The Board of Management of Pakistan State Oil Company Limited (PSOCL) convened to review the performance of the company for the first half of the financial year 2016-2017 (1HFY17). The board witnessed a significant upturn in the profitability of the company during the period. During 1HFY17, PSO improved its market leadership position with an overall market share (liquid fuels) of 56% (1HFY16: 55%). The market share of Black Oil rose to 73.4% from 69.5% Same Period Last Year (SPLY), whereas the market share in White Oil stood at 45.7% vs 46.9% SPLY. An increase of 14% in White oil sales and 26% in Black oil sales over SPLY was witnessed.
The company recorded highest ever sales in Mogas (11% over SPLY), HSD (17% over SPLY), JP-1 (24% over SPLY) and FO (26% over SPLY) during the period under review. LPG business showed a growth of 119%, Lubricants sales volume grew by 11%, whereas LNG business grew by 91% over SPLY. PSO was the first Oil Marketing Company to introduce higher grade RON environment-friendly gasolineAltronPremium and Altron X High Performance in November 2016. In January 2017 PSO again took the lead and introduced the Action + – the superior quality and environment friendly Euro-II compliant diesel.
PSO’s Profit After Tax (PAT) was Rs 10 billion: 49% higher than Rs 6.7 billion PAT for 1HFY16. The tremendous contributions and efforts of our employees, in improving company’s performance, has resulted in an increase in PSO’s market capitalization to Rs 132 billion as of February 03, 2017 vsRs 91 billion on February 03, 2016. The outstanding receivables as of December 31, 2016 stood at Rs 255 billion (June 30, 2016: Rs 233 billion) from the power sector, PIA and SNGPL against supplies of FO, Aviation Fuels and LNG. The Management is making continuous efforts for early realization of outstanding dues.
PSO expressed its heartfelt gratitude to all the stakeholders and shareholders for their unwavering support towards the company. The company also took the opportunity to thank the Government of Pakistan, especially the Ministry of Petroleum & Natural Resources, for the insightful guidance that helped the company overcome the challenges. PSO expressed its resolve to bring in further efficiencies to deliver improved results in the coming years.