Could gaming emerge as Pak istan’s underdog industry?

Could gaming emerge as Pakistan’s underdog industry?

VCs already have an eye out for an industry that potentially has access to a global $200 billion network

By Zunairah Qureshi

When you think of games you think kids, but the business of gaming is a far cry from child’s play. The average reader would not be surprised to know that this is a multi-billion dollar industry globally. What might be surprising to most, however, is that Pakistan’s gaming industry is surprisingly vibrant and reportedly has an annual average revenue of $25 million.

What makes that number pop even more is that a few years ago, that figure might have been close to zero. The first local game-production houses were set-up in Pakistan around 2005. In the nearly two decades that have passed since then, the industry has grown from an initial three players to just over 60 major game developers. Include smaller setups and you have an industry with at least a few hundred competitors.

As demand for the games rises, particularly post-pandemic, the industry is expanding. The local industry employs around 15000 creatives and engineers, and going by the number of job openings on the companies’ websites and LinkedIn, they are always hungry for more. To cater to this demand, universities have started offering degree programmes and specialisations in game development and design.

Game makers in Pakistan typically produce games for a global audience. Most of the games are published by international game giants like Entertainment Arts (EA) Inc., Ubisoft, and Supersonic Softwares. This means that potentially Pakistan has access to a $ 90 billion mobile gaming industry. We talk about the mobile gaming sector separately because it is huge, but also because the local industry currently specialises in mobile gaming applications. However, the mobile gaming sector is part of a much larger video game industry which is valued at $ 200 billion. That is more than what the global film and music industries make combined.

The industry also includes e-sports champions who make the news for earning game winnings that amount to more than what an average graduate of the Lahore University of Management Sciences (LUMS) will ever make in his or her life. Click on the e-sports earning live leaderboard for Pakistan and you will see that the local champion, Sumail Hassan has made close to $ 4 million dollars by playing a single game, Dota 2, an online multiplayer game where teams fight against each other to defend a battle tower.

Game development, the next big thing for investors and VCs?

“I was very surprised to see that a leading and prominent investor was expressing interest in game development,” says Muhammad Hilal, CEO of Peshawar-based Aptechmedia. In an interview with Profit he said that the investor cited a figure of $ 260 million as the amount Pakistani consumers have spent on video games through e-commerce (this is the combined expenditure by Pakistanis on games and game systems produced worldwide) in 2020. This was a 53.3% increase in expenditure on games from the previous year. These figures are surprising, yes. But at the rate that the industry is expanding, this is only the start. In the last few years, two VCs have branched out from pouring funds into fintech and e-commerce to investing in game production companies. In late 2020, the venture capitalist Sarmayacar invested Rs 300 million seed funding in the San Francisco-based game studio, Revolving Games, which has its only off-shore studio in Lahore. This funding was in addition to the $ 12 million investment made by a global game publishing giant alongside

Sarmayacar. Another round of investment was made by 47 Ventures, a VC that focuses on promoting local companies in the technology industry.

These investments are coming in despite the fact that traditionally VCs do not invest in game development. Samar Hasan, co-founder of Epiphany Games explained to us that, ‘VCs investing in Pakistan are investing by and large in e-commerce, logistics, fintech, healthtech, architech, and edtech. Investment in entertainment-tech and games is high-risk and requires large ticket sizes.’

Initially VC investment in game startups was not really a thing around the world. This changed in the late 2000s when companies like Zynga and Playdom brought in high returns. Jump forward to the misery of pandemic days and the global gaming industry is booming with investors lining up for it like never before. This pattern shows that as investors are realising the potential in game development in Pakistan, the local industry is on track towards becoming a major sector within the tech industry.

Experts in the local industry have pointed out how the lockdown era also led to accelerated growth in the Pakistani game industry. ‘Improvement in the quality of games has happened at an exponential rate, especially during the pandemic. So, we can hope to see that Pakistani companies will soon be making AAA (triple-A) games,’ said Muhammad Hilal, CEO of Aptechmedia. AAA games make up the category of games that are top-tier in terms of scale and quality and require huge investment and advanced resources.

More opportunities are opening up in the industry with developments in VR, AR, NFTs, and the launch of the Metaverse that beckon game companies and investors alike. Samar Hasan of Epiphany games predicted that considering investor’s increasing interest we might see a unicorn from among game startups by 2030.

