KARACHI - Pakistan State Oil (PSO) has reported profit-after-tax (PAT) of Rs18.2 billion in FY2017 as compared to Rs10.3 billion last year. The earnings per share clocked at Rs67.08 as compared to Rs37.81 last year.

The Board of Management of PSO convened at PSO House, the company’s head office, to review the company’s performance for the financial year ended June 30, 2017, with Dr Musadik Malik in the chair. The winning momentum came from 30 percent increase in top line to Rs878.1 billion and gross margin improvement by 91 bps. During FY2017, the company depicted healthy volumetric growth across its products’ portfolio. Furnace oil, jet fuel and motor gasoline volumes were up by 11 percent, 19 percent and 9 percent, respectively.

Focused strategy resulted in 106 percent volume growth in LPG business and the Lubricants business repositioned itself in the market by gaining 28 percent volume over last year. PSO imported 67 percent of industry volume while also improving refinery upliftment by 730bps to 37.8 percent.

During the year, PSO imported 186,672,980 MMBTU of LNG through 58 vessels and supplied 400 MMCFD of RLNG from July 2016 to January 2017, which subsequently increased to 600 MMCFD from February 2017.

The outstanding receivables of Rs277.1 billion (June 30, 2016: Rs232.2 billion) from the power sector, PIA and SNGPL against supplies of furnace oil, aviation fuels and LNG respectively continues to place enormous liquidity pressure on the organisation.

Based on the performance of the company, the BoM has announced cash dividend of Rs15 per share (150pc) and stock dividend20 percent in addition to the already distributed interim cash dividend of Rs10 per share (100pc). The total for the FY2017 turns out to be Rs25 per share (250pc) cash dividend and 20 percent stock dividend.