PSO's bottom line hit by higher petroleum product prices, lower volumes

MG News | April 27, 2023 at 12:55 PM GMT+05:00

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April 27, 2023 (MLN): Pakistan State Oil (PSO) reported a profit after tax of Rs10.28 billion [EPS: Rs21.91] for the nine months period ended 31 March 2023 which marked a steep decline of 84.12% YoY as compared to profit of Rs64.76bn [EPS: Rs137.96] in the same period last year (SPLY).

The gross profit dropped despite a 62.39% YoY increase in the top line to Rs2.51 trillion from Rs1.54 trillion in 9MFY22, as the cost of sales rose more than proportionately with the revenue growth.

The company witnessed a rise in top line mainly due to higher petroleum product prices, meanwhile, volumetric sales fell due to higher product prices, a slowdown in economic activity, and an influx of smuggled petroleum products.

Finance cost inflated by 9.38x YoY to Rs25.14bn in 9MFY23 mainly due to higher interest rates.

Other income also fell by 48.29% YoY to Rs11.54bn likely due to a decrease in delayed payment surcharge booked on circular debt-related payments.

On the taxation front, the company paid taxes worth Rs16.58bn, 42.14% YoY lower than the taxes paid in SPLY, which translates into an effective tax rate of 61.72% in 9MFY23 against 30.67% in SPLY.

Unconsolidated Statement of Profit or Loss for the nine months ended March 31, 2023 ('000 Rupees)
	Mar-23	Mar-22	% Change
Net Sales	2,516,953,295	1,549,923,116	62.39%
Cost of products sold	(2,458,727,134)	(1,457,297,970)	68.72%
Gross Profit	58,226,161	92,625,146	-37.14%
Other income	11,544,572	22,327,608	-48.29%
Operating costs			-
Distribution & marketing expenses	(10,398,964)	(9,012,483)	15.38%
Administrative cost	(3,825,404)	(2,463,429)	55.29%
Provision/reversal for impairment on financial assets-net	(478,330)	367,154	-
Other expenses	(2,045,441)	(8,292,564)	-75.33%
	(16,748,139)	(19,401,322)	-13.68%
Profit from operations	53,022,594	95,551,432	-44.51%
Finance costs	(25,142,623)	(2,681,364)	837.68%
Share of profit of associates - net of tax	(1,011,621)	559,895	-
Profit before taxation	26,868,350	93,429,963	-71.24%
Taxation	(16,583,286)	(28,660,855)	-42.14%
Profit for the period	10,285,064	64,769,108	-84.12%
Earnings per share - basic and diluted (Rupees)	21.91	137.96	-

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