Tuesday, May 28, 2024

PSO Records Rs 7.7 Billion Profit in 1HFY24

Pakistan State Oil (PSO), the national energy icon, has once again demonstrated its dominance in the industry by maintaining steady performance in the first half of the fiscal year 2024 (1HFY24).

The company announced a net profit of PKR 7.7 billion, with earnings per share standing at PKR 16.51 and gross sales reaching PKR 1.9 trillion for the period.

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The Board of Management (BoM) of PSO reviewed the group's performance for the half-year ended December 31, 2023, in a meeting held on February 15, 2024. During this period, the group posted a net profit of PKR 12.2 billion, translating into earnings per share of PKR 26.01.

Despite challenges such as soaring inflation, stagnant growth, and geopolitical tension affecting the petroleum sector's demand, PSO efficiently navigated through the obstacles to ensure uninterrupted nationwide fuel supply.

PSO strengthened its market share in white oil, witnessing a notable 1.9% increase to reach 52.6% by the end of the period. This growth was mainly driven by an increase in gasoline sales, where the company augmented its market share by 3%, reaching 46.1% for 1HFY24. Additionally, PSO maintained a dominant position in the diesel market with a share of 55.3%. Despite a 57.4% decline in sales of black oil on a year-on-year basis due to reduced furnace oil-based power generation, PSO continued to lead in this segment by selling 153 KMT during the period.

To enhance capacity and reliability, PSO completed the construction of 91 KMT of new storages at Faqirabad, Faisalabad, and Mehmoodkot. This development solidified PSO's position as the oil marketing company (OMC) with the largest storage capacity in the country, totaling 1232 KMT. The company also successfully rehabilitated 24 KMT of storage facilities at Sihala and Zulfiqarabad, with ongoing efforts to increase capacity by 23 KMT across terminals including ZOT, Habibabad, Sihala, and Mehmoodkot.

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In efforts to enhance accessibility, PSO expanded its retail presence by adding 21 new outlets, bringing the total nationwide footprint to 3,547. Moreover, the company implemented a precise meter filling and invoicing system for retail customers at Keamari Terminal A (Karachi), marking a significant leap forward in operational precision through digitalization.

PSO's significant presence in the aviation sector was highlighted by the addition of Quetta airport to its portfolio. Furthermore, PSO assumed Operations & Management responsibilities for Sukkur and Nawabshah Airports, expanding its jet fuel operations to cover a total of 14 airports nationwide.

Emphasizing its commitment to corporate social responsibility (CSR), PSO continued its impactful contributions through its CSR Trust. In 1HFY24, the company's support exceeded PKR 127 million to various charitable organizations focused on healthcare, education, youth development, social enterprise advancement, and poverty alleviation.

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Mazhar Ali Raza
Mazhar Ali Raza
Mazhar Ali Raza is a senior journalist from Karachi. He has served more than twenty years in journalism. He was recently associated with the dunya media group as a senior business reporter from the last eleven years . Prior to that he has worked for CNBC for the period of four years. His major beats were the energy auto banking and agriculture sector . He has covered many seminars and exhibitions in Pakistan and abroad as well .

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