billion in 2024, over 10% higher than its earnings in the same period of the previous year.

The increase in profit after tax was attributed to much higher non-markup income amid the jump in commission income and massive gains on securities.

The bank reported earnings per share of Rs25.27 in 2024 compared to Rs23.15 in the same period last year.

The market capitalisation of Bank Alfalah at the PSX currently stands at $591 million.

• Habib Metropolitan Bank Limited (HBM) ($454 million)

Habib Metropolitan Bank Limited was incorporated in Pakistan on 3 August 1992, as a public limited company, under the Companies Ordinance, 1984 (now Companies Act, 2017) and is engaged in commercial banking and related services. The bank is a subsidiary of Habib Bank AG Zurich - Switzerland (the Holding Company with 51% shares in the Bank) which is incorporated in Switzerland.

Through its network of over 500 branches, HMB offers a suite of conventional banking services. The bank also offers Islamic banking services through its dedicated Islamic banking branches and Islamic windows. HMB has its presence in ten countries across four continents.

The market capitalisation of Habib Metropolitan Bank at the PSX currently stands at $454 million.

Market capitalisation for each company was calculated on Monday, September 8, 2025.

For the purpose of this calculation, the exchange rate was used at Rs282 to 1 US dollar.

The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).

The cement sector plays an important role in Pakistan’s economic development, serving as a backbone for infrastructure, housing, and industrial projects across the country. As one of the most vital sectors within the manufacturing landscape, it has not only contributed significantly to gross domestic product (GDP) but also supported thousands of jobs.

With a strong presence at the Pakistan Stock Exchange (PSX), cement companies have long been considered a key segment for investors.

This story takes a closer look at the top 10 cement companies listed at the PSX, ranked based on market capitalisation as of August 4, 2025.

• Lucky Cement Limited (LUCK) ($1,900 million)

Lucky Cement Limited [PSX: LUCK] is the flagship company of Yunus Brothers Group. Incorporated in 1993, Lucky cement is one of the biggest producers and chief exporters of cement in Pakistan.

In May 2025, the company announced that it had successfully fired the kiln for its new clinker production line at Najmat Al-Samawah (NAS), a joint venture company located in Samawah, Iraq. The milestone was seen a major step forward in the company’s expansion plans.

In February, Lucky Cement informed the exchange that its Board of Directors (BoD) had proposed the sub-division of equity shares subject to shareholder approval.

Last year, the company completed and commissioned the 28.8 megawatts (MW) captive wind power project at its Karachi plant.

The market capitalisation of Lucky Cement at the PSX stands at $1,900 million.

• Bestway Cement Limited (BWCL) ($1,100 million)

Bestway Cement Limited (PSX: BWCL) is a public limited company incorporated in Pakistan in 1993. The company is principally engaged in production and sale of cement. Bestway Cement is a subsidiary of Bestway International Holdings Limited (BIHL), which holds 56.43% shares in the company.

Bestway International Holdings Limited is a wholly owned subsidiary of Bestway Group Limited (BGL), the ultimate parent company. Both BIHL and BGL have been incorporated in Guernsey.

In 2023, BWCL announced completion of the construction and installation of a brownfield line at its Hattar Plant.

The market capitalisation of Bestway Cement at the PSX stands at $1,100 million.

• Fauji Cement Company Limited (FCCL) ($400 million)

Fauji Cement Company Limited (PSX: FCCL) was incorporated in Pakistan as a public company in 1992 and commenced its operations in 1993. The company is engaged in the manufacturing and sale of different kinds of cement.

Earlier this year, Morgan Stanley Capital International (MSCI) added seven Pakistani companies, including Fauji Cement Company, to its Frontier Market (FM) and Small Cap Indexes in its latest semi-annual index review, boosting the country’s global equity market visibility.

The market capitalisation of Fauji Cement at the PSX stands at $400 million.

• Maple Leaf Cement Company (MLCF) ($314 million)

Maple Leaf Cement Company (PSX: MLCF) was incorporated in Pakistan as a public limited company in 1960. The company is engaged in the manufacturing and sale of cement. Besides catering to local market, the company also exports cement to Afghanistan, Middle East and other African countries. Kohinoor Textile Mills Limited is the holding company of MLCF.

As of June 30, 2024, MLCF has a total of 1047.563 million shares outstanding which are held by 13,778 shareholders. Kohinoor Textile has the major stake of 57.90% in the company followed by local general public holding 19.32% shares of MLCF.

