Euro Oil (Pvt.) Limited

RATING REPORT | Mar-26

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Rating History
Dissemination Date Long-Term Rating Short-Term Rating Outlook Action Rating Watch
06-Mar-26 A- A2 Stable Initial -
About the Entity

Euro Oil (Private) Limited (“Euro Oil” or the “Company”) was established in 2016 and formally obtained its Oil Marketing Company (OMC) license from OGRA in 2018. The Company’s major shareholding lies with Mr. Umer Mujib Shami and associates (~38%), Mr. Adnan Nasir and associates (~38%), and BBE D PTE. LTD. (~20.0%), a Singapore-domiciled subsidiary of BB Energy. The Board comprises 7 members, including 3 Non-Executive and 4 Executive Directors. Mr. Adnan Nasir serves as Chairman of the Board, while Mr. Umer Mujib Shami leads the Company as Chief Executive Officer (CEO).

Rating Rationale

Euro Oil (Private) Limited (“Euro Oil” or “the Company”) has evolved itself into a significant market player, having prominent presence in Lahore and other major cities of the Punjab province. With 12,800 MT storage depot in Sahiwal, the company’s network extends to 168 sites, of which 18 sites are CoCo. These CoCo sites provide a strategic advantage in terms of profitability and liquidity management. The volume advantage is a plus factor. These factors reinforce the assigned ratings. The ratings are further fortified by the sectoral expertise of its key sponsors and a strategic ~20% equity stake held by global energy trader BB Energy. This international partnership has been instrumental in streamlining the Company’s supply chain, a trajectory of growth further complemented by its distribution agreement with PETRONAS to market and sell premium lubricants nationwide. The company has a governance structure in place, with an eye to getting itself listed in near future. Currently managing a robust product portfolio that includes High-Speed Diesel (HSD), Premier Motor Gasoline (PMG) featuring the PMG 95 RON variant), the Company has positioned itself to expand to other provinces. The Company primarily generates revenue by PMG and HSD sales, which together account for over ~99% of the total sales volume. During FY25, the Company sold an increased quantum of PMG and HSD amounting to ~193,732 MT (FY24: ~153,650 MT). To capitalize on a 1.2% market share and a notable 15% revenue surge to PKR 61,487mln in FY25, Euro Oil is pursuing infrastructure expansion, with 5,000 extension already 80% complete at the current site in Sahiwal. The land filling at Daulatpur is done and work is progressing. Kohat will follow. The timely materialization of these projects remains a critical prerequisite for future scaling. The management is projecting a revenue base of around PKR 66,998mln and net profit of PKR 967mln by end of FY26.
The Company maintains a sound risk absorption capacity. The equity of the company was strengthened when BB Energy took a stake in the company, with 80% of the proceeds invested in the company. The working capital cycle is favorable due to supply agreement with its key shareholder. Most of the leverage is non funded. The management of financial risk is important. The management has no plan to raise long term funding, of which the feasibility might impact the financial risk.

Key Rating Drivers

The ratings are supported by Euro Oil’s ability to sustainably grow its business volumes and profits. Maintaining healthy financial metrics, including a controlled leverage profile. Streamlining the working capital management, along with timely and successful materialization of the strategic initiatives are pertinent.

REPORT CONTENTS
  1. Rating Analysis
  2. Financial Summary
  3. Rating Scale
  4. Regulatory Disclosure

Euro Oil (Pvt.) Limited


Rating Analysis

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Profile
Legal Structure

Euro Oil (Private) Limited ("Euro Oil" or "the Company") was incorporated in Pakistan on 07-Mar-16, under Companies Act, 2017 as a Private limited Company.


Background

Euro Oil (Private) Limited (“Euro Oil” or the “Company”) was established in 2016 and formally obtained its Oil Marketing Company (OMC) license from OGRA in 2018. In October 2020, BB Energy, a global energy trading and integrated energy-commodities player, acquired ~20% equity stake in Euro Oil. Subsequently, in January 2022, Euro Oil entered into an agreement with PETRONAS to market and distribute PETRONAS branded lubricants across Pakistan. These developments enhance the Company’s business profile and product offering.