Pakistan’s demographic is ideal for a game industry boom

Our country has a youthful population which is tech-savvy and readily adapts to advancing innovations. This is one reason why even the government sees potential in developing the tech industry, which includes gaming. In 2020, Minister for Information and Broadcasting, Fawad Chaudhry tweeted about plans to bring certification programmes for game development and animation so that we can become a part of the $ 90 billion (mobile gaming) industry. Samar Hasan told Profit that in December 2020, Fawad Chaudhry met with leaders from the local industry to discuss potential opportunities and expressed favourable inclination.

In January 2021, e-sports was recognised as an official sport. The first national e-sports tournament was held in March of the same year in partnership with Garena, a Singapore-based online game development company. Earlier this year, a much hyped and bigger national tournament with a prize pool worth $ 20 million was held in Islamabad in partnership with the leading e-sports organisation, Galaxy Racers. Alongside the tournament it was announced that Pakistan’s very own professional e-sports league, ‘Supreme Galactic League’ and a nation-wide inter-school and college championship will be set up. E-sports academics and opportunities for local players to enter international tournaments were also promised.

While the government and international industry’s recognition of e-sports talent in Pakistan is a step up, there still exists a lack of attention for the game development industry. Babar Ahmed, CEO of Mindstorm Studios, one of the leading and pioneering game companies in Pakistan, said, ‘What they don’t realise is that a single game, if it hits, can generate a billion dollars. Pakistan’s IT exports are worth $ 2 billion, while Turkey’s game industry alone now stands at $ 1 billion.’

The story of Turkey is an inspiring one for Pakistan. Turkey’s gaming industry started from ground up almost a decade ago and is now worth a billion dollars and has already achieved a gaming company with unicorn status. Middle East Eye reported in 2020 that ten years prior, the industry was only starting out with some 10 – 15 companies, each employing, on average, a single worker.

Now it has 100 companies that are attracting billions of dollars’ worth of investment. Experts attribute its success to a young population and the devaluation of the lira against the dollar, which made its games more lucrative for foreign investors. These are both points that Pakistan too has the potential to capitalise on. A key difference between the two countries’ gaming landscape though, is that apart from an expanding international market, Turkey was also able to generate revenue from a local player base worth $ 800 million. In our case however, it appears that while Pakistanis like playing games, they don’t like paying for them.

The local game industry’s very own obstacle course

We asked Babar Ahmed, who’s been working to develop the industry since 2006 through Mindstorm, when are we going to see Pakistani games made by local companies for the local player. You know ones with representation of Pakistan’s diverse culture and perhaps Biryani Crush instead of Candy Crush?

Ahmed responded, ‘Not anytime soon. Because Pakistanis are not willing to pay for games. Our society is still utilitarian and values materials over experiences.’ This would explain why to-date the local industry is mostly services-based. So, most of the game companies develop products that have been outsourced to them by international companies and publishers. For instance, the casual game, Fruit Ninja, launched by Halfbrick in 2010 that became a popular sensation and hit billion downloads in five years, was partially contributed to by the local game development company, Caramel Tech Studio.

However, Waqar Rana, product manager at Caramel Tech told us that many companies ‘… are not just services-based but also get into partnerships with foreign companies. Caramel Tech has always done more partnerships than services work. So, we charge less for development but get a greater share in the revenue of the games published.’

Though there are local publishers, like GenITeam, whose games have had 10 to 100 million downloads, most games that are produced locally are published and marketed by global publishing giants like Lion Studios in San Francisco where Babar Ahmed also serves as senior director strategy. He told Profit ‘why would game developers produce games for the local user only when American and European markets are worth billions of dollars?’

And this is a good thing. Because working with international companies and selling games to a global audience means Pakistan can become a hub for game development services and potentially tap into the $ 200 billion global market.

Leading Pakistani companies like Mindstorm Studios and The Game Storm Studios have published close to 100 and 1000 plus games respectively, with more than a total of billion downloads garnered by each studio. This reach would be difficult to achieve if games were not being marketed at a global audience by international companies who have both the infrastructure and knowledge of game marketing, something that Pakistan lacks. Babar Ahmed told us that the digital advertising industry in Pakistan is not yet advanced enough to support in-game ad revenue models.

According to Waqar Rana from Caramel Tech, ‘If you want to advertise a medium-sized game, you need at least $ 250,000 to get started. And usually for bigger games, their advertisement budget is millions of dollars. Typically, local companies don’t have this kind of money.’ However, he also added that there are some investors out there who are beginning

to work in this area.

