KARACHI: Admore Gas, a local oil marketing company has claimed to have achieved a 461 % volume growth during 2016, from 31,000 metric tons in 2015 to 174,000 metric in 2016.
Admore CEO Nadeem Jafarey in a press conference here Thursday said the company has successfully executed it planned turn around during 2016 through upgradation of existing storages, construction of new storage facilities and improved financial management.
The set targets were said to be also accomplished through induction of highly qualified and experienced staff, optimization and development of retail outlet network and the supply chain. “The company undertook major capital expenditure to comprehensively build its storage capacity in the North and South regions of the country,” he said.
Admore Gas (Private) was also said to had paid close to Rs.one billion, in less than a year, out of total defaulted legacy liabilities of Rs. two billion, thereby clearing half of its financial liabilities.
Nadeem Jafarey said the Company undertook major capital expenditure to comprehensively build its storage capacity in the North and South regions of the country besides extensively upgrading its Machike storage terminal in Punjab and currently building its storage facility at Daulatpur.
The Daulatpur facility is scheduled for completion by January 31 next year, he said mentioning that it will have a storage capacity of 3,200 metric tons with additional expansion capacity in future. Claiming that the Company has achieved may vital stones in the current year, Jafarey said it plans to begin the New Year on a high note and launch a complete ‘brand refresh’ on January 2017. This is to reflect its new progressive outlook and updated identity, said the Admore CEO.
