Byco posted profit of Rs 1.4 bln in FY16

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Byco posted profit of Rs 1.4 bln in FY16

ISLAMABAD, Sep 7 (APP): Byco Petroleum Pakistan Limited has declared Rs 1.4 billion profit after tax for the year ended June 2016, its Spokesman said.

Imran Gaznavi, Spokesman of the company told APP that the company showed significant improvement which came primarily on the back of better inventory management and increased sales volume.

He said the company, which has a refinery, petroleum
marketing arm and oil-import terminal, further penetrated in the market by increasing its sales volume by 27% in current year.

This, he said was the fourth consecutive year where sales volume of the company increased significantly thereby showing consistency in company’s operations.

The company has been investing and optimizing network of its retail outlets and in current year, the marketing arm of the company sold 19% more products than the last year, he informed. The company earned Earning Per Share (EPS) of Rs 1.40 compared to Rs 0.07 last year, he added.

The Spokesman of the Byco further added that apart from
operating the refinery, the Company also imported large volume of petroleum products at its own floating jetty SPM (the Single Point Mooring) which helped in increasing the turnover and added profitability.

The SPM proved to be a game changer for the company as it helped in quick import of crude oil and products in large volumes, he said.

The SPM, he added provided great flexibility in terms of vessel berthing and unberthing with virtually no waiting time and bringing in larger vessels compared to the other ports of the country.

The company has filed a petition with the High Court for merger with its wholly owned subsidiary and the parent company in a bid to integrate different parts of its petroleum supply chain, he remarked.

Headquartered in Karachi, Byco is also in chemicals manufacturing and petroleum infrastructure and logistics business.