In the quiet language of quarterly accounts, reversals often announce themselves without fanfare. For Descon Oxychem Limited (DOL), Pakistan’s sole dedicated producer of hydrogen peroxide, the first quarter of fiscal year 2026 did precisely that. What had been a slow, uneasy trudge through FY25 now appears to be turning into a retreat.
Revenue for Q1 FY26 fell seventeen percent year-on-year to PKR 1.25 billion, down from PKR 1.50 billion during the same period last year — a stark reversal for a company whose full-year FY25 revenue had at least managed nominal growth of four percent despite an inflationary environment that made such growth effectively contractionary in real terms. The firm’s latest briefing to investors lays out the contrast bluntly: operating profit for the first quarter fell forty-seven percent, while profit after tax slid thirty-eight percent to PKR 109 million. Earnings per share declined from PKR 1.00 to PKR 0.62. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
