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Pakistan's economy witnessed an 8.13% growth in GDP to $376.5 billion in 2022-23,
but faces challenges like worsening balance of payments crisis, a plummeting
rupee, and a 20% decline in the stock market [2].
Amid structural issues like excessive government interference and ineffective
governance, the top pakistani companies spanning banks, financials, chemicals,
airlines, commercial banks, pharmaceuticals, fertilizers, conglomerates, and
private companies continue to drive growth [2] [3].
Leading names like The Hub Power Company Limited, Bank
Alfalah Limited, The Bank of Punjab, Nestlé Pakistan, Nishat Mills Limited,
Allied Bank Limited, MCB Bank Limited, Meezan Bank and others across oil
refining, consumer goods, steel mills, food producers, power generation, and pakistani
multinational companies form the backbone of Pakistan's corporate sector [2].
While e-commerce and digital exports present opportunities, overcoming
challenges like high tariffs and lack of awareness will be key for pakistani
companies to boost exports projected at $33.5 billion in 2023 [2] [3].
The Ultimate List of Top Pakistani Companies in 2022-23
Pakistan's Economic Outlook
Pakistan's economic growth has remained volatile and
sluggish, resulting in a slowdown in poverty reduction. The estimated
lower-middle income poverty rate is projected to be 40.1% for 2023-24,
virtually unchanged from 2018, with an additional 7 million Pakistanis living
below the poverty line [4].
The country experienced catastrophic and unprecedented flooding due to heavy
monsoon rains in 2022, requiring an estimated $16.3 billion for rehabilitation
and reconstruction efforts [4].
Although Pakistan has shown recent advancements in macroeconomic stabilization, the risks persist at an exceedingly high level:
- Real
GDP growth is estimated at a modest 1.8% in FY24, reflecting tight
macroeconomic policies, import controls, high inflation, and policy
uncertainty [4].
- Inflation
is projected to remain elevated at 26.0% in FY24 due to higher domestic
energy prices, putting immense pressure on poor and vulnerable
households [4].
- The
fiscal deficit is expected to widen to 8.0% of GDP in FY24, primarily
driven by higher interest payments [4].
|
Key
Economic Indicators |
2023 |
2024
(Projected) |
2025
(Projected) |
|
Nominal GDP |
$339 billion |
- |
- |
|
GDP per
capita |
$1,464 |
- |
- |
|
GDP Growth |
- |
1.9% |
2.8% |
|
Inflation |
- |
25.0% |
15.0% |
Despite the challenging economic environment, Pakistan's
household demand remains tepid after cuts to electricity and fuel
subsidies [5].
Political instability is a concern, with the PTI party winning unexpected
elections in February but falling short of a majority [5].
The Asian Development Bank continues to support Pakistan in improving key areas
such as infrastructure, disaster resilience, urban services, private sector,
public finance, energy, food security, transport networks, and social
services [6].
The Hub Power Company Limited
HUBCO stands as Pakistan's premier and most extensive independent power producer (IPP), boasting a collective power generation capacity of 2,920 MW [10].
It has a diversified portfolio of power generation assets, including furnace
oil, imported coal, local coal, and hydropower plants [10].
HUBCO has reported stable financial performance in the
latest fiscal year:
- Net
profit: PKR 33,688 million [10]
- Revenue:
PKR 54,639 million [10]
The company boasts a strong capital structure with:
- Debt-to-equity
ratio of 39:61 [10]
- Interest
coverage ratio of 4.9x [10]
HUBCO is well-positioned to capitalize on Pakistan's growing
demand for electricity, backed by supportive government policies and a
favorable investment landscape [10].
Its future growth strategy focuses on expanding its renewable energy and water
solutions businesses, in addition to its core power generation operations [10].
HUBCO's Power Generation Assets
HUBCO operates the following power plants [11]:
- Hub
Plant
- Narowal
Plant
- Laraib
Energy Limited
- China
Power Hub Generation Company Limited (CPHGC)
Growth Initiatives
- HUBCO
has established two wholly-owned subsidiaries for future growth
initiatives: The Hub Power Services Limited (HPSL) and Hub Power Holdings
Limited (HPHL) [11].