In March 2024, Maple Leaf acquired 6 million voting shares of Agritech Limited (AGL). As per JS Global, a brokerage house, the total investment of 44.7 million shares held by both MLCF and MLCL at the current AGL price equalised to Rs1.15 billion ($4.1 million).

The market capitalisation of Maple Leaf Cement Company at the PSX stands at $314 million.

• Kohat Cement Company Limited (KOHC) ($292 million)

Kohat Cement Company Limited (PSX: KOHC) was established by the State Cement Corporation of Pakistan in 1984. In 1992, the government privatised the company. The company was listed on the stock exchanges of Pakistan in 1984. The principal activity of Kohat Cement is the manufacturing and sale of cement [grey and white clinker]. ANS Capital [Private] Limited is the holding company of KOHC.

Last month, Kohat Cement announced the formation of a wholly-owned subsidiary, Ultra Properties (Private) Limited, marking its entry into the real estate sector. The new entity will be tasked with “carrying out the real estate business, including marketing and development of all types of immovable properties for sale or rental purposes”. The formation is subject to requisite regulatory approvals and compliance with applicable laws and regulations.

In November 2024, Kohat Cement installed and commissioned a 5.34 MW on-grid solar power plant.

The market capitalisation of Kohat Cement at the PSX stands at $292 million.

• D.G. Khan Cement Company Limited (DGKC) ($279 million)

Established in 1978, D.G. Khan Cement Company Limited (PSX: DGKC) is a publicly listed company in Pakistan. The company is involved in the production and sales of clinker, ordinary Portland cement and sulfate-resistant cement. It supplies to markets across the country through a dealership network of over 2200 dealers. DGKC also exports to neighboring markets such as Bangladesh, Afghanistan and overseas to Central Africa.

In July 2024, DG Khan Cement announced to establish a wholly-owned subsidiary in the United States.

In January 2023, it was announced that DG Khan Cement would export 600,000 tons of low-alkali cement to the US per year.

The market capitalisation of DGKC at the PSX stands at $279 million.

• Cherat Cement Company Limited (CHCC) ($207 million)

Cherat Cement Company Limited (PSX: CHCC) was incorporated in Pakistan as a public limited company in 1981. The company is engaged in the manufacturing, marketing and sale of cement.

In April 2025, the company announced an expansion in its renewable portfolio with the commissioning of a 6.065MW solar power plant at its facility in Khyber Pakhtunkhwa.

Later in June, Cherat Cement along Shirazi Investments announced their intention to jointly acquire a majority stake of 84.06% in Attock Cement Pakistan Limited.

The market capitalisation of Cherat Cement at the PSX stands at $207 million.

• Pioneer Cement Limited (PIOC) ($180 million)

Pioneer Cement Limited (PSX: PIOC) was set up as a public limited company in 1986. With its plants located in Punjab, the company has three production lines where it manufactures and sells cement. It began its production operation with a capacity of 2000 tons per day. The company also made investments in a 12MW Waste Heat Recovery Power Plant and 24MW Coal Power Plant.

The market capitalisation of Pioneer Cement at the PSX stands at $180 million.

• Attock Cement Pakistan Limited (ACPL) ($138 million)

Attock Cement Pakistan Limited (PSX: ACPL) was incorporated in Pakistan as a public limited company in 1981. The company is engaged in the manufacturing and sale of cement. It is the subsidiary of Pharaon Investment Group Limited Holding S.A.L, Lebanon.

In June this year, Cherat Cement along Shirazi Investments announced their intention to jointly acquire a majority stake of 84.06% in Attock Cement.

The market capitalisation of Attock Cement at the PSX stands at $138 million.

• Flying Cement Company Limited (FLYING) ($120 million)

Flying Cement Company Limited (PSX: FLYNG) was incorporated in Pakistan as a public limited company in 1992. The company is engaged in the manufacturing, marketing, and sale of cement.

The market capitalisation of Flying Cement at the PSX stands at $120 million.

Market capitalisation for each company was calculated on Monday, August 4, 2025.

For the purpose of this calculation, the exchange rate was used at Rs283 to 1 US dollar.

The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).

The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) on Wednesday decided to keep the policy rate unchanged at 11%.

Here is a look at how the key interest rate has moved from 19.5% in July 2024 to the current level of 11% in July 2025.

