Pakistan State Oil (PSO) is grappling with a persistent circular debt challenge, with receivables reaching PKR 412 billion, overshadowing the company’s announcement of a resilient financial performance for the first half of the fiscal year 2026.
The state-owned entity disclosed a profit after tax of PKR 12.1 billion for the six-month period ending December 31, 2025, an increase from the PKR 11.2 billion recorded in the corresponding period of the previous year. This resulted in an earnings per share of PKR 25.82 from gross sales of PKR 1.6 trillion, according to Pakistan State Oil’s report today.
On a consolidated basis, the group’s profit after tax stood at PKR 14.7 billion, with a corresponding earnings per share of PKR 31.34, according to results reviewed by its Board of Management.
The organisation maintained its leadership in the white oil sector with a 42.2% market share on sales of 3,418 KMT. In contrast, sales of black oil experienced a decline attributed to reduced offtake from the power sector. PSO reinforced its near-total control of the aviation fuel market, holding a 99% share, and achieved record-breaking Liquefied Petroleum Gas (LPG) sales of 28.5 KMT, a 3.6% year-on-year increase.
In infrastructure developments, the energy firm rehabilitated 39 KMT of storage capacity at key sites, including Mehmoodkot and Keamari. Progress was also noted on the White Oil Pipeline Project, which received federal cabinet ratification of its project summary and provisional tariff. The company’s retail presence expanded to 3,638 outlets nationwide.
Venturing into renewable energy through its PSO Renewable Energy (PSORE) initiative, the firm has solarised several operational terminals and plans to add a further 2.2 MWp of solar capacity by mid-2026. PSO also established an electric vehicle (EV) network comprising nine charging stations on major highways and in cities.
Digitalisation efforts included the launch of the Payvay mobile application and the integration of Raast digital payments through its fintech subsidiary, Cerisma (Pvt.) Limited.
The company reported an investment of PKR 196 million towards social impact initiatives in healthcare, education, and community building, which includes the development of a model village for families affected by floods.
While navigating its operational growth, PSO continues to engage with the government to find a sustainable resolution to the substantial outstanding receivables.