Operations

Euro Oil commenced commercial operations in 2018 after securing the OMC license issued by the Oil and Gas Regulatory Authority (OGRA). The Company is primarily engaged in the procurement, storage and marketing of High Speed Diesel (HSD), Premier Motor Gasoline (PMG) including PMG 95 RON, High Sulfur Furnace Fuel Oil (HSFO), Aviation Gasoline (Avgas) and Lubricants. Currently, the Company operates a retail network of ~162 stations, including ~ 18 company-operated sites. Euro Oil holds owned storage capacities of ~12,800 MT at its depot located in Sahiwal, Punjab. In addition to its existing infrastructure, Euro Oil plans to add ~5,000 MT at Sahiwal, ~3,000 MT at Daulatpur in Sindh, and ~7,000 MT at Kohat in KPK. The registered office is located in Lahore.


Ownership
Ownership Structure

The Company’s major shareholding lies with Mr. UmerMujib Shami and associates (~38.5%), Mr. Adnan Nasir and associates (~38.5%), and BBE D PTE. LTD. (~20.0%), a Singapore-domiciled subsidiary of BB Energy. And Mr. Sohail Ahmad (2.8%).


Stability

The ownership structure is stable and closely held, with most shares in the hands of key sponsors, which lowers the chance of sudden changes in control. The acquisition of BB Energy provides further support. The mix of individual shareholders and international corporate investor also supports steady decision-making and consistency in the Company’s direction.


Business Acumen

Financial Strength

The Sponsors hold considerable financial strength to support the Company whenever needed, and have a demonstrated history of providing such backing in the past. This continued ability and willingness reinforces the Company’s financial stability and future growth prospects. Moreover, BB Energy turnover was USD 22.89bln and gross profit of USD 298mln in FY25. This bodes well for the Company. 


Governance
Board Structure

The Board comprises seven members, including four Executive Directors and three Non-Executive Directors. BB Energy has ensured its presence through two Non-Executive on the Company's Board. Going forward, the inclusion of independent directors may further strengthen the oversight and governance framework.


Members’ Profile

The BoD, with a diversified background and relative expertise of its members, is the key source of oversight and guidance for the management. Mr. Adnan Nasir, Managing Partner at Shanns Cosmetics and Chemicals, chairs the Board with an overall professional experience of around three decades. Mr. Bachir Bassatne, CEO of BBE Retail, and Mr. Fadi Kabalan, Director at BB Energy Trading Ltd. (UK), represent BBE D PTE. Limited on the BoD. This ensures that the investors’ interests are well-represented and aligned with the company’s strategic direction.


Board Effectiveness

The Board met four times during the year with majority attendance. Minutes of each Board meeting were adequately documented. The Board operations are supported through four key committees, namely Audit Committee, Financial and Risk Management Committee, IT & Innovation Committee and Human Resource and Remuneration Committee. During the year, the Audit & Compliance Committee convened five meetings, while the Financial and Risk Management Committee also met five times to oversee financial integrity and risk oversight. The IT & Innovation Committee held three meetings, focusing on technological advancement and digital transformation. Additionally, the Human Resource & Compensation Committee convened four meetings to supervise people-related policies and performance matters. The minutes of each Committee meeting were documented adequately. 


Financial Transparency

M/s UHY Hassan Naeem & Co., Chartered Accountants, have been appointed as the external auditor for the Company. The firm has issued an unqualified opinion on the Company's financial statements for the year ending Jun-25, which validates the integrity of its financial reporting. The Audit firm is QCR rated and on the SBPs panel of auditors in category ‘A’.


Management
Organizational Structure

All major operational and business functions, including Supply, Engineering, Retail Sales, IT, Procurement, Consumer Sales, Marketing, Depot Operations, Business Support, Administration, HR, and Lubricants, are overseen by the Deputy Managing Director (DMD), with each department headed by its respective department head to ensure effective and streamlined operations. The DMD reports to the Chief Operating Officer (COO), who, along with the Chief Financial Officer (CFO), supports the Chief Executive Officer (CEO) in managing overall operations and financial oversight. The CEO reports directly to the Board of Directors, which provides governance and strategic guidance at the highest level. The internal audit function, comprising two personnel, reports functionally to the Chairman of the Board Audit Committee and administratively to the CEO, ensuring independent oversight across the organization.


