Pakistan Oil Marketing: Mar 2019 Sales down 18% YoY
- Pakistan Oil Sales was down 18% YoY during Mar 2019, dragged by 50% YoY decline in Furnace Oil (FO) and 21% YoY drop in HSD sales. FO sales decline continues due to its low usage in power generation after commencement of new RLNG and coal based power plants. HSD sales remained on lower side on back of slowdown in economy as indicated by 7MFY19 Large Scale Manufacturing (LSM) decline of 2.3% vs. 7% growth in 7MFY18. Further, continuous smuggling from Iran could also be attributed to this decline.
- In 9MFY19, HSD sales decline (-20% YoY in 9MFY19) touched over decade low due to aforementioned reasons. While Motor Spirit (MS or Petrol) growth remained limited to 1% YoY, almost 9-Year low on account of decline in Cars/Bikes sales by 4.5%/5% during 8MFY19.
- Pakistan State Oil (PSO) regained its market share during Mar 2019 by 5ppts and 3.5ppts MoM in MS and HSD sales respectively to 39% and 41% respectively. While, Hascol lost 4ppts and 6ppts MoM in both products.
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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