Pakistan State Oil Company Limited’s (PSO) profit-after-tax plummeted nearly 90%, standing at Rs9.82 billion for the year ended June 30, 2023.
The largest oil marketing business in the country, OMC, reported PAT of Rs95.72 billion during the same period last year.
The board of directors met on August 23 to examine the company’s financial and operational performance, and they issued a final cash dividend at the rate of Rs7.5 per share, or 75%, in a notification to the Pakistan Stock Exchange (PSX) on Wednesday.
In FY2023, earnings per share (EPS) were Rs 19.85 as opposed to Rs 194.35 in the same period the previous year (SPLY).
Net sales rose to Rs3.54 trillion compared to Rs2.54 trillion in SPLY, which is an increase of more than 39%.
However, the company’s gross profit declined by over 52%, clocking in at Rs84.4 billion in 2023, compared to Rs178.1 billion in SPLY. The decrease is attributed to an increase in cost of products sold, which jumped 46% from Rs2.36 trillion in 2022 to Rs3.45 trillion in 2023.
