PSO declares Rs. 14.2bln Profit after Tax for nine months

1450

KARACHI, April 25 (APP): The Pakistan State Oil (PSO) has declared the Profit after Tax
of Rs. 14.2 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.