PSO Posts 43% Increase in Earnings for FY16-17

Pakistan State Oil (PSO), the leading oil marketing company, has reported an increase of 43.63% in its earnings for the fiscal year which ended June 30 on the back of volumetric sales and improved profit margins.

PSO reported a 30% year on year (YoY) growth in sales to reach Rs 8.78 billion from Rs 6.77 billion.

The profits also went up by 43.63 pc as the company booked a net profit of 18.22 billion in this year as compared to 10.27 billion in the previous year. Earning per share increased to Rs 67.08 compared to Rs 37.81 last year. There was a 77% growth in earning per share this year as compared to last year’s earning.

PSO’s board of management recommended a final cash dividend of Rs 15 per share which is equivalent to 150%. This is in addition to the already paid interim cash dividend of Rs 10 per share.

The company also announced bonus shares in the proportion of one share for every 5 shares held i.e 20%.

At the time of filing this report, PSO’s share price hit the upper cap limit and  Rs21.62 (+5%)  rising 5pc from its closing price yesterday and an is currently being traded at 454.06 with a turnover of 1.46 million shares at the stock exchange.

The KSE-100 index was down -47.53 points to stand 46,424.60 points in the first hour of trading.

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