September 25, 2019 ( MLN): Pakistan State Oil Company Limited (PSO) has announced its financial results today for the year ended June 30th 2019, according to which it has posted its net profits of Rs15.1 billion (EPS:Rs36.5) ,declined slightly by 2.29% YoY compared to last year net profit of Rs15.46 billion (EPS: Rs39.52).
According to the consolidated earnings report issued to PSX earlier today, the company’s revenue collection surged by 11.44%.,However the cost of sales up by 12.55% which decreased its gross profit by 17.22% from Rs39.6 billion to Rs32.8 billion.
More notably, the company’s other income soared by around 125%, from Rs7.4 billion to Rs16.9 billion, YoY. On the other hand, other expenses increased by 40.49 %.
During the period, finance cost also played a significant role in declining company's profitability as it surged by 94% whereas, taxes declined by 41.27%, from Rs11.6 billion to Rs6.8 billion which provided cushion to the earnings.
The company's Board of Management announced final cash dividend for the financial year ended June 30th, 2019 at the rate of Rs.5 per share i.e. 50%. This is an addition to interim Dividend already paid at Rs.5 per share i.e. 20%.
Moreover, it has recommended to issue Bonus Shares in the proportion of one share for every 5 shares held i.e. 20%.
|
Financial Results for the year ended June 30, 2019 ('000 Rupees)
|
|||
|---|---|---|---|
|
|
Jun-19 |
Jun-18 |
% Change |
|
Net Sales |
1,185,484,132 |
1,063,744,054 |
11.44% |
|
Cost of products sold |
(1,152,674,631) |
(1,024,107,946) |
12.55% |
|
Gross Profit |
32,809,501 |
39,636,108 |
-17.22% |
|
Other income |
16,922,354 |
7,497,201 |
125.72% |
|
Operating cost |
|
|
|
|
Distribution & marketing expenses |
(10,414,831) |
(9,159,330) |
13.71% |
|
Administrative cost |
(2,900,105) |
(2,769,667) |
4.71% |
|
Other expenses |
(4,683,944) |
(3,334,100) |
40.49% |
|
|
(17,998,880) |
(15,263,097) |
17.92% |
|
Profit from operations |
31,732,975 |
31,870,212 |
-0.43% |
|
Finance costs |
(9,955,428) |
(5,123,344) |
94.32% |
|
Share of (loss)/profit of associates – net of tax |
199,922 |
413,612 |
-51.66% |
|
Profit before taxation |
21,977,469 |
27,160,480 |
-19.08% |
|
Taxation |
(6,870,536) |
(11,699,223) |
-41.27% |
|
Profit after taxation |
15,106,933 |
15,461,257 |
-2.29% |
|
Earnings per share – basic and diluted (Rupees) |
36.55 |
39.52 |
|
Copyright Mettis Link News
30150
