Pakistan State Oil Co.

Pakistan State Oil is a petroleum group based in Pakistan. Co.'s principal activities are the procurement, storage and marketing of petroleum and related products. Co. also blends and markets various kinds of lubricating oils.
  • TickerPSO
  • ISINPK0022501016
  • ExchangePakistan Stock Exchange
  • SectorOil & Gas Producers
  • CountryPakistan
Muhammad Saad Ali

Pakistan OMCs: June sales show a more impressive rebound than in May

As per provisional data, overall OMC sales in June 2020 grew a remarkable 19% yoy and 9% mom to 1.6mn tons. Excluding furnace oil (FO), the jump in sales was an even more impressive 39% yoy. Sales of Mogas (petrol) rose 28% yoy (up 14% mom) to 726,000 tons, which is majorly attributed to the lifting of lockdown and significantly lower prices (c.PKR75/liter). HSD (diesel) rose more emphatically to 753,000 tons, by 68% yoy (10% mom), which is a good indication of the rebound in industrial activ...

Muhammad Saad Ali

Pakistan Oil Marketing – May 2020 sales volume update

May sales: Easing of lockdown and lower prices unfold strong pickup in sales As per provisional data, overall OMC sales grew 39% mom in May 2020 (down 12% yoy); excluding furnace oil (FO), however, sales were down only 3% yoy. The progressive withdrawal of lockdown conditions by the government since 9 May (ahead of Eid) has led to strong rebound in both retail fuels and furnace oil (sharply lower prices made FO based power generation more cost efficient). Mogas (petrol) sales rose 46% mom and...

Muhammad Saad Ali

Pakistan OMCs: Good pick-up in HSD sales moderate overall decline

As per provisional data, overall OMC sales declined by 36% yoy (up 6% mom) to 1.06mn tons during April 2020. This was the first full month of lockdown in Pakistan (in place since 24 March). The true impact of the lockdown was seen in Mogas sales which fell 36% yoy and 19% mom, where the fuel is mostly used by retail consumers. HSD, on the other hand, rose 43% mom (down 16% yoy) due to demand from the agriculture sector (Rabi crop harvesting) and lower availability of imports from Iran (border...

Muhammad Saad Ali

Pakistan State Oil: Q3 FY 20 review – Worse than expected on large inventory losses

PSO posted 3QFY20 NLAT of PKR3.4bn (LPS PKR7.30), compared to an EPS of PKR6.19 in the 2QFY20 and PKR3.57 in SPLY. This takes 9MFY20 earnings to PKR3.0bn (EPS PKR6.41), down 49% yoy. The 3Q result is worse than our expected LPS of PKR4.42 due to much greater inventory losses than we expected. There was no dividend announced (despite skipping it in 1H) as expected. Key highlights: * Net Sales have declined 1% yoy and 22% qoq where lower volumes – Furnace oil / HSD / Mogas sales down 69% / 24...

Muhammad Saad Ali

Pakistan State Oil: 3QFY20 preview – All negatives incorporated

We expect Pakistan State Oil (PSO) to post a 3QFY20 NLAT of PKR2.1bn (LPS PKR4.42), compared to an EPS of PKR6.19 in the previous quarter and PKR3.57 same period last year. This will take 9MFY20 earnings to PKR4.4bn (EPS PKR9.28), down 26% yoy. In the midst of deep losses likely in 3Q and the next quarter, we do not expect PSO to announce any dividends (it skipped payout in 1HFY20 results). This will be the worst result (and first quarterly loss) by PSO since 3QFY16. Broadly, the result will ...

Muhammad Saad Ali

Pakistan OMCs: June sales show a more impressive rebound than in May

As per provisional data, overall OMC sales in June 2020 grew a remarkable 19% yoy and 9% mom to 1.6mn tons. Excluding furnace oil (FO), the jump in sales was an even more impressive 39% yoy. Sales of Mogas (petrol) rose 28% yoy (up 14% mom) to 726,000 tons, which is majorly attributed to the lifting of lockdown and significantly lower prices (c.PKR75/liter). HSD (diesel) rose more emphatically to 753,000 tons, by 68% yoy (10% mom), which is a good indication of the rebound in industrial activ...

