|Date: November 27, 2014|
|President of Pakistan commends PSO's stellar business performance|
Islamabad - 27th November, 2014: Mr. Mamnoon Hussain the President of Pakistan congratulated Mr. Amjad Parvez Janjua, MD & CEO of PSO on the phenomenal success of PSO under his leadership at a meeting held in Islamabad yesterday.
During the course of the meeting, the President appreciated the company's stellar business performance and profitability and said that PSO has set new benchmarks for the corporate sector. He stated that this extraordinary business performance coupled with outstanding financial results proved that public sector companies of Pakistan can compete successfully with multinational companies as well. It is a mark of pride that PSO being a successful and responsible Pakistani company has been enlisted on the Forbes top 2000 Company list enabling PSO to represent Pakistan on the international business arena as a national flag bearer. He further advised other corporate entities to follow in the footsteps of PSO to enhance their performance and corporate governance while playing a responsible and effective role in corporate sector development and broader development of Pakistan.
Financial Year 2014 was a momentous year in PSO's operating history when the Company recorded all time high sales revenue, operating profit, after tax earnings and market capitalization. During the year, the Company earned a profit after tax of Rs 21.8 billion against 12.6 billion last year with unprecedented YoY growth of 73%. Consequently, the Company made highest ever contribution of Rs 289 billion to the Government exchequer in the form of taxes, duties and levies. PSO's outlook was upgraded by PACRA from 'Stable' to 'Positive' with AA+ and A1+ long and short term credit ratings. The Company also crossed Rs 100 billion mark of market capitalization to be one of the few 'large cap' companies on the Stock Exchanges of Pakistan. The company also outshined its performance globally by entering in the prestigious club of world's biggest publicly-traded companies on the Forbes 2000 list.
The Company has plans for further expansion in Pakistan and has increased its shareholding in Pakistan Refinery Limited from 18% by exercising its right to purchase additional holding in PRL. PSO also successfully undertook the LNG import project assigned by the Government and successfully completed the ground work for the project. Furthermore, the Company made all time high contribution towards CSR, and contributed Rs 40 million to the Prime Minister's Relief Fund for the Internally Displaced Persons from North Waziristan in addition to donating a portion of its employees' salaries for this noble cause.
As a responsible corporate citizen, PSO is playing its due role in maintaing the energy lifeline of Pakistan, particularly by meeting power sector fuel supply challenges.