PSO profit almost triples to Rs16bn

Pakistan State Oil (PSO), the country’s largest oil marketing company, reported on Tuesday a surge of 180 per cent in its profit-after-tax (PAT) to Rs15.9 billion in FY24 compared to Rs5.66bn in FY23. The company’s board also announ­ced a dividend of Rs10 per share, representing a 100pc payout for FY24. PSO’s net sales rose to Rs3.74 trillion from Rs3.54tr, defying eco­nomic headwinds, inc­luding slow market grow­­th, currency fluctuations, and geopolitical uncertainty. PSO’s subsidiary, Pakis­tan Refinery Ltd, recorded a PAT of Rs4.1bn and gross revenue of Rs403.6bn. On a consolidated basis, the group achieved a PAT of Rs18.3bn (earnings per share of Rs39).