PSO profit rebounds

By MG News | August 24, 2021 at 11:31 AM GMT+05:00

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August 24, 2021 (MLN): Pakistan State Oil (PSO) has announced its financial results for the fiscal year 2021 whereby it has witnessed a large positive swing in its consolidated net profits worth Rs29.56 billion (EPS: Rs62.63) against a huge loss of Rs14.76bn (LPS: Rs23.47) recorded in preceding fiscal year.

In conjunction with financial results, the company offered a final cash dividend for the financial year ended June 30, 2021 at Rs10 per share i.e., 100%.

This turnaround in earnings in FY21 is mainly due to higher volumetric growth and inventory gains in FY21 amid rising oil prices, resulting in improvement of gross margins from 0.62% to 4.68%.

During the period under review, the other positive highlight includes the other income that surged by 87% YoY to Rs19.42bn due to delayed payment surcharge received from various customers as the government cleared some dues in the last few months, as per the research note by Sherman Securities.

Meanwhile, the finance cost of the company dropped by 25% YoY to Rs11.55bn on the back of a lower interest rate regime and lower level of short-term borrowings.

However, the company booked a tax expense of Rs15.45bn, up by 9.2 times YoY in the fiscal year 2021.

Consolidated Statement of Profit or Loss for the year ended June 30, 2021 ('000 Rupees)
	Jun-21	Jun-20	% Change
Net Sales	1,223,678,351	1,121,161,417	9.14%
Cost of products sold	(1,166,423,044)	(1,114,241,883)	4.68%
Gross Profit	57,255,307	6,919,534	727.44%
Other income	19,415,472	10,385,641	86.95%
Operating costs
Distribution & marketing expenses	(12,022,223)	(11,771,399)	2.13%
Administrative expenses	(3,715,366)	(3,682,218)	0.90%
(Provision)/Reversal for provision for impairment on financial assets-net	(898,265)	169,215	-
Other expenses	(4,053,521)	(257,473)	1474.35%
	(20,689,375)	(15,541,875)	33.12%
Profit from operations	55,981,404	1,763,300	3074.81%
Finance costs	(11,553,734)	(15,393,332)	-24.94%
Share of profit of associates - net of tax	574,953	546,931	5.12%
Profit/(Loss) before taxation	45,002,623	(13,083,101)	-
Taxation	(15,445,368)	(1,679,384)	819.70%
Profit/(Loss) for the year	29,557,255	(14,762,485)	-
Earnings/(Loss) per share - basic and diluted (Rupees)	62.63	(23.47)	-

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