External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.17mn tons in May 2026, down 23% YoY and 14% MoM.</li><li>The decrease YoY and MoM was seen due to relatively higher fuel prices seen.</li><li>This takes total sales for 11MFY26 to 14.9mn tons, reflecting a 1% YoY increase compared to 14.8mn tons in 11MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.17mn tons in May 2026, down 23% YoY and 14% MoM.The decrease YoY and MoM was seen due to relatively higher fuel prices seen.This takes total sales for 11MFY26 to 14.9mn tons, reflecting a 1% YoY increase compared to 14.8mn tons in 11MFY25.

Pakistan Oil Marketing - OMC Sales Down 23% YoY And 14% MoM In May 2026; 11MFY26 Sales Up 1% YoY

<ul><li>Pakistan State Oil Company (PSO) announced its 2QFY26 results today, reporting an unconsolidated profit of Rs2.7bn (EPS: Rs5.82).</li><li>This took 1HFY26 earnings at Rs12.1bn (EPS of Rs25.82) compared to 1HFY25 profit of Rs11.2bn (EPS of Rs23.81), up 8% YoY.</li><li>Net sales for 2QFY26 declined by 9% YoY to Rs 761bn, primarily due to lower volumes, with MS and HSD sales falling by 11% YoY and 16% YoY, respectively.</li></ul>

Pakistan State Oil Company (PSO) announced its 2QFY26 results today, reporting an unconsolidated profit of Rs2.7bn (EPS: Rs5.82).This took 1HFY26 earnings at Rs12.1bn (EPS of Rs25.82) compared to 1HFY25 profit of Rs11.2bn (EPS of Rs23.81), up 8% YoY.Net sales for 2QFY26 declined by 9% YoY to Rs 761bn, primarily due to lower volumes, with MS and HSD sales falling by 11% YoY and 16% YoY, respectively.

Pakistan State Oil (PSO): 2QFY26 EPS At Rs5.82 Down 62% YoY & 71% QoQ – Lower Than Industry Expectations

Thematic (Sector/Industry)

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.36mn tons in Apr 2026, down 7% YoY and 6% MoM.</li><li>The decrease was due to a further rise in petrol and diesel prices seen in Apr due to US/Iran war affecting Middle East.</li><li>This takes total sales for 10MFY26 to 13.8mn tons, reflecting a 4% YoY increase compared to 13.2mn tons in 10MFY25.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.36mn tons in Apr 2026, down 7% YoY and 6% MoM.The decrease was due to a further rise in petrol and diesel prices seen in Apr due to US/Iran war affecting Middle East.This takes total sales for 10MFY26 to 13.8mn tons, reflecting a 4% YoY increase compared to 13.2mn tons in 10MFY25.

Pakistan Oil Marketing - OMC Sales Down 7% YoY and 6% MoM in Apr 2026; 10MFY26 Sales Up 4% YoY

<ul><li>Pakistan State Oil Company (PSO) announced its FY25 results today, reporting an unconsolidated profit of Rs20.9bn (EPS: Rs44.54). The earnings were below industry expectations due to higher taxation.</li><li>Company recorded 4QFY25 earnings at Rs5.6bn (EPS of Rs12.02) compared to 4QFY24 profit of Rs2.5bn (EPS of Rs5.25), up 2.3x YoY and 38% QoQ.</li><li>Net sales for 4QFY25 declined by 10% YoY but increased 14% QoQ to Rs813bn. The QoQ rise was driven by an 39% and 26% increase in HSD and MS sales, respectively. While YoY fall is due to a 7% and 9% fall in HSD and MS prices in 4QFY25 vs 4QFY24.</li></ul>

Pakistan State Oil Company (PSO) announced its FY25 results today, reporting an unconsolidated profit of Rs20.9bn (EPS: Rs44.54). The earnings were below industry expectations due to higher taxation.Company recorded 4QFY25 earnings at Rs5.6bn (EPS of Rs12.02) compared to 4QFY24 profit of Rs2.5bn (EPS of Rs5.25), up 2.3x YoY and 38% QoQ.Net sales for 4QFY25 declined by 10% YoY but increased 14% QoQ to Rs813bn. The QoQ rise was driven by an 39% and 26% increase in HSD and MS sales, respectively. While YoY fall is due to a 7% and 9% fall in HSD and MS prices in 4QFY25 vs 4QFY24.

Pakistan State Oil (PSO): FY25 EPS At Rs.44.54, Up 32% YoY - Earnings Lower Than Industry Expectations

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.22mn tons in Jul 2025, up 2% YoY while down 22% MoM. Excluding Furnace Oil (FO) sales in Jul 2025 were 1.21mn tons, reflecting an 8% YoY rise while a 16% MoM fall.</li><li>The YoY growth is primarily driven by a gradual economic recovery and reduced smuggling from Iran. The sharp MoM decline is attributed to higher petrol and diesel prices and higher flooding/rains in northern region during Jul 2025.</li><li>Petrol prices rose by Rs13.72/litre, while diesel saw an increase of Rs21.76/litre, both driven by the uptick in international crude oil prices amid geopolitical tensions.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.22mn tons in Jul 2025, up 2% YoY while down 22% MoM. Excluding Furnace Oil (FO) sales in Jul 2025 were 1.21mn tons, reflecting an 8% YoY rise while a 16% MoM fall.The YoY growth is primarily driven by a gradual economic recovery and reduced smuggling from Iran. The sharp MoM decline is attributed to higher petrol and diesel prices and higher flooding/rains in northern region during Jul 2025.Petrol prices rose by Rs13.72/litre, while diesel saw an increase of Rs21.76/litre, both driven by the uptick in international crude oil prices amid geopolitical tensions.

Pakistan Oil Marketing - Ex-FO OMC Sales Up 8% YoY But Down 16% MoM In Jul 2025

Pakistan

Pakistan State Oil Company Limited specializes in the marketing and storage of petroleum and related products.  The Company also blends and markets lubricating oils.

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Pakistan State Oil (PSO PA)

Pakistan Oil Marketing - OMC Sales Down 23% YoY And 14% MoM In May 2026; 11MFY26 Sales Up 1% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.17mn tons in May 2026, down 23% YoY and 14% MoM. The decrease YoY and MoM was seen...

Topline Securities

Pakistan State Oil (PSO): 2QFY26 EPS At Rs5.82 Down 62% YoY & 71% QoQ – Lower Than Industry Expectations

Pakistan State Oil Company (PSO) announced its 2QFY26 results today, reporting an unconsolidated profit of Rs2.7bn (EPS: Rs5.82). This took 1HFY26...

Topline Securities

Pakistan Oil Marketing - OMC Sales Down 7% YoY and 6% MoM in Apr 2026; 10MFY26 Sales Up 4% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.36mn tons in Apr 2026, down 7% YoY and 6% MoM. The decrease was due to a further...

Topline Securities

Pakistan State Oil (PSO): FY25 EPS At Rs.44.54, Up 32% YoY - Earnings Lower Than Industry Expectations

Pakistan State Oil Company (PSO) announced its FY25 results today, reporting an unconsolidated profit of Rs20.9bn (EPS: Rs44.54). The earnings...

Topline Securities

Pakistan Oil Marketing - Ex-FO OMC Sales Up 8% YoY But Down 16% MoM In Jul 2025

Pakistan's Oil Marketing Companies (OMCs) recorded sales of 1.22mn tons in Jul 2025, up 2% YoY while down 22% MoM. Excluding Furnace Oil (FO)...

Topline Securities

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