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 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