Pakistan Oxygen’s profits more than double as new plant starts to breathe

For most consumers, Pakistan Oxygen is invisible. It does not sell soap, cement, cars or mobile-phone packages. Its products are piped into hospital wards, stored in cryogenic tanks, carried in cylinders, used in welding torches, deployed in refineries, glass plants, food factories and steel shops. Yet in 2025, this usually quiet corner of Pakistan’s industrial economy produced one of the more striking corporate performances on the stock exchange.

Pakistan Oxygen Limited posted record profit after tax of Rs1.7 billion for calendar year 2025, up 134% from Rs712 million the previous year. Earnings per share rose to Rs19.16 from Rs8.17. Net sales increased by a much more modest 15%, to Rs13.0 billion, but gross profit jumped 71% to Rs5.24 billion, turning a year of decent revenue growth into one of extraordinary operating leverage. AKD Securities, in its analyst briefing note on the company, put the essence of the story plainly: margins widened sharply because the new 270-tonnes-per-day air separation unit at Port Qasim operated more efficiently than designed, while management held pricing discipline.