AKD Securities Limited (AKDS) has just released an update on its coverage of Pakistan State Oil (PSO). The research house has raised its Dec 24 target price for PSO to Rs. 260 per share.
Pakistan State Oil (PSO) is expected to announce its financial results for the third quarter of the fiscal year 2024E in late April. According to the latest projections, the company’s Profit After Tax (PAT) is anticipated to be PkR1.96bn, with Earnings Per Share (EPS) of PkR4.17.
The expected increase in PAT is attributed to gains on inventory due to rising ex-refinery prices, primarily influenced by heightened international gasoline and gasoil prices amidst tensions in the Middle East. The company is expected to record inventory gains of approximately PkR0.95bn for the quarter, resulting in improved gross margins of 2.9%, compared to negative 0.4% in the previous quarter.
Despite the challenging market conditions, PSO is forecasted to achieve a revenue of PkR853bn, reflecting a change of -6% QoQ/+5% YoY.
| (PKRmn) | 3QFY24E | 2QFY24A | QoQ | 3QFY23A | YoY |
|---|---|---|---|---|---|
| Net Sales | 853,290 | 907,189 | -6% | 811,689 | 5% |
| Gross Profit | 24,503 | -3,229 | -859% | 46,665 | -47% |
| Operating exp | 6,103 | 6,754 | -10% | 5,682 | 7% |
| Finance Cost | 14,102 | 15,086 | -7% | 12,682 | 11% |
| Tax | 3,780 | -2,177 | -274% | 13,096 | -71% |
| PAT | 1,960 | -14,138 | n.m. | 13,646 | -86% |
| EPS | 4.17 | -30.12 | n.m. | 29.07 | -86% |
The information in this article is based on research by AKD Research. All efforts have been made to ensure the data represented in this article is as per the research report. This report should not be considered investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.
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