Despite higher sales, profit-after-tax (PAT) of Pakistan State Oil Company Limited (PSO) plunged 68 percent, clocking in at Rs 12.54 billion for third quarter of fiscal year 2023 (January-March 2023), compared with PAT of Rs 39.28 billion reported in same period last year. Resultantly, earnings per share (EPS) were recorded at Rs 27.57 in 3QFY23 as compared to EPS of Rs 79.43 in SPLY.

Board of Directors reviewed company’s financial and operational performance. Company’s Board recommended ‘nil’ dividend. According to notice to PSX, PSO’s net sales during quarter ended March 31, 2023 rose to Rs 827.1 billion compared to Rs 588.5 billion in SPLY, which equates to nearly 40 percent increase. However, despite higher sales, Company’s gross profit declined by over 5 percent clocking in at Rs 48.24 billion in 3QFY23, compared to Rs 50.81 billion in SPLY.

Published in The Daily National Courier, April, 28 2023

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