PSO Reports Strong Financial Performance and Market Leadership for FY 2023-24

Despite slow market growth, currency

fluctuations, and geopolitical uncertainty

PSO achieved a profit after tax of PKR 15.9 billion

Mazhar Ali Raza

Karachi: Pakistan State Oil (PSO), the nation’s leading energy company, has reported impressive financial results and strategic achievements for the fiscal year ending June 30, 2024. During a recent Board of Management meeting in Islamabad, PSO highlighted its resilience in a challenging market environment.

Despite economic headwinds such as slow market growth, currency fluctuations, and geopolitical uncertainty, PSO achieved a profit after tax of PKR 15.9 billion. This strong performance underscores PSO’s role as a trusted energy partner in Pakistan. The Board also declared a dividend of PKR 10 per share, marking a 100% payout for the financial year 2023-24.

In addition, PSO’s subsidiary, Pakistan Refinery Limited (PRL), reported a solid profit after tax of PKR 4.1 billion and gross revenue of PKR 403.6 billion. On a consolidated basis, the group’s profit after tax reached PKR 18.3 billion, translating to an Earnings Per Share (EPS) of PKR 39.

PSO demonstrated remarkable success in the highly competitive white oil market, expanding its market share to 51.6%, a new record for the company. This achievement reinforces PSO’s leadership position in the sector.

The company’s strong performance in motor gasoline contributed significantly, with a 1.6% increase in market share, bringing it to 45.8%. PSO captured a 53.2% market share in the sector. The aviation fuel segment also saw PSO maintaining its dominance with a 99.1% market share. In fuel oil, PSO sold 285,000 tons, compared to an industry total of 1.2 million tons.

Amid inflation, import restrictions, and declining automotive sales, the lubricant industry grew by 3%. However, PSO outperformed with a 9.7% increase in sales, achieving a 26.9% market share—a 1.6% rise from the previous year.

The LPG sector saw a 5.7% growth driven by high domestic and commercial demand amid pipeline gas supply disruptions. PSO set a record with 49,100 tons in sales, a 22% increase from the previous year, due to strategic sourcing and an expanded distribution network.

PSO is actively addressing rising trade receivables and borrowing expenses through discussions with stakeholders and regulatory bodies to find effective, long-term solutions.