PSO_3QFY22 unconsolidated EPS clocked in at PkR69.4 - Higher than expectation, (AKD Off the Analyst's Desk Apr 28, 2022)
AKD, Off the Analyst's Desk
PSO_3QFY22 unconsolidated EPS clocked in at PkR69.4 – Higher than expectation
Pakistan State Oil (PSO) announced result for 3QFY22 where company posted unconsolidated PAT of PkR32.6bn (EPS: PkR69.4) increasing by 274/61% against PAT of PkR8.7/20.2bn for 3QFY21/2QFY22. For 9MFY22, PAT stood at PkR64.8bn (EPS: PkR138.0), increasing by 255% against PAT of PkR18.2bn for 9MFY21.
- The result came in higher than our expectations where major deviation occurred due to higher than expected inventory gains of ~PkR29bn against our expectation of PkR13.6bn. Another major difference occurred due to other income of PkR11.6bn against our expectation of PkR2.5bn.
- To note, significant inventory gains arose on the back of increasing oil prices where difference between ex-refinery prices of MS/HSD increased by 45/64% during the quarter on sequential basis.
- Other income of PkR11.6bn is a result of company recording late payment surcharge, in our opinion, due to partial clearance of circular debt. To note, company records late payment surcharge on cash basis.
- Topline of the company increased by 99/9%YoY/QoQ for 3QFY22 supported by increasing prices of MS and HSD while company’s retail fuel volumes also increased by 29%YoY for the quarter. Overall, for 9HFY22, PSO’s volumes increased by 24%YoY.
AKD Research
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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