PSO posts Rs29.55bln profit for FY21 with EPS at Rs62.63

KARACHI: Pakistan State Oil Company Limited on Tuesday reported earnings per share of Rs62.63 in its full-year net profit Rs29.55 billion for the year ended June 30, 2021, owing to an increase in its revenue and other income.

In a statement to the Pakistan Stock Exchange, the company reported a net profit of Rs29.55 billion for the year ended June 30, up from losses of Rs14.76 billion the previous year.

The company also announced a final cash dividend of Rs10 a share, which is in addition to the interim dividend already paid at Rs5 a share.

Earnings per share came in at Rs62,63, compared with a loss of Rs23.47 last year.

The company said its revenue for the year rose to Rs1,223 billion, compared with Rs1,121 billion a year earlier.

The company said its cost of products sold remained at Rs1,166 billion, compared with Rs1,114 billion the previous year.

Other income of the company also increased to Rs19.41 billion from Rs10.38 billion a year ago.

Operating cost also fell to Rs20.68 billion, compared with Rs15.54 billion.

A report by Insight Research said the result was above their expectations mainly due to a higher than expected other income and finance cost.

The board noted that these results have demonstrated PSO's agility and strength across its diverse portfolio despite the challenging economic scenario and recurrent waves of the pandemic.

“The company made significant strides on its journey of digital transformation with the launch of Pakistan’s first digitally integrated oil storage and dispatch terminal in Karachi. PSO also became the first public sector entity to launch e-procurement through SAP Ariba.”

Engro Corp half-year profit up 88 percent

Engro Corporation consolidated net profit increased 88 percent to Rs17.053 billion in the half-year ended June 30, 2021, compared to Rs9.059 billion in the same half last year, a bourse filing said.

Earnings per share (EPS) for the half-year clocked in at Rs29.60 compared to Rs15.73 during 1H 2020. The company announced an interim cash dividend of Rs7/share for the second quarter, which was an addition to the interim dividend already paid at Rs12/share.

The company said it delivered strong operational performance in 1H 2021 as its consolidated revenue grew by 30 percent from Rs107,163 million in 1H 2020 to Rs139,319 million in 1H 2021.

Operating cost was down by Rs7.94 billion, compared with the decline of Rs11.26 billion last year.

For the quarter ended June 30, the company announced a profit of Rs8.71 billion, up from Rs5.74 billion in the same quarter last year.

The growth in bottom line was primarily attributed to increased profits posted by Engro Fertilizers and Engro Polymer & Chemicals.

On a standalone basis, the company posted a profit after tax of Rs9,683 million against Rs4,858 million for the same period last year, translating into an EPS of Rs16.81.

Engro Fertilizers (EFERT) net profit stood at Rs10,509 million for 1H 2021, compared to Rs4,457 million in 1H 2020 on the back of robust agronomic demand enabled by favourable farm economics, better farm output prices and enhanced support pricing.

Engro Polymer and Chemicals Limited (EPCL) posted a net profit of Rs7,265 million for 1H 2021 compared to Rs223 million in the same half last year; the highest ever 6-month profit on account of increased volumetric sales, efficient operations, and higher international prices.

Engro continued to expand its footprint in the connectivity vertical through Engro Enfrashare, which has now become the country’s largest Independent Tower Company (with 46 percent market share) in terms of operational sites, serving all Mobile Network Operators in Pakistan.

Soneri Bank profit rises 61 percent

Soneri Bank profit after tax increased 61 percent to Rs1.822 billion in the half-year ended June 30, 2021, compared to Rs1.129 billion during 1H 2020, a bourse filing said.

The EPS of the bank stood at Rs1.65 in 1H 2021 compared to Rs1.02 in the half-year ended June 30, 2020. The bank did not announce any cash dividend.

Net interest income for the half-year was reported at Rs5.705 billion, improving by 6.54 percent against Rs5.355 billion reported for the same period last year.

Growth in expenses was restricted at 12.19 percent as compared to the prior period with Non-markup expenses reported at Rs5 billion for the half-year ended June 30, 2021.

Net advances portfolio stood at Rs175,127 million, 6.43 percent higher than 2020 level. Net investments also ended higher by 16.63 percent and closed at Rs291,520 million as compared to 2020.

Total deposits registered a slight decline of 2.51 percent when compared to December 31, 2020, ending at Rs336,819 million on June 30, 2021, as certain high cost deposits were strategically shed with a focus on CASA mix improvement.