KARACHI: Byco Petroleum Pakistan Limited announced financial results for the third quarter, ending 31 March of its financial year 2014-15. The Company posted sales of Rs 19.509 Billion and a Gross Profit of Rs 2.154 billion.
As a result, Byco Petroleum Pakistan Limited declared an after-tax net profit of Rs 414 Million for the third quarter ending 31 March, 2015. Earnings per Share (EPS) for this quarter was Rs 0.42 per share. Commenting on the impressive results, Aatiqa Lateef, Group Spokesperson for Byco said, “We are pleased to accomplish milestones as related to the long-term strategic planning of the organization. These results are a testament to the fact that Byco continues upon its well-defined path to success.” The growth was fuelled by an increase in refining production volume of 12% as compared to SPLY, resulting in improved efficiency. Despite nearly 50% decrease in crude oil and petroleum product prices, the sales value was Rs 64.3 billion for the nine months as compared to SPLY. The sale volume also showed a significant increase of 36% as compared to SPLY. Petroleum Marketing Business sold 3.4 million barrels of products compared to 1.9 million barrels SPLY.
The Petroleum Marketing Business of Byco Petroleum Pakistan Limited continued to expand its operations and currently has more than 250 retail outlets in all provinces of Pakistan.
Byco’s Single Point Mooring (SPM), the first and only in the country, continued to facilitate the company’s 35,000 bpd refinery and the group collectively refining base of 155,000 bpd. Thus far it has received 40 ships that have brought in more than 2 million tons of crude oil without any loss of time during the reporting period.
Headquartered in Karachi, Byco is an emerging energy company engaged in the business of oil refining, petroleum marketing, chemicals manufacturing and petroleum infrastructure and logistics.
