Oilboy Energy powers up as losses shrink by 54%

February 27, 2025 (MLN): Oilboy Energy Limited (PSX: OBOY) has reported a reduced net loss of Rs14 million for the half-year ended December 31, 2024, compared to a loss of Rs30mn in the corresponding period last year, reflecting a 54% improvement.

The company reported a loss per share of Rs0.55, compared to Rs1.19 in the prior period, indicating a notable improvement in its earnings performance.

The reduction in losses comes despite continued financial challenges, as the company recorded a substantial increase in sales revenue, rising 126% to Rs201.4mn from Rs89mn in 2023.

The company’s cost of sales surged 121% to Rs201mn, closely mirroring revenue growth, resulting in a modest gross profit of Rs0.27mn.

However, administrative expenses increased by 23.6% to Rs12.6mn, posing additional financial strain.

Despite these rising costs, OBOY’s operating loss improved to Rs6mn from Rs12mn, demonstrating progress in cost management and revenue generation.

A significant boost in other income, which soared to Rs6mn from Rs43,593, helped mitigate the company’s overall losses.

Additionally, finance costs declined by 25% to Rs5mn, contributing to the improved financial position.

Pre-tax losses stood at Rs12mn, marking a 36% reduction compared to Rs19mn in the previous year.

Taxation expenses also declined significantly, dropping 84% to Rs1.7mn from Rs11mn, further easing the financial burden.

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