PSO sees over 42% decline in profit for nine-month period

MG News | April 29, 2025 at 12:17 PM GMT+05:00

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April 29, 2025 (MLN): Pakistan State Oil Company Limited (PSX: PSO) has reported its financial results for the nine months ended March 31, 2025, showing a significant profit decline of 42.36%, with profit for the period falling to Rs10.67 billion compared to Rs18.51bn in the same period last year.

Net sales for the period stood at Rs2.46 trillion, reflecting an 11.98% decrease from Rs2.8tr in the previous year.

The company’s gross profit also dropped by 20.38% to Rs73.69bn, as the cost of products sold declined, but not as rapidly as the revenue.

Profit from operations decreased by 23.23% to Rs62.96bn, impacted by higher administrative expenses and operating costs.

Finance costs declined by 31.37% to Rs29.66bn, providing some relief to the company’s financials.

However, taxation remained a challenge, with total tax expenses reaching Rs13.25bn, reflecting a slight 3.01% increase compared to the previous year.

The company’s share of profit from associates decreased by 21.84%, contributing further to the overall decline in profitability.

As a result, earnings per share (EPS) dropped to Rs26.23 from Rs35.46, reflecting the overall drop in profitability.

Financial Results for the Nine Month Ended March 31, 2025 (Rupees '000)
Category	Mar-25	Mar-24	%Change
Net Sales	2,465,714,232	2,801,268,434	-11.98%
Cost of Products Sold	(2,392,019,703)	(2,708,715,409)	-11.69%
Gross Profit	73,694,529	92,553,025	-20.38%
Other Income	17,115,609	16,740,331	2.24%
Operating Costs
- Distribution & Marketing Expenses	(14,642,149)	(14,194,916)	3.15%
- Administrative Expenses	(6,425,178)	(5,406,055)	18.85%
- Provision for Impairment on Financial Assets - Net	(132,380)	(871,134)	-84.80%
- Other Expenses	(6,653,378)	(6,808,619)	-2.28%
Total Operating Costs	(27,853,085)	(27,280,724)	2.10%
Profit from Operations	62,957,053	82,012,632	-23.23%
Finance Costs	(29,661,998)	(43,219,076)	-31.37%
Share of Profit of Associates - Net of Tax	847,038	1,083,677	-21.84%
Profit Before Taxation & Levies	34,122,093	39,877,233	-14.43%
Minimum Tax Differential & Final Taxes	(10,200,218)	(9,500,812)	7.36%
Profit Before Taxation	23,921,875	31,376,421	-23.76%
Taxation
- Current Tax	(14,805,387)	(15,312,936)	-3.31%
- Prior Year Adjustments	288,512	2,073,119	-86.08%
- Deferred Tax	1,265,815	375,473	237.13%
Total Taxation	(13,251,060)	(12,864,344)	3.01%
Profit for the Period	10,670,815	18,512,077	-42.36%
Attributable to:
- Owners of the Holding Company	12,312,430	16,848,217	-26.92%
- Non-Controlling Interest	(1,641,615)	1,863,860
Total Profit Attributable	10,670,815	18,512,077	-42.36%
Earnings Per Share - Basic & Diluted	26.23	35.46	-26.03%

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