KARACHI: The Pakistan State Oil (PSO) reported profit
after tax (PAT) at Rs12.6 billion for the year ended June 30, 2013,
translating into earning per share (eps) at Rs50.84, up by 39 per cent
over the earlier year’s PAT at Rs9.10bn and eps at Rs36.67.
The PSO Board met on Wednesday, but as the meeting was in progress till the close of market, the results were declared in the morning on Thursday. The Board announced final cash dividend at Rs2.50 per share, in addition to the interim already paid at Rs2.50 per share along with bonus dividend at 20pc (one-for-five).
In a press statement, PSO said that for FY13 the company posted highest ever turnover of Rs1,295bn as compared to Rs1,200bn in FY12 representing growth of 8pc.
In the period under review, PSO continued to dominate the market with its share in the Black Oil and White Oil segments standing at 75.5pc and 55.7pc respectively, thereby contributing to an overall market share of 64.3pc. During the period, the Company’s liquid fuel sales grew from 12.3 million metric tonnes to 12.5 million metric tonnes.
PSO stated that during the meeting, the Board Members appreciated the comprehensive debt resolution plans introduced by the Government over the past fiscal year which had resulted in significant clearance of circular debt from the energy sector. Those settlements significantly eased the pressure on PSO’s liquidity position, reduced financial costs while increasing profitability for the current period.
The release stated that the Board commended the PSO management and staff on their impressive performance and further directed the management to continue working closely with the concerned ministries and business partners to ensure timely realisation of payments.
Commenting on the accounts, analysts at Topline Securities stated that although company’s gross margins slightly declined to 3.3pc versus 3.4pc in FY13, gross profit rose by 6pc to Rs36.5bn as against Rs34.3bn last year thanks to higher margins in absolute terms.
The analyst believed that the lower penal income led to 39pc drop in other income to Rs5.9bn versus Rs9.7bn in previous year.
This decline of Rs3.7bn was overcome by 35pc or Rs4.1bn decline in financial charges to Rs7.6bn followed by 18pc or Rs3.3bn decrease in operating expenses.
The PSO Board met on Wednesday, but as the meeting was in progress till the close of market, the results were declared in the morning on Thursday. The Board announced final cash dividend at Rs2.50 per share, in addition to the interim already paid at Rs2.50 per share along with bonus dividend at 20pc (one-for-five).
In a press statement, PSO said that for FY13 the company posted highest ever turnover of Rs1,295bn as compared to Rs1,200bn in FY12 representing growth of 8pc.
In the period under review, PSO continued to dominate the market with its share in the Black Oil and White Oil segments standing at 75.5pc and 55.7pc respectively, thereby contributing to an overall market share of 64.3pc. During the period, the Company’s liquid fuel sales grew from 12.3 million metric tonnes to 12.5 million metric tonnes.
PSO stated that during the meeting, the Board Members appreciated the comprehensive debt resolution plans introduced by the Government over the past fiscal year which had resulted in significant clearance of circular debt from the energy sector. Those settlements significantly eased the pressure on PSO’s liquidity position, reduced financial costs while increasing profitability for the current period.
The release stated that the Board commended the PSO management and staff on their impressive performance and further directed the management to continue working closely with the concerned ministries and business partners to ensure timely realisation of payments.
Commenting on the accounts, analysts at Topline Securities stated that although company’s gross margins slightly declined to 3.3pc versus 3.4pc in FY13, gross profit rose by 6pc to Rs36.5bn as against Rs34.3bn last year thanks to higher margins in absolute terms.
The analyst believed that the lower penal income led to 39pc drop in other income to Rs5.9bn versus Rs9.7bn in previous year.
This decline of Rs3.7bn was overcome by 35pc or Rs4.1bn decline in financial charges to Rs7.6bn followed by 18pc or Rs3.3bn decrease in operating expenses.
