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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Posted on: 2024-04-26T10:28:06+05:00