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Paper, Board & Packaging

PKGS Packages Limited

Latest results: FY2025 · Dec 2025

Watch PKGS · free results alerts

Last close · 16 Oct 2026

Rs 684.00 +0.19%

Annual · FY2006 – FY2025

Packages Limited (PKGS) income statement

Packages Limited reported revenue of Rs 193.2 bn for FY2025 (Jan – Dec 2025), up 9.3% on FY2024. Gross profit came to Rs 40.1 bn, a gross margin of 20.8%. Operating profit was Rs 19.6 bn (an operating margin of 10.2%). Finance cost was Rs 14.2 bn, down 20.6% on FY2024. Tax of Rs 4.8 bn took 94.8% of pre-tax profit. The loss attributable to shareholders was Rs 1.8 bn, or Rs -20.55 per share.

PKGS income statement (annual) (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue 193.2 176.8 157.0 121.9 80.3
Cost of revenue (153.1) (142.0) (119.1) (95.6) (62.8)
Gross profit 40.1 34.7 37.9 26.3 17.6
Selling, general & administrative expenses (19.9) (14.7) (12.8) (9.1) (6.2)
Operating profit 19.6 18.4 28.9 20.1 12.2
Finance cost (14.2) (17.9) (13.2) (7.1) (2.5)
Profit before tax 5.0 (0.0) 15.4 11.9 9.6
Taxation (4.8) (1.3) (5.0) (4.9) (2.5)
Profit after tax 0.3 (1.4) 10.4 7.0 7.2
Profit attributable to shareholders (1.8) (2.8) 9.3 6.9 6.9
Per share & other
EPS – basic (Rs) Rs (20.55) (32.55) 103.80 77.49 76.71
EPS – diluted (Rs) Rs (20.55) (32.55) 95.09 70.98 71.41
Dividend per share (Rs) Rs 16.00 15.00 27.50 27.50 27.50
EBITDA 28.5 26.1 35.0 25.1 15.5
Depreciation & amortisation 8.9 7.7 6.1 5.0 3.4
Weighted average shares mn 89.4 87.4 89.4 89.4 89.4
PKGS income statement — year-on-year change (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue +9.3% +12.6% +28.8% +51.8% +23.6%
Cost of revenue +7.8% +19.2% +24.5% +52.4% +23.3%
Gross profit +15.5% -8.2% +44.2% +49.5% +24.6%
Selling, general & administrative expenses +35.4% +14.8% +41.2% +44.8% +19.2%
Operating profit +6.8% -36.4% +43.8% +65.4% +53.8%
Finance cost -20.6% +35.5% +87.0% +185.7% -25.6%
Profit before tax — -100.2% +29.3% +24.0% +88.9%
Taxation +254.6% -73.0% +1.5% +100.7% +347.7%
Profit after tax — -113.3% +48.9% -2.4% +57.6%
Profit attributable to shareholders — -130.7% +34.0% +1.0% +51.7%
Per share & other
EPS – basic (Rs) — -131.4% +34.0% +1.0% +51.7%
EPS – diluted (Rs) — -134.2% +34.0% -0.6% +50.5%
Dividend per share (Rs) +6.7% -45.5% 0.0% 0.0% +22.2%
EBITDA +9.3% -25.5% +39.7% +61.6% +40.1%
Depreciation & amortisation +15.5% +26.1% +22.8% +47.7% +6.2%
Weighted average shares — — — — —

Change against the previous fiscal year; shown when the earlier figure is positive.

PKGS income statement — common size (Rs mn)
Rs mn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of revenue (79.2%) (80.3%) (75.9%) (78.5%) (78.1%)
Gross profit 20.8% 19.7% 24.1% 21.5% 21.9%
Selling, general & administrative expenses (10.3%) (8.3%) (8.1%) (7.4%) (7.8%)
Operating profit 10.2% 10.4% 18.4% 16.5% 15.1%
Finance cost (7.4%) (10.1%) (8.4%) (5.8%) (3.1%)
Profit before tax 2.6% (0.0%) 9.8% 9.8% 12.0%
Taxation (2.5%) (0.8%) (3.2%) (4.0%) (3.1%)
Profit after tax 0.1% (0.8%) 6.6% 5.7% 8.9%
Profit attributable to shareholders (1.0%) (1.6%) 5.9% 5.7% 8.5%
Per share & other
EBITDA 14.8% 14.7% 22.3% 20.6% 19.3%
Depreciation & amortisation 4.6% 4.4% 3.9% 4.1% 4.2%

Each line as a percentage of revenue.

