PSO reports 43.63pc increase in profits for FY 2016-17

Karachi: In a notification sent to the bourse on Tuesday, Pakistan State Oil reported its earnings for the financial year ended 2016-17.

PSO reported a growth in sales of 30pc year on year (YoY) to reach Rs8.78b from Rs6.77b last year. The profits also went up by 43.63pc reaching Rs18.225b for the year ended June 2017 from Rs10.273b in same period last year (SPLY).

Gross profits registered a growth of 39.44pc YoY to reach Rs37.198b from Rs22.525b in SPLY. Gross profit margin for FY 2017 was reported at 42.3pc compared to 33.2pc last year.

Finance cost also decreased by 25pc to Rs1.6bn, whereas operating expenses remained in check growing by 6pc YoY.

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PSO’s share price went up by 3pc on a YoY basis to reach Rs387.55 in FY 2017 from Rs375.46 in FY 2016.

Its earnings per share (EPS) were reported at Rs67.08 for the FY 2017 rising 77pc from a year ago when it stood at Rs37.81.

The company also announced a final cash dividend of Rs15 per share and a surprised stock dividend of 20pc.

At the time of filing this report, PSO’s shares were trading at Rs454.06 on the stock exchange rising 5pc from its closing price yesterday.  The KSE-100 index was down 21.43 points to stand 46,444.23 points in first hour of trading.

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