PSO rejects news about remuneration of MD/CEO

Karachi

In response to reports in a small section of the press regarding remuneration of the Managing Director & CEO of PSO, the company strongly rejects the figures quoted in reports and confirms that the facts are misleading and exaggerated.
PSO further adds: “The MD & CEO of PSO was hired following a competitive process as per policies and procedures with requisite approval of the Competent Authority. The company profit grew by 165% in last two years, and hit Rs 18 billion in fiscal year 2017. The company has been consistently delivering positive growth including reviving ‘dormant’ lines of the business. Based on the high performance, PSO declared Rs. 25 per share (250%) cash dividend and 20% stock dividend in FY2017 only.”
“FY2017 marked a growth of 5% in White Oil and 10.5% in Black Oil over FY2016. PSO’s business grew by 9% in MOGAS, 11% in Fuel Oil, 19% in JP-1, 28% in Lubricants and 106% in LPG in FY2017 vs FY2016. During this span PSO showed an extraordinary growth in all the businesses including Non-Fuel Retail segment that was revitalized to offer customer convenience.”
“Needless to mention that PSO maintained uninterrupted POL supplies to all its customers including Defence, Power, Retail, Industrial, Aviation and Marine throughout the year despite all the challenges.”
“PSO vehemently refutes this baseless allegation and reserves the right to take legal action against the petitioner who has resorted to willfully misguiding the Honourable Court for the sake of fulfilling some ulterior motives.” PSO’s share price of Rs 486 per share in February 2017 was the highest recorded since 2009. Current market capitalization of the company stands at Rs 84 billion.
It is to be noted that KSE index reduction of over 15% since May 2017 has had impact of all the companies listed on the stock exchange.—PR

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