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets; "—" = not reported. * Figures in this period do not fully reconcile in the source data (hover the * for details). Updated 15 Oct 2026.

All reported line items 172
PKGS income statement — all reported line items (Rs bn)
Rs bn FY2025 Jan – Dec 2025 FY2024 Jan – Dec 2024 FY2023 Jan – Dec 2023 FY2022 Jan – Dec 2022 FY2021 Jan – Dec 2021
Revenue from Goods & Services 193.2 176.8 157.0 121.9 80.3
Sales of Goods & Services - Net - Unclassified 6.3 5.9 5.2 4.6 3.7
Sales Returns, Allowances & Other Revenue Adjustments 5.6 4.5 3.4 1.3 0.9
Revenue Taxes 27.6 25.2 24.0 19.3 12.8
Gross Revenue from Business Activities - Total 220.1 200.5 179.1 138.0 90.3
Revenue from Business Activities - Total 193.2 176.8 157.0 121.9 80.3
Cost of Operating Revenue 153.1 142.0 119.1 95.6 62.8
Cost of Revenues - Total 153.1 142.0 119.1 95.6 62.8
Cost of Revenues - Unclassified 12.5 11.3 9.5 7.3 4.2
Selling, General & Administrative Expenses - Total 19.9 14.7 12.8 9.1 6.2
Selling, General & Administrative Expenses - Unclassified 7.8 6.0 4.6 3.0 1.9
Amortization in Cost of Revenues 0.1 0.0 0.0 0.0 0.0
Depreciation in Cost of Revenues 8.1 6.9 5.5 4.5 3.0
Depreciation in Selling, General & Administrative Expenses 0.7 0.6 0.5 0.4 0.3
Labor & Related Expenses including Stock-Based Compensation in Cost of Revenues 10.9 9.9 7.6 6.6 4.9
Amortization of Intangibles in Selling, General & Administrative Expenses 0.1 0.0 0.0 0.0 0.0
Material Expenses 121.6 113.9 96.5 77.1 50.6
Material Expenses - Materials, Inventory, Own Work & Utility - Unclassified 77.7 82.0 81.2 66.0 44.0
Other Operating Expense/(Income) - Net 0.6 1.7 (3.8) (2.9) (0.8)
Changes in Inventory (1.5) 4.2 (0.5) (1.6) (1.6)
Other Operating Income - Total 1.2 1.0 5.1 4.3 2.0
Materials Purchased 44.9 27.1 15.4 12.3 8.0
Ground leases/Rental Expenses in Cost of Revenues 0.5 0.5 0.5 0.4 0.2
Cost of Revenues - Other - Total — — — — —
Gross Profit - Industrials/Property - Total 40.1 34.7 37.9 26.3 17.6
Operating Expenses - Total 173.6 158.4 128.1 101.8 68.2
Labor & Related Expenses including Stock-Based Compensation in Selling, General & Administrative Expenses 8.6 5.9 5.8 4.3 3.0
Research & Development Expense 0.1 0.0 — — —
Selling, General & Administrative Expenses - Other - Total 2.5 2.0 1.7 1.3 1.0
Advertising Expense 1.7 1.2 1.1 0.7 0.5
Operations & Maintenance (Utility) 0.2 0.1 0.1 0.1 0.1
Rental Expense 0.4 0.3 0.2 0.2 0.2
Operating Profit before Non-Recurring Income/(Expense) 19.6 18.4 28.9 20.1 12.2
Financing Income/(Expense) - Net - Total (13.9) (17.5) (14.2) (7.3) (2.0)
Interest Expense - Net of (Interest Income) 14.1 17.7 13.0 6.9 2.4
Other Operating Expense 1.9 2.7 1.3 1.5 1.2
Interest Expense - Net of Capitalized Interest 14.2 17.9 13.2 7.1 2.5
Operating Provisions - Increase/(Decrease) — — — — —
Provision for Doubtful Accounts & Write-off 0.0 0.0 0.0 0.0 0.0
Non-Interest Financial Income/(Expense) - Total 0.2 0.3 (1.2) (0.4) 0.4
Non-Interest Financial Income/(Expense) - Other - Net (0.4) (0.4) (0.3) (0.2) (0.1)
Sale of Tangible & Intangible Fixed Assets - Gain/Loss 0.1 0.1 0.0 0.1 (0.0)
