PSO reports record nine monthly results

70

Pakistan’ s premier energy marketing company, Pakistan State Oil Co. Ltd. (PSO) continues to dominate the energy market, reporting highest ever nine-month profit after tax of PKR 64.8billion (9MFY21: PKR 18.2 billion), demonstrating the company’s agility and strength across its diverse portfolio. PSO outperformed the industry in all petroleum products, leading to an astounding increase in its market share by 3.4% compared to June 30, 2021.

PSO’s Board of Management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) during the meeting held at PSO’s head office in Karachi on April 28, 2022. PRL reported a profit after tax of PKR 5.4billion for the period (9MFY21: profit after tax of PKR 0.6billion). On a consolidated basis, the group achieved a net profit after tax of PKR 69.3 billion (9MFY21: PKR 18.3 billion).

PSO continued to lead the downstream sector with volumetric sales growth of 22.0% in liquid fuels against industry growth of 13.6%, capturing 48.3% and 56.5% share of the country’s white and black oil markets. This growth was driven primarily by motor gasoline, high speed diesel and furnace oil, in which the company achieved volumetric sales growth of 15.5%, 26.0% and 22.0% against industry growth of 8.8%, 17.8% and 13.9% respectively as compared to the same period last year. It led to an increase in PSO’s market share in these products by a 2.5%, 3.3% and 3.7% respectively.

Previous articleBanks to remain open this Saturday
Next articleSECP Regulatory Sandbox fuels regulatory reforms in financial services