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 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 State Oil Company (PSO) announced its 2QFY25 results today, reporting an unconsolidated profit of Rs7.2bn (EPS: Rs15.35). The earnings were slightly below industry expectations due to lower-than-expected gross margins and higher taxation.</li><li>This takes 1HFY25 earnings to Rs11.2bn (EPS of Rs23.81) compared to 1HFY24 profit of Rs7.8bn (EPS of Rs16.51) up 44% YoY.</li><li>The company recorded gross margins of 3% in 2QFY25 as compared to 3.3% in 1QFY25.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pakistan State Oil Company (PSO) announced its 2QFY25 results today, reporting an unconsolidated profit of Rs7.2bn (EPS: Rs15.35). The earnings were slightly below industry expectations due to lower-than-expected gross margins and higher taxation.This takes 1HFY25 earnings to Rs11.2bn (EPS of Rs23.81) compared to 1HFY24 profit of Rs7.8bn (EPS of Rs16.51) up 44% YoY.The company recorded gross margins of 3% in 2QFY25 as compared to 3.3% in 1QFY25.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan State Oil (PSO): 2QFY25 EPS at Rs.15.35, up 81% YoY

Thematic (Sector/Industry)

<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

<ul><li>Pakistan's Oil Marketing Companies recorded sales of 1.57 million tons in June 2025, showing an 8% YoY and 2% MoM increase, attributed to economic recovery and reduced smuggling due to the Iran-Israel conflict.</li><li>Total sales for FY25 reached 16.32 million tons, reflecting a 7% YoY increase, with Ex-Furnace Oil sales showing a 9% YoY rise.</li><li>Company-wise, Pakistan State Oil (PSO) saw a 2% YoY and 3% MoM increase in sales, with an overall market share rising to 42.2% in June 2025.</li></ul>

Pakistan's Oil Marketing Companies recorded sales of 1.57 million tons in June 2025, showing an 8% YoY and 2% MoM increase, attributed to economic recovery and reduced smuggling due to the Iran-Israel conflict.Total sales for FY25 reached 16.32 million tons, reflecting a 7% YoY increase, with Ex-Furnace Oil sales showing a 9% YoY rise.Company-wise, Pakistan State Oil (PSO) saw a 2% YoY and 3% MoM increase in sales, with an overall market share rising to 42.2% in June 2025.

Pakistan Oil Marketing - OMC Sales up 8% YoY and 2% MoM in Jun 2025; FY25 Sales up 7% YoY

<ul><li>Pakistan's Oil Marketing Companies (OMCs) recorded a significant increase in sales in May 2025, with a 10% year-on-year (YoY) and 5% month-on-month (MoM) rise, driven by lower fuel prices, seasonal demand, and improved economic activity.</li><li>For the 11 months of fiscal year 2025 (11MFY25), total sales reached 14.76 million tons, marking a 7% increase YoY, with notable growth in sales of Motor Spirit and High-Speed Diesel.</li><li>Attock Petroleum and Pakistan State Oil experienced mixed results, with Attock Petroleum seeing a decrease in YoY sales but an increase MoM, while Pakistan State Oil's overall market share slightly declined.</li></ul>

Pakistan's Oil Marketing Companies (OMCs) recorded a significant increase in sales in May 2025, with a 10% year-on-year (YoY) and 5% month-on-month (MoM) rise, driven by lower fuel prices, seasonal demand, and improved economic activity.For the 11 months of fiscal year 2025 (11MFY25), total sales reached 14.76 million tons, marking a 7% increase YoY, with notable growth in sales of Motor Spirit and High-Speed Diesel.Attock Petroleum and Pakistan State Oil experienced mixed results, with Attock Petroleum seeing a decrease in YoY sales but an increase MoM, while Pakistan State Oil's overall market share slightly declined.

Pakistan Oil Marketing - OMC sales up 10% YoY and 5% MoM in May 2025; 11MFY25 sales up 7% YoY

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 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 State Oil (PSO): 2QFY25 EPS at Rs.15.35, up 81% YoY

Pakistan State Oil Company (PSO) announced its 2QFY25 results today, reporting an unconsolidated profit of Rs7.2bn (EPS: Rs15.35). The...

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

Pakistan Oil Marketing - OMC Sales up 8% YoY and 2% MoM in Jun 2025; FY25 Sales up 7% YoY

Pakistan's Oil Marketing Companies recorded sales of 1.57 million tons in June 2025, showing an 8% YoY and 2% MoM increase, attributed to economic...

Topline Securities

Pakistan Oil Marketing - OMC sales up 10% YoY and 5% MoM in May 2025; 11MFY25 sales up 7% YoY

Pakistan's Oil Marketing Companies (OMCs) recorded a significant increase in sales in May 2025, with a 10% year-on-year (YoY) and 5%...

Topline Securities

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