|Date: December 2nd, 2013|
|LSE Hosts Corporate Briefing Program for Pakistan State Oil Company Ltd|
Lahore - December 2nd, 2013: The Managing Director & CEO- PSO -, Mr. Amjad Parvez Janjua and senior management of Pakistan State Oil Company Ltd including Mr. Sohail Butt (DMD-Finance & IT) and Mr. Zulfiqar Jaffery (Senior General Manager - Retail Business , LSAT & Chemicals) visited The Lahore Stock Exchange to participate in the Corporate Briefing Program (CBP). CBP is an interactive program initiated by the Lahore Stock Exchange under the Corporate Communications Department to encourage companies to come forward and share their financials and non financial initiatives before the members, TREC Holders, investors and the media to abridge the communicational gap between the listed companies and the market participants through this platform.
Deputy Managing Director (Finance and IT) - PSO -, Mr. Sohail Ahmed Butt in his presentation highlighted the Profile and overall financial performance of the company. While sharing PSO's financial performance he informed the audience that the company has achieved highest ever Quarterly profit in the first quarter of the current Financial Year 2014. Mr. Sohail stated that with consistent growth and profitabiltiy, PSO is expected to surpass its annual targets both in terms of volumes and profitability. He also shared that the Company is working on plans for further expansion and diversification,, which will improve its overall competitive position and increase in shareholder value in the future.
Managing Director & CEO of PSO, Mr. Amjad Parvez Janjua, in his concluding remarks outlined PSO's present and potential business challenges and management strategic response thereto. He highlighted PSO's current focus on ensuring the highest quality of products and servicesfor its customers, initiatives undertaken in this regard by the management as well as the managerial efforts by PSO's management team to align its corporate systems and procedures with the best international practices. He then responded to the participants queries along with his team.
Ms. Maryam Baqir, Manager Corporate Communications while addressing the participants stated that the purpose of the CBP is to provide an opportunity to the companies to brief investors and the broker community on the updated operational, financial and strategic positioning of the companies. She expressed that an opportunity of periodical communication through the CBP would enable the companies to create a strong investors following, besides, providing the investors an opportunity to gain first- hand knowledge from a company's management. She stated that LSE considers it essential for the companies to participate in such programs so that there is no information asymmetry regarding our listed companies.
CBP aims to bridge the gap between the listed companies and investor's community and provide them with an opportunity to share company's first hand information. The basic goal of the CBP is to enhance investor's understanding of financial statements, company's short term and long term projects. CBP is an opportunity for investors to better understand the economic/financial affairs of a company which might affect company's share price and ultimately impact their investments as well as investment decisions. The LSE under this initiative will be conducting regular programs for different listed companies. Management of the companies shall brief and explain the investors about company's assets and liabilities, financial soundness, credit worthiness, current and expected revenue and growth rates.
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