The board of directors of Pakistan State Oil Company (PSO) has recommended a final cash dividend for the financial year ended June 30, 2017 at the rate of Rs 15 per share, equivalent to 150 percent. The board of directors of the company, in its meeting held on Monday also recommended to issue bonus shares in proportion of one share for every five shares held, ie, 20 percent.
According to the financial results of the company announced by the board of directors, the company's profit for the year increased to Rs 18.225 billion as compared to Rs 10.273 earned in the previous fiscal year.
The company's earning per share increased to Rs 67.08 in the period under review against Rs 37.81 in the same period a year ago. The company's gross sales increased to Rs 1,096.543 billion in this period against Rs 906.177 billion in the previous year. The company paid Rs 218.397 billion in account of sales tax, discounts and IFEM in FY17 against Rs 228.237 billion paid in this account in FY17.
The company's net sales stood at Rs 878.146 billion in this period against Rs 677.939 billion in the same period a year ago while cost of products sold increased to Rs 840.948 billion against Rs 655.414 billion. The profit before tax increased to Rs 29.346 billion in FY17 against Rs 16.289 billion earned in FY16.