Karachi, February 28, 2024 – Pakistan State Oil (PSO) is grappling with formidable challenges as circular debt and soaring interest rates have substantially increased financial costs, according to a report unveiled on Wednesday.
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PSO Clarifies Greenfield Refinery Project Amidst Reports
Karachi, February 26, 2024 – Pakistan State Oil (PSO) addressed recent reports concerning the establishment of the Greenfield Refinery Project on Monday, seeking to provide clarity on the situation.
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PSO Announces Rs 7.75 Billion Profit for 1HFY24
Karachi, February 15, 2024 – Pakistan State Oil (PSO) has announced a net profit of Rs 7.7 billion in first half of fiscal year 2023-24, showcasing resilience in the face of economic challenges.
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Pakistan State Oil Records a Drastic 93% Drop in Annual Net Profit
Karachi, August 23, 2023 – Pakistan State Oil (PSO) has reported a staggering 93 percent decline in its profit after tax for the fiscal year ending on June 30, 2023.
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PSO Joins Forces with PPL and OGDCL for Revolutionary Greenfield Refinery Project
Karachi, July 27, 2023 – In a significant move aimed at enhancing Pakistan’s energy infrastructure, Pakistan State Oil (PSO) inked Memorandums of Understanding (MoUs) with two leading exploration companies on July 27, 2023, to collaborate on the establishment of a Greenfield Refinery Project.
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PSO registers 58% decline in earnings for 3QFY23 amid higher finance costs
Pakistan State Oil (PSO), the largest oil marketing company in Pakistan, has reported a significant decline in earnings for its 3QFY23.
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Pakistan State Oil’s profit surges by 224% to Rs95.72 bn
Pakistan State Oil Company Limited (PSO) on Friday declared massive growth in net annual profit of 224 per cent to Rs95.72 billion for the year ended June 30, 2022.
The state oil company announced profit after tax at Rs95.72 billion for the year ended June 30, 2022 as compared with Rs29.55 billion in the preceding fiscal year.
PSO announced Earnings Per Share (EPS) of Rs194.35 for the fiscal year under review as compared with Rs62.63 in the preceding fiscal year.
READ MORE: National Bank announces 28% fall in net profit for 1HCY22
According to consolidated financial results submitted to Pakistan Stock Exchange (PSX), the Board of Directors of PSO in their meeting on August 26, 2022 approved final cash dividend for the financial year ended June 30, 2022 at the rate of Rs10 per share i.e. 100 per cent.
According to the consolidated results, the net sales of the company surged to Rs2,541.73 billion for the year ended June 30, 2022 as compared with Rs1,223.68 billion in the preceding year.
READ MORE: Attock Petroleum declares massive 277% growth in annual profit
The gross profit of the company jumped to Rs178.13 billion for the fiscal year 2021/2022 as compared with Rs57.25 billion in the preceding fiscal year.
Annual expenses of PSO also increased to Rs37.62 billion as compared with previous year’s Rs20.69 billion.
Profit from operations sharply increased to Rs165.83 billion during fiscal year 2021/2022 as compared with Rs55.98 billion.
READ MORE: Shell Pakistan announces Rs7.47 billion profit for 1HCY22
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Pakistan State Oil gets Rs30 billion to avoid default
ISLAMABAD: An amount of Rs30 billion has been approved for Pakistan State Oil (PSO) to avoid payment default.
The approval has been given at a meeting of Economic Coordination Committee (ECC), which was held in Islamabad on Sunday with Minister for Finance and Revenue Miftah Ismail in the chair.
READ MORE: PSO posts massive growth of 245% in six months
For the smooth continuity of oil and gas national supply chain and avoid PSO from being default on international payments, the ECC decided to clear the outstanding payments accumulated during the period of pervious government and approved an amount of Rs30 billion rupees as supplementary grant for PSO receivables.
It was also decided in the meeting that Power Division will make immediate payments of the current outstanding amounts of Rs20 billion by tomorrow [August 01, 2022] and Rs12.8 billion by August 04, 2022.
READ MORE: Pakistan decides to lift ban on imported goods
The ECC also directed Finance Division and FBR to submit proposal for generation of Rs30 billion through taxes within a week.
