Karachi April 27 2023: Pakistan State Oil Company reported profit of PKR 13.6 billion for the third quarter turning the company into profit for nine month period, according to company filing to the exchange.
Share price of the company moved up 88 paisa or 76 basis points to trade at PKR 116.1 (PST 10:40) at Pakistan Stock Exchange.
The Board of Management is announced the condensed unconsolidated and consolidated interim financial statements of the company for nine-months ended March 31, 2022 (9MFY23).
The petroleum industry saw a significant decline in the consumption of all products, mainly due to flash floods, slowdown in economic activities and plummeting real purchasing power of individuals. During the period, industry volumes declined by 21% in white oil – a dip of 16% in motor gasoline and 25% in diesel. Whereas, black oil volumes also declined by 33% in the period as a result of low furnace oil-based power generation in the country.
Despite all odds, PSO remained resilient and continued to dominate the countryʼs white oil market. PSO exhibited a increase in white oil market share compared to the same period last year. Major contribution came from diesel, in which the company increased its market share to 55%.
Owing to upwards domestic oil prices during the period under review despite galloping interest rates, the company posted a net profit of PKR 10.28 billion translating into a Earning Per Share (EPS) of PKR 21.91/-. On a consolidated basis, the group collectively posted a net profit of PKR 12.6 billion for the period translating into an EPS of PKR 25.05/-.