PSO’s 41st AGM reflects on key business achievements, future challenges

465
APP49-20 KARACHI: October 20 - MD & CEO PSO, Sheikh Imran ul Haque addressing the 41st PSO Annual General Meeting (AGM). APP Photo by Abbas Mehdi

KARACHI, Oct 20 (APP):The Pakistan State Oil (PSO), the
leading oil marketing company of the country, held its 41st
Annual General Meeting (AGM) here on Friday.
The Managing Director and CEO, Sheikh Imranul Haque, chaired the meeting with senior officials from the company.
It was pointed out that PSO has sold 2.7 Million MTs of
MOGAS and 3.8 Million MTs in High Speed Diesel during the fiscal year 2017 (FY2017).
The company hence achieved a market share of 54.8% in
FY2017. Similarly, in White Oil (MOGAS, HSD, SKO and Jet Fuel)
the company achieved a market share of 43.9%. The company also
increased its sales volume in MOGAS by 9.4% in FY2017 over SPLY
and achieved a market share of 39.6% in FY2017.
Likewise, the HSD sales witnessed an increase of 0.9% over
SPLY and PSO maintained its market leadership with a market share
of 44.4% in FY2017. PSO significantly improved its sale volume to
35.4KMTs in the highly competitive lubricants segment by
achieving an approximate growth of 27.9%. 2017 also remained very
promising for PSO in LPG business with volumetric market growth
of 105.9%.
Speaking at the AGM, PSO’s Managing Director and CEO, said:
`It is our resounding customer centric business approach that has
continued to make PSO the primary choice of customers for their
fuel and non-fuel requirements. Despite many challenges that the
business continues to deal with, Pakistan State Oil reported
76.7% more profit-after-tax of Rs 18.2 billion in FY2017 as
compared to Rs 10.3 billion last year, and has shown a remarkable
growth of 163.8% over the last two years when it earned Rs 6.9
billion profit-after-tax in FY2015′.
During the course of the AGM, Sheikh Imranul Haque
highlighted the phenomenal strides the company has taken in
accordance with its vision to become a beacon for both fueling
and non-fueling retail services.
Highlighting that Haque added: `The company recently
expanded its non-fuel business initiatives by launching revamped
retail `Shop Stop’ stores as well as branchless banking services
have also been made accessible at PSO retail outlets to enable
customers to perform basic financial transactions in a safe and
secure environment. Together, these facilities bring added
convenience and enablement to the customers’.
While highlighting health, safety and environment
initiatives as one of PSO’ top priorities, he also said:
`PSO places the highest value on health and safety of all its
customers and staff. It has a comprehensive and well-honed safety
system in place to ensure workplace and fuel transportation
safety, and emergency preparedness. These initiatives have been
further strengthened by joining hands with notable institutions
such as the National Highways & Motorway Police (NH&MP) and the
National Logistics Cell (NLC) which will provide training to PSO
employees and tank lorry drivers, vehicle safety checks, and
emergency response procedures’.
`Furthermore, PSO has taken initiatives to improve its
safety system by entering into a contract with Pakistan Railways
to increase fuel shipments by using the railways infrastructure’.
While appreciating the efforts of the PSO management,
shareholders expressed concerns over the rising circular debt of
the company due to outstanding receivables mainly from the power
sector and PIA.
Shareholders also appreciated the best performance of PSO
management over the last two years. They complimented outstanding
results that have led to an unprecedented highest EBITDA since
2014.