April, 27(E. A Report) — Pakistan State Oil Company third quarter turned the company into profit for nine month period by reporting Rs. 13.6 billion gain.
Interim financial statements announcement pushed share price up 88 paisa to trade at Rs.116.1 around 11 at Pakistan Stock Exchange.
Board of Management announced the condensed unconsolidated and consolidated interim financial statements of the company for nine-months ended March 31, 2022.
Petroleum industry witnessed a significant decline in consumption of all products, mainly due to flash floods, slowdown in economic activities and plummeting real purchasing power of individuals.
During the period, industry volumes declined by 21% in white oil – a dip of 16% in motor gasoline and 25% in diesel. Whereas, black oil volumes also declined by 33% in the period as a result of low furnace oil-based power generation in the country.
Despite all odds, PSO remained resilient and continued to dominate the country?s white oil market. PSO exhibited a increase in white oil market share compared to the same period last year. Major contribution came from diesel, in which the company increased its market share to 55%.
Owing to upwards domestic oil prices during the period under review despite galloping interest rates, the company posted a net profit of Rs. 10.28 billion translating into a Earning Per Share (EPS) of Rs. 21.91/-. On a consolidated basis, the group collectively posted a net profit of Rs. 12.6 billion for the period translating into an EPS of Rs. 25.05.
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