External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower hydrocarbon production.</li><li>Net sales stood at Rs56.8bn during the quarter, down 14% YoY but up 10% QoQ. The QoQ increase is likely attributable to an increase in crude oil prices, which averaged US$71/bbl in 1QFY26 vs. US$69/bbl in 4QFY26. Additionally, PPL’s oil and gas volumes on a sequential basis are also up 6% and 7%, respectively.</li><li>Exploration expenses declined to Rs633mn in 1QFY26, down 58% YoY and 84% QoQ, reflecting the absence of dry well costs during the quarter.</li></ul>

Pakistan Petroleum Limited (PPL) announced its 1QFY26 result, posting earnings of Rs20.08bn (EPS: Rs7.38), down 15% YoY, primarily due to lower hydrocarbon production.Net sales stood at Rs56.8bn during the quarter, down 14% YoY but up 10% QoQ. The QoQ increase is likely attributable to an increase in crude oil prices, which averaged US$71/bbl in 1QFY26 vs. US$69/bbl in 4QFY26. Additionally, PPL’s oil and gas volumes on a sequential basis are also up 6% and 7%, respectively.Exploration expenses declined to Rs633mn in 1QFY26, down 58% YoY and 84% QoQ, reflecting the absence of dry well costs during the quarter.

Pakistan Petroleum (PPL): 1QFY26 EPS At Rs7.38, Down 15% YoY But Up 4% QoQ