Pakistan Oil Marketing: May 2019 sales down 34% YoY; Ex Fo sales down 17% YoY
- Pakistan oil sales during May 2019 declined by 34% YoY to 1.7mn tons. Lower sales could be attributed to 68% YoY decline in FO sales which is being replaced with relatively cheaper fuels like RLNG/coal.
- Petrol sales was down 7% YoY due to Ramadan season which started on May 06, 2019 vs. May 16 in 2018. Diesel sales was down 22% YoY due to aforementioned reason coupled with overall economic slowdown.
- Among companies, PSO witnessed decline of 9% YoY in its overall volumes due to 21% and 6% YoY decline in FO and HSD sales respectively. While MS volumes were up 4% YoY.
- PSO gained 2ppts MoM in MS market share to 41.7%, while HASCOL’s market share fell by 1ppt MoM to 6.2%, nearly 4-Year Low.
- On HSD front, PSO gained 8ppts MoM in its market share to 48%, while HASCOL lost 1ppt MoM to 8.6%.
- Key risks to sector include: 1) further slowdown in economy, 2) increase in turnover tax, and 3) currency depreciation.
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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