KARACHI: The Pakistan State Oil (PSO) has declared the Profit after Tax of Rs14.2 billion for the nine months of fiscal year 2016-17.
An official said here on Tuesday that PSO’s Board of Management (BoM) reviewed the company’s performance for nine months from July 1, 2016 to March 31, 2017. The meeting was chaired by Musadik Malik, a senior member of the Board.
During the period, the company showed volumetric growth in Mogas of 11%, in HSD of 12%, in JP-1 of 22% and in FO of 15% over same period last year (SPLY).
LPG business showed a growth of 132%, CNG business grew by 15%, Lubricants sales volume grew by 25%, whereas LNG business grew by 107% over SPLY.
Moreover, the PSO continued to lead the liquid fuel market with an overall market share of 55.1% (9MFY16: 55%). The market share of Black Oil rose to 72.7% from 69.5% SPLY, whereas the market share in White Oil stood at 44.6% vs 45.9% SPLY.
Due to commitment of employees, the company had Profit After Tax (PAT) of Rs. 14.2 billion.
This was due to favourable growth of sales volume and net margin and reduction in finance cost (despite increase in average borrowings by Rs. 19.5 billion) during the period due to effective treasury management, the PSO statement said.
Keeping into account the performance of the company, the Board declared an interim cash dividend of 100% i.e., Rs. 10 per share. Additionally, the PSO imported 69% of industry imports to ensure uninterrupted product supply across the country.
Furthermore, refinery upliftment improved to 37% (9% increase over SPLY) and new Cards business solution went live on March 1, 2017. Non Fuel Retail initiated deployment of “Refuel” vending machines and ATMs at PSO’s retail stations nationwide.
The company is also undertaking brand building activities and corporate campaign was launched in January 2017 with the theme “Every Journey Begins Here”.
PSO CSR Trust has been formed for carrying out CSR activities in the fields of Education, Health Care, Community Building and Disaster Relief.
The outstanding receivables (inclusive of LPS) as of March 31, 2017 stood at Rs. 285.5 billion (June 30, 2016: Rs. 240.6 billion) against supplies of Black Oil, White Oil and LNG.
The receivables position improved when Rs. 20 billion was injected in February 2017 due to the intervention of Ministry of Petroleum & Natural Resources /Ministry of Finance / Ministry of Water & Power.
Efforts are underway to maintain Furnace Oil supply chain during Ramadan/summer of this year and to improve the outstanding receivables position.
The management of the company expressed gratitude to its shareholders, customers, business partners and other stakeholders for their trust in the company and to the Government of Pakistan, especially the Ministry of Petroleum and Natural Resources for their continuous guidance and support, the PSO statement added.