Equity Earnings/(Loss) - before Taxes including Non-Recurring 0.5 0.4 0.3 0.3 0.7
Other Non-Operating Income/(Expense) - Total (1.2) (1.4) 0.1 0.0 0.0
Non-Operating Rental Income 0.1 0.1 0.1 0.0 0.0
Foreign Exchange Gain/(Loss) - Non-Business (0.7) 0.0 (2.0) (1.4) (0.5)
Normalized Pre-tax Profit 5.2 0.1 15.1 13.2 10.8
Non-Recurring Income/Expense - Total (0.1) (0.1) 0.3 (1.2) (1.2)
Impairment - Tangible & Intangible Fixed Assets 0.0 0.0 (0.6) 1.1 —
Impairment - Fixed Assets — 0.0 (0.6) 1.1 —
Interest Income - Non-Bank 0.1 0.2 0.2 0.2 0.1
Impairment - Intangibles excluding Goodwill 0.0 — — — —
Interest Expense on Capital Financing - Gross — — — — —
Impairment - Financial Investments 0.1 0.1 0.2 0.2 1.2
Dividend & Investment Income 1.2 0.7 1.0 1.2 0.9
Sale of Investments Held for Sale, Maturity & Trading - Gain/(Loss) — — — — —
Early Extinguishment of Lease Related Debts - Gain/(Loss) 0.0 0.0 0.0 — —
Sale & Acquisition of Group Companies - Gain/(Loss) — — — — —
Non-Recurring Income/(Expense) - Other - Total — — — 0.0 —
Provision for Income Tax Expense- Unclassified — — — — —
Income before Taxes 5.0 (0.0) 15.4 11.9 9.6
Income Taxes 4.8 1.3 5.0 4.9 2.5
Income Taxes for the Year - Current 5.1 3.7 5.7 4.4 1.7
Income Taxes - Domestic - Current 4.9 3.7 5.1 4.0 1.8
Income Taxes - Other (KFAS/NLST) - Current 0.2 0.0 0.6 0.4 (0.1)
Income Taxes - Deferred (0.3) (2.4) (0.7) 0.5 0.8
Income Taxes - Domestic - Deferred — — — — —
Income Taxes - Other - Deferred — — — — —
Derivatives - Hedging - Gain/(Loss) — — — — —
Valuation of Inventory - Gain/(Loss) — — — — —
Net Income after Tax 0.3 (1.4) 10.4 7.0 7.2
Income before Discontinued Operations & Extraordinary Items 0.3 (1.4) 10.4 7.0 7.2
Net Income before Minority Interest 0.3 (1.4) 10.5 7.0 7.2
Minority Interest 2.1 1.5 1.2 0.1 0.3
Net Income after Minority Interest (1.8) (2.8) 9.3 6.9 6.9
Income Available to Common Shares (1.8) (2.8) 9.3 6.9 6.9
Extraordinary Activities - after Tax - Gain/(Loss) — 0.0 0.1 — —
Discontinued Operations - Net of Taxes - Total - Income/(Expense) — 0.0 0.1 — —
Other Comprehensive Income - Starting Line 0.3 (1.4) 10.5 7.0 (7.2)
Discontinued Operations - Net - Income/(Expense) — 0.0 0.1 — —
Other Comprehensive Income - Foreign Currency (0.1) 0.2 0.2 (0.1) 0.0
Other Comprehensive Income - Unrealized Investment Gain/(Loss) — (2.7) 8.5 0.5 (3.4)
Other Comprehensive Income - Associated Companies 0.2 (0.1) 1.0 0.1 (0.2)
Other Comprehensive Income - Pension Related 1.8 (0.2) (0.0) (0.2) (0.3)
Other Comprehensive Income - Income Tax (2.3) 0.0 (0.0) 0.0 0.2
Other Comprehensive Income - Net of Tax - Total (0.4) (2.8) 9.8 0.4 (3.7)
Comprehensive Income before Minority Interest - Total (0.2) (4.2) 20.2 7.4 (10.9)
Comprehensive Income - Attributable to Minority Interest - Total 2.1 (1.4) 1.3 0.0 0.3
Comprehensive Income - Attributable to Parent Company Equity Holders - Total (2.2) (5.7) 10.5 7.4 3.1
Distribution for Preferred Shares — — — — —
Earnings Adjustments to Net Income - Other Expense/(Income) — — — — —
DPS - Common - Gross - Issue - By Period End Date Rs 16.00 15.00 27.50 27.50 27.50
