Pakistan State Oil Reports Robust Financial Growth in Fiscal Year 2024

Karachi, Pakistan State Oil Company Limited (PSO) has reported significant financial growth for the period from July 2023 to March 2024, according to the latest filings with the Pakistan Stock Exchange (PSX). The company saw an increase in gross sales, net sales, and profits compared to the same period in the previous fiscal year.

In the nine months ending March 2024, PSO’s gross sales rose to Rs. 2,839,410 million, up 6% from Rs. 2,678,556 million in the previous year. Net sales also saw a similar increase of 6%, amounting to Rs. 2,670,758 million. This revenue growth contributed significantly to the company’s gross profit, which surged by 37% to Rs. 79,894 million, compared to Rs. 58,226 million in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), PSO’s financial success was somewhat offset by increased costs. Administrative and distribution expenses rose by 28% to Rs. 18,143 million, while other expenses increased by 49% to Rs. 3,750 million. Consequently, the company’s operating costs grew by 31% year-over-year, totaling Rs. 21,893 million.

Despite these rising costs, PSO achieved a 40% increase in operating profit, which reached Rs. 58,001 million. Other income contributed an additional Rs. 13,290 million, up 15% from last year. However, finance costs posed a challenge, escalating by 61% to Rs. 40,408 million. The company also noted a significant turnaround in its share of profit of associates, which went from a loss of Rs. 1,012 million last year to a profit of Rs. 1,064 million this year.

Pre-tax profits for PSO were reported at Rs. 31,946 million, marking a 19% increase from Rs. 26,868 million in the previous year. After accounting for taxation, which itself rose by 12% to Rs. 18,549 million, the company’s net profit after taxation stood at Rs. 13,397 million, a 30% increase over the prior period’s Rs. 10,285 million.

Earnings per share also reflected positive growth, rising from Rs. 21.91 to Rs. 28.54. This financial summary highlights PSO’s ability to navigate challenging economic conditions while maintaining profitability and shareholder value.

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