Report
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Pakistan Oil Marketing: Oil sales down 30% YoY in Jul 2018

  • Pakistan oil sales is likely to post sharp decline of 30% YoY to 1.6mn tons mainly due to 60% YoY fall in Furnace Oil (FO) sales amidst its likely local usage in power sector (after availability of RLNG). Excluding FO, oil sales is likely to post decline of 12% YoY.
  • HSD sales is expected to fall 22% YoY due to increase in its per liter price by 43% to Rs113 per liter in Jul 2018 vs. Rs80/liter in Jul 2017. While sales of Motor Spirit (MS) remained flat YoY at 614k tons. Compared to last month, HSD sales is up by 4% YoY as last month’s sales were affected due to Ramadan factor.
  • Among companies, Hascol sales remained better than its peers during the outgoing quarter as decline in sales was contained to 11% YoY compared to industry’s 30% YoY decline (Pakistan State Oil (PSO) down 49% YoY, Attock Petroleum (APL) down 18% YoY).
  • Hascol’s FO sales volume were up by 30% YoY which led to better performance than peers. While HSD/MS fell by 26/17% YoY.
  • Major drag in PSO volumes came from FO (down 77% YoY). Excluding FO, PSO’s volume fell 20% YoY.
  • In MS segment, PSO maintained its market leadership with market share of 37% in Jul 2018 (down 3.3ppts YoY), while Hascol’s market share increased by 2.4ppt YoY to 11.5%.

 

Provider
Topline Securities Limited
Topline Securities Limited

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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