- It
holds an 8% shareholding in Sindh Engro Coal Mining Company Limited
(SECMC), a joint venture that has developed a coal mine in Thar with the
seventh-largest coal reserves in the world [11].
- HUBCO has initiated Thar Energy Limited (TEL) to develop a 330 MW mine-mouth lignite-fired power plant at Thar Coal Block II in Sindh, where HUBCO retains a 60% ownership stake [11].
- The
company has also acquired majority shares in the 330 MW ThalNova Power
Thar Pvt. Ltd (TNPTL) mine-mouth lignite-fired power plant project [11].
HUBCO has won various awards and recognitions over the years
for its corporate governance, sustainability reporting, and CSR
initiatives [11].
Bank Alfalah Limited
Bank Alfalah reported a profit after tax of PKR 8.703
billion for the first half of 2022, up 25.5% year-over-year. Earnings per share
(EPS) stood at PKR 4.90 (vs PKR 3.90 in H1 2021) [12].
The bank's Board of Directors approved an interim cash dividend of PKR 2.5 per
share (vs PKR 2.0 in the previous year) [12].
Bank Alfalah's deposit base reached PKR 1.318 trillion at
the end of Q2 2022, showing a year-over-year growth of 28.6%. The bank's
current account (CA) mix remained strong at 45.5% [12].
Gross advances grew by 18.3% year-over-year to PKR 755.340 billion. The bank
took an additional general provision of PKR 2.750 billion during the quarter
due to expected credit headwinds [12].
The bank's coverage ratio stood at 109.8%, while the
infection ratio remained stable at 3.5% [12].
Bank Alfalah's capital adequacy ratio (CAR) was 14.64% as of June 30, 2022,
well above the regulatory requirement [12].
|
Key
Financial Metrics |
H1 2022 |
|
Profit After
Tax |
PKR 8.703
billion |
|
Earnings per
Share |
PKR 4.90 |
|
Deposit Base |
PKR 1.318
trillion |
|
Gross
Advances |
PKR 755.340
billion |
|
Coverage
Ratio |
109.8% |
|
Infection
Ratio |
3.5% |
|
Capital
Adequacy Ratio |
14.64% |
Bank Alfalah has published its annual reports and quarterly
financial statements from 2008 to 2023, which are available for download on the
website [13].
The bank's capital adequacy ratio, leverage ratio, and liquidity requirements
are disclosed on the website for the years 2018-2023 [13].
Bank Alfalah has a long-term credit rating of 'AA+' (double
A plus) and a short-term rating of 'A1+' (A one plus) with a stable
outlook [13].
The bank's Tier 1 Capital Instruments (TFC) have a rating of 'AA-' (double A
minus) [13].
Bank Alfalah has received awards for its corporate reporting, including the
Best Corporate Report checklists for 2021 and 2022 [13].
The Bank of Punjab
The Bank of Punjab has garnered numerous accolades and
recognitions for its exceptional performance and commitment to various sectors.
In 2024, it was awarded the 'Best SME Bank in Pakistan' at the Global SME
Banking Innovation Awards by The Digital Banker [14].
