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PSO’s profitability slightly up by 2.23% YoY in 1HFY20

February 18, 2020 (MLN): Pakistan State Oil Limited (PSO) has announced its financial results for the half-year ended December 31, 2019. As per the results, the company has posted its consolidated net earnings of Rs 4.34 billion (EPS: 11.36) i.e. 2.23% higher than the same period of last year.

The key reason for the company’s profitability was inventory gains during 1HFY20 against the inventory loss in the same period last year.

As per the financial statement of the company, the sales revenue went up by 15.09% YoY due to higher growth in sales volumes of MS, HSD and FO, whereas, cost of sales also increased by 15.34% YoY, thereby restricting gross profit which only increased by 6.50% YoY.

The company’s marketing & distribution expenses and Administrative cost plunged by 34.34% YoY and 32.37% YoY respectively.  

On the other hand, the other income of the company soared by 2.69 times YoY to Rs 7.12 billion during 1HFY20.

During the period under review, the finance cost surged substantially by 92.14% YoY from Rs 3.85 billion to Rs 7.40 billion when compared to the prior year owing to the higher interest rate.

PSO’s basic and diluted earnings per share have been reported at Rs 11.36 per share while those recorded last year were Rs 9.05 per share.

It may be noted here that the company underperformed market expectations, as its profits were lower than the projections put forth by brokerage houses.

Financial Results for the Half-year ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Net Sales

 658,957,141

 572,543,230

15.09%

Cost of products sold

 (641,920,289)

 (556,546,780)

15.34%

Gross Profit

 17,036,852

 15,996,450

6.50%

Other income

 7,128,897

 2,650,049

169.01%

Operating cost

 

 

 

Distribution & marketing expenses

 (5,952,209)

 (4,427,661)

34.43%

Administrative cost

 (1,701,733)

 (1,285,573)

32.37%

Other expenses

 (178,404)

 (1,819,030)

-90.19%

 

 (7,832,346)

 (7,532,264)

3.98%

Profit from operations

 16,333,403

 11,114,235

46.96%

Finance costs

 (7,407,899)

 (3,855,407)

92.14%

Share of (loss)/profit of associates - net of tax

 313,960

 (65,309)

-

 

Profit before taxation

 9,239,464

 7,193,519

28.44%

Taxation

 

 

 

current

 (5,437,919)

 (3,799,224)

43.13%

prior

 1,738

 143,535

-98.79%

deferred

 540,333

 711,215

-24.03%

 

 (4,895,848)

 (2,944,474)

66.27%

Profit after taxation

 4,343,616

 4,249,045

2.23%

Earnings per share - basic and diluted (Rupees)

 11.36

 9.05

25.52%

 

Copyright Mettis Link News

Pakistan’s total debt and liabilities reach Rs 40.99 trillion

February 18, 2020 (MLN): Central Government domestic debt and liabilities during six months of the current fiscal year rose by Rs 944.6 billion or by 5% to Rs 21.67 trillion.

In the first two-quarters of FY20 domestic debt declined by 4% QoQ, this suggests that the government retired Rs 973.5 billion as debt in the 2QFY20.

According to the data issued by State Bank of Pakistan (SBP), government outstanding external debt and debt from the IMF during 1HFY20 stood at Rs 10.9 trillion and Rs 1 trillion respectively.

This translated into gross public debt which is the sum of Government domestic debt, government external debt and debt from IMF reached to Rs 33.7 trillion at the end of IHFY20, indicating an accumulation of Rs 1 trillion in six months. In 2QFY20, the figure down by 2% QoQ as government retired Rs 529.8 billion as public debt.

Cumulatively, data showed that in one year from December 2018 to December 2019, Pakistan total debt and liabilities surged by 23% or Rs 7.76 trillion YoY to Rs 40.99 trillion from Rs 33.3 trillion recorded in Dec 2018.

Copyright Mettis Link News

Netherlands reaffirms support to Pakistan at FATF

February 18, 2020: Netherlands has reaffirmed support to Pakistan at the Financial Action Task Force (FATF).

Ambassador of Netherlands to Pakistan Willem Wouter Plomp extended the support during a meeting with Speaker National Assembly Asad Qaiser in Islamabad today.

The envoy appreciated the steps taken by Pakistan to check money laundering and terror financing.

He said there is great scope of cooperation between Pakistan and Netherlands in the area of agriculture.

He said his country can assist Pakistan in enhancing production of potatoes, dairy farming and cultivation of flowers on commercial basis.

Willem Wouter Plomp said the investors of his country are also interested to invest in Pakistan.

Radio Pakistan

Pakistan gets highest-ever $200 mln grant to redress environment...

February 18, 2020: Adviser to the Prime Minister on Climate Change Malik Amin Aslam has said Pakistan would initiate work on multiple projects under $ 200 million grant by Green Climate Fund (GCF) to mitigate environmental degradation in the country.

He said Pakistan has formally had received grants of around $200, adding "The GCF funding given to Pakistan is the highest ever international amount."

He said the GCF grants would help finance crucial projects, including installation of 40 monitoring stations in the Northern Areas’ glaciers, Zero Emission Metro Bus project Karachi and Climate Smart Agriculture, aimed at reducing the devastating impacts of global warming and increased greenhouse gas emissions (GHGs).

Amin said the glaciers of Northern Areas were melting apace and had developed numerous glacial lakes that required urgent attention to have proper monitoring, besides issuing early warnings to the local communities for optimum disaster preparedness and management.

He noted that the Zero Emissions Metro Bus Karachi was the world’s first project with least emissions that would be established as a model of biogas fuel using buses plying on 30 kilometers route.    

The Adviser specifically mentioned that the Climate Smart Agriculture project would be implemented in collaboration with the United Nations’ Food and Agriculture Organization (FAO). A memorandum of understanding was recently signed with FAO to implement the project in 8 districts of South Punjab and Sindh, he added.

“It will be a pilot project whereas the study/consequences of project would be implemented across the country to transform our agriculture sector on climate change resilient and adaptive terms”, he said.

He also admired the people of Kohistan for their sacrifices and cooperation for a national cause and said that construction work of all components was in progress at a rapid pace and would be completed by earlier-2025.

Earlier, during the visit of the dam site, WAPDA Chairman also reviewed the construction activities at main access tunnel leading to the power house, the two diversion tunnels, project offices and colony where the project management briefed the Chairman of the progress on main civil and preparatory works in the project area.

APP

Dasu Hydro Power Project to start power generation by...

February 18, 2020: WAPDA Chairman Lt Gen Muzammil Hussain (R) on Tuesday said that after completion of Dasu Dam it would stabilize the economy of the country by generating low-cost hydel electricity and bring prosperity.

While addressing the Dasu Dam affectees he said this project besides leading to a new era of socio-economic development would also bring affluence in the region.

Lt Gen Muzammil Hussain (R) stated that with a huge amount of 4 billion rupees we would start developmental schemes in the Dasu Hydro Power Project affected areas and would also fulfill the genuine demands of the project affectees.

He also admired the people of Kohistan for their sacrifices and cooperation for a national cause and said that construction work of all components was in progress at a rapid pace and would be completed by earlier-2025.

Earlier, during the visit of the dam site WAPDA Chairman also reviewed the construction activities at main access tunnel leading to the power house, the two diversion tunnels, project offices and colony where the project management briefed the Chairman of the progress on main civil and preparatory works in the project area.

APP

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