PSO records profit of Rs 7.8 bln in first Half of FY24

KARACHI: Pakistan State Oil Company Limited (PSO) on Thursday announced its financial result for the first half of the current financial year posting a profit after tax (PAT) of Rs. 7.75 billion, ARY News reported.

As per the PSO’s financial report, the company posts a net profit of Rs. 7.75 billion during July-December 2023 compared to a loss of Rs. 3.36 billion in the same period last year.

According to Arif Habib Limited, the PSO’s earnings stood at Rs 16.51 per share meanwhile the total sales stood at Rs 1.9 trillion during the 1HFY24.

Amidst soaring inflation, stagnant growth, and geopolitical tension, the petroleum sector witnessed a downturn in product demand.

PSO adeptly maneuvered through the obstacles and ensured uninterrupted nationwide fuel supply, stated PSO in a press release.

PSO bolstered its market share in white oil with a notable 1.9 percent increase while the market share of PSO in overall diesel sales reached at 55.3 percent.