The Board of Management of Pakistan State Oil convened at PSO House to review the company's performance over the first half of FY12 from July, 2011 to December, 2011.
In the period under review PSO revenues touched Rs 576 billion as compared to Rs 427 billion in the corresponding period last year, representing a growth of 34.8%. The company also announced after tax earnings of Rs. 4.58 billion in 1HFY12 in comparison to Rs. 7.13 billion during the same period last year. This reduction was due to a deferred tax adjustment made in 1HFY11.
During this time period, the industry's volumes for Black Oil grew by 3%, whereas, White Oil grew by 4% reflecting an increase in PMG consumption of 24% while a decline of 2% was recorded in HSD demand. In the period under review, PSO continued its domination of the market with its share in the Black Oil and White Oil segments standing at 79.1% and 53.4% respectively, thereby contributing to an overall market share of 65.3%. |
During the first half of FY12, PSO once again took the lead in providing for the nation's future energy needs by becoming the first OMC in Pakistan to launch a fully operational LPG Autogas station under the brand name of "Smart Gas". The company further enhanced its product range with the introduction of new lubricant variants for generators, automotive and marine engines during this time period. PSO also received 2nd position in the Fuel and Energy Sector, at the "Best Corporate Report" award ceremony organized by ICAP and ICMAP.
The nation's largest public sector company also continued to fulfill its role as a responsible corporate citizen by organizing several medical camps providing free healthcare services in monsoon rain affected areas and distributed relief goods including tents and blankets amongst the displaced populace of these regions. During this time PSO also ensured uninterrupted supplies across the country including the affected region.
The Board Members, while expressing confidence in PSO's management showed concern over the ever rising balance of receivables of the company which stood at Rs 189 billion as at December 31, 2011. Due to the adverse liquidity position of the Company caused by the prevailing circular debt situation, the Board of Management has decided to defer dividends at this stage. PSO's management continues to constantly pursue the IPPs as well as the Government of Pakistan for recovery of its outstanding receivables.