The following year, the Bank received:
- Certificate
of Merit by SAFA for excellence in Best Presented Annual Report,
Integrated Reporting, and Corporate Governance Disclosure [14]
- 'EFP
Disability Inclusion Excellence Award' for fostering an inclusive
workplace [14]
- 'Best
Public Sector Bank for Islamic Retail Banking in Pakistan' at the 9th
Islamic Retail Banking Awards [14]
- 'Best
Bank for Small & Medium Businesses' award at the Pakistan Banking
Awards [14]
- 'Best
Bank for SMEs in Pakistan' by Asiamoney [14]
- 'Employer
of Choice Award' at the Gender Diversity Awards [14]
- Ranked
number one on SBP's Banking on Equality Scorecard [14]
- 'Top
Mid-Size Bank Award for Agriculture Financing' by the State Bank of
Pakistan [14]
- 'Pakistan's
Best Bank for CSR' by Asiamoney [14]
- 'Corporate
Finance House of the Year' award from CFA Society Pakistan [14]
- 'The accolades of 'Best Digital Channel/Platform Implementation' and 'Best Project Implementation' were secured by our team at the esteemed Global Fintech Innovation Awards [14]
- 'Top
Mid-Size Bank Award for Agriculture Financing' from the State Bank of
Pakistan [14]
- 'Number
One Bank Award' by J.P. Morgan for highest Straight Through Processing
(STP) rate [14]
- 'Fastest
Credit Card Launch' award across MENA at EDGE 2022 [14]
- 'Power
Deal of the Year' by the Asset-Triple A [14]
In 2021, the Bank was awarded the 'Number 1 Bank Award'
under the Prime Minister's Kamyab Jawan Program [14],
and in 2020, it was recognized as the 'Top Performing Bank' in the same
program [14].
|
Key
Milestones |
Details |
|
Profit Growth |
The Bank of
Punjab registered an 18% growth in after-tax profit in Q1 2022 . |
|
Asset Growth |
The Bank
surpassed Rs. 2 trillion in total assets in the first half of 2023 . |
|
Branch
Expansion |
The Bank
opened the highest ever number of new branches in 2022 . |
|
International
Partnerships |
The Bank
established the first-ever banking channel with banks in Kazakhstan . |
|
New Offerings |
The Bank
launched the 'BOP Khaas Premium Banking' segment and the 'BOP Digital Kissan
Portal' for agricultural customers . |
|
Strategic
Partnerships |
The Bank
signed an MOU with Mastercard to become a credit card issuer and acquirer,
and partnered with EFU Life Assurance, Infobiz, and GROWTECH Services for
various offerings . |
|
Project
Financing |
The Bank
arranged over Rs. 20 billion in financing for the Punjab Thermal Power
Project . |
|
Inclusivity
Initiatives |
The Bank
inducted the first batch of differently-abled persons and launched model
branches for persons with disabilities . |
|
Community
Engagement |
The Bank
partnered with Metropolitan Corporation Lahore to construct the highest flag
posts in metropolitan cities . |
|
Ratings and
Accolades |
The Bank
maintained 'AA+' entity rating from PACRA and took measures to support staff
during rising inflation . |
Nestlé Pakistan
Nestlé Pakistan reported a 21.9% increase in revenue in 2022
compared to 2021, despite external challenges of high inflation and devastating
floods. [17] The
company focused on ensuring product availability, innovation, and renovation
initiatives to offset headwinds. [17] Operating
Profit improved as a result of sales growth, favorable product mix, pricing
management, and tighter control on fixed costs. [17]
- Nestlé
Pakistan launched several new products in 2022, including:
- LABAN
drinking yogurt
- MILKPAK
Chocolate Breakfast Cream
- MILO
RTD
- New
variants in various product categories [17]
- The company proposed a final cash dividend of Rs. 95 per share, supplementing the interim cash dividend of Rs. 240 per share, thereby making the total dividend for 2022 amount to Rs. 335 per share [17]
- Nestlé
Pakistan invested PKR 3.4 billion in 2022, including projects on Renewable
Energy, and planned investments of approximately PKR 3 billion for
2023. [17]
The company maintained high standards of corporate
governance and compliance, and focused on people development, performance
management, diversity and inclusion initiatives, and cross-generational
mentorship programs. [17] Nestlé
Pakistan continued its Creating Shared Value (CSV) initiatives, including
sustainability roadmap, waste management, nutrition awareness, women