Muhammad Saad Ali

Pakistan Oil Marketing – May 2020 sales volume update

May sales: Easing of lockdown and lower prices unfold strong pickup in sales As per provisional data, overall OMC sales grew 39% mom in May 2020 (down 12% yoy); excluding furnace oil (FO), however, sales were down only 3% yoy. The progressive withdrawal of lockdown conditions by the government since 9 May (ahead of Eid) has led to strong rebound in both retail fuels and furnace oil (sharply lower prices made FO based power generation more cost efficient). Mogas (petrol) sales rose 46% mom and...

Muhammad Saad Ali

Pakistan OMCs: Good pick-up in HSD sales moderate overall decline

As per provisional data, overall OMC sales declined by 36% yoy (up 6% mom) to 1.06mn tons during April 2020. This was the first full month of lockdown in Pakistan (in place since 24 March). The true impact of the lockdown was seen in Mogas sales which fell 36% yoy and 19% mom, where the fuel is mostly used by retail consumers. HSD, on the other hand, rose 43% mom (down 16% yoy) due to demand from the agriculture sector (Rabi crop harvesting) and lower availability of imports from Iran (border...

Muhammad Saad Ali

Pakistan State Oil: Q3 FY 20 review – Worse than expected on large inventory losses

PSO posted 3QFY20 NLAT of PKR3.4bn (LPS PKR7.30), compared to an EPS of PKR6.19 in the 2QFY20 and PKR3.57 in SPLY. This takes 9MFY20 earnings to PKR3.0bn (EPS PKR6.41), down 49% yoy. The 3Q result is worse than our expected LPS of PKR4.42 due to much greater inventory losses than we expected. There was no dividend announced (despite skipping it in 1H) as expected. Key highlights: * Net Sales have declined 1% yoy and 22% qoq where lower volumes – Furnace oil / HSD / Mogas sales down 69% / 24...

Muhammad Saad Ali

Pakistan State Oil: 3QFY20 preview – All negatives incorporated

We expect Pakistan State Oil (PSO) to post a 3QFY20 NLAT of PKR2.1bn (LPS PKR4.42), compared to an EPS of PKR6.19 in the previous quarter and PKR3.57 same period last year. This will take 9MFY20 earnings to PKR4.4bn (EPS PKR9.28), down 26% yoy. In the midst of deep losses likely in 3Q and the next quarter, we do not expect PSO to announce any dividends (it skipped payout in 1HFY20 results). This will be the worst result (and first quarterly loss) by PSO since 3QFY16. Broadly, the result will ...

Shahrukh Saleem

Pakistan OMCs: Volumes succumb to economic woes, (AKD Daily, Sep 04, 2019)

Aug’19 volumetric offtake clocked in at 1.3mn tons, moving -16%MoM/-4%YoY with HSD sales continuing to crater on the back of persistent grey-product penetration, whereas FO’s decline seems to have slowed with volumes moving by -4%YoY/-38%MoM, contributing to the prevailing slowdown in POL volumes For 8MCY19, volumes amounted to 12mn tons, receding 16%YoY exhausted by weak power demand (cumulative FO sales dip 40%YoY), where monthly average sales have dropped to 255k tons vs. 427k tons during 8MCY18, indicative of subdued monthly demand, but significant annual deviation In terms of market sha...

Muhammad Saad Ali ...
  • Raza Jafri

Pakistan (IMS): Mid-Year Strategy – towards a better H2 19

• The IMF Executive Board approved Pakistan’s three-year US$6bn EFF programme. If successful, the programme can lead to more equitable growth for Pakistan . • We are encouraged by Pakistan’s new-look macroeconomic policy making, which is now coherent and better coordinated. • Low investor confidence led the KSE-100 to hit its 2019td low earlier in the week. Confidence should now improve.

PSO 2QFY17 Result Review: No inventory gains, surprise penal income

PSO has posted a 2Q PAT of PkR5.6bn (EPS PkR20.76) which is up 29%QoQ and 62%YoY. This takes 1H PAT to PkR10.02bn (EPS PkR36.86), up 49%YoY. While bottom-line is 8% higher than our expectation, major line items are deviant.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch