PSO: Bottom-line projected to increase by 50% YoY to PKR 35.72/share in 1HFY26

Pakistan State Oil Company (PSO) is set to announce its 1HFY26 results, expecting a profit after tax (PAT) of PKR 16,768mn (EPS: PKR 35.72), a 50% YoY increase driven by inventory gains and lower finance costs. QoQ, profitability is anticipated to rise by 2% to PKR 7,378mn. However, net sales in 2QFY26 are projected to decline 6% YoY to PKR 788,280mn, driven by declining MS and HSD volumes. Average prices for MS and HSD have risen YoY. Gross profit is expected at PKR 22.8bn, with a gross margin of 2.9%, while finance costs are expected to decline by 40% YoY to PKR 5.3bn.

Attock Petroleum Limited (APL) is expected to report a PAT of PKR 6,394mn (EPS: PKR 51.4) for 1HFY26, reflecting a 25% YoY increase. However, profitability in 2QFY26 is anticipated to decline by 6% YoY. Net sales should grow 1%, driven by higher prices, despite volume declines. Gross margins are expected to improve, with a projected payout of PKR 15/share.

Attock Refinery Limited (ATRL) is due to announce its 2QFY26 results, expecting a PAT of PKR 2,194mn (EPS: PKR 20.6), a 38% YoY decline. Gross profit is expected at PKR 1.4bn, mainly impacted by lower volumes and weak margins. MS and HSD sales have declined YoY, while FO sales surged but were mostly exported at negative spreads. Overall plant utilization is projected at 67%. Other income for the quarter is expected to fall by 26%, with a payout of PKR 5.0/share.

Courtesy- AHL Research