Net Income - Basic - including Extraordinary Items Applicable to Common - Total (1.8) (2.8) 9.3 6.9 6.9
Income available to Common excluding Extraordinary Items (1.8) (2.8) 9.2 6.9 6.9
Shares used to calculate Basic EPS - Total mn 89.4 87.4 89.4 89.4 89.4
EPS - Basic - including Extraordinary Items Applicable to Common - Total Rs (20.55) (32.55) 103.80 77.49 76.71
EPS - Basic - excluding Extraordinary Items Applicable to Common - Total Rs (20.55) (32.55) 102.72 77.49 76.71
EPS - Basic - excluding Extraordinary Items - Normalized - Total Rs (19.11) (31.38) 99.15 91.37 90.22
Allocated Net Income including Extraordinary Items Applicable to Common - Issue Specific (1.8) (2.8) 9.3 6.9 6.9
Earnings Allocation Factor - Basic - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Basic EPS - Issue Specific mn 89.4 87.4 89.4 89.4 89.4
EPS - Basic - including Extraordinary Items Applicable to Common - Issue Specific Rs (20.55) (32.55) 103.80 77.49 76.71
EPS - Basic - excluding Extraordinary Items Applicable to Common - Issue Specific Rs (20.55) (32.55) 102.72 77.49 76.71
EPS - Basic - excluding Extraordinary Items - Normalized - Issue Specific Rs (19.11) (31.38) 99.15 91.37 90.22
EPS - Basic from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 1.08 0.00 0.00
Comprehensive Earnings Per Share - Basic - Issue Specific Rs (25.12) (65.37) 117.36 82.60 34.98
Dilution Adjustment — — — — 0.1
Net Income - Diluted - including Extraordinary Items Applicable to Common - Total (1.8) (2.8) 9.3 6.9 7.0
Diluted Income available to Common excluding Extraordinary Items (1.8) (2.8) 9.2 6.9 7.0
Shares used to calculate Diluted EPS - Total mn 89.4 87.4 97.6 97.6 97.6
EPS - Diluted - including Extraordinary Items Applicable to Common - Total Rs (20.55) (32.55) 95.09 70.98 71.41
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Total Rs (20.55) (32.55) 95.09 70.98 71.41
EPS - Diluted - excluding Extraordinary Items - Normalized - Total Rs (19.11) (31.38) 90.83 83.70 82.65
Allocated Diluted Net Income including Extraordinary Items Applicable to Common - Issue Specific (1.8) (2.8) 9.3 6.9 7.0
Earnings Allocation Factor - Diluted - Issue Specific 1.00× 1.00× 1.00× 1.00× 1.00×
Shares used to calculate Diluted EPS - Issue Specific mn 89.4 87.4 97.6 97.6 97.6
EPS - Diluted - including Extraordinary Items Applicable to Common - Issue Specific Rs (20.55) (32.55) 95.09 70.98 71.41
EPS - Diluted - excluding Extraordinary Items Applicable to Common - Issue Specific Rs (20.55) (32.55) 95.09 70.98 71.41
EPS - Diluted - excluding Extraordinary Items - Normalized - Issue Specific Rs (19.11) (31.38) 90.83 83.70 82.65
EPS - Diluted from Discontinued Operations & Extraordinary Items Rs 0.00 0.00 0.00 0.00 0.00
Comprehensive Earnings Per Share - Diluted - Issue Specific Rs (25.12) (65.37) 107.51 75.67 32.04
DPS - Common - Gross - Issue - By Announcement Date Rs 15.00 27.50 27.50 27.50 22.50
DPS - Common - Net - Issue - By Announcement Date Rs 13.50 24.75 24.75 24.75 20.25
Earnings before Interest & Taxes (EBIT) 19.6 18.4 28.9 20.1 12.2
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) 28.5 26.1 35.0 25.1 15.5
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) and Operating Lease Payments 29.4 26.9 35.7 25.6 15.9
Depreciation - Investment Property - Supplemental 0.7 0.7 0.9 0.9 0.9
Depreciation & Amortization - Supplemental 8.2 7.7 6.1 4.9 3.3
Depreciation Expense - Total - Supplemental 8.0 7.6 6.0 4.9 3.3
Depreciation - Financial Lease Right-of-Use Assets - Supplemental 0.2 0.1 0.0 0.0 0.2
Amortization - Total - Supplemental 0.1 0.1 0.1 0.0 0.0
Goodwill Amortization - Supplemental — — — — —
Intangible Amortization - Other - Supplemental 0.1 0.1 0.1 0.0 0.0
Amortization of Computer Software - Supplemental 0.1 0.1 0.1 0.0 0.0
Depreciation, Depletion & Amortization - Total 8.9 7.7 6.1 5.0 3.4
Depreciation - Total 8.7 7.6 6.0 4.9 3.3
Amortization of Intangible Assets including Goodwill - Total — — — — —
Amortization of Goodwill - Total — — — — —
Amortization of Intangible Assets excluding Goodwill - Total 0.1 0.1 0.1 0.0 0.0
Labor & Related Expenses - Total 19.5 15.7 13.4 10.9 7.9
Labor & Related Expenses - Supplemental 19.5 15.7 13.4 10.9 7.9
Research & Development Expense - Expensed & Capitalized - Total - Supplemental 0.1 0.0 — — —
Research & Development Expense - Supplemental 0.1 0.0 — — —
Auditor Fees 0.1 0.1 0.1 0.1 0.1
Audit-Related Fees 0.0 0.0 0.0 0.1 0.0
Tax Fees 0.0 0.0 0.0 0.0 0.0
Fees - Other 0.0 0.0 0.0 0.0 0.0
Normalized after Tax Profit 0.4 (1.3) 10.1 8.2 8.4
Normalized Net Income from Continuing Operations 0.4 (1.3) 10.1 8.2 8.4
Normalized Net Income - Bottom Line (1.7) (2.7) 8.9 8.2 8.1
Earnings before Interest & Taxes (EBIT) - Normalized 19.3 17.8 28.1 20.1 13.2
Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) - Normalized 28.2 25.5 34.2 25.0 16.6
Depreciation of Financial Lease Right-of-Use Assets 0.2 0.1 0.0 0.0 0.2
Interest Expense on Financial Lease Liabilities - Supplemental 0.3 0.1 0.0 0.1 0.0
Derivatives - Hedging - Gain/(Loss) - Total - Supplemental — — — — —
Rental/Operating Lease Expense 0.9 0.8 0.7 0.6 0.4
Advertising Expenses - Supplemental 1.7 1.2 1.1 0.7 0.5
Interest Expense 14.2 17.9 13.2 7.1 2.5
Operating Expenses 173.6 158.4 128.1 101.8 68.2
Selling, General & Administrative Expenses excluding Research & Development Expenses 19.8 14.6 12.8 9.1 6.2
Income before Taxes & Provision for Loan Losses 5.0 (0.0) 15.4 11.9 9.6
Cost of Revenue including Operation & Maintenance (Utility) - Total 153.3 142.1 119.2 95.7 62.8
Cost of Revenues excluding Depreciation 145.0 135.0 113.6 91.1 59.7
Generation Cost 153.3 142.1 119.2 95.7 62.8
DPS - Common - Gross - Issue - By Payable Date Rs 15.00 27.50 27.50 27.50 22.50
DPS - Common - Gross - Issue - By Ex Date Rs 15.00 27.50 27.50 27.50 22.50
Tax Adjusted Operating Income (1.1) — 18.2 11.1 8.7
Operating Expenses excluding Non-Cash Charges - Total 164.7 150.7 122.0 96.8 64.8
Income Available to Common Shares before Depreciation & Amortization 7.0 4.8 15.4 11.9 10.2
Fixed Charges 14.2 17.9 13.2 7.1 2.5
Estimated Tax Rate 0.29× 0.29× 0.29× 0.29× 0.29×
Total Common & Spl DPS -Gross - Issue - By Announcement Date Rs 15.00 27.50 27.50 27.50 22.50

Every line the company reported, in the original order and wording, without regrouping or signs changed.