Pakistan Oil Marketing: Nov 2018 oil sales down 32% YoY; Ex Furnace oil down 22% YoY
- Pakistan oil sales during 5MFY19 slipped to its more than decade low by posting 33% YoY decline to 7.7mn tons. Product wise HSD sales declined by 21% YoY during 5MFY19, MS oil -2% (9-Year low) and Furnace Oil (FO) -68% YoY.
- During Nov 2018, oil sales clocked in at 1.3mn tons (around 11 years low), down 32% YoY mainly dragged by FO (-67% YoY). Excluding FO, oil sales plunged by 22% YoY. Steep decline in FO was on back of slower offtake from domestic refineries reportedly and shift of national energy mix to other alternatives like RLNG and Coal.
- In white oil segment, Motor Spirit (MS) and Hi Speed Diesel (HSD) both witnessed decline of 5% and 31% YoY respectively during Nov 2018, with former due to increase in MS prices by 29% YoY and squeezed consumers pockets amid higher inflation. While latter showed decline due to its smuggling from Iran coupled with increase in HSD prices by 34% YoY.
- Among companies, PSO witnessed sharp decline of 34% YoY in HSD/MS sales cumulatively to 411k tons followed by HASCOL 32% YoY to 122k tons and SHEL 20% to 106k tons. Whereas, APL outperformed peers by posting growth of +1% YoY to 115k tons.
- APL market share averaged at 9.2% during Nov 2018, up by 1.3ppts in MS sales, while PSO, HASCOL, and SHEL dropped by 5.8ppts, 2.6ppts and 1ppt 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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