KARACHI: Pakistan State Oil Company (PSO) on Wednesday unveiled accounts for the year ended June 30, 2014, showing 73 per cent growth in profit-after-tax (PAT) to Rs21.8 billion, translating into earning per share (eps) at Rs80.31 from PAT at Rs12.6bn or eps at Rs46.52 the previous year.

The Board announced a final cash dividend at Rs4 per share, which was in addition to the earlier interim cash dividend of Rs4 per share, making aggregate payout at Rs8per share or 80pc, which was tied to bonus issue at 10pc.

A statement by the company said that PSO’s sales and PAT had hit all time high. Sales revenue grew 9pc to Rs1.4 trillion from Rs1.29tr YoY.

“PSO maintained its market leadership position during the year under review with 73pc share in Black Oil market and 53pc in White Oil market, while registering a growth of 5pc in sales over liquid fuels last year”, the company stated.

It claimed that PSO realised substantial cost efficiencies, as the distribution and marketing expenses increased by 3pc as compared to 14pc average increase in expenses over the last three years and against an inflation of 8.5pc during FY14.

Recovery of interest from power sector consumers and interest on Pakistan Investment Bonds also contributed towards a shinning bottom line. That was however, mitigated by increase in finance cost by 26pc due to power sector receivables in circular debts and net exchange loss of Rs1bn as a result of devaluation of Rupee.

“The Board expressed concern over increasing receivables from the power sector and advised the management to pursue recovery by continued follow-up with the customers and the concerned government offices.”

“The Board commended the management led by Amjad Parvez Janjua MD-PSO, for achieving outstanding yearly’s results for the Company, which are all time high in the history of PSO” statement concluded.

Published in Dawn, September 4th, 2014