Management Team

Mr. Umer Mujib Shami heads the Company as the CEO. He brings over two decades of experience across the Finance, Manufacturing, and Energy sectors and previously served as the CEO of Fuel Tech Pvt. Ltd. Mr. Sohail Ahmed, COO of the Company, brings over two decades of industry experience and has previously been associated with Shell, adding significant operational expertise to the Company. Mr. Tanveer Ahmed is the CFO of the Company with an overall experience of almost 12 years. The management team comprises seasoned professionals, each bringing a range of expertise in their respective fields.


Effectiveness

To ensure effective oversight and facilitate informed decision-making, Euro Oil has established various specialized committees responsible for overseeing key operational and financial matters. These include the Strategic & Business Planning Committee, Financial & Commercial Oversight Committee, Operations & Supply Chain Committee, HSSE & Quality Compliance Committee, Regulatory & Corporate Governance Committee, Retail & Commercial Network Committee, Human Resources & Organizational Development Committee, Projects & Technology Committee and Risk Management Committee. These Committees are headed by the respective Committee head, and conduct regular meetings with adequate attendance to discuss pertinent operational matter. Complementing the overall governance structure, these Committees support effective reporting and a clear delegation of authority, contributing to smoother operations and improved strategic alignment across the Company.


MIS

The Company’s Management Information System (MIS) is built on SAP Business One (ERP), implemented in 2018 through Excellence Delivered (ExD) Pvt. Ltd. as the official vendor. The system is maintained under a regular update arrangement, which includes quarterly patches and an annual version review to ensure optimal performance and security. The most recent update applied to the system is SAP v10 FP 2502.


Control Environment

The internal audit function comprises two personnel who report functionally to the Chairman of the Board Audit Committee and administratively to the Chief Executive Officer. The function operates with a quarterly reporting frequency, ensuring regular oversight and timely identification of control gaps and improvement areas.


Business Risk
Industry Dynamics

Driven by its high reliance on imports, Pakistan's petroleum consumption grew ~6% YoY in FY25, hitting 16.7mln MT. This surge was primarily due to price reductions, and increased vehicle sales. Motor Spirit (MS) led sales at 7.6mln MT (~6% increase), with High-Speed Diesel (HSD) seeing the largest jump at 6.89mln MT (~10% increase). Conversely, Furnace Oil (FO) use sharply declined by ~28%. The market features 35 registered Oil Marketing Companies (OMCs), including the five key players, including PSO, Gas and Oil, PARCO Gunvor, WEPL, HASCOL, and Attock Petroleum Ltd. The upward consumption trend is forecast to continue.


Relative Position

Euro Oil remains a relatively small player in the OMC sector, with a market share of ~1.2% as of FY25.


Revenues

The Company primarily generates revenue from the sales of PMG (~78%) and HSD (~21.3%), followed by High Sulfur Furnace Fuel Oil (HSFO) (~0.3%), Aviation Gasoline (Avgas) (~0.1%) and Lubricants (~0.2%). During FY25, the Company generated sales of ~193,732 MT (FY24: 153,650 MT), posting ~26% rise due to higher industry-wide growth and demand. Euro Oil generated PKR 61,487mln of net revenue in FY25 (FY24: PKR 53,357mln), reflecting an increase of ~15% driven primarily by higher HSD and PMG sales, which rose by ~16% and ~21% respectively. Conversely, revenue from HSFO, AVGAS, and Lubricants declined by ~94%, ~40%, and ~30% respectively; however, the impact on overall topline remained minimal given their combined contribution of less than ~1%. This indicates that the Company’s revenue trajectory continues to be anchored in its core HSD and PMG portfolio, while movements in smaller product lines carry limited influence on aggregate performance. During 6MFY26, the Company reported revenue of PKR 31,469mln. The Company is projected to close FY26 with PKR 67 bln in revenues with volumes increasing by 5.8%.