On another summary of Petroleum Division on price mechanism of petroleum products, the ECC accepted the proposal to use the average of exchange rate for the relevant period rather than the exchange rate of the last day for the current as well as future price determinations.
READ MORE: ECC approves petroleum dealer margin at Rs7/liter
The ECC directed Petroleum Division to work out options in consultation with OGRA for setting up petroleum product prices within a week.
The ECC directed the Petroleum Division to submit a proposal within a week to regulate the prices of Kerosene Oil and Light Diesel Oil after consultation with relevant stakeholders.
READ MORE: Pakistan allows release of banned items stuck up at ports
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PSO posts massive growth of 245% in six months
KARACHI: Pakistan State Oil Company Limited (PSX: PSO) has declared massive growth of 245 per cent in net profit for the six months ended December 31, 2021.
According to financial results submitted to the Pakistan Stock Exchange (PSX) on Friday, the company declared Rs31.92 as profit after tax for the six month period ended December 31, 2021 as compared with Rs9.26 billion in the same half of the last year.
READ MORE: PSO registers 120% growth in quarterly profits
The company declared Rs68.20 as earnings per share (EPS) for the period under review as compared with EPS of Rs19.93 in the same period of the last year.
The board of management of the company in the meeting held on Friday and recommended a ‘nil’ dividend.
READ MORE: PSO’s prudent planning helps considerable savings
Net sales of the company surged to Rs998.77 billion for the half year ended December 31, 2021 as compared with Rs580.98 billion in the corresponding half of the last year.
The gross profit of the company was at Rs50.16 billion as compared with Rs21.38 billion.
Administrative costs increased to Rs1.81 billion during the six month period ended December 31, 2021 as compared with Rs1.72 billion in the same period of the last year.
READ MORE: PSO posts highest ever annual net profit of Rs29.1bn
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Petroleum dealers call off strike on successful talks
ISLAMABAD: The talks between the government and Pakistan Petroleum Dealers Association ended in a success which has led to the strike being called off.
“The talks between the government and petroleum dealers association have led to the strike being called off,” Hammad Azhar, Minister of Energy said in a Tweet on Thursday night.
Earlier, the petroleum dealers association observed a shutdown strike on Thursday for raising profit margin on sale of petroleum products.
Most of the fuel pumps were remained closed during the day. Even those pumps owned by Oil Marketing Companies (OMCs) which announced to open their outlets, were also closed for the shortage of stock.
The energy minister in his Tweet said that the government will notify 0.99 paisa increase in their margins after due approval from the cabinet as per the existing summary. “After six months we will move to % (per cent) system up to 4.4 per cent margin,” he added.
Earlier, PPDA Chairman Abdul Sami Khan said petroleum dealers had been in a difficult position due to the high cost of business and low margins. He said that the government guarantees a margin of only 2 per cent on sales of fuel oil in the face of rising electricity tariffs.
“We demand the government to cancel our petrol pumps licenses,” he said, adding that nearly 50 per cent of the petrol pumps will close down permanently with license cancellation as no one will reapply for acquisition.
“Immediate increase on ex-depot price in dealers’ margin for HSD and MS without burdening common people and without increasing prices of petroleum products, absorbing dealers’ margin increase by reducing Sales Tax and PDL,” he demanded.
A day earlier, Gas & Oil Pakistan Company Limited (GO), with the largest retail outlet network of 1,000 outlets in the private sector and the largest network of company-owned, company-operated (COCO) outlets in Pakistan assured the customers that all its outlets would remain open and continue to function normally.
“GO remains firm in its commitment to fulfilling the fueling needs of the nation come what may,” the company said in a tweet.
Shell Pakistan also announced to open its outlet to serve the nation. “Shell Pakistan announces that they will not participate in the strike on November 25, 2021,” according to the company. All the company-operated retail stations will be opened to serve the customers, it added.
Hascol, another OMC, assured that all its owned and company-operated (COCO) stations, including all service stations on the M2 Lahore-Islamabad Motorway will remain open and ready to serve them as per routine.
Pakistan State Oil (PSO) also showed its commitment that all COCO stations will remain open nationwide and continue to function normally. “PSO is committed to serving the nation during such challenging time,” it said.