ConsoliAds, is a mobile ads management platform that recently launched its immersive ads service which is a major step for games and the developing virtual reality landscape. Imagine a racing game with a track for cars to race on. On the side of the tracks is a landscape consisting of tiers of seats or metro city skyscrapers. As in real life, the ads spaces along the tracks or on the high-rise buildings can be bought by advertisers to market their products within games. Developments like these depict advancement in Pakistan’s technological sphere, which can directly benefit the emerging game industry.

From ground zero to escape velocity

Consider the fact that games produced locally are mostly mobile gaming applications of the casual and hyper-casual game (HCG) variety. HCG is a trending market. This is because HCGs require less investment, in terms of capital, effort, and time, and bring fast returns. Meaning that for a small industry that is just preparing to take off and is short on investment, the HCGs are an ideal product. HCGs are typically mobile game applications that focus on simple gameplay mechanisms comprising a combination of tap and swipe interactions that result in repetitive actions in the game. Popular examples are Candy Crush Saga, where the user plays endless levels of matching same candies in certain patterns, and endless runner games like Subway Surfers, where the player is faced with an endlessly moving path outlaid with collectible tokens and obstacles that have to be avoided. The allure behind these games are that they are easily winnable and don’t require intense mental exercise or time commitment from the user. In comparison to larger-scale games, HCGs do not require the user to have special devices, nor do they have to specially take out the time to play these games. They can simply pull out their phones and open the game in their down-time, while riding the bus or even during official meetings. These games are typically free-to-play, hence, can easily accumulate downloads. Hyper-casual games are an apt starting point for new companies from where they can build their basics, gather investment, and move onto bigger projects. Babar Ahmed explained to Profit, ‘HCG took off in the past five years. It opened the door for anyone to come in as it makes money and is a good entry point into gaming because HCGs are easy to make.’ He further added, ‘However, since they are easy to make, a lot of low-quality games have begun to be produced and the market is now too competitive. You need some studios to level up from HCG to move forward.’

He went on to describe that a problem with the local industry is that most companies are focused on ‘margin play’, which means they do not scale up. Companies need to aim for escape velocity, which is the point at which a business begins to grow exponentially. This is rare in the Pakistani game industry but according to Ahmed, the companies established since more than a decade are reaching this point. These are the ones developing their own products instead of just providing services.

The issue is that there is a lack of creative education in Pakistan and not enough individuals being trained in game making. ‘Software developers cannot become game developers without specialised training. Game View Studios was successful until it tried to scale up to a thousand people and you can see how that went down. It was bought by a Japanese company for $ 30 million,’ said Babar Ahmed.

Raising a generation of game makers

Samar Hasan of Epiphany games said, ‘Pakistan produces 20,000 IT graduates each year. None of them go towards game development. It is a very inclusive industry, where developers, artists, writers – even if you have studied anything, there’s a place for everyone.’ She added that the industry has ample opportunities for women as well which is one of the reasons, she decided to launch Epiphany Games under the larger accelerator project, Epiphany Labs, in 2020. ‘We were seeing that fintech was well on track. Gap existed in games.’ Similarly, Mindstorm Studios launched its M-LABS initiative which is a $ 500,000 investment towards providing the youth in Pakistan a platform to develop their game development skills. They offer fellowships, incubation programmes for independent developers, and are opening up their chapters across universities in Pakistan that bring exposure to and opportunities in game development closer to students. These companies and other gaming platforms host a variety of events like game jams, that are hackathon-modeled events where teams are provided the chance to produce games under the guidance of field experts. In January 2022, Epiphany Games hosted it’s second Developer’s Game Jam which was sponsored by Gamestorm Studios and Consoli Ads with prize money worth Rs 100,000 and $ 2700 in advertising rights for the top games. The game jam invited experts from leading local and foreign companies like the Turkey-based Mood Games, Tapnation, and the French video game publisher, Ketchapp.

The most important development is the opening up of degree programmes in universities. Between 2019 and 2021, at least four prominent universities launched 4-year Bachelor of Science (BS) programmes in game design and development. Air University in Islamabad, University of Management and Technology, and Insitute of Arts Culture (IAC) offer game design and production programmes that share course outlines with other computer science programmes until the fourth semester. After which, the degree branches off into more creative and game specific courses like 2D and 3D animation, game narrative, game design and artificial intelligence for game development.

