PSO posts profit of Rs15.9bn

KARACHI: Pakistan State Oil (PSO) has recorded a profit after tax of Rs15.9 billion in the financial year ended June 30, 2024 and announced a dividend of Rs10 per share, representing a 100 per cent payout for the financial year 2023-24.

On a consolidated basis, the group achieved a profit after tax of Rs19.6 billion, translating to the earnings per share (EPS) of Rs39.

According to a statement by the company, the management reviewed the group’s performance for the financial year that ended on June 30, 2024.

PSO’s subsidiary, Pakistan Refinery Limited (PRL), delivered a robust performance with a profit after tax of Rs4.1 billion and gross revenue of Rs403.6 billion.

In the white oil market, the company expanded its market share to 51.6 per cent share, exceeding its previous record and solidifying its position as the market leader.

PSO’s success is primarily driven by its exceptional motor gasoline performance, which saw a notable 1.6 per cent increase in market share, strengthening its hold to 45.8 per cent.

PSO proactively captured a 53.2 per cent market share. The company continued to dominate the aviation fuel industry, achieving a remarkable 99.1 per cent market share. Similarly, in fuel oil, PSO sold 285,000 tonnes against the industry volume of 1.2 million tonnes.

The lubricant industry achieved 3.0 per cent growth. However, PSO outperformed the market with a 9.7 per cent sales surge, capturing 26.9 per cent market share -- a 1.6 per cent increase from the previous year.