PSO’s Q3 net profit soars 273pc to Rs32.58bn

KARACHI: Pakistan State Oil (PSO) net profit jumped 273 percent to Rs32.58 billion in Q3 of the current fiscal year, translating into earnings per share (EPS) of Rs69.4, a bourse filing said on Thursday.

The company earned Rs8.720 billion with EPS of Rs18.57 during the same quarter last fiscal. PSO did not announce any dividend for the period.

PSO reported highest ever nine-month profit after tax of Rs64.8 billion, with EPS of Rs137.96. The company earned Rs18.242 billion during the same period last fiscal, with EPS of Rs38.86.

It outperformed the industry in all petroleum products, leading to an astounding increase in its market share by 3.4 percent compared to June 30, 2021.

PSO’s board of management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) during the meeting on Thursday, a statement of the company said.

PRL reported a profit after tax of Rs5.4 billion for the period under review. On a consolidated basis, the group achieved a net profit of Rs69.3 billion (9MFY21: Rs18.3 billion).

PSO continued to lead the downstream sector with volumetric sales growth of 22.0 percent in liquid fuels against industry growth of 13.6 percent, capturing 48.3 percent and 56.5 percent share of the country’s white and black oil markets.

“This growth was driven primarily by motor gasoline, high speed diesel and furnace oil, in which the company achieved volumetric sales growth of 15.5 percent, 26.0 percent and 22.0 percent against industry growth of 8.8 percent, 17.8 percent and 13.9 percent respectively as compared to the same period last year.

It led to an increase in PSO’s market share in these products by a 2.5 percent, 3.3 percent and 3.7 percent respectively,” the company said.

Arif Habib Limited in its note said the company posted gross profit of Rs44 billion with gross margins set at 7.73 percent in Q3FY22 against 6.04 percent in the same period last fiscal, which was a result of significant changes in ex-refinery prices that led to substantial inventory gains in Q3FY22.

NBP Q1 profit surges 28pc to Rs9.837bn

National Bank of Pakistan net profit surged 28 percent to Rs9.837 billion in the first quarter of 2022, the highest ever, translating into EPS of Rs4.62, a bourse filing said.

The bank earned Rs7.708 billion with EPS of Rs3.62 in Q1CY21. The bank did not announce any dividend for the period.

“Despite the continued economic challenges and uncertainties, the bank has delivered excellent results for its shareholders. This demonstrates the effectiveness of management’s strategies, resilience of the bank’s business model and the efforts of our staff during this period,” a statement said.

Gross net interest income was Rs79.204 billion in the quarter ended March 31, 2022 as against Rs48.472 billion in the same period last year.

Non-fund income for the quarter closed at Rs8.1 billion which was lower by Rs0.4 billion or 4.7 percent YoY mainly due to lower capital gains on the back of lacklustre performance of the stock market. “Management expects that, going forward, NFI will rebound as the stock market is showing signs of stability following the fading away of Covid-19 and some clarity on the political front,” the statement said.

In line with inflationary pressures and industry norms, NBP incurred operating expenses of Rs16.7 billion, which were 16.7 percent higher as compared to Rs14.3 billion of Q1CY21, translating into cost-to-income ratio at 49.4 percent.

During this period, asset quality also showed some improvement as non-performing loans increased marginally by 3.0 percent to reach Rs203.9 billion, translating into a loan infection ratio of 14.7 percent, showing some improvement against 15.2 percent at the end of 2021 and 16.2 percent at March 31, 2021.

Hubco Q3 profit falls 7pc

Hub Power Company Limited (Hubco) has reported a 7 percent fall in its quarterly net profit, as a result of an increase in its cost of sales.

In a consolidated earnings statement to the Pakistan Stock Exchange, the company reported a net profit of Rs9.463 billion for the quarter ended March 31, down from Rs8.818 billion in the previous year.

The company did not announce any dividend for the period.

EPS came in at Rs7.12, compared with Rs6.61 during the same period last year.

The company said its revenue for the quarter rose to Rs18.784 billion, compared with Rs12.023 billion a year earlier. However, the cost of sales increased to Rs10.137 billion from Rs3.882 billion that reduced the profit margins.

For the nine months ended March 31, the company announced a profit of Rs22.179 billion against Rs25.706 billion.

During this period, EPS was recorded at Rs16.54 as compared with Rs19.21 recorded a year ago.

Lucky Cement Q3 profit down 3pc

Lucky Cement, one of the leading cement producers in the country, reported a 3 percent loss in its quarterly net profit, as a result of an increase in its cost of sales.

In a consolidated earnings statement to the PSX, the company reported a net profit of Rs9.378 billion for the quarter ended March 31, down from Rs9.709 billion the previous year.

The company did not announce any dividend for the period.

EPS came in at Rs23.41, compared with Rs24.31 during the same period last year.

The company said its revenue for the quarter rose to Rs111.196 billion, compared with Rs78.742 billion a year earlier. However, the cost of sales rose to Rs78.730 billion from Rs45.983 billion which reduced the profit margins.

For the nine months ended March 31, the company announced a profit of Rs26.532 billion against Rs22.154 billion.

During this period, EPS was recorded at Rs64.07 as compared with Rs56.36 per share recorded a year ago.

OGDCL Q3 earnings rise 79pc

Oil and Gas Development Company (OGDC) reported a 79 percent rise in its quarterly net profit, as a result of an increase in its cost of sales.

In an earnings statement to the PSX, the company reported a net profit of Rs43.161 billion for the quarter ended March 31, up from Rs24.120 billion the previous year.

The company also announced an interim cash dividend of Re1/share, which was in addition to the interim dividend already paid at Rs3.75/share.

EPS came in at Rs10.03, compared with Rs5.61 during the same period last year.

The company said its revenue for the quarter rose to Rs89.104 billion, compared with Rs65.401 billion a year earlier.

For the nine months ended March 31, the company announced a profit of Rs112.044 billion against Rs66.346 billion in the same period last year. During this period, EPS was recorded at Rs26.05 as compared with Rs15.43 recorded a year ago.

Cnergyico Q3 profit up 52pc

Cnergyico PK Ltd net profit increased 52 percent to Rs1.846 billion in the third quarter of the current fiscal year, translating into EPS of Re0.35 basic, a bourse filing said.

The company earned Rs1.217 billion with EPS of Re0.23.

As per details, the company suffered losses of almost Rs1.2 billion due to weak demand, slowdown in the economy and struggles within the energy sector, but turned the losses into profitability of more than Rs1.84 billion in Q3 also eventually increasing the EPS for their valued shareholders.

Company turnover for the quarter stood at Rs43.89 billion and Rs138.7 billion for the last 9 months. EBIDTA for the third quarter stood at Rs3.85 billion, whereas for the last 9 months accumulated to Rs6.41 billion. Global macro-economic events and the unprecedented crack spreads between crude oil and finished products, in addition to efficient operations management, aided the company in achieving this result.

Company spokesperson said, “If the financing facilities from the banks are improved for the company, the refinery can utilise its idle capacity and save up to $500 million precious forex per year for the country through import substitution.”