OGDC leads State-Owned firms in H1 FY25 profits

July 14, 2025 (MLN): The Oil and Gas Development Company Limited (PSX: OGDC) emerged as the top profit-making State-Owned Enterprise (SOE) during July–December 2024, posting earnings of Rs82.5 billion.

Cumulatively, Pakistan’s profitable SOEs reported a combined profit of Rs457.2bn during the period, as per the biannual report on federal state-owned enterprises (SOEs)

Faisalabad Electric Supply Company Limited (FESCO) followed with Rs53.5bn, bolstered by Rs38.9bn in subsidies and Rs5.8bn in other income.

Pakistan Petroleum Limited (PPL) earned Rs49.9bn, while National Power Parks Management Company (NPPMCL) posted a solid Rs37.4bn.

Government Holdings (Private) Limited (GHPL) contributed Rs25.3bn, and Gujranwala Electric Power Company Limited (GEPCO) earned Rs24.6bn, supported by Rs13.6bn in subsidies and Rs4.3bn in other income.

Water and Power Development Authority (WAPDA) and Port Qasim Authority (PQA) reported profits of Rs18.5bn and Rs18.3bn respectively.

Among other power utilities, Multan Electric Power Company (MEPCO) recorded Rs17.6bn in profit, driven by Rs43.6bn in subsidies and Rs10.3bn in other income.

Islamabad Electric Supply Company (IESCO) reported Rs15.5bn, with Rs42.1bn in subsidies and Rs6.7bn in other income.

The National Bank of Pakistan (NBP) posted Rs13.3bn in earnings, and Pak-Kuwait Investment Company (Private) Limited contributed Rs11.5bn.

Tribal Electric Supply Company (TESCO) earned Rs10.8bn, aided by Rs14.8bn in subsidies and Rs0.3bn in other income.

Lahore Electric Supply Company (LESCO) posted Rs8.4bn, supported by Rs26.1bn in subsidies and Rs12.1bn in other income.

Pakistan National Shipping Corporation (PNSC) also reported Rs8.4bn in profit, while all other entities collectively contributed Rs61.9bn.

These figures underscore that although profitability exists, a large share of the earnings especially for Distribution Companies (DISCOs) relies significantly on government subsidies and non-operational income.

Additionally, PIA (Core) posted a net profit of Rs26.2bn for the 12-month period ending December 2024, following recognition of Deferred Tax Assets (DTA) in compliance with IAS 12.

For H1 FY2025, net profit inclusive of DTA stood at Rs13.1bn, reflecting the impact of tax-effected temporary differences.

These profits were largely influenced by deferred tax reversals, impacting the effective tax rate and earnings quality.

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