PSO profits plunge 70% YoY in Q1 2024

MG News | April 26, 2024 at 10:28 AM GMT+05:00

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April 26, 2024 (MLN): Pakistan State Oil Company Limited (PSX: PSO) saw its profits plunge 70.1% YoY in the first quarter of 2024, recording a profit after tax of Rs3.74 billion [EPS: Rs9.45], compared to a profit of Rs12.54bn [EPS: Rs27.57] in the same period last year (SPLY).

Going by the consolidated results, the company's top line inched up by 5.6% YoY to Rs873.63bn as compared to Rs827.09bn in SPLY.

The cost of sales also rose 9.2% YoY, which worsened the gross profit by 51.6% YoY to Rs23.36bn in 1Q2024.

The gross margins fell to 2.67% as compared to 5.83% in SPLY.

During the review quarter, other income grew by 31.5% YoY to stand at Rs3.3bn in 1Q2024 as compared to Rs2.51bn in SPLY.

On the expense side, the company observed a rise in distribution and marketing expenses by 11.9% YoY, administrative expenses by 45.9% YoY, while other expenses fell 22.4% YoY to clock in at Rs5.12bn, Rs1.78bn, and Rs1.71bn respectively during the review period.

The company’s finance cost increased by 9.0% YoY and stood at Rs15.88bn as compared to Rs14.56bn in SPLY, mainly due to higher interest rates.

On the taxation front, the company paid a tax expense worth Rs1.27bn as against a tax credit of Rs13.95bn received in SPLY.

Consolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales - Net	873,633,853	827,093,126	5.63%
Cost of sales	(850,277,459)	(778,854,236)	9.17%
Gross Profit / (Loss)	23,356,394	48,238,890	-51.58%
Distribution and marketing expenses	(5,122,698)	(4,578,073)	11.90%
Administrative expenses	(1,775,566)	(1,217,358)	45.85%
Provision for impairment on financial assets - net	(11,480)	(211,223)	-94.56%
Share Of Profit / (Loss)	300,547	(1,492,385)	-%
Other Income	3,302,858	2,511,910	31.49%
Other Operating Expenses	(1,705,272)	(2,197,799)	-22.41%
Finance Cost	(15,875,060)	(14,562,947)	9.01%
Profit/ (Loss) before taxation	2,469,723	26,491,015	-90.68%
Taxation	1,274,941	(13,951,478)	-
Net profit / (loss) for the period	3,744,664	12,539,537	-70.14%
Basic earnings/ (loss) per share	9.45	27.57	-

Amount in thousand except for EPS

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