Earnings Report /

Pakistan Oilfields: 2QFY21 review – Misses expectations due an unusually high effective tax rate

  • POL’s 2QFY21 result has missed expectations due to a high effective tax rate, but PBT is in line

  • Production decline in case of POL was moderate vs. peers, and average oil prices during 2Q were flat qoq

  • Payout is good and slightly better than expected. Reiterate Buy rating (TP PKR475/sh)

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
27 January 2021