In this article, we take a look at the 15 biggest companies in Pakistan by market cap. You can skip our detailed analysis and go directly to the 5 Biggest Companies in Pakistan by Market Cap. 

Pakistan is facing significant economic difficulties that stem from ongoing structural issues. Although the country made progress in reducing poverty between 2001 and 2018 by creating new job opportunities and receiving more remittances, this success did not necessarily lead to improved living conditions due to poor human capital development, such as high levels of stunted growth and learning poverty.  

The situation was aggravated by various factors like the flooding in 2022, rising global commodity prices, tightened global financing, and government policies that hindered access to international capital markets. The floods in Pakistan caused damage equivalent to about 4.8 percent of GDP. The delay in implementing the IMF-EFF program also worsened the country’s economic situation. 

According to information from the International Monetary Fund (IMF), Pakistan has a foreign debt of $126 billion, with $30 billion owed to China. The amount owed to China is more than three times the country’s debt to the IMF of $7.8 billion and exceeds their borrowings from the Asian Development Bank (ADB) and World Bank combined. The Industrial and Commercial Bank of China has approved the extension of a $1.3 billion loan to Pakistan, making a total of $700 billion previously lent to the country.

In a recent report published by the ADO, Pakistan’s economic, environmental, and social progress is significantly threatened by climate change. As stated by the Global Climate Risk Index, over the last 20 years, Pakistan has been listed as one of the top 10 countries which face the highest risk worldwide. Due to severe weather conditions caused by climate change, there have been many deaths along with substantial damages to agriculture, the economy, and infrastructure.   

Devastating floods and lack of quality fertilizers and feed have resulted in decreased output and reduced job opportunities for workers associated with the agriculture sector. The service sectors have also been affected by the dwindling foreign reserves, import restrictions, high fuel costs and policy ambiguity. Furthermore, the floods destroyed critical infrastructure, making it difficult for people to access medical facilities, particularly in rural areas, negatively impacting health and education outcomes. 

Expectations are that economic growth will slow down and remain below potential over the next few years. Real GDP growth is projected to decrease sharply to 0.4% by FY23 due to various factors such as tighter fiscal policies, flood damage, inflation, high energy costs, and import controls. Agriculture is anticipated to shrink for the first time in two decades as a result of the floods, while industry output is likely to decline too, given supply chain disruptions, higher borrowing costs and energy prices, and heightened uncertainty. 

This slowdown is expected to affect the wholesale and transportation services sectors, thereby affecting services output growth. If the IMF program is successfully completed, output growth is expected to improve gradually over FY24 and FY25, still below potential due to insufficient foreign reserves and import controls. Without increased social spending, the poverty rate for middle-income households will likely rise to 37.2% in FY23, which could harm those dependent on agriculture. 

Despite these economic challenges, one of the key drivers of Pakistan’s economic growth is its equity market. These companies, both private and public, are major contributors to the country’s GDP and are crucial in driving economic development. 

In this article, we will explore the top 15 public companies in Pakistan based on their market capitalization. This list will provide insight into the diversity and size of Pakistan’s leading public equity companies to provide a better understanding of the country’s economic landscape.

Our Methodology

To determine the top 15 Pakistani public companies, we utilized their market capitalization as our primary metric. Our data was obtained from Standard Capital Securities (SCS).  Furthermore, we gathered information about Pakistan’s leading companies from different sources, such as ADO, the World Bank, Pakistan Stock Exchange Limited and SECP. 

Here are the 15 biggest public companies in Pakistan:

15. Pakistan Oilfields Limited

Current Market Cap: $418.2 million

Pakistan Oilfields Limited is among the largest companies engaged in the exploration and production of crude oil and gas in the country. Its activities encompass drilling, exploration, and production, resulting in the production of crude oil, natural gas, and LPG that are marketed under POLGAS and its subsidiary, CAPGAS Private Limited. The company’s market capitalization was $418.2 million as of 2023.

14. Systems Limited

Current Market Cap: $460 million 

Systems Limited, a prominent technology consultancy and software development firm based in Pakistan, provides a diverse array of software services and solutions, such as customer relationship management, business intelligence, and digital transformation. Its customer base lies across multiple sectors including finance, manufacturing, education, and healthcare. The company’s market capitalization is $460 million as of 2023.

13. Unilever Pakistan Foods Limited

Current Market Cap: $460 million

Unilever Pakistan Foods Ltd. is a company that produces and sells food products for both consumers and businesses. They sell their products under several brand names, including Rafhan, Knorr, Energile, Glaxose-D, and Food Solutions. In addition to food, they also offer personal care and home care products. The company was established in 1946 and is based in Karachi, Pakistan. Its market cap, as of 2023, is $460 million.

12. Fauji Fertilizer Company Limited

Current Market Cap: $460 million 

Fauji Fertilizer Co Ltd is primarily engaged in the production of fertilizer. The company’s market capitalization is $460 million as of 2023 and has a P/E ratio of 3.68.

11. Lucky Cement Limited

Current Market Cap: $490 million

Lucky Cement’s contribution to the construction industry and the national economy has been significant, and it continues to play a key role in the development of infrastructure in Pakistan and abroad. The company’s market cap is $490 million as of 2023.

10. MCB Bank Limited

Current Market Cap: $500 million 

MCB Bank is listed on the Pakistan Stock Exchange and has a strong financial performance, reflecting its sound business strategy and operational excellence. The bank’s contribution to the national economy has been significant, and it continues to play a key role in the development of the financial sector in Pakistan. The company’s market capitalization is $0.5 billion as of 2023. 

9. Engro Corporation Limited

Current Market Cap: $550 million

Engro Corp. Ltd. is involved in various industries such as fertilizers, PVC resin production and marketing, food, energy, and chemical terminal and storage. The company was founded in 1965 and is headquartered in Karachi, Pakistan. It has a market cap of $550 million as of 2023.

8. United Bank Limited

Current Market Cap: USD 550 million

UBL is a subsidiary of Bestway Group, a British company. It is headquartered in Karachi and considered one of the biggest private banks in Pakistan, boasting more than 1,390 branches in the country and having 18 branches abroad. It serves over 4 million customers. The company’s market capitalization was $550 million as of 2023.

7. Colgate-Palmolive Company

Current Market Cap: $590 million

Colgate-Palmolive Pakistan Limited has a market cap of $590 million as of 2023. It is a subsidiary of Colgate-Palmolive Company, a global consumer goods company. It maintains a prominent position in Pakistan with a broad distribution structure that caters to the rural and urban regions. The company generates substantial income through taxes and duties for the Pakistani government. 

6. Meezan Bank

Current Market Cap: $620 million

Meezan’s main office is located at Meezan House in Karachi, and it has a vast network of more than 900 branches in over 250 cities. The bank obtained the Pakistan operations of Société Générale. Meezan’s market capitalization was $620 million as of 2023.

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Disclosure: none. 15 Biggest Companies in Pakistan by Market Cap is originally published on Insider Monkey.