KARACHI: Pakistan State Oil (PSO) unveiled financial results for the first half of this fiscal year (1HFY14), posting record after-tax profit at Rs15.8bn, translating into earning per share (eps) at Rs63.97.
The earnings represented a massive surge of 150 per cent from PAT at Rs6.31bn and eps at Rs25.56 in the corresponding period of the previous year.
“These all-time high six monthly earnings surpassed the PAT at Rs12.6bn for the entire FY13 by 25pc,” the company spokesman said after the declaration of results by the board which met on Friday.
The firm announced splendid payout for the shareholders in the form of Rs4 per share in interim cash dividend along with bonus shares at 10pc.
The higher-than-expected earnings and payout boosted investor sentiments who carried the PSO stock price all the way to its ‘upper circuit’, representing gain of Rs17.16 to close the 10-rupee stock at Rs360.47.
In the six months to Dec 31, the oil marketing company’s revenue rose 15pc to Rs727bn, from Rs630bn YoY. PSO announced that it led the market with share of 63pc, while its market share in black oil and white oil stood at 75pc and 53pc, respectively.
During the six months, the company’s sale of furnace oil and motor gasoline grew by 13pc and 15pc respectively.
A decline of 6.4pc in sale of high speed diesel in the first quarter was compensated by growth of 3.5pc in second quarter, resulting in 1pc fall YoY.
“The board expressed concern over the increased balance of receivables from the power sector and directed management to continue working closely with the government departments and customers for timely realisation of due payments against the fuel supplies,” PSO stated.