PSO profit plunges, OGDCL’s up 42pc

Pakistan State Oil Company Ltd reported on Thursday it posted a profit after tax of Rs10.3 billion in the first nine months of 2022-23, down 84 per cent from the comparable period of the preceding fiscal year. On a quarterly basis, its earnings clocked in at Rs13.6bn in January-March after declining 58pc from the same three-month period a year ago amid lower inventory gains, according to Arif Habib Ltd. On a sequential basis, however, the oil marketing company became profitable again amid a revision of margins on the sale of petrol and diesel as well as an increase in the ex-refinery margins. Meanwhile, Oil and Gas Development Company Ltd announced its net profit for the July-March period was Rs159.6bn, up 42pc from a year ago. On a quarterly basis, its earnings in the third quarter of 2022-23 were Rs64.6bn after growing by 50pc on an annual basis. The company also announced a cash dividend of Rs1.80 per share for the latest quarter, taking the total pay-out to Rs5.80 a share in the nine-month period.