Margins

OMCs generate regulated and guaranteed margins of ~ PKR 7.87 per litre; however, overall business margins remain a function of the Company's POL procurment strategy. Euro Oil primarily (~62%) procures POL through imports, while the remaining ~38% is sourced locally. During FY25, the gross margin increased to ~3.9% from ~3.2% in FY24 indicating decent operational efficiency and prudent procurement practices.The operating margin improved to ~1.8% in FY25 (FY24: ~1.2%), while the net margin remained relatively stable at ~0.6% (FY24: ~0.5%). During 6MFY26, Euro Oil reported gross margins and net margins of ~4.6% and ~1.5% on back of increase in vloume handlings at COCO sites.  The Company’s projected gross and net profit margins for FY26 are approximately 4.4% and 1.4%, respectively. Going forward, margins are expected to witness a stable trajectory.


Sustainability

As part of its future expansion plans, Euro Oil intends to enhance its storage capacity across key provinces. The planned additions include ~5,000 MT of PMG storage at Sahiwal, ~3,000 MT at Daulatpur in Sindh (including ~500 MT HSD and ~2,500 MT PMG), and ~7,000 MT at Kohat in KPK (~2,000 MT HSD and ~5,000 MT PMG), with designated allocation to HSD and PMG. In addition, Euro Oil intends to open a number of new retail sites across Punjab. These initiatives are aimed at strengthening the distribution network and supporting anticipated growth in demand.


Financial Risk
Working capital

OMCs operate on the cycle of 15 days based on the OGRAs regulated pricing and manage the inventory accordingly. As of FY25, the Company’s inventory turnover days stood at ~17 days (FY24: ~14 days). Trade receivable days managed to remain stable at ~6 days (FY24: ~7 days) due to cash sales. Trade payable days posted a slight increase to ~26 days (FY24: ~20 days). Consequently, net working capital days remains stable at ~-2 days. As of 6MFY26, gross working capital days are ~34 days while net working capital day is ~-1 day. This indicates that the Company has maintained a stable working capital position while managing receivables, payables, and inventory within the industry’s 15-day pricing cycle.


Coverages

Coverages are driven by the Company’s free cash from operations (FCFO) and financial charges. As of FY25, the Company reported an FCFO of ~PKR 1,056mln (FY24: ~PKR 976mln), reflecting an increase of ~8%, primarily due to higher profits before tax of ~PKR 635mln (FY24: ~PKR 486mln). Interest cover improved to ~3.2x from ~2.7x, supported by lower utilization of short-term running finance. As of 6MFY26, the Company reported FCFO of ~PKR 708mln with interest cover of ~3.5x. The Company continues to manage its debt repayment effectively, Going forward, further improvements in coverages are expected, aided by lower interest rates and reduced finance costs.


Capitalization

OMCs typically require substantial capital, comprising a mix of equity and debt, to manage high working capital needs. As of FY25, Euro Oil’s shareholders’ equity stood at ~PKR 2,278mln (FY24: ~PKR 1,902mln), marking an increase of ~20% driven by higher profit accumulation. The Company also maintained significant debt levels (FY25: ~PKR 2,468mln; FY24: ~PKR 2,371mln), resulting in a leverage of ~55.2% in FY25 (FY24: ~58.7%). As of 6MFY26, the Company’s shareholders’ equity stood at ~PKR 2,758mln, while total debt was reported at ~PKR 3,081mln, translating into a leverage ratio of ~52.8%. By the end of FY26, the Company’s equity is expected to stand at approximately PKR 3,245 million, with total debt projected at around PKR 4,913 million, resulting in a leverage ratio of roughly 60.2%. Going forward, it will be important to monitor the balance between equity growth and debt levels to ensure sustainable leverage and financial flexibility.
 
