On Friday, Pakistan State Oil (PSO) announced that its unconsolidated earnings for the fiscal year 2022, after tax deductions, came in at Rs86.22 billion. This represents a 196 percent rise from the Rs29.13bn reported the previous year.
According to a business filing that is available on the website of the Pakistan Stock Exchange, PSO’s net revenues for the year increased to Rs2.45 trillion from Rs1.2tr the previous year, which is equivalent to an increase of 104.1 percent.
As a direct consequence of this, the government-owned supplier declared a dividend of Rs10 per share.
PSO’s gross margins also increased during FY22, going from 4.5 percent in the previous year to 6.5 percent during that fiscal year.
According to a note published by AKD Securities, the earnings were lower than anticipated because of increased additional expenses, which came in at Rs9.1 billion rather than the Rs2 billion that was anticipated.
“Another significant deviation from our projections was caused by astronomical tax payments of Rs32.9 billion (an effective 61 percent) for the quarter, which were Rs27 billion.
“Significant inventory gains emerged on the back of higher oil prices, as discrepancies in ex-refinery pricing of MS/HSD climbed by 90/100 percent throughout the quarter on a sequential basis, which led to significant gains in overall inventory.” In addition, AKD Securities stated that “We expect inventory gains to have clocked in at Rs45 billion as opposed to our projections of Rs51 billion over the time.”
