Despite disruptions, PSO records 172% profit growth in Q1 FY27

By Pakistan State Oil Company Limited (PSO), one of Pakistan's largest oil marketing companies (OMCs), reported a 172% year-on-year increase in profit after tax to Rs25.56 billion in the first quarter of fiscal year 2027 (FY27), compared to Rs9.39 billion in the same period last year, supported by higher sales volumes and an improved product mix. The oil marketing company's petroleum sales rose 17.8% year-on-year, more than twice the industry's 7.1% growth, lifting its market share by 4.2 percentage points to 45.9%, according to a statement released on Thursday. During the quarter, PSO saw its earnings per share (EPS) clock in at Rs54.44, compared to Rs20 posted in the corresponding period last year. At the consolidated level, PSO's share in the group's consolidated profit after tax stood at Rs29.42 billion, with EPS of Rs62.66, including the contribution of Pakistan Refinery Limited (PRL). 'This quarter, PSO grew at more than twice the pace of the market while keeping fuel available across Pakistan through one of the most disrupted periods for regional supply in recent years,' Jawwad Ahmed Cheema, CEO, PSO, said. 'We are strengthening our supply chain by broadening sourcing options, leveraging domestic refinery supplies and building greater resilience against external disruptions,' he added. PSO recorded growth across key product segments. Motor gasoline sales rose 23.2% to 968,000 metric tonnes (MT), while high-speed diesel sales grew 12.8% to 759,000 MT, even as national diesel demand contracted. Aviation fuel sales increased 15.5%, with PSO supplying 99.6% of the Jet A-1 market, while lubricant sales grew 17.4% to 9,970 MT. Amid pressure on regional supply routes, PSO imported 16 cargoes of petroleum products totalling 756,000 MT and uplifted 1.019 million MT of motor gasoline and high-speed diesel from local refineries. During the quarter, PSO also managed Pakistan's long-term liquefied natural gas (LNG) supply portfolio. Subsequent to the quarter, PSO signed a government-to-government sale and purchase agreement with Oman's OQ Trading, broadening Pakistan's fuel sourcing options and reinforcing the resilience of its energy supply chain. Looking ahead, PSO said that it is positioning itself to navigate the evolving energy landscape and advance towards a more sustainable future.