Karachi—Byco Petroleum Pakistan Limited declared profit after tax of Rs1.4 billion for the year ended June 2016. The company showed significant improvement which came primarily on the back of better inventory management and increased sales volume. 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 per cent in current year. This is 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 per cent more products than the last year. The company earned EPS of Rs1.40 compared to Rs0.07 last year, according to the results released on Tuesday.
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 (the Single Point Mooring) which helped in increasing the turnover and added profitability.
The official further added that 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. SPM 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.