*Pakistan State Oil* *Ticker: PSX:PSO* *Date: 13/02/2025* *Source: Taurus Securities* Pakistan State Oil performed well in the second quarter of the financial year 2025 (2QFY25). The company earned a profit after tax (PAT) of PKR 8.6 billion, which is double compared to the same period last year. Earnings per share (EPS) stood at PKR 18.48. Despite a 10% drop in sales revenue compared to last year (PKR 816.8 billion), profits increased due to lower finance costs (down 34%) and steady gross margins (4%). The company faced some inventory losses due to falling fuel prices. For the first half of the financial year 2025 (1HFY25), PSO’s EPS is expected to reach PKR 26.94, a 63% increase compared to last year. However, no interim cash dividend was announced for this quarter.