اردو

PSO REPORTS RS 6.4 Billion PROFIT AFTER TAX, OUTPERFORMED THE INDUSTRY BY A VISIBLE MARGIN

February 18, 2020

Date: February 18, 2020
Pakistan State Oil (PSO), the leading oil marketing company of the country, convened its Board of Management (BoM) meeting at the PSO House in Karachi to review the performance of the company during first half of the financial year 2019-20.

Despite unfavourable market conditions in the industry and many challenges, PSO remained focused on re-gaining market share and volumetric growth, and outperformed the industry by an enormous margin.

In MOGAS, PSO's volume growth over SPLY is 13.7% as compared to 3.8% of industry growth. PSO's market share increased by 3.4% vs. SPLY.

In HSD, PSO's volume growth over SPLY is 7.8% as compared to 10.3% decline in the industry volumes. PSO's market share grew by 7.6% vs. SPLY.

In White Oil, PSO's volume growth over SPLY is 9.3% as compared to 3.2% decline in the industry volumes. PSO's market share growth over SPLY is 5%. In Black Oil, PSO's market share growth over SPLY is 5.1%.

PSO managed to mitigate many of the negative economic impacts and strived to minimize the damage caused because of industry challenges. PSO continued its focus on its strategic priorities and operational excellence in the current financial year through macro-economic challenges in the country, and successfully delivered strong profit after tax. (PAT) of Rs.6.4 billion in FY2019-20. These results were achieved through various customer centric plans and by enhancing consumer experience and forecourt improvements.

On 31st December 2019, outstanding receivables (inclusive of LPS) from IPPs, GENCOs, PIA and SNGPL were stood Rs. 306 billion.

The PSO Management expressed its gratitude to all employees, stakeholders, business partners, members of the Board of Management, the Government of Pakistan, especially the Petroleum Division, Ministry of Energy, for their constant support and guidance.

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