Earnings Report /
Pakistan

Pakistan State Oil: FY21 Review: Earnings beat expectations on inventory gains & large penal income

  • PSO’s 4Q results and payout exceeded our estimates by a wide margin…

  • …thanks to non-recurring penal income from IPPs and inventory gains

  • We have a Buy stance for the scrip with a TP of PKR300/sh

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
24 August 2021