Shareholders appreciate PSO's consistent performance

Shareholders appreciate PSO’s consistent performance
KARACHI: Pakistan State Oil’s exceptional financial performance during FY07 paved way for increase in market share thus further consolidating its leadership in the fiercely competitive market environment.

This was stated by Mr Jalees Ahmed Siddiqi, Managing Director and Chief Executive Officer, in a presentation to the shareholders at the 31st Annual General Meeting (AGM) on September 18, 2007. The Chairman, Board of Management, Mr Pervaiz Kausar, presided.

Mr Jalees Siddiqi informed shareholders that PSO increased its market share from 65% in FY 06 to 68% in FY 07, thus becoming the only Oil Marketing Company (OMC) in the country which has gained market share during FY 2007.

Mr. Pervaiz Kausar said that based on performance vs extraneous factors this has been one of the best years in PSO’s history. “We achieved many milestones, overcame challenges and set new performance records. Most importantly, the company met its customers needs to their full satisfaction.”

He emphasized that customer trust is the biggest asset for PSO and praised the Government of Pakistan for its policies and support, the Board for its direction, the customers for their faith and shareholders for their continuous support.

Mr. Siddiqi while highlighting the key achievements, said that the company during FY 07 added 150 New Vision Retail Outlets to its network, while it now has 210 stations with CNG facilities. In addition, ‘Zero Lost Workday’ and ‘Zero Accident Rate’ were reported during FY 07, which indicate highest safety standards being observed.

On Social Responsibility front, PSO helped building of two schools in earthquake affected area of Mansehra, whereas five more schools are in the pipeline. In addition to supporting various institutions like Marie Adelaide Leprosy Centre, The Kidney Centre, JPMC, NICVD, Children Foundation, Marie Stopes Centre, Chipa Welfare Association, the company also funded an Operation Theater in Civil Hospital built by Dowite Operations Theatre Society, Mr. Siddiqi added.

The shareholders appreciated the candid financial disclosures in the Annual Report 2007 and congratulated PSO management over its excellent performance.
 
Mr. Pervaiz Kausar, Chairman, Board of Management, Pakistan State Oil (PSO), addressing shareholders at the 31st Annual General Meeting on September 18, 2007. PSO increased its market share from 65% in FY 06 to 68% in FY 07, thus becoming the only Oil Marketing Company (OMC) in the country which has gained market share during FY 2007.