Pakistan State Oil (PSO), the leading oil marketing company of the country, convened its Board of Management (BoM) at PSO Headquarters in Karachi to review the performance of the company during the financial year ended June 30, 2019.
Despite the challenging economic scenario, reduction in the size and the increasing competition in the industry, PSO continued to lead Pakistan’s Petroleum downstream market with a share of 42.4% in Total Liquid Fuels (White Oil 40.2%, Black Oil 52.0%).
The influx of smuggled products, and contractions in the country’s economic indicators impacted the overall industry. However, because of its focused approach, PSO managed to mitigate these impacts and strived to minimize the damage caused because of these challenges. The Company has reported Rs. 17.5 billion in Profit-before-Tax and Rs. 10.6 billion in Profit-after-Tax (PAT) in FY2019.
The Board has declared a final cash dividend of Rs 5 per share (50%) and a stock dividend of 20% (i.e. 1 share for every 5 shares held) which is in addition to the interim cash dividend of Rs 5 per share. The dividend (including stock dividend) for the financial year 2019 stands at Rs12 (120%) per share.
In spite of high outstanding receivables (inclusive of LPS) from the Power Sector, PIA and SNGPL as of June 30, 2019 which stood at Rs. 307 billion, PSO continues to explore new business avenues. The Company launched its DIGICASH reloadable fuel card, a first-ever Business to Consumer offering, providing its valued customers with unique solutions for their fueling needs. The company also continued its expansion activities, adding more customers, distributors and outlets. In addition, the C-Store upgrade continued along with other promotional and marketing activities.