We talked to the production associate at Riphah University in Islamabad who told us that, ‘Riphah offers the only game degree that is arts-based, most of the other university programmes offer game development as an engineering degree.’ However the National Computing Education Accreditation Council does not recognise game development programmes as a computer science major, instead assigns it to the creative technologies domain.

This is notable because game development is commonly thought of as an engineering degree but it’s just as much an arts degree. Game design majors are offered in art schools around the world. Many of the industry experts we spoke to complained about a lack of focus on creative skills in our education system, which are essential to game development.

Each of the degree programmes have around 20 – 25 enrolled students, while UMT has around 40 students already enrolled and according to the university representatives the numbers rise every new academic year. The faculty include professionals with computer science expertise as well as game software trainers, designers, and animators. The program coordinator at IAC told us that game development degree programmes require specialised software and facilities.

Apart from bachelor degrees, other universities like University of Central Punjab offer specialisations in game design and elective courses. Institutes dedicated to game development training such as the PixelArt Game Academy founded in 2019, see the potential in the industry and offer certification programmes in game development and design. Many platforms offer training in softwares such as Unity and Unreal Engine, which are leading game development softwares.

The fast-paced growth of the game industry in numbers as well as advancing scope, alongside the opening up of educational opportunities in the field demonstrate a clear trend towards an expanding market. More awareness among investors and stakeholders might just be the only thing that the Pakistani game sector awaits. n

Credit cards are treated with suspicion in Pakistan. But what does the average citizen need to know about holding (or not holding) plastic money

By Ahtasam Ahmed

Ahsan knew he had messed up by overusing his credit card. He knew that he didn’t quite understand how the card worked, and that made it easy for him to keep swiping it whenever he needed without thinking much as to the consequences. He also knew that he had spent around Rs 1.5 lakh on the credit card and that eventually he would have to save the money up somehow and pay it back.

Afterall, the bank that had issued the card had been calling and sending mail quite persistently. And while this knowledge was tucked somewhere in the back of his mind, what he did not expect was that one fine day his doorbell would ring and there would be a collection agent on the other side of the door handing him a Rs 5 lakh bill and a dead-eyed warning to pay up - or else.

The first-ever universal credit cards were introduced in the United States in the 1950s. And while plastic money blossomed and evolved over the course of the twentieth century, the first credit card was not introduced in Pakistan until as late as 2005. Nearly two decades later, only 0.76% of Pakistanis hold credit cards compared to 70% of Americans that hold at least one credit card.

A large part of that has been both an inability to and an unwillingness to understand what these cards are, how they work, what benefits they bring you, and what trouble they can get you in. And other than the very real danger of a credit card bill spiraling out of control, there is a lot else to know. Profit brings you the ins, outs, highs, and lows of holding (or not holding) a credit card in Pakistan.

How they work

The perception of this product varies in Pakistan. One section of society associates it with having a higher income, which means that these cards then become status symbols. Others see it as a trap laid by greedy banks to lure them into debt. The perceptions come from incidents that we hear around us, such as the anecdote we began with.

The reality is somewhere in between. Credit cards can be a convenient financial tool when used responsibly, and als become a

crippling source of debt. Essentially, the card represents a short term loan. When a credit card is issued, the bank gives you a credit ‘limit’ which is the amount of money you can spend on the card to purchase items and pay bills. To understand this, think of a credit card as an allowance you are given at the start of the month that has to be paid off a certain amount of time after the end of the month.

Essentially, say if you have a credit limit of Rs 250,000 that means you can make purchases for that amount for say one month. During that time, whenever you make a purchase it will not be cut from your bank deposits. At the end of the month, you will get a credit card bill. If the bill is, for example, Rs 150,000 that means you borrowed that much money from the bank to pay for things in that month. If you can pay off the bill within a defined ‘grace period’ no interest will be charged on the credit you used.

However, if you are unable to pay off the amount you have used, the bank will start charging you interest on it. So, for example, let us again say that you have a credit limit of Rs 2.5 lakh. Imagine you spend Rs 1.5 lakh on this by the end of February and the bank sends you a bill for the month you have to pay by March 20th. You think you will wait for your salary and pay it off, but an unexpected expense pops up and you immediately have to pay Rs 1 lakh to deal with it. Now, you can only pay off Rs 50,000 of your Rs 1.5 lakh credit card bill since you don’t get your next salary until April.

