Pakistan Oil Marketing: Feb 2019 sales down 2% YoY
- Pakistan OMCs during Feb 2019 posted decline of 2% YoY, dragged by 31% YoY decline in Furnace Oil (FO) due to its lower consumption in power generation. Further, MOGAS sales posted 10-month high growth of 16% YoY in expectation of rise in petrol prices.
- Diesel decline was restricted to 1% YoY vs. average decline of 22% YoY in 7 months of FY19 amidst its sales to security forces due to the recent armed conflict between India and Pakistan.
- Among Companies, APL outperformed in terms of overall volumes and posted growth of 3% YoY to 143k tons during Feb 2019 while PSO, and Hascol posted decline of 9%, and 7% YoY respectively.
- Product wise, GO (unlisted company) remained top performer in MS oil sales and gained 2.3ppts YoY in its market share to 8%. On HSD front, BYCO outperformed by gaining 1.7ppt YoY in its market share to 7.5%.
- Key Risks to OMCs includes, 1) slower than expected decline in economy, 2) higher inventory losses, and 3) phase out of FO earlier than expectations.
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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