empowerment, clean drinking water, and flood relief efforts. [17]
|
Key
Highlights (2023) |
Details |
|
Revenue
Growth |
23.4%
increase compared to 2022 |
|
Growth
Drivers |
Innovation,
product availability, brand investments |
|
Operating
Profit |
Improved due
to localization, increased exports, cost control |
|
People
Development |
Female leaders
grew to 23.4% from 18% in 2022 |
|
Investments |
PKR 3.2
billion, including PKR 2 billion on renewable energy |
|
Sustainability
Targets |
Achieved
greenhouse gas reduction, sustainable packaging, water regeneration, plastic
waste collection targets |
|
Community
Initiatives |
Nestlé for
Healthier Kids reached 360,000+ kids, 2,300+ teachers; BISP Rural Women Sales
Agents program expanded to 3,000 beneficiaries |
Other Key Highlights:
- Nestlé
Pakistan inaugurated a 2.5 MW solar power plant, investing Rs 2 billion
towards renewable energy. [20]
- The
company was honored with the Gender Equity and Agri Tech & Food
Security awards. [20]
- Nestlé
Pakistan extended Rs 5 million to the Pakistan Red Crescent Society as
part of its 'Creating Shared Value' philosophy. [20]
- The
company partnered with the Government of Gilgit-Baltistan on a waste
management project for the region. [20]
- Nestlé
Pakistan won the second prize at the Living the Global Compact Best
Practice Sustainability Awards 2022. [20]
- The
company partnered with WWF-Pakistan to teach the younger generation about
sustainability. [20]
- Nestlé
Pakistan donated Rs 10 million to the Prime Minister's Flood Relief
Fund. [20]
Nishat Mills Limited
Nishat Mills Limited is a diversified textile company with
operations in home textile, processing, garments, and linen [21].
The company has a strong financial position, with annual and interim financial
reports available from 2008 to 2024 [21].
The latest available financial information is for the year 2022, with the
Annual Report 2022 and quarterly/half-year/third-quarter interim reports for
2022 [21].
- Financial
Performance (2022-23):
- Earnings
per share increased from Rs. 10.37 per share in the corresponding period
of FY 2021 to Rs. 25.75 per share, an increase of 148.41% [22].
- Gross
profit increased by 124.79% from Rs. 6.092 billion to Rs. 13.696
billion [22].
- Revenue
increased by 63.57% from Rs. 51.507 billion to Rs. 84.253 billion [22].
- Dividend
income increased by Rs. 773 million from Rs. 2.088 billion to Rs. 2.861
billion [22].
- Finance
cost increased due to higher average borrowing cost and increased
short-term loans to finance working capital requirements [22].
- Sales
Performance:
- Yarn
sales volume increased by 63.94%, and average yarn price increased by
53.59% [22].
- Greige
cloth sales volume increased by 10.94%, and average price increased by
43.96% [22].
- Terry
products sales volume increased by 431.11%, and average price increased
by 27.37% [22].
- Dyeing
sales volume increased by 45.77%, and average price increased by
30.31% [22].
- Business
Segments:
- Home
textile sales value increased by 3.02%, and profitability was affected by
the surge in raw material and shipping costs [22].
- Garments
sales value increased by 73.93%, and the division has expanded production
capacity, updated R&D, and invested in new technologies [22].
- Fuel
costs and gas prices increased significantly for the Power Generation
segment, and the company is committed to acquiring more solar power
plants and dual-fuel power engines to reduce energy costs and increase
sustainability [22].
Nishat Mills Limited is a public limited company in Pakistan
engaged in textile manufacturing and related businesses [23]. The company's
registered office is located in Lahore, Pakistan, and it is listed on the
Pakistan Stock Exchange (PSX) [23].
Sales revenue in FY 2023 was Rs. 141,756,469,000, and profit after taxation was
Rs. 12,166,022,000 [23].
Earnings per share (EPS) in FY 2023 was Rs. 34.60, and the company has paid
regular dividends, with the latest being a 40% final cash dividend for FY
2022 [23].
Allied Bank Limited
Allied Bank Limited (ABL) has maintained its long-term and
short-term ratings at the highest levels of 'AAA' (Triple A) and 'A1+' (A One
Plus), respectively, from the Pakistan Credit Rating Agency (PACRA) for the
period 2022-2023 [24].
