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4-Traders Homepage  >  Equities  >  KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED, THE  >  Pakistan State Oil Company Limited    PSO   PK0022501016

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Pakistan State Oil Company Limited : PSO announces record results for FY10-11

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08/09/2011 | 03:00pm CET

PSO announces record results for FY10-11

KARACHI  August 09, 2011: Pakistan State Oil posted record results for the financial year 2011 and announced an after tax earnings of Rs. 14.7 billion as compared to earnings after tax of Rs. 9.05 billion during the previous financial year. These results were declared after PSO’s Board of Management (BoM) convened on Tuesday at PSO House to review the company’s performance over the fiscal year 2010-11.

Despite financial challenges posed by the ever increasing circular debt and the economic slow down, PSO maintained its position as the market leader with a market share of 78.2% and 54.4% in the Black Oil and White Oil segments respectively, thereby contributing to an overall market share of 65.6%.

PSO sold 12.6 million tons of POL products in FY 11 with net sales revenue growing to Rs. 975 billion in comparison to Rs. 877 billion in the previous year.

The BoM declared a final cash dividend of Rs. 2 per share in addition to the already paid interim dividends at Rs. 8 per share. Earnings per share also registered an improvement to Rs. 86.17 per share from Rs. 52.76 per share last year.

While expressing their confidence in the strategic vision and managerial skills of the PSO management, the Board nevertheless expressed serious concern on the spiraling receivables which stood at Rs. 138.2 billion as of August 9, 2011. They observed that the financial costs associated with servicing this debt coupled with consistent delays in payment from the power sector continued to hurt the overall profitability of the company. The BoM also directed that efforts be made to reduce the impact of the burgeoning financial costs through constant pursuit for recovery of receivables from the power sector entities as well as from the Government of Pakistan.

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Financials ( PKR)
Sales 2017 785 350 M
EBIT 2017 30 000 M
Net income 2017 15 481 M
Debt 2017 -
Yield 2017 3,67%
P/E ratio 2017 7,92
P/E ratio 2018 7,37
Capi. / Sales 2017 0,15x
Capi. / Sales 2018 0,14x
Capitalization 118 455 M
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Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 494  PKR
Spread / Average Target 13%
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Managers
NameTitle
Sheikh Imran ul-Haque Chief Executive Officer & Managing Director
Mujahid Eshai Chairman
Yacoob Suttar Chief Financial Officer
Mohammad Naeem Malik Non-Executive Director
Umar Azim Daudpota Non-Executive Director
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Sector and Competitors
1st jan.Capitalization (M$)
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VALVOLINE INC2.60%4 512
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WORLD FUEL SERVICES CO..-3.29%3 129
SUNOCO LP-0.71%2 990
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