Pakistan Oil Marketing: Dec 2018 sales down 27% YoY
- Pakistan oil sales during 1HFY19 witnessed sharp decline of 32% YoY due to lower Furnace Oil (FO) sales. Excluding FO, volumes significantly went down by 15% YoY, highest in last decade. After FO, largest decline was seen in HSD, which fell 22% YoY due to availability of smuggled Iranian diesel and slowdown in economy, where Large Scale Manufacturing (LSM) activities in Pakistan are down 0.65% in 4MFY19.
- Motor Spirit (MS) sale was down 2% YoY during 1HFY19 after posting growth for 9 consecutive years. Lower MS oil sales could be attributed to rise in petrol prices by around 24% YoY.
- During Dec 2018, oil sales plummeted by 27% (ex FO: -18% YoY) amidst aforementioned reasons. Company wise PSO remained worst performer with drop of around 49% in its sales volume, followed by Hascol (-46% YoY).
- Attock Petroleum (APL) surprised by posting growth 9% YoY in its volumes, where its MS/HSD volumes were up 47%/24% YoY during Dec 2018.
- In white oil sales, especially in HSD/MS oil sales, HASCOL’s performance was depressed as it witnessed decline of 50% YoY in HSD/MS cumulative sales. While APL’s volumes in the same period are up 34% YoY.
Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.
Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.
Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.
JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).
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