The automobile industry in Pakistan plays an important role in helping shape the country’s industrial and economic landscape. As one of the most dynamic sectors listed on the Pakistan Stock Exchange (PSX), automobile assemblers not only reflect consumer demand and industrial trends but also serve as a barometer for investor confidence in the broader manufacturing sector.

Car sales in Pakistan jumped by 43% in the fiscal year 2024-25, according to the Pakistan Automotive Manufacturers Association (PAMA) data, an increase that analysts attributed to stable macroeconomic environment, introduction of more variants, lower interest rates, and improving consumer sentiment.

In FY25, car sales (including jeeps and pick-ups) stood at 148,023 units, against 103,829 units reported in FY24.

This story takes a closer look at the top five automobile assemblers currently listed on the PSX, ranked based on market capitalisation as of July 28, 2025.

Indus Motor Company Limited (INDU) ($587mn)

Indus Motor Company Limited (PSX: INDU) was incorporated in Pakistan in 1989 as a joint venture between some companies of House of Habib, Toyota Motor Corporation (TMC) and Toyota Tsusho Corporation of Japan. The company is engaged in the assembling, progressive manufacturing and marketing of Toyota and Daihatsu brand vehicles in Pakistan. INDU also acts as the sole distributor of these brands.

Last year, INDU announced an additional investment of Rs1.1 billion to enhance what it called localisation of production.

The company said the investment was part of its overall plan to increase localisation of parts and components of vehicles manufactured locally, in order to reduce outflow of foreign exchange and promote the local auto industry, generating employment and contributing to the economy.

In the first nine months of the financial year 2024-25, Indus Motor posted a profit-after-tax (PAT) of Rs16.55 billion, significantly up by 75% as compared to the same period last year.

The market capitalisation of Indus Motor at the PSX stands at $587 million.

• Atlas Honda Limited (ATLH) ($540 million)

Atlas Honda Limited (PSX: ATLH) was incorporated as a public limited company on October 16, 1962 under the Companies Act, 1913 (now the Companies Act, 2017). The company is principally engaged in progressive manufacturing and marketing of motorcycles and spare parts.

In June this year, Atlas Honda announced launching an electric scooter tailored for Pakistani consumers. The announcement had come after Pakistan government officially launched the National Electric Vehicle (NEV) Policy 2025-30, with a target to increase share of EVs in auto sales to 30% by 2030.

Atlas Honda increased the prices of its bikes by Rs2,000 to Rs6,000 per unit, effective July 1, 2025, mainly due to the imposition of a new tax in the federal budget for FY25-26, according to industry sources.

The market capitalisation of Atlas Honda at the PSX stands at $540 million.

• Millat Tractors Limited (MTL) ($399 million)

Millat Tractors Limited (PSX: MTL) is a public limited company incorporated in Pakistan in 1964. MTL is engaged in the manufacturing and sale of internationally acclaimed tractors, diesel-generating sets and prime movers, diesel engines, and forklift trucks.MTL is also involved in the sale, implementation, and support of Industrial and Financial System (IFS) applications locally and abroad. As of June 30, 2024, the company has an annual capacity of 30,000 tractors per annum on a double-shift basis.

In November last year, the Competition Commission of Pakistan (CCP) granted approval for the merger of Millat Equipment Limited (MEL) with Millat Tractors Limited (MTL) under a Scheme of Arrangement sanctioned by the Lahore High Court.

The market capitalisation of Millat Tractors at the PSX stands at $399 million.

• Sazgar Engineering Works Limited (PSX:SAZEW)($279 million)

Sazgar Engineering Works Limited (PSX: SAZEW) was incorporated in Pakistan as a private limited company in 1991 and was converted into a public limited company in 1994. The principal activity of the company is the manufacturing and sale of automobiles, automotive parts and accessories and household electronic appliances.

As of June 30, 2024, SAZEW has a total of 60.446 million shares outstanding which are held by 5009 shareholders. Directors, CEO, their spouse and minor children have the majority shareholding of around 66.68% shares of the company followed by local general public having 16.87% shares of the company.

SAZEW rolled out its first four-wheeler in August 2022 in Pakistan under a joint venture with Great Wall Motor (GWM) of China.

In November last year, Sazgar a Pakistani announced plans to purchase land valued at approximately Rs1.54 billion “to meet future business requirements”.