PACRA has consistently maintained ABL's long-term and short-term ratings at the
highest levels since 2019-2020 [24].
The VIS Credit Rating Company Limited (VIS) has reaffirmed
ABL's Corporate Governance Rating at 'CGR 9++' for 2023, which is only one
notch below the highest level of 10 and signifies a very high level of
corporate governance [24].
VIS has upgraded ABL's Corporate Governance Rating from 'CGR-9+' to 'CGR-9++'
in 2021, reflecting a very high level of corporate governance practices [24].
PACRA has maintained the rating of ABL's unsecured, listed and subordinated
TFC-II (PKR 3,000 Million) at 'AA' (Double A) since 2014 [24].
Moody's has conducted several periodic reviews and rating
actions on Allied Bank Limited in 2022 and recent years [25].
Moody's has taken various rating actions on Allied Bank Limited and other
Pakistani banks in 2022 and recent years, including downgrades, affirmations,
and changes to outlooks [25].
Allied Bank Limited's financial data, including its income statement, balance
sheet, and key financial ratios, are available through Moody's reports [25].
Allied Bank Limited is a publicly traded company with the ticker symbol ABL and
the LEI 529900X6XIDYH83WGV81 [25].
|
Key Financials
(2022) |
Value |
|
Asset Base |
Rs. 2,250,973
million (+12% from 2021) |
|
NPL Ratio |
1.53%
(industry-leading low) |
|
Coverage
Ratio |
90.4% (high) |
|
Gross Loan
Portfolio |
Rs. 857,488
million (+29%) |
|
Net Advances |
Rs. 845,640
million (+30%) |
|
Deposit Base |
Rs. 1,522,297
million (+8%) |
|
Low-Cost
Deposits |
+21% growth |
|
Net Interest
Income |
Rs. 66,719
million (+46%) |
|
Non-Markup
Income |
Rs. 20,675
million (+30%) |
|
Profit Before
Tax |
Rs. 46,626
million (+64%) |
|
Profit After
Tax |
Rs. 21,194
million |
|
Earnings per
Share |
Rs. 18.51 (vs
Rs. 15.12 in 2021) |
MCB Bank Limited
MCB Bank Limited is a leading commercial bank in Pakistan,
offering a wide range of banking products and services for personal, business,
and privilege banking customers [26].
The bank's product and service offerings include:
Deposit Accounts
- Current
accounts
- Savings
accounts
- Term
deposits
Tailored for different customer segments such as
individuals, businesses, senior citizens, and youth [26].
Digital Banking Solutions
- MCB
Live
- MCB
LITE
- MCB
ATM
- MCB
Compare Card
- Raast
payment solutions [26]
Roshan Digital Account
- Roshan
Apna Ghar
- Roshan
Apni Car
- Roshan
Equity Investment
- Roshan
Pension Plan [26]
Offers Pakistani expatriates a range of investment and
banking services.
Credit and Debit Cards
- Classic/Gold
- Platinum
- MCB
Visa Credit Cards [26]
Consumer Loans
- Car4U
- MCB
Home Loan
- Personal
Loan
- Cash4Cash
- Student
Personal Loan [26]
Remittance Services
- Burqraftaar
Cash
- Burqraftaar
Transfer
- Sohni
Dharti Remittance Program
- Pakistan
Remittance Initiative (PRI) [26]
Wealth Management
- Bancassurance
products from partners like Adamjee General, EFU Life, IGI Life, Jubilee
Life, and Adamjee Life
- Investment
funds such as MCB-DCF Income Fund, MCB Pakistan Cash Management Fund, and
MCB Pakistan Asset Allocation Fund [26]
|
Key
Financials |
Value |
|
Net Profit |
Rs 9,637
million (+20.2%) |
|
Total Assets |
Rs 728
billion (+6.6%) |
|
Earnings per
Share |
Rs 40.13
(+19.9%) |
|
Dividend per
Share |
Rs 13.90 (vs
Rs 16.75 previous year) |
|
Customer
Loans |
Rs 340
billion (+17.8%) |
|
Customer
Deposits |
Rs 519
billion (+6.7%) |
|
Cost to
Income Ratio |
38.3% (+1.4
percentage points) |
|
Return on
Equity |
12.8% (+0.9
percentage points) |
|
Gross NPL
Ratio |
3.7% (+4
basis points) |
|
Capital Adequacy
Ratio |
18.1% (+0.7
basis points) |
Figures in parentheses indicate change vs previous year.
