Karachi, October 25, 2024 – Pakistan State Oil (PSO) has announced a profit after tax of Rs 15.9 billion for the fiscal year ending June 30, 2024, marking a significant achievement for the state-owned energy giant.
The company reported a gross revenue of Rs 3.8 trillion, with earnings per share (EPS) standing at Rs 33.79. During its 48th Annual General Meeting (AGM) held in Karachi, PSO declared a dividend of Rs 10 per share, equating to a 100 percent payout for FY23-24.
At the AGM, PSO’s management provided shareholders with an update on its growth and diversification initiatives. A major highlight was the company’s ongoing efforts in vertical expansion, particularly through two new subsidiaries, Cerisma (Pvt) Limited and PSO Renewable Energy. Cerisma, a fintech subsidiary, aims to enhance financial inclusion across Pakistan by offering accessible digital financial services. The platform is expanding into areas such as e-commerce and international payments, making financial services more available to underrepresented segments of the population.
PSO Renewable Energy, another ambitious project, focuses on the development of solar energy resources, in line with Pakistan’s push towards renewable energy. Through this initiative, PSO aims to boost its profitability and establish new revenue streams while supporting the country’s renewable energy targets. This focus on sustainable energy not only complements PSO’s traditional operations but also aligns with the global shift towards cleaner energy solutions, contributing to environmental sustainability in Pakistan.
Shareholders at the AGM commended PSO’s robust financial performance, especially given the challenges facing the energy sector globally. They highlighted the company’s strategic shift towards innovation and vertical integration as a positive step for the future. PSO’s diversification into fintech and renewable energy reflects its long-term commitment to remaining a key player in Pakistan’s evolving energy landscape.
PSO’s leadership expressed optimism about the future, noting that the company’s investments in digital and renewable sectors are expected to enhance profitability and resilience. The management emphasized that PSO’s dual focus on technological innovation and sustainability is central to its mission of strengthening Pakistan’s energy infrastructure and ensuring energy security.
With these expansions, PSO continues to solidify its position as a leading energy provider, leveraging its resources and expertise to foster growth across new sectors. As it advances into FY25, PSO remains committed to creating value for its shareholders, promoting energy efficiency, and contributing to Pakistan’s economic progress.