Haleon Pakistan Limited (PSX: HALEON), the consumer healthcare company, announced its results for the three and nine months to 30 September 2026 after a board meeting on 29 October 2026. Its financial year runs to December. The filing contains the financial statements only; the full quarterly report will follow, so the reasons behind some changes are not yet given.
The headline: a profit after tax of Rs 1.53 bn, or Rs 13.05 a share, for July to September, down 5.4% from Rs 1.62 bn (Rs 13.80) a year earlier. For the nine months, profit rose 3.1% to Rs 4.73 bn (Rs 40.40 a share against Rs 39.18). The board declared no dividend with these results.
The quarter in numbers
| Rs M | Jul to Sep 2026 | Jul to Sep 2025 | Change |
|---|---|---|---|
| Revenue | 9,994 | 10,563 | −5.4% |
| Cost of sales | (6,359) | (6,306) | +0.8% |
| Gross profit | 3,635 | 4,256 | −14.6% |
| Gross margin | 36.4% | 40.3% | |
| Selling, marketing and distribution expenses | (896) | (1,363) | −34.3% |
| Administrative expenses | (183) | (174) | +5.2% |
| Impairment of trade debts | (20) | (1) | |
| Other expenses | (208) | (221) | −5.8% |
| Other income | 155 | 162 | −4.4% |
| Operating profit | 2,483 | 2,659 | −6.6% |
| Financial (charges) / income | (25) | 13 | |
| Levies | (7) | (9) | |
| Taxation (37.7% of pre-tax profit against 39.4%) | (924) | (1,048) | −11.9% |
| Profit after tax | 1,527 | 1,615 | −5.4% |
| Earnings per share, Rs | 13.05 | 13.80 | −5.4% |
What drove the result
Lower sales. Revenue fell 5.4% to Rs 10.0 bn. The filing does not say whether this was lower volumes, prices or mix.
Narrower margin. Cost of sales was slightly higher than a year earlier even though sales fell, so the gross margin dropped to 36.4% from 40.3% and gross profit fell 15%.
Much lower selling costs. Selling, marketing and distribution spending fell by a third to Rs 896 M. That cushioned the drop, so operating profit fell only 6.6% to Rs 2.48 bn. A lower tax rate, about 38% against 39%, did the rest.
The nine months
- Revenue fell 7.9% to Rs 29.7 bn, but gross margin improved to 41.8% from 38.4%, so gross profit was flat at Rs 12.4 bn.
- Selling costs fell 3%, operating profit was flat at Rs 7.58 bn, and a lower tax charge lifted profit after tax 3% to Rs 4.73 bn.
- The third quarter was weaker than the first half on both sales growth and margin.
Cash and the balance sheet
- Much more stock. Stock in trade rose to Rs 11.9 bn from Rs 7.7 bn in December, a rise of 55%. That tied up cash: operating cash flow for nine months was Rs 1.30 bn against Rs 2.49 bn a year earlier.
- Cash and investments. Bank balances fell to Rs 2.65 bn from Rs 4.31 bn, with a further Rs 3.45 bn in investments held at amortised cost. The company has no borrowings apart from leases.
- Spending and payouts. Capital spending was Rs 1.39 bn for nine months, and Rs 1.91 bn was paid in dividends. Rs 1.0 bn of the Rs 10 interim dividend was still unpaid at the end of September.
- Equity rose to Rs 16.6 bn, about Rs 142 a share.
Valuation snapshot
At the 28 October close of Rs 658.64:
| Measure | Value |
|---|---|
| Earnings per share, last 12 months (October 2025 to September 2026) | about Rs 55.7 |
| Price to earnings | about 11.8 times |
| Book value per share | about Rs 142, so price to book of about 4.6 |
| Dividends in the last 12 months (Rs 15 final for 2025 and Rs 10 interim for 2026) | Rs 25, a yield of about 3.8% |
| Market value (117.1 million shares) | about Rs 77.1 bn |
| Share price, last 52 weeks | low Rs 658.64, high Rs 989.01 |
The share closed at its 52-week low on 28 October, a third below its high, before these results were announced. It trades at about 12 times earnings and at more than four times its book value.
What to watch next
- Sales. Revenue has fallen for nine months; the full report should explain why.
- Gross margin. It fell in the third quarter after improving in the first half.
- Stock. A 55% build-up in inventory needs to turn into sales.
- Marketing spend. Lower selling costs helped profit this quarter; cutting them for long can hurt sales.
- The final dividend for 2026. Last year’s was Rs 15 a share.
The bottom line
Haleon Pakistan’s third quarter was weaker: sales fell, the gross margin narrowed and profit slipped 5%, cushioned by much lower marketing and selling costs. Over nine months profit is still up 3% thanks to better first-half margins. The balance sheet is debt-free, but stock has built up and cash flow has weakened, and the share is at its 52-week low.
You can follow HALEON’s price, Pulse Score, dividend history, results calendar and off-market trades in the Market Pulse Hub dashboard under PSX.
Bilal, Market Pulse Hub
Source: Haleon Pakistan Limited, financial results for the quarter and nine months ended 30 September 2026 sent to the Pakistan Stock Exchange (unaudited condensed interim financial statements and the board’s notice). October to December 2025 profit is derived from the 2025 annual result less the nine-month figure. Prices from the PSX data portal. Twelve-month, per-share and valuation figures are our calculations. This article is for education and information only and is not investment advice.