PSO records Rs15.9 billion profit after tax despite ‘challenging’ market conditions

WEB DESK: Pakistan State Oil (PSO), the country’s largest energy company, has demonstrated remarkable financial strength and strategic capability despite challenging market conditions, according to a statement released on Tuesday.

According to Mettis Global, facing economic challenges such as slow market growth, currency instability, and global uncertainty, PSO reported a profit after tax of Rs15.9 billion. This solidifies its position as a reliable energy provider in Pakistan. Additionally, the company’s board announced a dividend of Rs10 per share, marking a full 100 per cent payout for the 2023-24 financial year.

PSO’s subsidiary, Pakistan Refinery Limited (PRL), also showed strong performance, achieving a profit after tax of Rs4.1 billion and gross revenue of Rs403.6 billion. When combined, the group recorded a consolidated profit after tax of Rs18.3 billion, with Earnings Per Share (EPS) of Rs39.

PSO plays a crucial role in powering Pakistan’s economy, and its dominance in the competitive white oil market has grown, increasing its market share to 51.6 per cent, a new record for the company. This success was largely driven by a 1.6 per cent increase in motor gasoline sales, bringing PSO’s market share in this segment to 45.8 per cent.

Despite various challenges, including inflation, import restrictions, and declining automotive sales, PSO managed to capture a 53.2 per cent share of the market. The company also maintained its dominance in the aviation fuel industry, with a 99.1 per cent market share, and sold 285,000 tonness of fuel oil against an industry volume of 1.2 million tonness.

In the lubricant sector, where the industry saw only 3 per cent growth, PSO outperformed with a 9.7 per cent increase in sales, boosting its market share to 26.9 per cent, up by 1.6 per cent from the previous year.

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