Oilboy Energy Limited (PSX: OBOY) was formerly known as Drekkar Kingsway Limited. The company was incorporated in Pakistan as a private limited company in 1993 and was converted into a public limited company in 1994.
The company is engaged in the manufacturing and sale of diverse categories of electrical appliances, cosmetics, toiletries, leather goods, machinery as well as its components and parts. In the recent times, the company is engaged in making equity investments in profitable avenues.
Pattern of Shareholding
As of June 30, 2025, OBOY has a total of34.473 million shares outstanding which are held by 1460 shareholders. General public has the majority stake of 52.015 percent in the company followed by Directors, CEO, their spouse and minor children holding 39.51 percent shares.
Associated companies, undertakings and related parties account for 8.02 percent shares of OBOY. The remaining shares are held by other categories of shareholders.
Historical Performance (2022-25)
OBOY’s topline posted year-on-year growth over the period under consideration; however, the company was unable to post net profit in any of the years. It posted the highest gross margin in 2022, but, net loss also peaked in the year.
OBOY posted gross loss only in 2024. The detailed performance review of the period under consideration is given below.
In 2022, the company posted net revenue of Rs.52.05 million. This was against no sale recognized in the previous year. In 1996, the company had sold off its plant and machinery.
During 2022, the company changed its name, planned to increase its working capital through 150 percent right issue and repositioned itself into healthcare business.
However, during the year, the company remained inactive and sold coal to make revenue. Cost of sales clocked in at Rs.44.81 million in 2022 which also signifies the cost of coal. Gross profit clocked in at Rs.7.24 million with GP margin clocking in at 13.91 percent.
Administrative expense mounted by 1517.34 percent mainly on account of receivables written off, legal & professional charges, travelling expense and payroll expense incurred during the year.
OBOY incurred other expense of Rs.55.51 million in 2022 on account of investment in debt instruments written off and receivable against sale of investment written off during the year.
The company recorded operating loss of Rs.87.34 million in 2022, up 3524.30 percent year-on-year. No finance cost was incurred during the year. Adjustable attributable to origination and reversal of temporary differences resulted in tax credit, lowering the overall net loss of the company in 2022.
Net loss clocked in at Rs.61.636 million in 2022, up 2457.80 percent year-on-year. This translated into loss per share of Rs.5.98 in 2022 versus loss per share of Rs.0.24 recorded in 2021.
In 2023, the company’s net revenue mounted by 93 percent to clock in at Rs.100.47 million. This was also from the sale of coal and petroleum products. During the year, the company repositioned itself into oil trading business. Cost of sales surged by 119 percent in 2023 mainly on account of higher cost of coal and petroleum products.
The issuance of right shares announced in the previous year was completed in 2023. With the proceeds, the company acquired two petrol pumps – Hussain Petroleum, Multan and Roshan Petroleum, Sheikhupura - on lease for the sale and purchase of oil/gasoline Gross profit deteriorated by 67.81 percent in 2023 with GP margin falling down to 2.32 percent.
Administrative expense fell by 65.92 percent in 2023 due to high-base effect as the company paid huge legal & professional charges in the previous year related to the change of its business line and right issue.
Other expense plunged by 96.66 percent in 2023 also because of high-base effect as the company recorded write-offs in the previous year (as stated above). Operating loss plummeted by 85.55 percent to clock in at Rs.12.62 million in 2023.
Finance cost clocked in at Rs.2.21 million in 2023 due to notional interest on lease liabilities and long-term security deposits. Gearing ratio mounted from 0 percent in 2022 to 28.99 percent in 2023. Net loss was recorded at Rs.13.054 million in 2023, down 78.82 percent year-on-year. This translated into loss per share of Rs.0.54 in 2023.
In 2024, OBOY registered 105.41 percent improvement in its net revenue which clocked in at Rs.206.38 percent. No sale of coal was made during the year; however, sale of petroleum products significantly rebounded. Both petrol pumps were fully operational during the year. Higher prices of petroleum products translated into gross loss of Rs.4.79 million in 2024.
