Pakistan State Oil (PSO) has announced a net profit of PKR 38.1 billion for the nine months ending March 31, 2026 (9MFY26), an achievement made amidst extreme global economic stress, including military escalations in the Middle East that led to the effective closure of the Strait of Hormuz.
This crisis triggered the largest inflation-adjusted crude oil price spike since 1988, with Brent crude escalating from $69 to $103 per barrel in a single month, according to a statement today.
The company’s standalone financial results underscore a robust performance, with the PKR 38.1 billion net profit marking a substantial uplift from the PKR 15.3 billion recorded during the equivalent period last year. This strong financial trajectory pushed earnings per share to PKR 81.19, while gross sales reached PKR 2.4 trillion for the period under review.
PSO’s consolidated performance reflected similar success, with the Group’s share in profit climbing to PKR 39.4 billion. Consolidated earnings per share also saw an increase, reaching PKR 83.93, indicating a period of exceptional profitability across its group entities, particularly in Pakistan Refinery Limited (PRL).
The third quarter of FY26 was notably challenging due to the geopolitical situation, which also saw Force Majeure declarations from G-to-G Suppliers, QatarEnergy and Kuwait Petroleum Corporation. These declarations disrupted the delivery of crucial Liquefied Natural Gas (LNG) and High-Speed Diesel cargoes to the market.
In response to these unprecedented supply chain disruptions, PSO demonstrated strategic foresight. The company proactively secured alternate international energy sources and increased its reliance on domestic refineries, successfully mitigating supply shortages that impacted other market participants.
PSO maintained its dominant position in the white oil segment, commanding a 42.6% market share with total sales of 5,163 KMT. This leadership extends across key categories, with the company holding a 42.4% share in Diesel and a 37.8% share in Motor Gasoline (MoGas). In the Aviation sector, PSO reported an unrivalled 99.2% market share.
Furthermore, the company”s Lubricants business achieved a 16% volumetric expansion, while its Liquefied Petroleum Gas (LPG) segment set a new benchmark by attaining record cumulative sales of 46,895 metric tonnes, representing a 10% year-on-year increase.