PSO’s profit doubles, clocks in at Rs19.6bn in FY24

Pakistan State Oil Company Limited’s (PSO) profit-after-tax (PAT) doubled, clocking in at Rs19.65 billion for the year ended June 30, 2024.

In the same period of the previous year, the country’s largest oil marketing company (OMC) saw a PAT of Rs9.82 billion.

According to a notice to the Pakistan Stock Exchange (PSX) on Tuesday, the company’s board of directors met on August 27 to review the company’s financial and operational performance and announced a final cash dividend at the rate of Rs10 per share i.e. 100%.

Earnings per share (EPS) were recorded at Rs39.04 in FY2024 as compared to EPS of Rs19.85 in the same period last year (SPLY).

PSO’s profit plunges 90% in FY2022-23

Net sales rose to Rs3.74 trillion compared to Rs3.54 trillion in SPLY, which is an increase of nearly 6%.

Consequently, the company’s gross profit improved 33%, clocking in at Rs111.9 billion in 2024, compared to Rs84.4 billion in SPLY. PSO’s profit margin improved to 3% in 2024 as compared to 2.4% in 2023.

On a consolidated basis, the OMC’s ‘other income’ surged to Rs28.3 billion in 2024, compared to Rs16.8 billion in SPLY, an increase of over 68%.

Meanwhile, operating expenses increased 40% to Rs37.7 billion in 2024, as compared to Rs26.9 billion in SPLY.

Resultantly, PSO operational profit rose to Rs102.5 billion in 2024, up 38%.

On the other hand, cost of finance increased to Rs55.97 billion in the year ended June 30, 2024, as compared to Rs43.41 billion in same period last year, a jump of 29%. The higher finance cost during the period could be attributed to the rise in interest rate during the period.

The OMC’s profit before tax clocked in at Rs36.1 billion in 2024, as compared to Rs18.2 billion in 2023.