Karachi: Pakistan State Oil Company Limited (PSO) recently held its Analyst Briefing to discuss its financial performance and future outlook. The company reported earnings of Rs15.3 billion, translating into an earnings per share (EPS) of Rs32.52 on a standalone basis for the first nine months of the fiscal year 2025.

The management highlighted that while a resolution to the circular debt issue is anticipated, there is currently no definitive allocation plan. Proceeds from any resolution will be directed towards reducing existing debt and exploring new investment opportunities. Since February 2024, PSO has ensured timely payments by not accumulating further receivables from Sui Northern Gas Pipelines Limited (SNGP).

During the year, PSO commissioned 67 new retail outlets and plans to further expand in high-potential locations. The company projects volumetric growth of 3-5% year-over-year for the fiscal year 2026.

A significant concern for the industry remains the sales tax exemption on petroleum products. Although there was a temporary relief through a per litre adjustment in the last pricing, unresolved exemptions continue to affect liquidity due to higher sales tax receivables.