Karachi: Pakistan State Oil (PSO), the leading energy company in the nation, reported a profit after tax of PKR 15.9 billion for the fiscal year ended June 30, 2024, demonstrating resilience and strategic acumen in a turbulent economic environment.
According to Pakistan State Oil, the Board of Management, during their meeting in Islamabad on August 27, 2024, reviewed the group’s financial performance, highlighting achievements across various sectors despite challenges such as slow market growth, currency fluctuations, and geopolitical uncertainties. The Board announced a dividend of PKR 10 per share, equating to a 100% payout for FY24.
PSO’s subsidiary, Pakistan Refinery Limited (PRL), contributed significantly with a profit after tax of PKR 4.1 billion and gross revenue of PKR 403.6 billion. On a consolidated basis, the group recorded a profit after tax of PKR 18.3 billion and an Earnings Per Share (EPS) of PKR 39.
The company expanded its market share in the competitive white oil market to 51.6%, maintaining its leadership position. Notably, PSO’s motor gasoline segment saw a market share increase of 1.6%, bringing its total to 45.8%. Additionally, PSO captured 53.2% of the market share in its sector and continued its dominance in the aviation fuel market with a 99.1% share. In the fuel oil sector, PSO sold 285,000 tons against an industry volume of 1.2 million tons.
Despite the broader economic challenges, including inflation and import restrictions, PSO achieved significant growth in its lubricants division, with sales increasing by 9.7% and capturing a 26.9% market share, an improvement of 1.6% from the previous year.
The LPG industry saw a 5.7% growth due to increased domestic and commercial demand amid disruptions in pipeline gas supply. PSO capitalized on this demand, selling a record 49,100 tons of LPG, marking a 22% increase from the previous year, supported by strategic sourcing and an expanded distribution network.
PSO continues to navigate the complex landscape, addressing rising trade receivables and borrowing expenses through proactive engagements with stakeholders and regulatory authorities to find sustainable solutions to its financial challenges.