 

Mar-26

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Euro Oil (Pvt.) Limited


Financial Summary

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(PKR mln)


 Jun-26
12M		 Dec-25
6M		 Jun-25
12M		 Jun-24
12M
Projected Management Audited Audited
A. BALANCE SHEET
1. Non-Current Assets 4,437 3,997 3,866 3,257
2. Investments 500 500 350 120
3. Related Party Exposure 50 61 85 256
4. Current Assets 8,994 8,781 7,299 5,041
a. Inventories 5,004 4,991 3,628 2,149
b. Trade Receivables 2,443 1,944 1,247 919
5. Total Assets 13,980 13,340 11,600 8,673
6. Current Liabilities 7,822 7,501 6,383 3,830
a. Trade Payables 7,045 6,668 5,453 3,183
7. Borrowings 4,913 3,081 2,468 2,371
8. Related Party Exposure 0 0 471 571
9. Non-Current Liabilities 0 0 0 0
10. Net Assets 1,245 2,758 2,278 1,902
11. Shareholders' Equity 3,245 2,758 2,278 1,902
B. INCOME STATEMENT
1. Sales 66,998 31,469 61,487 53,357
a. Cost of Good Sold (64,065) (30,007) (59,097) (51,666)
2. Gross Profit 2,933 1,463 2,390 1,691
a. Operating Expenses (1,372) (684) (1,275) (1,036)
3. Operating Profit 1,561 778 1,115 655
a. Non Operating Income or (Expense) 78 38 (33) 335
4. Profit or (Loss) before Interest and Tax 1,639 817 1,082 990
a. Total Finance Cost (455) (227) (457) (504)
b. Taxation (217) (109) (249) (194)
6. Net Income Or (Loss) 967 481 376 292
C. CASH FLOW STATEMENT
a. Free Cash Flows from Operations (FCFO) 1,184 708 1,056 976
b. Net Cash from Operating Activities before Working Capital Changes 1,184 708 774 634
c. Changes in Working Capital 0 0 351 (232)
1. Net Cash provided by Operating Activities 1,184 708 1,125 402
2. Net Cash (Used in) or Available From Investing Activities 0 0 (594) (473)
3. Net Cash (Used in) or Available From Financing Activities 0 0 (246) 373
4. Net Cash generated or (Used) during the period 1,184 708 285 302
D. RATIO ANALYSIS
1. Performance
a. Sales Growth (for the period) 9.0% 2.4% 15.2% 59.9%
b. Gross Profit Margin 4.4% 4.6% 3.9% 3.2%
c. Net Profit Margin 1.4% 1.5% 0.6% 0.5%
d. Cash Conversion Efficiency (FCFO adjusted for Working Capital/Sales) 1.8% 2.3% 2.3% 1.4%
e. Return on Equity [ Net Profit Margin * Asset Turnover * (Total Assets/Shareholders' Equity )] 35.0% 38.2% 18.0% 16.7%
2. Working Capital Management
a. Gross Working Capital (Average Days) 34 34 24 21
b. Net Working Capital (Average Days) -0 -1 -2 0
c. Current Ratio (Current Assets / Current Liabilities) 1.1 1.2 1.1 1.3
3. Coverages
a. EBITDA / Finance Cost 3.0 3.5 3.2 2.7
b. FCFO / Finance Cost+CMLTB+Excess STB 0.4 2.6 1.7 1.8
c. Debt Payback (Total Borrowings+Excess STB) / (FCFO-Finance Cost) 4.1 1.3 2.4 2.5
4. Capital Structure
a. Total Borrowings / (Total Borrowings+Shareholders' Equity) 60.2% 52.8% 55.2% 58.7%
b. Interest or Markup Payable (Days) 9.3 9.1 8.9 25.1
c. Entity Average Borrowing Rate 11.1% 13.6% 14.6% 18.0%

Mar-26

www.pacra.com

Euro Oil (Pvt.) Limited


Rating Scale

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Mar-26

www.pacra.com

Euro Oil (Pvt.) Limited


regulatory disclosure

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  1. Rating Team Statements
    1. Rating is just an opinion about the creditworthiness of the entity and does not constitute a recommendation to buy, hold, or sell any security of the entity rated or to buy, hold, or sell the security rated, as the case may be. (Chapter III; 14-3-(x))
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      3. The analyst is not a substantial shareholder of the customer being rated by PACRA [Annexure F; d-(ii)]
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Mar-26

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