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PLX - Strong sales volume growth and favourable oil price movement in Q2 drove earnings - Earnings Flash

PLX’s Q2 result came out with a surprise. Rebounding from a weak Q1 (recurring NPAT -10.1% YoY, Q2 recurring NPAT jumped 78.4% YoY. As a result, H1 recurring NPAT rose by 25.9% YoY thanks to 1) strong domestic and retail (COCO) sales volume growth 2) higher E5 and RON95 gasoline sales volume (higher margin) and 3) favorable oil price movement in Q2 (see Figure 2).