The Board of Management (BoM) of Pakistan State Oil (PSO) convened at the PSO head office to review the company\'s performance for the year ended June 30, 2013.
For the period ended June 30, 2013, PSO posted its highest ever turnover of Rs. 1,295 billion as compared to Rs. 1,200 billion in FY12 representing a growth of 8%. Similarly the Company’s bottom line improved significantly as after tax earnings rose to Rs. 12.56 billion as compared to Rs. 9.06 billion in the previous financial year. Substantial growth was also displayed as earnings per share grew by 38.64% to Rs. 50.84 as compared to Rs. 36.67 (diluted) during the corresponding period last year.
In the period under review, PSO continued to dominate the market with its share in the Black Oil and White Oil segments standing at 75.5% and 55.7% respectively, thereby contributing to an overall market share of 64.3%. During the stated period, the Company\'s liquid fuel sales grew from 12.3 Million Metric Tons to 12.5 Million Metric Tons.
Based on this performance, the PSO BoM announced a final cash dividend of Rs. 2.5 per share in addition to the earlier interim cash dividends of Rs. 2.5 per share (equivalent to 25%) and issuance of bonus stock at the rate of 20%. Combined with the earlier interim cash dividends the total cash dividend for the year stands at Rs.5 per share.
During the meeting the Board Members appreciated the comprehensive debt resolution plans introduced by the Government of Pakistan (GoP) over the past fiscal year which have resulted in significant clearance of circular debt from the energy sector. These settlements significantly eased the pressure on PSO’s liquidity position, reduced financial costs while increasing profitability for the current period.
The BoM commended the PSO management and workforce and directed them to continue their hard work and work closely with the concerned ministries and business partners to ensure timely realization of payments. The PSO management thanked the members of the BoM for their guidance and pledged to act on their instructions for the future benefit of the shareholders.