PSO in FY26–held back by a weaker last quarter

Pakistan State Oil reported a mixed FY26 performance, according to Business Recorder, with profit after tax down 28 percent year-on-year. Net sales slipped 3 percent to Rs3.05 trillion as MS and HSD volumes fell and LNG contribution shrank. Its market share dropped to about 42-43 percent, with smaller OMCs making gains.

Gross profit still climbed 3 percent, and gross margin moved up to 3.28 percent from 3.07 percent a year before. Net margin, however, fell to 0.49 percent compared with 0.66 percent in FY25. Finance costs dropped 24 percent on lower interest rates and some improvement in liquidity, and trade receivables also declined by year-end.

In the fourth quarter, inventory losses from falling fuel prices pushed the company into a gross loss. The quarter closed with a loss of around Rs23 billion, against a Rs5.6 billion profit a year before. Pre-tax profit edged up over the year, yet a bigger tax bill meant after-tax profit fell 28 percent. Operationally, fuel supplies held up through a tense geopolitical period, but the share loss was the larger worry.