The company sold 1,349 units of its 4-wheelers in June 2025, a number that a local research house said was the company’s second highest in a month.

In a step towards hybrid adoption, Sazgar officially begun pre-bookings for its first locally assembled plug-in hybrid electric vehicle (PHEV) — the HAVAL H6 Hi4 1.5L AT AWD Turbo — with the initial rollout of its CKD model expected in August 2025.

The market capitalisation of Sazgar at the PSX stands at $279 million.

• Honda Atlas Cars (Pakistan) Limited(PSX: HCAR) ($150 million)

Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) was incorporated in Pakistan as a public limited company in 1992 and commenced its commercial operations in 1994. HCAR is formed as a result of a joint venture between Honda Motor Co., Ltd., Japan and Atlas Group of Companies, Pakistan. The company is engaged in the assembly and progressive manufacturing and sale of Honda vehicles and spare parts.

In April this year, the company revealed that it was planning to introduce Hybrid Electric Vehicle (HEV) models in Pakistan.

The market capitalisation of Honda Atlas at the PSX stands at $150 million.

Market capitalisation for each company was calculated on Monday, July 28, 2025.

For the purpose of this calculation, the exchange rate was used at Rs284 to 1 US dollar.

The above article was contributed by Rehan Ayub, News Editor at Business Recorder (Digital), with assistance from Hussain Afzal (Graphics) and Junaid Sanawar (Data).

Pakistan’s pharmaceutical sector stands as one of the steadily growing industries within the country’s economy. With rising demand for healthcare services, an expanding population, and increased focus on domestic production of medicines, the industry continues to attract investor interest. Over the past decade, pharmaceutical companies listed on the Pakistan Stock Exchange (PSX) have shown notable performance, with several firms expanding their manufacturing capacities to meet local and export demand.

Pakistan’s pharmaceutical exports growth hit a two-decade high of 34% in the fiscal year ended June 30, 2025, securing the fifth position among the fastest-growing export categories in the country with sales of the locally produced medicines rising to $457 million in overseas markets in FY25.

This story takes a closer look at the top 10 pharma companies currently listed on the PSX, ranked based on market capitalisation as of July 24, 2025.

• GlaxoSmithKline Pakistan Limited (GLAXO) ($438 million)

GlaxoSmithKline (PSX: GLAXO) was established as a limited liability company. It was set up through a merger of three companies: SmithKline and French of Pakistan Limited, Beecham Pakistan (Private) Limited and Glaxo Wellcome (Pakistan) Limited. It has two business divisions; one refers to prescription drugs and vaccines, while the consumer healthcare division entails OTC medicines, oral care and nutritional care.

As at December 31, 2021, over 82% shares are owned by the associated companies, undertakings and related parties. This category solely includes S.R.One International B.V.

The local general public holds 6% shares, followed by over 3% in each of the following: banks, Development Finance Institutions (DFIs), Non-banking Financial Institutions (NBFIs), and insurance companies. The directors, CEO, their spouses and minor children hold a negligible share while the remaining roughly 5% shares are with the rest of the shareholder categories.

The market capitalisation of GLAXO at the PSX stands at $438 million.

• Abbott Laboratories (Pakistan) Limited (ABOT) ($371 million)

Abbott Laboratories Pakistan Limited (PSX: ABOT) is a multinational healthcare company engaged in providing efficient and life-changing medical technologies and services across the globe. Abbott was set up as a public listed company in Pakistan in 1948. The company manufactures, imports and markets pharmaceutical, diagnostic, nutritional, diabetic care hospital and consumer products.

The market capitalisation of ABOT at the PSX stands at $371 million.

• Haleon Pakistan Limited (HALEON) ($330 million)

Haleon Pakistan Limited was incorporated in Pakistan as a public limited company in 2015. The principal activity of the company is the manufacturing, marketing, and sales of consumer healthcare and over-the-counter health products. The company is a subsidiary of “Haleon Netherlands B.V.’ while Haleon plc is the ultimate parent company.

Haleon recently revealed a plan to ramp up its investment in Pakistan with an initial outlay of $12 million, aimed at expanding its production capacity. The company said it would scale up the manufacturing of Panadol to meet the country’s rising demand more efficiently and ensure consistent supply of this essential medicine.

