Karachi, August 27, 2024 – Pakistan State Oil (PSO) has reported an extraordinary 180% increase in net profit for the fiscal year 2023-24, marking a significant achievement for the country’s leading oil marketing company.
According to the unconsolidated statement of profit and loss for the year ending June 30, 2024, PSO announced a net profit of Rs 15.86 billion, a substantial rise from Rs 5.66 billion recorded in the previous fiscal year. This surge in profitability underscores PSO’s robust performance despite the challenging economic environment.
The company’s earnings per share (EPS) also saw a remarkable jump, reaching Rs 33.79 for FY24 compared to Rs 12.05 in the previous year. This increase reflects the company’s strong financial management and its ability to capitalize on market opportunities.
In light of these impressive results, the Board of Management of PSO, in a meeting held on August 27, 2024, recommended a final cash dividend of Rs 10 per share for the fiscal year ending June 30, 2024. This dividend, representing a 100% payout, signals the company’s commitment to delivering value to its shareholders.
Key Financial Highlights:
• Gross Profit: PSO recorded a gross profit of Rs 97.29 billion for FY24, up from Rs 74.85 billion in the previous fiscal year. This 30% increase in gross profit is attributed to efficient supply chain management and favorable market conditions that boosted sales volumes.
• Operational Costs: The company reported operational costs of Rs 28.72 billion for FY24, compared to Rs 22.79 billion in the previous year. While operational expenses increased, the growth in revenue far outpaced the rise in costs, contributing to the overall profitability.
• Profit from Operations: PSO’s profit from operations rose to Rs 92.13 billion for FY24, a significant increase from Rs 65.56 billion in the prior year. This reflects the company’s effective cost control measures and strategic initiatives aimed at enhancing operational efficiency.
• Profit Before Tax: The profit before tax for FY24 stood at Rs 29.70 billion, up from Rs 13.63 billion in the previous fiscal year. This 118% increase highlights PSO’s robust financial performance and its ability to navigate economic challenges effectively.
• Tax Liability: PSO’s tax liability for the fiscal year 2023-24 was Rs 13.83 billion, compared to Rs 7.96 billion in the previous year. Despite the higher tax expense, the company’s net profit growth remained strong, showcasing its solid financial footing.
The outstanding financial performance of PSO in FY24 reflects its strategic focus on expanding its market presence, optimizing operations, and maintaining a strong financial position. As the company continues to implement its growth strategies, it remains well-positioned to capitalize on future opportunities in the energy sector.
With these record-breaking results, PSO reaffirms its status as a leading player in Pakistan’s oil industry, driving economic growth and delivering value to its stakeholders.
