PSO declares final cash dividend of Rs10/share
KARACHI: The Pakistan State Oil (PSO) has declared a final cash dividend of Rs10/share for the year ended June 30, 2021, which is in addition to the interim dividend of Rs5/share already paid to the shareholders.
The PSO announced a net profit of Rs29.5 billion, translating into the earnings per share (EPS) of Rs62.63 for FY21, compared with the net loss of Rs14.7 billion and the loss per share (LPS) of Rs23.47 in FY20.
The announcement came after the PSO Board of Management (BoM) reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the financial year 2020/21, ended June 30, 2021, during the meeting held on August 23, 2021 in Islamabad.
Based on the outstanding financial and operational performance of the company, the Board of Management has announced a final dividend of Rs10/share (100 per cent), which is in addition to the interim cash dividend of Rs5/share (50 per cent) for the financial year 2020/21. The dividend for the financial year stands at Rs15/share (150 per cent).
PRL, a subsidiary of PSO, also reported a profit-after-tax of Rs0.94 billion during the year, compared with a loss of Rs7.6 billion in the previous year.
On a consolidated basis, the group achieved a profit-after-tax of Rs29.6 billion in FY21, compared with the loss-after-tax of Rs14.8 billion in FY20.
The PSO Board noted that these results have demonstrated the company’s agility and strength across its diverse portfolio, despite the challenging economic scenario and recurrent waves of the pandemic. The PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average.
The company exhibited an outstanding growth of 21.9 per cent in liquid fuels over the last year with volumes reaching 9.2 million tonnes, attaining a market share of 46.3 per cent in FY21, compared with 44.3 per cent in FY20.
The company also achieved its highest-ever volume of 7.6 million tonnes in the white oil segment, despite the shrinking jet fuel and kerosene industry, with a market share of 45.2 per cent in FY21 as against 44 per cent in FY20, i.e., a growth of 120 basis points.
The PSO set an all-time high record in motor gasoline (MoGas), achieving volumes of 3.5 million tonnes, an increase of 21.2 per cent from FY20, translating into the market share of 41.3 per cent, compared with 38.7 per cent last year, showing an increase of 260bps.
The company made a strong closing in hi-cetane diesel, as well, achieving a volumetric growth of 21.1 per cent as against the industry’s growth of 17.5 per cent, translating into the volumes of 3.7 million tonnes in FY21.
The volumes contributed in regaining market share, bringing it to 47.2 per cent, compared with 45.8 per cent in the preceding year, i.e., an increase of 140bps.
The Pakistan State Oil (PSO) attained a volumetric growth of 53.2 per cent in black oil with the volumes of 1.7 million tonnes and a market share of 51.7 per cent as against 46 per cent in FY20.
With the burden of the circular debt still large, to improve its balance-sheet further, the PSO recovered Rs25.8 billion from the power sector along with the late payment surcharge income.
The reduction in finance cost by Rs3.2 billion. (24 per cent) further complemented the profitability of the company.
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