PSO, the nation’s largest energy company, showcased impressive financial performance and strategic prowess in a challenging market. At a meeting held in Islamabad on August 27, 2024, the Board of Management reviewed the group’s performance for the financial year ended June 30, 2024.
Defying economic headwinds, including slow market growth, currency fluctuations, and geopolitical uncertainty, PSO achieved a profit after tax of PKR 15.9 billion, reinforcing its status as the country’s trusted energy partner. The Board of Management has also announced a dividend of PKR 10/- per share, representing a 100% payout for the financial year 2023-24.
Furthermore, PSO’s subsidiary, PRL, delivered a robust performance with a profit after tax of PKR 4.1 billion and gross revenue of PKR 403.6 billion. On a consolidated basis, the group achieved a profit after tax of PKR 18.3 billion, translating to an Earnings Per Share (EPS) of PKR 39.
In the intensely competitive white oil market, the company expanded its market share to 51.6% share, exceeding its previous record and solidifying its position as the market leader.
PSO’s success is primarily driven by its exceptional motor gasoline performance, which saw a notable 1.6% increase in market share, strengthening its hold to 45.8%. Despite adverse challenges, PSO proactively captured a 53.2% market share. The company continued to dominate the aviation fuel industry, achieving a remarkable 99.1% market share. Similarly, in fuel oil, PSO sold 285,000 tons against the industry volume of 1.2 million tons.
In the face of a complex landscape marked by inflation, import restrictions, and decreasing automotive sales, the lubricant industry achieved 3% growth. However, PSO outperformed the market with a 9.7% sales surge, capturing 26.9% market share – a 1.6% increase from the previous year.
The LPG industry grew by 5.7% this year, driven by domestic and commercial demand amidst pipeline gas supply disruptions. PSO achieved a record 49,100 tons in sales, a 22% increase from last year, through strategic sourcing and an expanded distribution network.
PSO is navigating through challenging times, marked by rising trade receivables and borrowing expenses. To address these issues, the company is proactively engaging in collaborative discussions with key stakeholders and regulatory authorities to find effective, long-term solutions that ease PSO’s financial burden.
