PSO posts 3.5x higher net profits in 1HFY22

MG News | February 11, 2022 at 12:21 PM GMT+05:00

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February 11, 2022 (MLN): Pakistan State Oil (PSO) managed to post a healthy financial statement for the six months ended on December 31, 2021 as per which the bottom line expanded by 3.5x to clock in at Rs31.92 billion, compared to Rs9.26bn in the same period last year.

The remarkable surge in profitability is reflected in the company’s Earning Per Share (EPS) as the EPS for the review period locked in at Rs68.2 whereas in the 1HFY21, it was recorded at Rs19.93 per share.

The strong earning is primarily attributed to the higher volumetric growth of 24% YoY as FO, HSD and MS volumes increased by 44%, 20% and 17% YoY and inventory gains, a report by Arif Habib Limited noted.

The net sales of the company increased by 71% YoY to stand at Rs998.7bn, resulting in an improvement of gross margins from 4% to 5%.

During the period under review, the other positive highlight includes the other income that jumped by 2.38x YoY to Rs10.76bn on account of the late payment surcharge.

Meanwhile, the finance cost of the company moved up by 5.84% YoY to Rs2.21bn on the back of an increase in interest rates and an increase in short term borrowings.

On the taxation front, the company paid Rs15.25bn in 1HFY22, compared to Rs4.93bn in the corresponding period last year.

Consolidated Statement of Profit or Loss for the half-year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Net Sales	998,774,433	580,984,605	71.91%
Cost of products sold	(948,609,524)	(559,601,242)	69.52%
Gross Profit	50,164,909	21,383,363	134.60%
Other income	10,757,185	4,524,854	137.74%
Operating cost
Distribution & marketing expenses	(6,368,038)	(5,910,580)	7.74%
Administrative cost	(1,811,056)	(1,722,011)	5.17%
Reversal/(provision) for impairment on financial assets-net	114,778	(1,224,957)	-
Other expenses	(3,736,604)	(1,067,210)	250.13%
	(11,800,920)	(9,924,758)	18.90%
Profit from operations	49,121,174	15,983,459	207.33%
Finance costs	(2,208,317)	(2,086,535)	5.84%
Share of profit of associates - net of tax	258,845	290,411	-10.87%
(Loss)/Profit before taxation	47,171,702	14,187,335	232.49%
Taxation	(15,251,092)	(4,929,418)	209.39%
(Loss)/Profit after the year	31,920,610	9,257,917	244.79%
(Loss)/Earnings per share - basic and diluted (Rupees)	68.2	19.93	242.20%

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