The profit-after-tax (PAT) of Pakistan State Oil Company Limited (PSO) increased to Rs19.65 billion for the fiscal year that ended on June 30, 2024.
At the same time last year, the biggest oil marketing business in the nation, OMC, reported a profit after taxes of Rs9.82 billion.
The board of directors of the firm met on August 27 to discuss the financial and operational performance of the business, and they declared a final cash dividend at an amount of Rs10 per share, or 100%, in a notification sent to the Pakistan Stock Exchange (PSX) on Tuesday.
In FY2024, earnings per share (EPS) were Rs39.04, compared to Rs19.85 during the same period of the last year (SPLY).
Comparing net sales to SPLY, they increased by about 6% to Rs3.74 trillion from Rs3.54 trillion.
As a result, the business’s gross profit increased by 33% to Rs111.9 billion in 2024 from Rs84.4 billion in SPLY. PSO’s profit margin increased from 2.4% in 2023 to 3% in 2024.
The OMC’s “other income” increased by more than 68% on a consolidated basis, from Rs16.8 billion in SPLY to Rs28.3 billion in 2024.
Operating costs, on the other hand, rose 40% to Rs37.7 billion in 2024 from Rs26.9 billion in SPLY.
PSO operational profit increased as a result, rising 38% to Rs102.5 billion in 2024.
However, the cost of financing rose by 29% to Rs55.97 billion in the year that ended June 30, 2024, from Rs43.41 billion in the same time the previous year. The rise in interest rates throughout the era may have contributed to the greater financing costs.
In 2024, the OMC’s earnings before tax was Rs36.1 billion, up from Rs18.2 billion in 2023.