Earlier this year, Haleon named Qawi Naseer as the next Chief Executive Officer (CEO) of the company, after it was announced that the previous CEO and Executive Director of the Board Farhan Muhammad Haroon was being transferred to Haleon South Africa as General Manager.

The market capitalisation of HALEON at the PSX stands at $330 million.

• Highnoon Laboratories Limited (PSX: HINOON) ($202 million)

Highnoon Laboratories Limited (PSX: HINOON) was incorporated in Pakistan as a private limited company in 1984 and was converted into a public limited company in 1995. The principal activity of the company is the manufacturing, import, sale and marketing of pharmaceutical and allied consumer products.

Earlier this month, Highnoon announced the appointment of Tariq Wajid (Independent Director) as new chairman of the company. Wajid assumed the role from July 01, 2025.

The market capitalisation of HINOON at the PSX stands at $202 million.

• AGP Limited (PSX: AGP) ($189 million)

AGP Limited (PSX: AGP) was incorporated in Pakistan as a public limited company in 2014. The company is engaged in the import, export, marketing, distribution, dealership and manufacturing of a wide array of pharmaceutical products. Aitkenstuart Pakistan (Private) Limited is the ultimate parent company of AGP.

The market capitalisation of AGP at the PSX stands at $189 million.

• The Searle Company Limited (PSX: SEARL) ($167 million)

The Searle Company Limited (PSX: SEARL) was incorporated in Pakistan as a private limited company in 1965 and was later converted into a public limited company. The principal activity of the company is the manufacturing and sale of pharmaceutical, consumer health and nutritional products. SEARL is a subsidiary of International Brands (Private) Limited.

International Brands (Private) Limited is the parent company of SEARL and holds 50.25% of its outstanding shares.

Earlier this month, SEARL announced the appointment of Tahir Ahmed as the Chief Executive Officer.

The market capitalisation of SEARL at the PSX stands at $167 million.

• Hoechst Pakistan Limited (PSX: HPL) ($105 million)

Hoechst Pakistan Limited (PSX: HPL) got listed on the PSX in 1977. It underwent several mergers, acquisitions and divestments over the course of years, which led to the change of company’s name to Sanofi-Aventis Pakistan Limited.

During 2023, a consortium led by Packages limited, including IGI Investments (Private) Limited and affiliates of Arshad Ali Gohar Group acquired entire 52.87% shares from Sanofi Foreign Participations B.V. and changed the name of the company from Sanofi-aventis Pakistan Limited to Hoechst Pakistan Limited with effect from September 27, 2023.

Last year, Hoechst announced plans to establish a subsidiary in the Gulf state to capitalise on the business-friendly environment in the United Arab Emirates (UAE).

The market capitalisation of HPL at the PSX stands at $105 million.

• Citi Pharma Limited (PSX: CPHL) ($66 million)

Citi Pharma Limited (PSX: CPHL) was incorporated in Pakistan as a private limited company in 2012 and was converted into a public unlisted company in 2020. CPHL was listed on the PSX in 2021. The company is engaged in the manufacturing and sale of pharmaceuticals, medical chemicals, and botanical products.

Last year, the company entered into a strategic partnership with Mersi Farma, an Indonesian pharmaceutical entity, to establish Active Pharmaceutical Ingredient (API) manufacturing facilities and expand its nutraceutical market in Indonesia.

The market capitalisation of CPHL at the PSX stands at $66 million.

• Macter International Limited (PSX: MACTER) ($62 million)

Macter International Limited (PSX: MACTER) was incorporated in Pakistan as a private limited company in 1992 and was converted into a public limited company in 2011. The company is engaged in the manufacturing and marketing of pharmaceutical products.

The market capitalisation of MACTER at the PSX stands at $62 million.

• Ferozsons Laboratories Limited (PSX: FEROZ) ($60 million)

Ferozsons Laboratories Limited was incorporated in Pakistan as a public limited company in 1954. It was converted into a public limited company in 1960. The principal activity of the company is the manufacturing, import, and sale of pharmaceutical products and medical devices.

Earlier this year, Ferozsons announced that it was exploring a potential acquisition of Barrett Hodgson Pakistan Pvt Limited in collaboration with a consortium of leading Pakistani business groups.

The market capitalisation of FEROZ at the PSX stands at $60 million.

Market capitalisation for each company was calculated on Thursday, July 24, 2025.

For the purpose of this calculation, the exchange rate was used at Rs284 to 1 US dollar.