Intermarket Securities Limited - Pakistan State Oil Co. (PSO) PSO 2QFY17 Result Review: No inventory gains, surprise penal income

Report

Intermarket Securities Limited

Muhammad Saad Ali

EUR 2.72 For Business Accounts Only

PSO 2QFY17 Result Review: No inventory gains, surprise penal income

PSO has posted a 2Q PAT of PkR5.6bn (EPS PkR20.76) which is up 29%QoQ and 62%YoY. This takes 1H PAT to PkR10.02bn (EPS PkR36.86), up 49%YoY. While bottom-line is 8% higher than our expectation, major line items are deviant.

06/02/2017 2 EN

Underlying

Pakistan State Oil Co.

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.

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PK0022501016 Pakistan Stock Exchange Pakistan

Provider

Intermarket Securities Limited

Intermarket Securities Limited (IMS) is a full service corporate brokerage firm based in Karachi, Pakistan. We service both domestic and international clients. IMS was ranked #2 Best Local Brokerage and #3 Best for Overall Country Research for 2016 by AsiaMoney.

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Analysts

Muhammad Saad Ali

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PSO 2QFY17 Result Review: No inventory gains, surprise penal income

PSO 1QFY24 & PSMC 3QCY23 Result Previews, (AKD Daily Oct 19, 2023)

The Pump, (AKD Monthly Report, August 10' 2023)

PSO & APL 4QFY23 Result Previews, (AKD Daily Aug 08 2023)

Intermarket Pulse: Pakistan Food producers: 1QCY18- Another weak quarter for consumers

Pakistan IPPs: Favor NPL over NCPL in a tougher macro environment

Intermarket Pulse: Pakistan Banks: Valuation anomaly warrants switch to large banks

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