Administrative expense soared by 50.68 percent in 2024 mainly on account of higher directors’ remuneration, payroll expense as well as rent expense of the office premises. Number of employees was increased from 21 in 2023 to 31 in 2024. Other expense slid by 83.42 percent in 2024 due to high-base effect as the company had recorded depreciation on right-of-use assets and provision for impairment against income tax refundable in the previous year.
Lesser penalties and deductions also contributed in squeezing other expense in 2024. Other income strengthened from Rs.0.22 million in 2023 to Rs.4.22 million in 2024 due to gain recognized on the extinguishment of lease liability. Operating loss magnified by 65.86 percent to clock in at Rs.20.94 million in 2024.
Finance cost enlarged by 341.16 percent in 2024 due to monetary tightening and higher lease liabilities. Gearing ratio mounted to 33.98 percent in 2024. OBOY recorded net loss of Rs.32.42 million in 2024, up 148.35 percent year-on-year. This translated into loss per share of Rs.1.30 in 2024.
In 2025, OBOY net revenue further grew by 91.74 percent to clock in at Rs.395.712 million. As a part of the company’s expansion strategy, the management approved 100 percent right issue amounting to Rs.250 million to start a new project titled “Bio-Oil from Pyrolysis”.
However, no significant progress towards the new project was made during the year. The revenue was recognized from the sale of coal and petroleum products.
The company posted gross profit of Rs.8.678 million in 2025 as against gross loss recorded in the previous year. GP margin clocked in at 2.19 percent in 2025. Administrative expense multiplied by 47 percent in 2025 mainly on the back of higher payroll expense, directors’ remuneration and legal & professional charges incurred during the year.
Workforce was restructured to only 15 employees in 2025. No other expense was incurred during the year. Other income strengthened by 176.62 percent in 2025 due to gain recognized on the extinguishment of lease liability. This resulted in 56.30 percent fall in operating loss which clocked in at Rs.9.15 million in 2025.
Finance cost also fell by 46.51 percent in 2025 as the company terminated its lease liability during the year. The effect of deferred taxation resulted in 2128.13 percent surge in tax expense for the year. This resulted in net loss of Rs.52.62 million in 2025, up 62.30 percent year-on-year. This culminated into loss per share of Rs.2.10 in 2025.
Recent Performance (1QFY26)
As against the past years where OBOY’s topline kept mounting, in 1QFY26, its topline dipped by 51.30 percent to clock in at Rs.46.39 million. This was due to lesser sale of petroleum products during the period.
Decline in the cost of sales due to a dip in the international prices of petroleum products as well as strengthening of Pak Rupee resulted in gross profit of Rs.5.587 million in 1QFY26 versus gross loss of Rs.1.195 million recorded in 1QFY25. GP margin was recorded at 12 percent in 1QFY26.
Administrative expense dipped by 13 percent in 1QFY26 due to thinner payroll expense as well as legal & professional charges incurred during the period. Lesser provisioning done for WWF resulted in 81.68 percent decline in other expense in 1QFY26.
Other income fell by 68.79 percent during the period under review due to thinner notional gain recognized on the unwinding of long-term security deposits. Operating loss tapered off by 94.39 percent to clock in at Rs.0.4565 million in 1QFY26. Monetary easing as well as termination of lease liabilities resulted in 99.62 percent thinner finance cost in 1QFY26.
OBOY recorded net loss of Rs.0.8979 million in 1QFY26, down 92 percent year-on-year. This translated into loss per share of Rs.0.04 in 1QFY26 versus loss per share of Rs.1.18 recorded in 1QFY25.
Future Outlook
With sustained net losses, the company’s accumulated loss is mounting which was recorded at Rs.240.588 million as of September 30, 2025.
The company is actively looking for avenues to expand its business line and diversify its revenue stream.