Karachi: Pakistan State Oil Company Limited (PSO) has released its financial results for the half year ending December 31, 2024, announcing a significant increase in both assets and cash flow. The Board of Management convened on February 13, 2025, to approve the financial statements and reported a 'NIL' dividend for the period.

According to the latest financial disclosure, PSO's total assets have increased from 974.45 billion to 1.02 trillion, showcasing the company's robust performance. Notably, PSO's property, plant, and equipment assets saw an increase from 22.11 billion to 22.82 billion, while long-term investments jumped from 15.16 billion to 24.10 billion. Current assets also saw a rise, with stock-in-trade valued at 264.60 billion and trade debts recorded at 467.44 billion by the end of the period.

On the liabilities side, current liabilities increased to 753.43 billion from 725.14 billion, primarily due to trade and other payables which rose from 309.83 billion to 378.23 billion. However, short-term borrowings decreased from 403.55 billion to 362.76 billion, indicating a strategic reduction in debt.

PSO also reported a strong cash flow from operating activities amounting to 117.31 billion, up significantly from the previous year's negative cash flow of 25.65 billion. This substantial improvement was driven by an impressive cash generation from operations totaling 151.18 billion.

According to information available from the Pakistan Stock Exchange (PSX), PSO's net cash used in investing activities amounted to 967.35 million, a reduction from the previous period's 3.97 billion. This was attributed to proceeds from the disposal of operating assets and dividends received, which helped offset capital expenditures and investments in subsidiaries.

The financial report further highlighted net cash used in financing activities, which stood at 36.98 billion, a notable increase from 6.86 billion in the prior year. This was primarily due to repayments of short-term borrowings and dividends paid during the period.

PSO's cash and cash equivalents increased significantly, ending the period at 77.69 billion, compared to a negative balance of 10.67 billion at the end of the same period last year. This substantial growth reflects the company's strategic financial management and operational efficiency.

The half-yearly financial report, including detailed condensed unconsolidated and consolidated interim financial statements, will be made available through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the designated timeline.