AHL Research reported on Pakistan Oil Marketing Companies’ earnings for 3QFY26, anticipating significant inventory gains.

**PSO:** Projected PAT of PKR 54,353mn (EPS: PKR 115.8), a 3.6x YoY increase, boosted by inventory gains and reduced finance costs. QoQ profit expected to rise 10x to PKR 42,230mn (EPS: PKR 90.0) with net sales up 14% YoY to PKR 807,273mn. MS and HSD volumes increased by 9% and 20%, respectively. Average MS and HSD prices rose significantly, but the RLNG segment underperformed, with prices declining. Finance costs expected to drop by 45% YoY to PKR 4,181mn.

**APL:** Anticipated PAT of PKR 17,101mn (EPS: PKR 137.5) for 9MFY26, a 122% YoY rise. 3QFY26 profit projected at PKR 10,681mn (EPS: PKR 85.8), up 4.2x YoY. Net sales expected to grow 18% YoY, supported by higher MS and HSD prices, with gross margins improving to 13.84%.

**ATRL:** Projected PAT of PKR 9,182mn (EPS: PKR 86.1), a 439% YoY increase, with gross profit at PKR 13.5bn and margins of 13.8%. MS sales rose 15.6% YoY, and HSD sales increased 24.2%. Overall plant utilization improved to 65%. Other income projected at PKR 2.8bn, with no dividend expected.