Suddenly, you have a credit card ‘balance’ of Rs 1 lakh. The bank will give you credit for Rs 1.5 lakh for the next month, but will also start charging you interest on the Rs 1 lakh that you have been unable to pay. The interest rates on cards are unusually high and can go up to as much as 40%.

This can, of course, lead to a path down credit card debt. However, such stages are mostly reached when customers make bad choices and use the cards inefficiently, ending up paying higher fees and not fully maximising the benefits at their disposal.

How the bank makes money

Broadly categorising, the banks earn on three fronts from credit cards. These are transaction fees charged to merchants, interest payments and service fees charged to cardholders.

Merchant fees are charged to the businesses that are accepting the cards. Basically banks charge them on a per transaction basis as compensation for providing them with an additional method of payment acceptance. This fee isn’t of our concern as cardholders aren’t being charged. However, what is of concern is the fact that credit cards are an expensive way to borrow and the banks really want you to opt for this channel.

Fees charged on credit cards are also a very lucrative earning point for the issuer of the card and most customers are not even aware of the full extent of fees that they are subject to. The customers will be quite aware of their annual charge that ranges between Rs. 2000-5000. But the issuer profits from your obliviousness towards other fees. These include:

n Cash Advance fee which is charged on withdrawal of cash through your card e.g.

ATM withdrawal. The fees on each such transaction is around 3% of transaction value subject to a minimum fee of around

Rs.1000. (Moreover, if you go overdue with your cash advance, you can face an interest rate as high as 40%)

n Foreign currency transaction charges will also apply if you are paying in another currency either travelling abroad, to an online merchant abroad like Ali Express or paying fees to institutes like CFA,

ACCA etc.

n Over the Limit Fee are charged when you exceed your credit limit assigned at the issuance of the card. These can be as high as Rs. 1200-1400 per transaction.

n Late Payment Fee, as the name suggests is basically the penalty for failing to pay a minimum amount by due date. These can vary, but are generally around Rs.1200 to

Rs.1500.

50% of your disposable income needs to cover unavoidable expenses like EMIs, Rents, Utility Bills, Groceries etc. Then 30% needs to go for wants, I mean one has to have fun. Your dine outs, shoppings and other stuff needs to be in this category. Then we are left with the 20% amount that needs to be saved and invested for the future. There are a lot of budgeting apps available online, you can download them on your phone for keeping track

How do they acquire customers?

So as we have an idea of the channels issuers can earn through, the next question is how are they luring in the customers? Basically, what banks do is profile the customers and sell credit card products accordingly. Broadly speaking there are two profiles, Transactors and Revolvers.

Transactors are those customers who pay off their bills in full and do not carry any balance. They use cards as money and are not interested in the credit offered. These customers usually don’t provide much avenues for the issuer to earn other than merchant transaction fees and annual card fee. For such customers, the banks usually market cards with high rewards and low annual fee or zero annual fee for a specified time period (usually the first year).

The second type, Revolvers, are the most profitable for the issuers. This group uses credit cards as a form of borrowing by only paying the minimum bill instead of the total balance. This provides the issuer to earn a high rate of return at times double what it would normally charge for conventional loans.

To entice this segment, what issuers do is that they offer introductory periods with interest free credit, but the catch here is the spending thresholds that you need to achieve before being eligible to earn that offer (For example, you might be offered a 0% interest rate for the first 12 months, subject to a spending of at least Rs.50000 in the first 3 months).

Furthermore, these customers are made a victim of what is called an anchoring bias. So what happens is that if you see a minimum payment amount alongside your total bill, you are more likely to pay an amount closer to that rather than your whole bill and this will ultimately leave you with a debt.

What is more interesting is the fact that over the years banks have reduced their minimum payments so that the gap between actual bill and minimum payments maximises leading to an increase in consumer debt. (Like it goes as low as the higher of 5% of outstanding balance or Rs. 500).

What if I buy a TV on credit?

Let’s take a simple example, assume that you have bought a TV for Rs.75,000 and have chosen to pay for it through a credit card. You aim to just pay off the monthly minimum amount (5%) for a year and then pay the total amount once you get that expected promotion at your job after 12 months. So your debt situation can be better explained through

the following table:

Now what has happened is that by the end of the first year, you have paid Rs. 41,000 but you still owe your issuer Rs. 61,000, So actually you bought a Rs. 75,000 product for Rs. 102,000.

