Pakistan OMCs: For volumes, slow and steady start to 2019, (AKD Daily, Feb 06, 2019)
January volumetric offtake clocked in at 1.56mn tonnes, moving +8%MoM/-13%YoY with FO sales continuing to crater, albeit at a lessening pace (-9%MoM/+60%YoY), while MOGAS/HSD offtake shifted +1/-5%MoM and +2/-24%YoY.
Cumulative 7MFY19 volumes amounted to 10.7mn tonnes, receding 29%YoY exhausted by weak power demand (cumulative FO sales dip 16%YoY), where monthly average sales have dropped to 257K tons vs. (662K tons during 7MFY18), indicative of subdued monthly deviations and apprehensive FO-based IPPs, cutting back on purchases
in terms of market share, PSO/APL/HASOL stood at market shares of 41/10/14% during Jan’19 where a comparison to 7MFY19 cumulative shares of 40/11/12% reveal HASCOL and to a lesser extent PSO successfully clawing back market share during the outgoing month
The 27%YoY decline in cumulative POL product sales for 6MFY19, underpins a fall in demand for POL products from all major segments, where the most muted decline was in transportation, effectively cementing its share in the consumption mix to 75%.
With major shifts underway, we advocate for building positions in the state OMC, standing to gain from circular debt clearance and near term inroads into the refining space, pushed for by state level investments.​
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.
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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