Report
EUR 20.00 For Business Accounts Only

Pakistan Oil Marketing: Sep 2018 oil sales down 21% YoY; 1QFY19 sales at 4-Year low

  • During Sep 2018, oil sales posted decline of 21% YoY to 1.8mn tons due to sharp decline of 61% YoY in Furnace Oil (FO) amidst availability of alternative power generation sources RLNG and coal. To note, last month (Aug 2018) oil sales went down by around 46% YoY. On the other hand, sales of HSD and MS oil posted growth of 5% YoY each, better than last month as Aug 2018 MS/HSD went down by 11%/38% YoY on account of restrained buying by dealers/pump owners as Govt. was claiming to reduce POL prices. Excluding FO, volumetric sales were up by 2% YoY, driven by HSD/MS both by 5% YoY each.
  • Pakistan OMCs sales during 1QFY19 touched 4-year low at 4.7mn tons, down by 33% YoY owing to decline in sales of furnace oil (FO) by 67% YoY amid aforementioned reasons. Adjusting FO oil sales for the sept quarter is down 13% YoY.
  • Hascol outperformed its peers by posting growth of 13% YoY mainly driven by HSD sales, up 38% YoY in Sep 2018. While its MS and FO sales dipped 5% and 6% YoY respectively.
  • Pakistan State Oil (PSO) lost around 40% of its volume in Sep 2018, where major drag came from furnace oil (down 78% YoY). Adjusting FO sales, PSO volumes were up 2% YoY.
  • During 1QFY19, in MS oil segment, market share of PSO went down by 4.8ppts YoY to 38.6% due to increased competition from other players, while SHEL and APL gained 0.6ppt and 1.5ppt YoY in their market shares respectively.

 

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).

Other Reports from Topline Securities Limited

ResearchPool Subscriptions

Get the most out of your insights

Get in touch