Other Key Highlights:
- Market
cap on Stock Exchange of Mauritius: Rs 74 billion (Ranked 1st) [27]
- MSCI
ESG Rating: A [27]
- Moody's
Ratings: Baa3/P-3 (Long-term/Short-term Deposits) [27]
- 1,145,000+
Total Customers [27]
- 441,600+
MCB Juice Subscribers [27]
- 80.6%
Retail Customer Satisfaction Score [27]
- Rs
63.5 million spent by MCB Forward Foundation [27]
- 58%
Procurement from Local Suppliers [27]
- 100%
Residual Emissions from 2020 Offset [27]
- ~4%
Contribution to Mauritius' Total Value Added [27]
- ~9%
Contribution to Mauritius' Total Corporate Tax [27]
- 44%
Cash to Digital Payments Ratio [27]
- 3,900+
Workforce [27]
- 29%
Women in Middle and Senior Management [27]
- 95%
Employee Retention Rate [27]
Meezan Bank
Meezan Bank is the largest Islamic bank in Pakistan, with
the 5th largest bank in Pakistan by domestic deposits and the largest market
share in Islamic banking deposits at 32.3% [7].
The bank has a AAA/A1+ credit rating and reported a profit after tax of Rs 17.1
billion in H1 2022, up 36% year-over-year [7].
- Meezan
Bank's deposits reached Rs. 1.57 trillion, up 15% year-over-year, and its
financing portfolio stands at Rs. 827 billion with a low NPL ratio of
1.7% [7].
- The
bank maintains a strong capital adequacy ratio of 17.8% [7].
- Meezan
Bank's subsidiary, Al-Meezan Investment Management, is the largest private
sector asset management firm in Pakistan with over Rs 209 billion in
assets under management [7].
Meezan Bank is focused on digital transformation, with leadership in digital channels, e-commerce, and Roshan Digital Accounts for overseas Pakistanis [7]. The bank is also focused on ESG initiatives, including promoting renewable energy, financial inclusion, and employee development [7]. As an investment opportunity, Meezan Bank is the best performing banking stock, with the highest ROE, market capitalization, and price-to-book ratio among Pakistani banks [7].
|
Key
Initiatives |
Details |
|
Digital
Financing |
Launched
Wisaaq, Pakistan's first digital supply chain financing platform, in
collaboration with Coca-Cola Beverages Pakistan Limited (CCI Pakistan),
powered by Haball . |
|
Digital
Payments |
Launched POS
terminals and an online payment gateway to fast-track digital payments in
Pakistan . Partnered
with PaySa to expand point-of-sale payment services and with NIFT
ePay to expand digital payments in Pakistan . |
|
Digital
Banking |
Introduced
the Meezan WhatsApp Banking Service for customers . |
|
Network
Expansion |
Expanded its
ATM network to 1,000 ATMs and acquired the latest PCI DSS certification,
meeting stringent security standards . |
|
Strategic
Partnerships |
Collaborated
with Fieldfisher Capital to extend Islamic finance advisory to Europe and the
Middle East . Partnered
with Pakistan Mortgage Refinance Company (PMRC) to promote Islamic housing
finance Additionally, the company collaborated with Globe Residency REIT (GRR) for the development of apartments in Naya Nazimabad [28] . Signed an
agreement with PSX to offer a Shariah-compliant trading platform for Roshan
Digital Account clients . Partnered
with Sui Northern Gas Pipelines Limited (SNGPL) to digitalize consumer bill
collection . |
|
Social
Initiatives |
Donated Rs.
