Karachi: The Directors of Select Technologies Limited have unveiled the financial results for the quarter ending September 30, 2026, amidst a backdrop of economic challenges and strategic company developments. The report, dated October 27, 2026, highlights key financial and operational aspects of the company's performance during this period.
Pakistan's economic landscape during the July-September 2026 quarter was marked by stronger remittance inflows, which grew 14% year on year to approximately $10.88 billion. However, the country faced a challenging external environment, with regional conflicts exacerbating vulnerabilities to oil, shipping, and energy supply shocks. The State Bank of Pakistan (SBP) maintained a policy rate of 11.5% in September, emphasizing the importance of fiscal discipline and prudent monetary policy.
For Select Technologies Limited, the quarter saw a contraction in sales by 30.27%, amounting to PKR 7,901 million, down from PKR 11,332 million in the same period last year. Earnings per share also saw a decline, recorded at PKR 0.79 compared to PKR 1.23 in the previous year. The company's financial performance reflects the broader economic pressures and the need for strategic adjustments.
According to information available from the Pakistan Stock Exchange (PSX), a significant milestone for the company was its successful listing on the PSX on July 13, 2026. The Initial Public Offering (IPO) involved the offering of 88.89 million ordinary shares to the public, priced at PKR 34 per share. This move raised PKR 3,022 million, earmarked for financing the company's growth plans.
In the broader economic context, remittance inflows from Saudi Arabia and the UAE accounted for 46% of September's total, highlighting both the resilience of Gulf-based Pakistani workers and the concentration risk. Despite these inflows, the current-account deficit widened to $874 million in Q1, compared to $755 million a year earlier. The SBP noted that remittances and service exports continued to support the external account, maintaining the policy rate above headline inflation to build buffers against potential supply shocks.