Pakistan State Oil’s (PSO) profit soared by 13.53% to Rs 4.70 billion for the quarter that ended on March 31, 2018 on the back of increased sales volume.
The company booked a profit at Rs 4.14 billion in the same quarter of the previous year.
It reported earnings per share of Rs 14.42 in the period under review from Rs 12.70 in the corresponding period last year.
Along with the result, PSO has announced a cash dividend of PKR 10/share for the 9 month period.
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The result was significantly above expectations due to inventory gains which were over Rs 2 billion and significant penal income in the quarter.
In Q3FY18, despite lower volumes, the net sales rose by 3.72% to Rs 226.28 billion in the quarter (Jan-Mar 2018) from Rs 218.16 billion in the same quarter in the previous year mainly due to higher prices, while gross profit increased by 10% thanks to higher inventory gains in the quarter as well as higher margins on petrol.
During the three-month period, the company sold a total of 2.1 million tons of Energy products, 32% lower than the 3.08 million tons sold in the same period last year.
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Other income increased by a healthy growth of 24.12% to Rs 2.11 billion from Rs 1.70 billion mostly earned from its retail outlets and due to significant penal income following recent payments to IPPs.
Finance cost increased 28.38% to Rs 1.90 billion from Rs 1.48 billion.
During the nine months, the company’s net profit fell down 6.56% to Rs 13.22 billion (earning per share at Rs 40.56) from Rs 14.15 (earning per share at Rs 43.42) in the same period during the previous year.
PSO’s script at the bourse was trading at Rs 328.50, up by 2.11% with a turnover of 296,700 shares.