Secondly, what the credit issuer does is that they offer you a lower limit initially and then gradually increases your limit over time. This in turn tricks the consumer to snatching up more credit and ultimately finding themselves in a bigger debt.

Adding to these psychological tricks, the issuer racks up profits from additional services (as mentioned earlier) by printing out lengthy contracts and hiding these in those pages. Given the financial literacy of our country, it almost guarantees that the consumer will only come to know of the fee when they go through their card bill and see an alien amount being charged which initially they will assume to be a mistake but will

The dos and don’ts

The first rule is to use your credit card as money. Don’t overspend and take unnecessary credit. If possible, delay expenses that are avoidable rather than having them paid immediately and running with a credit. Your spending can only be managed if you budget for your expenses.

A popular way is to use the 50-30-20 rule. 50% of your disposable income needs to cover unavoidable expenses like EMIs, Rents, Utility Bills, Groceries etc. Then 30% needs to go for wants, I mean one has to have fun. Your dine outs, shoppings and other stuff needs to be in this category. Then we are left with the 20% amount that needs to be saved and invested for the future. There are a lot of budgeting apps available online, you can download them on your phone for keeping track.

A habit to develop is to know when your card bill is due every month. Try to set a due date that is a few days after you receive your salary so that your bank account has enough to pay off your dues. An automatic payment can be set up which debits your bank account monthly with your card bill and that way you eliminate the chance of incurring late payment fees and subsequent, high interest charges. Also, don’t use the total credit limit available on your card, use around 30% so that even if you fall behind your payments any month, the debt is manageable.

Even if you aren’t accruing a lot of interest, there are other card fees you still need to look out for in order to save money. To avoid an unexpected charge, you should read the fine print contract and contact your credit card issuer for any clarifications. If you are too lazy to do that, at least obtain a credit card schedule of charges from your

banker and read the document to get a better understanding of the applicable fees.

Lastly, choose the card yourself and don’t let the card choose you. For example, If you are a frequent traveller or have regular international transactions, you should opt for a card that charges the least Foreign Transaction Fees. So, before choosing a card, think about what are your spending patterns and which card would be the right match for you. There are online platforms like mawazna that can help you compare card features.

Though it might seem that the banks are too smart and will always have the upper hand in the credit card game between you and them, however, a bit of research before opting for a card and attention to details can go a long way for your financial wellbeing. You can even turn the tables and use some hacks to pile up rewards and get some free stuff, but that’s a discussion for another time. n

Payment Payment Payment Interest Principal Balance Date No. Amount

Jan-22 ..................... 1 .................. PKR 3,750 ................... PKR 2,500 .................... PKR 1,250 ................. PKR 73,750 Feb-22 ................... 2 .................. PKR 3,688 .................... PKR 2,458 .................... PKR 1,229 ................. PKR 72,521 Mar-22 ...................3 .................. PKR 3,626 .................... PKR 2,417 .................... PKR 1,209 .................. PKR 71,312 Apr-22................... 4 .................. PKR 3,566 .................... PKR 2,377 ..................... PKR 1,189 ................. PKR 70,124 May-22...................5 .................. PKR 3,506 .................... PKR 2,337 ..................... PKR 1,169 ................ PKR 68,955 Jun-22.................... 6 .................. PKR 3,448 .................... PKR 2,299 .................... PKR 1,149 ................ PKR 67,806 Jul-22......................7 .................. PKR 3,390 .................... PKR 2,260 ..................... PKR 1,130 ................ PKR 66,676 Aug-22....................8 .................. PKR 3,334 .................... PKR 2,223 ...................... PKR 1,111 ................ PKR 65,564 Sep-22 ................... 9 .................. PKR 3,278 .................... PKR 2,185 .................... PKR 1,093 ................ PKR 64,472 Oct-22 ..................10 .................. PKR 3,224 .................... PKR 2,149 .................... PKR 1,075 ................. PKR 63,397 Nov-22 ..................11 ................... PKR 3,170 ..................... PKR 2,113 .................... PKR 1,057 ................ PKR 62,340 Dec-22..................12 .................... PKR 3,117 .................... PKR 2,078 .................... PKR 1,039 .................. PKR 61,301 Total .......................................... PKR 41,096 .................. PKR 27,397 .................. PKR 13,699