Article: PSO posts all time high profit

Net sales
Gross Profit
Operating
expenses
operating
profits
Finance cost
Profit after tax
EPS (Rs)

2014
1409574
264
3682408
8

2013 Chg
1294503
247
8.88
3416093
8
7.79

3890061
4197176
7
9544109
2181813
5
80.31

3663835
2622968
7
7591156
1263777
9
46.52

6.17
60.01
25.72
72.64

Pakistan State Oil Company Limited, the largest state owned oil marketing company in the
country has recorded all time high sales revenue, profit after tax and earnings per share. Sales
revenue stood at RS 1.4trillion compared to RS 1.3trillion during the same period last year
(SPLY) registering a growth of 9%.After tax earnings rose by 73% to Rs 21.8 billion as
compared to RS 12.6 billion during SPLY.Earning per share increased to RS 80.31 from RS
46.52 during SPLY. Based on this performance the PSO BOM announced a final cash dividend
of RS 4 per share in addition to the earlier interim cash dividend of Rs 4 per share and issuance
of bonus stock at the rate of 10%. In 2014 the finance cost increase by 26% due to circular debt
and net exchange loss of Rs 1 billion due to devaluation of PKR.The circular debt is the very
dangerous problems of Pakistan. I expect this it continuously create liquidity in PSO Company
which have large receivables in energy sectors.
On the basis of this performance PSO maintain its market leadership position during the year
under review with 73% share in Black oil market and 53% in white oil market while registering a
growth of 5% in sales of liquid fuels over last year. After this analysis it would not be wrong to
say the Pakistan state oil surprised many with the release of its financial performance for the
FY14 .