PSO amongst Top 100 Companies

Date: February 22, 2011:

PSO amongst Top 100 Companies

Pakistan State Oil achieved yet another landmark in its 34 year history today, when it was honored for its exemplary performance and results by being ranked 20th in the 7th Annual Dinar Standard survey published in the ‘Top 100 Businesses of the Muslim World’. This achievement was further underlined by the fact that PSO was the only Pakistani company that was listed amongst this august group of commerce giants. The survey conducted by the Dinar Standard Consultancy compiles and releases a list of the top 100 companies present in the 57 member Organization of Islamic Conference (OIC) on annual basis.

Recognition of PSO’s performance by an accredited international agency is further testament to the current management’s sagacious planning and sound business policies, which have resulted in PSO posting a record half yearly profit of Rs. 7.13 Billion in the 1HFY11, even in the face of rising circular debt.

Commenting on the success of PSO in international quarters, Mr. Irfan Qureshi, the beaming MD of PSO said: “It is an honor for Pakistan State Oil to be ranked amongst the Top 100 Companies in the Muslim World. This honor has only increased the onus of responsibility on the Company to ensure that we continue to showcase remarkable performance in the future. As the largest energy sector company in Pakistan, PSO will continue to serve the needs of the nation in a responsible manner.”

Not simply content with being mentioned PSO has also boosted its performance across the board, by growing from the 29th slot to the 20th slot in a period of 2 years, with a recorded revenue increase of 21.48% this year. This year’s results had Turkish firms bagging the lion’s share of the list with an impressive 20 firms on the list, while Saudi Aramco continued to hold onto the top spot despite suffering a 42% negative revenue growth rate in 2010.