Pakistan State Oil (PSO) announced a profit with earnings of Rs. 5.02 billion, up by 14.87% in the quarter ended September 30th 2017 as compared to Rs. 4.37 billion in the same period last year, according to a bourse filing on Monday.
The oil marketing company has a 55% market share. Earnings per share (EPS) came in at Rs. 18.51 in the July-Sep quarter compared to earning per share of Rs. 16.11 in the corresponding quarter of previous year.
The company recorded net sales of Rs. 258 billion in the quarter under review, which was 33.68% higher than Rs. 193 billion in the same quarter of previous year. The company’s Finance Costs decreased by 41%
At the time of filing this report, PSO’s script was trading at Rs. 361.65 or +0.78% at the bourse with a turnover of 789,100 shares.
Gross profits registered a growth of 39.44% YoY to reach Rs. 37.1 billion from Rs. 22.525 billion in SPLY. Gross profit margin for FY 2017 was reported at 42.3% compared to 33.2% last year.
Despite PSO facing a severe liquidity crunch, it has continued progressing despite all the financial challenges it has faced. The result was in line with the market expectations.
PSO CEO and Managing Director, Sheikh Imranul Haque, chaired the meeting with senior officials from the company. It was pointed out that PSO has sold 2.7 million MTs of MOGAS and 3.8 million MTs in high speed diesel during the fiscal year 2017 (FY2017).
The company hence achieved a market share of 54.8% in FY2017. Similarly, in White Oil (MOGAS, HSD, SKO and Jet Fuel) the company achieved a market share of 43.9%. The company also increased its sales volume in MOGAS by 9.4% in FY 2017 over SPLY and achieved a market share of 39.6% in FY 2017.
Speaking at the AGM, PSO’s CEO said,
It is our resounding customer centric business approach that has continued to make PSO the primary choice of customers for their fuel and non-fuel requirements. Despite many challenges that the business continues to deal with, Pakistan State Oil reported 76.7% more profit-after-tax of Rs. 18.2 billion in FY 2017 as compared to Rs. 10.3 billion last year, and has shown a remarkable growth of 163.8% over the last two years when it earned Rs. 6.9 billion profit-after-tax in FY 2015.
PSO was given the rank based on ICAP’s criteria in the category of ‘Revenue wise Top Performing Companies’. It has reported 21.1% higher earnings of Rs. 1,097 billion during financial year 2017 in comparison to Rs. 906 billion in FY 2016.