DLL reported earnings per share from continued operations of PKR 284.88 in CY25 (CY24: PKR 8.00). Moreover, in 1QCY26 LPS from continued operations stood at PKR 72.23 as compared to EPS of PKR 3.55 in 1QCY25. DLL is the single largest shareholder in the Engro Holdings.
This is considered a long-term strategic anchor investment that the company does not intend to divest. Tenaga Generasi Limited (TGL) is a 75% owned subsidiary operating a 49.5 MW wind power plant. In 1QCY26, the plant generated 19.4 GWh, exceeding its budget of 16.7 GWh due to higher-than-budgeted wind speeds.
The company has obtained board and shareholder approval to sell Burewala 313-acre land for a minimum price of PKR 13 billion. Management intends to continue holding Attock land of over 200 acres. Moreover, the rental-generating investment property in Islamabad is considered “pretty well valued” and will be retained. As of March 31, 2026, the merged equity portfolio is primarily allocated to Banks (51%) and E&P (20%), with smaller holdings in IT (11%) and Cement (7%).
Total assets grew from PKR 28.5 billion in December 2025 to PKR 53.5 billion by March 31, 2026. This growth is attributed to the merger and the reclassification of investments to mark-to market prices. Going forward, to enhance market liquidity and accessibility, the board approved several material decisions including share split of 1:10 and an interim cash dividend of PKR 17 per share (on a pre-split basis) was declared. Proceeds from the Burewala land sale will be deployed according to the company’s investment policy.
Important Disclosures
Disclaimer: This report has been prepared by Chase Securities Pakistan (Private) Limited and is provided for information purposes only. Under no circumstances, this is to be used or considered as an offer to sell or solicitation or any offer to buy. While reasonable care has been taken to ensure that the information contained in this report is not untrue or misleading at the time of its publication, Chase Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. From time to time, Chase Securities and/or any of its officers or directors may, as permitted by applicable laws, have a position, or otherwise be interested in any transaction, in any securities directly or indirectly subject of this report Chase Securities as a firm may have business relationships, including investment banking relationships with the companies referred to in this report This report is provided only for the information of professional advisers who are expected to make their own investment decisions without undue reliance on this report and Chase Securities accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents At the same time, it should be noted that investments in capital markets are also subject to market risks This report may not be reproduced, distributed or published by any recipient for any purpose