اردو

Pakistan State Oil's 43rd Annual General Meeting

October 28, 2019

Date: October 28, 2019
PSO, the leading oil marketing company in Pakistan, held its 43rd annual general meeting on October 28th 2019 in Karachi. The program elaborated on the company's latest achievements and role as a trusted partner across all national stakeholders. The meeting was chaired by Mr. Zafar Usmani, Chairman, Board of Management, PSO. The meeting was attended by Members, Board of Management, Mr. Sajid Mehmood Qazi, Mr. Mohammad Shahid Khan, Mr. Muhammad Humayun Khan Barakzai, and company officials Mr. Jehangir Ali Shah, the Managing Director & CEO, Mr. Yacoob Suttar, Deputy Managing Director - Finance and CFO and Mr. Rashid Umer Siddiqui, the Company Secretary of PSO.

The PSO management highlighted that they were successful in tackling the challenges to the industry in the wake of the overall challenging economic situation in the country. PSO managed to mitigate the impact and has reported Rs. 17.5 billion in Profit-before-Tax and Rs. 10.6 billion in Profit-after-Tax (PAT) in FY2019.

While talking to the shareholders at the meeting, Mr. Zafar Usmani, the Chairman of PSO's Board of Management said:

"Our collective strategic efforts have been effective in largely overcoming the general economic slowdown in the country, mounting competition within the industry, and significant changes in the foreign exchange and money market dynamics. FY2019 has been very challenging for Pakistan's downstream sector. However, PSO management has successfully re-energized the Company's performance to set it on a strong growth trajectory."

"PSO has continued to cement its status as the most trusted fuel provider in the country. We owe this success to our customers and stakeholders while constantly trying to utilize our resources in the best possible way to serve them better."

Speaking on the occasion, Mr. Jehangir Ali Shah, Managing Director and CEO, PSO also highlighted how the company is leading Pakistan's Petroleum Market:

"Despite the corporate impediments and ever challenging economic scenario in the country, PSO continued to lead Pakistan's Petroleum downstream market with a share of 42.4% in Total Liquid Fuels (White Oil 40.2%, Black Oil 52.0%)."

"During the year, PSO also continued its expansion activities, adding more customers, distributors, and outlets. In addition, the C-Store upgrade continued along with other promotional and marketing activities. In spite of high outstanding principal receivables from the Power Sector, PIA, SNGPL and Ministry of Finance as of June 30, 2019 which stood at Rs. 234 billion, PSO continues to explore new business avenues".

The meeting concluded with gratitude expressed towards 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 to help PSO maintain its position as the country's largest and most trusted fuel company.

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