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Press Release Archive

  • PSO Reports First Quarter Results

    2022-10-28

    The national energy icon, Pakistan State Oil (PSO) reported a profit after tax of PKR 1.2 billion in Q1 of the financial year 2022-2023 while the group posted a net profit after tax of PKR 2.1 billion for the period despite the turbulent quarter. The Board of Management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the first quarter ended September 30, 2022, during the meeting held at the company’s head office in Karachi on October 27, 2022. Geo-political tension continued to cause significant fluctuations in the price of crude oil globally whereas Pakistan experienced historic devastation due to flash floods, affecting one-third of the country and leaving 33 million people homeless. Owing to these uncontrollable factors, the petroleum industry witnessed a sharp decline in consumption of all major products in the quarter as industry volumes decreased by 24.4% in white oil and 16.1% in black oil. Despite the obstruction in intercity movement due to massive flooding in major regions of Sindh, lower Punjab and Baluchistan, PSO continued to fulfill its responsibility, supplying fuel nationwide, maintaining adequate stocks to aid in relief efforts and keep the wheels of the nation’s economy in motion. The company’s market share increased by 1.3% in white oil and 1.6% in black oil, reaching 48.8% and 65.6% respectively. Standing strong with the nation in the time of need once again, PSO contributed approximately PKR 56 million in flood relief efforts and CSR activities while the company’s employees donated two days’ salary for the cause. Further strengthening its robust supply chain and infrastructure, 4000 tons of storages were rehabilitated in the period. Significant headway was also made in innovation, digitization and diversification initiatives with numerous projects in advanced stages of completion. The board expressed concern over mounting trade receivables, noting a significant increase compared to June 30, 2022. The matter is being actively pursued with the concerned authorities for settlement. The management extended its gratitude towards its stakeholders including the Board of Management, Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders and employees for their continued support..

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  • PSO's 46th Annual General Meeting

    2022-10-27

    The national energy icon, Pakistan State Oil (PSO), convened its 46th Annual General Meeting for financial year 2021-22 on October 26, 2022 in Karachi. Shareholders were apprised about record breaking results as the company surpassed its previous years’ historic financial performance, achieving an all-time high gross revenue of PKR 2.7 trillion (FY21: PKR 1.4 trillion) and a record profit after tax of PKR 86.2 billion (FY21: PKR 29.1 billion) i.e. a 196% increase. The net profit translated into an earning per share of PKR 183.66 (FY21: PKR 62.07). Based on the outstanding financial and operational performance of the company, Board of Management declared a final dividend of PKR 10/- per share (100%) for the financial year 2021-22..

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  • 37th MAP Corporate Excellence Award

    2022-10-12

    PSO won 1st Prize in the Oil & Gas Marketing Companies sector in the Management Association of Pakistan (MAP)'s 37th Corporate Excellence Award 2022. PSO received the award after a detailed analysis and review of various companies' leadership styles, corporate governance, customer focus, human resource, strategic planning, social responsibility, risk management, IT infrastructure, and other key factors..

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  • Best Corporate and Sustainability Report Award 2021 (1st position)

    2022-10-12

    Continuing its legacy of brilliance, PSO raised the bar once again by securing Joint 1st Position in the Fuel and Energy sector at the Best Corporate Report Awards for the year 2021. PSO received the award in recognition of its commitment to promoting accountability and transparency in Corporate Reporting in a ceremony organized by the Joint Committee of the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) held in Karachi on September 27, 2022..

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  • Best Corporate and Sustainability Report Award 2020

    2021-08-27

    PSO the nation's largest energy company was awarded second position in the Fuel and Energy Sector of Best Corporate and Sustainability Report 2020 Awards, jointly held by ICAP and ICMAP..

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  • Largest Taxpayer from Import Sector (Nationwide) Award

    2021-10-14

    PSO received the Largest Taxpayer from Import Sector (Nationwide) Award from the Honorable President of Pakistan Dr. Arif Alvi. It's the first ever Taxpayer Recognition Awards ceremony held on October 14, 2021. The ceremony was organized by Rawalpindi Chamber of Commerce and Industry (RCCI) in collaboration with Federal Board of Revenue (FBR) and was held at the President’s House in Islamabad..

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  • MAP’s 36th Corporate Excellence Award

    2021-10-28

    PSO won the Management Association of Pakistan (MAP)'s 36th Corporate Excellence Award in the Oil Marketing Companies (OMC) segment. PSO was selected as the winning OMC after a detailed analysis and review of various companies' leadership style, corporate governance, customer focus, human resource, strategic planning, social responsibility, risk management, IT infrastructure and other key factors..

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  • PSO received a shield from Shaukat Khanum Memorial Cancer Hospital & Research Center acknowledging the company's support in treating cancer patients.

    2021-10-28

    PSO received a shield from Shaukat Khanum Memorial Cancer Hospital & Research Center acknowledging the company's support in treating cancer patients..

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  • UNOCHA and HANDS acknowledged PSO for nationwide CSR efforts and vaccination drives.

    2021-11-10

    The United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) in collaboration with HANDS acknowledged PSO's extensive CSR efforts and vaccination drives nationwide to enable a corona free Pakistan..

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  • PSO received a shield from Lahore University of Management Sciences on the commemoration ceremony of LUMS’ 35 years association with industry partners.

    2021-12-11

    PSO received a shield from Lahore University of Management Sciences (LUMS) on the Commemoration ceremony of LUMS’ 35 years association with iindustry partners..

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