Pakistan OMCs_POL sales down by 20%YoY in Jan’23, (AKD Daily, Feb 06, 2023)
AKD Daily
Pakistan OMCs: POL sales down by 20%YoY in Jan’23,
- POL product sales clocked in at 1.44mn tons for Jan’23, changing by +8%/-20% on MoM/YoY basis, compared to 1.34/1.8mn tons during Dec’22/ Jan’22.
- This marks the second consecutive month with petroleum sales below 1.5mn tons. Although, there is a slight recovery on a monthly basis (up 8% MoM) due to rumors of a potential price hike, which may have prompted some hoarding.
- Company wise, major players in the sector, PSO/APL/SHEL/ GOPL, delivered throughput levels of 704k/140k/115k/85k tons, taking total market share to stand at 49%/9.7%/8.0%/5.9% for Jan’23, respectively
- APL’s offtakes witnessed the strongest recovery on a MoM basis (up 16% vs. industry’s 8% during Jan’23) majorly due to a big spike in RFO offtakes, up 84%MoM. This may be due to increased offtakes from the power plants the company sells to in Punjab (Attock-Gen, NPL, NCPL etc.), as depicted by recent upticks in RFO based generation during Dec’23 (up 267%MoM), amidst recent RLNG scarcity in the country
- Overall, APL (TP: PkR370/sh) is our top pick from the sector, with the company being a perfect mix of capital upside and dividend yield
AKD Research
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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