35 million to finance solar panels for Indus Hospital & Health Network . Disbursed
Rs. 1 billion under Prime Minister's Kamyab Jawan - Youth Entrepreneurship
Scheme (PMKJ-YES) . |
|
Ratings |
Meezan Bank's
entity ratings were reaffirmed at AAA/A-1+ by VIS Credit Rating Company
Limited . |
FAQs
1. What are some of the top companies in Pakistan as of 2022?
In 2022, the Top 25 Companies Awards list included several prominent companies, ranking them based on their performance. Notable companies on this list are Fauji Fertilizer Company Limited, Engro Corporation Limited, Systems Limited, Engro Fertilizers Limited, Engro Powergen Qadirpur Limited, Engro Polymer & Chemicals Limited, Security Papers Limited, and Habib Bank Limited.2. Which company is considered the largest in Pakistan?
The largest company in Pakistan is not explicitly mentioned in the provided data.3. Can you name a Pakistani company with a market capitalization over $1 billion?
Several Pakistani companies boast a market capitalization exceeding $1 billion, including Oil and Gas Development Company Limited (OGDC), Colgate-Palmolive Pakistan Limited, Nestle Pakistan Limited, Meezan Bank Limited, Pakistan Petroleum Limited (PPL), and Pakistan Tobacco Company.4. Which company is the fastest growing in Pakistan's tech sector?
Alright Tech is recognized as one of the fastest-growing tech companies in Pakistan. Specializing in IT solutions, it serves both local and international clients and has shown significant growth in the technology sector for the years 2023–2024.References
[1] - https://www.bankalfalah.com/financial-reports/annual-report-2022/
[2] - https://finance.yahoo.com/news/top-20-companies-pakistan-135257437.html
[3] - https://www.linkedin.com/pulse/complete-guide-pakistani-top-products-brands-made-pakistan-rizwan-8z9df
[4] - https://www.worldbank.org/en/country/pakistan/overview
[5] - https://www.focus-economics.com/countries/pakistan/
[6] - https://www.adb.org/where-we-work/pakistan/economy
[7] - https://www.meezanbank.com/wp-content/themes/mbl/downloads/Investor-Presentation-Sep2022.pdf
[8] - https://www.moodys.com/credit-ratings/Allied-Bank-Limited-credit-rating-600022278?cy=emea
[9] - https://www.abl.com/wp-content/uploads/2023/08/CEO-Review.pdf
[10] - https://hubpower.com/wp-content/uploads/2022/10/Investor_Presentation-Sep-2021.pdf
[11] - https://hubpower.com/about-us/
[12] - https://www.bankalfalah.com/press-releases/bank-alfalah-releases-financial-results-for-hy-2022
[13] - https://www.bankalfalah.com/financial-reports/
[14] - https://www.bop.com.pk/Awards%20and%20Achievements
[15] - https://www.bop.com.pk/Press%20Releases
[16] - https://www.brecorder.com/news/40289856
[17] - https://www.nestle.pk/sites/g/files/pydnoa361/files/2023-03/Annual-Management-Report-2022.pdf
[18] - https://www.nestle.pk/media/pressreleases/allpressreleases/nestle-pakistan-reports-full-year-results-for-2023
[19] - https://pakobserver.net/nestle-pakistan-reports-full-year-results-for-2023/
[20] - https://www.brecorder.com/trends/nestle-pakistan
[21] - https://nishatmillsltd.com/financial-information/
[22] - https://nishatmillsltd.com/wp-content/uploads/2022/05/Nishat-3rd-Quarterly-2022.pdf
[23] - https://dps.psx.com.pk/company/NML
[24] - https://www.abl.com/investor-relations/ratings-of-allied-bank/
[25] - https://www.moodys.com/credit-ratings/Allied-Bank-Limited-credit-rating-600022278/methodologies
[26] - https://www.mcb.com.pk/investor-relations/investor-information/financial-reports
[27] - https://mcbgroup.com/investors-centre/financials-annual-reports/annual-reports/2022/mcb-group
[28] - https://www.meezanbank.com/media-centre/
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