PSO announces Profit after Tax Rs 4.4 billion for Q1 FY 17

Date: 24 October 2016
PSO announces Profit after Tax Rs 4.4 billion for Q1 FY 17
Karachi – October 24, 2016: The Board of Management (BoM) of Pakistan State Oil Company Limited (PSOCL) reviewed the performance of the Company for the first Quarter (Q1) of the financial year 2016-17 (FY2017). The meeting highlighted the Company’s improved financial and operational performance during the period under review.

During the period under review, PSO maintained its market leadership position in the industry with an overall market share of 56.5% as opposed to 56.9 % during the same period last year. The market share of Black Oil products stood at 75.2% (1QFY16: 71.1%) and market share of White Oil products was 42.7% (1QFY16: 47.2%).

In the period under review, PSO's Profit After Tax (PAT) was Rs 4.4 billion, which is 35 % higher than PAT of Rs 3.3 billion for 1QFY16. The increase in PAT was due to growth of 17% witnessed in the liquid fuel sales (White oil and Black oil) over the Same Period Last Year (SPLY). There was an increase of 2.9% in White oil sales and 31% in Furnace oil sales over SPLY. Gaseous Fuels business has shown improvement with increase in sales volume of LPG by 134% and LNG by 107% over SPLY.

The meeting highlighted the financial challenge the company faces due to outstanding receivables of Rs 249 billion (June 30, 2016: Rs 233 billion) from the power sector, PIA and SNGPL against supplies of FO, Aviation Fuels and Liquefied Natural Gas (LNG). It was learned that the Management of PSO continues to work closely with Ministry of Water & Power and PIA for timely realization of due payments against uninterrupted fuel supplies to support the power sector and airline operations.

The Board of Management expressed sincere gratitude to all the stakeholders for their continued patronage and cooperation, and acknowledged the dedicated contributions and relentless efforts put in by the employees at all levels to ensure that the Company continues to grow and excel. The Board extended gratitude to the Government of Pakistan, particularly the Ministry of Petroleum and Natural Resources for its continued support which enabled the Company to achieve its business and performance objectives.