Outperforming the industry, Pakistan State Oil (PSO), the largest energy company in the country, has reported the highest ever profit after tax of Rs.32.2 billion during the first half of FY22.
PSO’s profit saw an increase of 240% as compared to Rs. 9.52 billion in the same period last year.
The PSO Board of Management reviewed the performance of the company together with its subsidiary, Pakistan Refinery Limited (PRL), for the first half of the financial year 2021-22 (1HFY22) during its meeting held in Islamabad on Friday.
The net profit translated into a healthy earning per share of Rs.68.56 vs Rs.20.28 in 1HFY21.
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The company reported net sales of Rs.987.97 billion, up by 73.06 percent compared to Rs.567.43 billion recorded in the same period last year.
Chairman PSO Board of Management, Zafar I. Usmani said,
“This is a momentous occasion. We have once again made history, delivering strong financial performance in the first half of the fiscal year 2021-22. Our operational excellence, financial strength, and discipline underpin the transformation of the company. While mounting receivables continue to pose a serious threat to PSO’s financial health, we are actively pursuing the matter with the concerned authorities. Going forward, we have a robust strategy in place keeping our customers at its core, and are well-positioned to expand our portfolio in line with our future growth and diversification strategy.”
The company’s strong operational performance and strategic thrust are reflected in its market share which rose by 340 basis points over the same period last year.
PSO continued to outperform the market, leading the downstream sector with volumetric growth of 20.8 percent in liquid fuels against the industry’s growth of 12.3 percent, capturing around 48 percent share of white oil and 60% of black oil markets of the country.
Major contributions came from motor gasoline, high-speed diesel, and furnace oil, in which the company achieved volumetric growth of 15.5 percent, 18.3 percent, and 30.4 percent against industry’s growth of 7.9 percent, 15.2 percent, and 14.1 percent, translating into market shares of 44.0 percent, 48.9 percent and 60.1 percent against 41.1 percent, 47.6 percent and 52.6 percent as of the same period last year respectively.
The Board expressed concern over mounting trade receivables, noting an increase of Rs. 77.7 billion in receivables from Sui Northern Gas Pipelines Limited compared to June 30, 2021. The matter is being actively pursued with the authorities concerned for settlement.
The management extended its gratitude to its stakeholders including the Board of Management, Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders, and employees for their continued support.
