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PSO posts 3.5x higher net profits in 1HFY22

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%

 

Copyright Mettis Link News

Posted on: 2022-02-11T12:21:18+05:00

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