PSO - 3QFY23 Result Review, (AKD Off the Analyst's Desk Apr 27, 2023)
Pakistan State Oil (PSO) announced result for 3QFY23 where company posted unconsolidated PAT of PkR13.64bn (EPS: PkR29.1), up by 3.0x on a QoQ basis against LAT of PkR4.56bn (LPS: PkR9.70) during the previous quarter.
- The result came in slightly lower than our expectations of PAT of PkR16.16bn (EPS: 34.4) where in major deviations occurred due to higher finance costs and taxation during the quarter. Furthermore, inventory gains are estimated to have clocked in at ~PkR27bn as ex-refinery prices for MS/HSD/FO rose by 17%/4%/2%QoQ during the period, subsequently resulting in gross margins for the quarter to end at 5.5% (vs. 0.6% 2QFY23).
- Topline of the company stood at PkR843bn, changing by 0%/48% on a QoQ/YoY basis during 3QFY23, supported by increased retail prices, which have been up significantly since Jan’22, although total offtakes were down by 20%/28% QoQ/YoY% during the period.
- Another major difference occurred due to higher finance costs of PkR12.68bn (up 65%QoQ), possibly due to higher instances of short term borrowings (due to higher working capital needs) and higher LPS surcharges etc.
- Effective tax clocked in at 49% (vs.-ve 17% last quarter)
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.