PSO posts ten-fold increase in profit for 1QFY24

MG News | October 20, 2023 at 11:38 AM GMT+05:00

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October 20, 2023 (MLN): Pakistan State Oil Company Limited (PSX: PSO) reported a profit of Rs25.2 billion [EPS: Rs51.1] in 1QFY24, which is more than ten-fold when compared to a profit of Rs2.15bn [EPS: Rs3.72] in the same period last year (SPLY).

Going by the results, the company's top line rose by 7.17% YoY to Rs965.2bn as compared to Rs900.67bn in SPLY.

While the cost of sales inched up by just 0.72% YoY, which significantly improved the gross profit to Rs66.23bn in 1QFY24 as compared to Rs8.13bn in 1QFY23.

During the period under review, other income fell by 44.65% YoY to stand at Rs3.96bn in 1QFY24 as compared to Rs7.16bn in SPLY.

On the expense side, the company observed a rise in distribution and marketing expenses by 40.32% YoY and other expenses by around 10x YoY to clock in at Rs4.23bn and Rs4.13bn respectively during the review period.

The company’s finance costs more than doubled to Rs11.04bn as compared to Rs5.43bn in 1QFY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs23.92bn against the Rs3.03bn paid in the corresponding period of last year, depicting a significant increase.

Consolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000)
	Sep 23	Sep 22	% Change
Sales	965,204,055	900,667,288	7.17%
Cost of sales	(898,977,117)	(892,532,618)	0.72%
Gross Profit	66,226,938	8,134,670	714.13%
Distribution and marketing expenses	(4,225,915)	(3,011,714)	40.32%
Administrative expenses	(1,573,828)	(1,296,041)	21.43%
Provision for impairment on financial assets - net	(548,193)	(210,006)	161.04%
Share of profit of associates - net of tax	440,952	232,014	90.05%
Other Income	3,962,685	7,159,439	-44.65%
Other expenses	(4,127,080)	(405,429)	917.95%
Finance cost	(11,040,523)	(5,427,934)	103.40%
Profit before taxation	49,115,036	5,174,999	849.08%
Taxation	(23,918,355)	(3,027,605)	690.03%
Net profit for the period	25,196,681	2,147.394	1073.36%
Basic earnings/ (loss) per share	51.1	3.72	-

Amount in thousand except for EPS

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