PSO cuts trade receivables by Rs22.7 billion to Rs414.8 billion in FY26

Profit by Pakistan Today reported that Pakistan State Oil lowered its trade receivables by Rs22.7 billion in FY26, leaving the balance at Rs414.8 billion compared with Rs437.5 billion a year earlier. Lower discount rates and the smaller receivables base together pushed finance costs down 24%. Liquidity remained tight during the year, even though finance expenses eased.

Sui Northern Gas Pipelines Limited (SNGPL) stayed the biggest debtor, owing Rs276.1 billion against Rs310 billion in FY25. GENCOs were due Rs67.6 billion and PIA Holding Company Rs13.8 billion, bringing receivables from these three to Rs357.5 billion. Gross profit reached Rs99.9 billion, up from Rs96.7 billion, while gross profit excluding LNG rose 20.5% to Rs81.9 billion.

Higher operating costs and taxation held back earnings, leaving profit after tax 13.1% lower at Rs20.7 billion. Other receivables rose 20.8% to Rs173.9 billion, largely from Rs24.2 billion of price-differential claims recognised from the government under the PDC mechanism for petrol and HSD, of which PSO said the same amount has since been paid back. The LNG unit weakened sharply, with sales down 35.8% to Rs630.6 billion, gross profit down 37.2% to Rs18.1 billion, and a loss of Rs7.9 billion, which PSO attributed to Strait of Hormuz supply disruptions and reduced RLNG volumes.