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EUR 9.24 For Business Accounts Only

Pakistan OMCs_LNG still soaring; Possible turnover tax revision, (AKD Daily, Jun 24, 2022)

  • As oil demand unwinds in the wake of falling global growth, natural gas/LNG markets continue to remain tight in this ongoing energy crisis.
  • PLL recently invited spot bids for July shipments after failing to procure them in the previous two weeks. The company received a single bid to buy four cargoes for July at $US39.8/mmbtu, up 82% from last month’s spot purchases.
  • Although not announced in Federal Budget'23, the Finance Minister last week initially agreed to revise the turnover tax downwards to 0.5% from the current 0.75% for OMCs.
  • The downward revision of the tax which directly affects the OMCs topline may induce greater net margin recovery as compared to the current regime, pushing net profits higher. Our back of the envelope working suggests EPS impacts of +11/14 on PSO and APL for FY23, respectively, due to the said developments.

 

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AKD Securities Limited
AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

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