Pakgen Limited (PSX: PKGP), formerly known as Pakgen Power Limited, has reported a net loss of Rs325.50 million for the nine months ended September 30, 2026, compared to a net loss of Rs296.09 million during the corresponding period last year.

According to the company’s unaudited financial results submitted to the Pakistan Stock Exchange (PSX), the loss per share increased to Rs1.69 from Rs0.80 in the same period of 2025.

Revenue and Financial Performance

Pakgen Limited recorded total revenue of Rs494.62 million during the nine-month period, compared to Rs825.76 million in the corresponding period of 2025, reflecting a decline of approximately 40.1%.

The company’s revenue primarily comprised gains on the sale of investments, returns on investments, and other income.

Gains on the sale of investments decreased to Rs448.57 million from Rs783.90 million in the previous year. However, returns on investments increased significantly to Rs37.53 million from Rs18.14 million.

Other income declined to Rs8.71 million, compared to Rs23.72 million during the corresponding period last year.

The company also recorded an unrealised gain of Rs59.72 million on the remeasurement of short-term investments, compared to Rs496.77 million in the previous year.

Meanwhile, operating and administrative expenses stood at Rs195.98 million during the period under review.

Quarterly Financial Results

For the third quarter ended September 30, 2026, Pakgen Limited reported a net loss of Rs237.29 million, compared to a net profit of Rs116.03 million in the corresponding quarter of 2025.

The company recorded a loss per share of Rs1.23 during the quarter, compared to earnings per share of Rs0.31 in the same quarter last year.

Quarterly revenue increased to Rs89.18 million from Rs69.48 million in the corresponding period of 2025. However, the company recorded a significantly lower unrealised investment gain and continued to incur operating expenses, contributing to its quarterly loss.

Cash Flow and Financial Position

Despite reporting a net loss, Pakgen Limited generated positive cash flows from operating activities.

Net cash generated from operating activities increased substantially to Rs6.93 billion during the nine-month period, compared to Rs605.63 million in the corresponding period last year.

The company recorded net cash used in investing activities of Rs5.71 billion, primarily reflecting long-term investments.

Cash used in financing activities amounted to Rs1.18 billion, largely attributable to payments for the buyback of ordinary shares.

Cash and cash equivalents stood at Rs57.52 million as of September 30, 2026, compared to Rs26.42 million at the beginning of the year.

No Dividend Announced

The Board of Directors of Pakgen Limited, in its meeting held on October 29, 2026, did not recommend any cash dividend, bonus shares, right shares, or other entitlement for shareholders.

The board also reported no additional price-sensitive information in its announcement to the Pakistan Stock Exchange.

Outlook

Pakgen Limited’s nine-month financial results reflect continued pressure on profitability, mainly due to lower investment-related revenue and a substantial reduction in unrealised investment gains.

Although the company reported stronger operating cash flows, its overall earnings remained negative during the period.

Going forward, the company’s financial performance will depend on investment returns, expense management, and its ability to improve profitability in the coming quarters.

The latest results highlight the challenges facing Pakgen Limited as it navigates changing investment income and financial market conditions.