ISLAMABAD PR – Byco Petroleum Pakistan Limited (BPPL), Pakistan’s largest vertically integrated petroleum refining company, on Friday released its financial results for the year ending June 30, 2021. Despite difficult business conditions, the company has achieved a turnover and a gross profit of Rs 142.1 billion and Rs 8.1 billion respectively during the twelve months, against Rs 173.8 and 2.9 billion last year. Net profit reached 3.6 billion rupees, a profit of 0.67 rupees per share, compared to a loss of 2.4 billion rupees a year ago, or a loss of 0.46 rupees per share. action.
The operating climate for oil refineries remained difficult during the year. On the one hand, oil prices and demand for oil have increased, driven by the reopening of the world economy which has given the oil sector a respite. Oil consumption in Pakistan has started to return to pre-pandemic levels, with Motor Spirit and High-Speed Diesel experiencing growth. Byco’s effective management of the crude oil ordering system also had a positive effect on earnings. On the flip side, the economy continues to feel the effects of COVID-19, and the threat of an economic slowdown driven by a new wave of infections remains. In addition, the persistent low consumption of heating oil continues to pose a challenge.
Byco remains committed to providing its customers with high quality, environmentally friendly fuels while reducing the country’s dependence on imported gasoline and diesel and saving foreign exchange. In line with this strategy, Byco is modernizing and modernizing its facilities.
Byco welcomes the Government of Pakistan’s initiative to design a new oil refining policy in light of current market conditions. This development has been expected since the last petroleum policy was introduced in 1997. The company hopes that the new policy will usher in a new era of growth in the petroleum industry. About Byco: Byco Petroleum Pakistan Limited (BPPL) is one of Pakistan’s leading energy companies engaged in petroleum refining, petroleum marketing and petroleum logistics business. Byco’s mission is to respond to the energy of the nation. The company manufactures a wide range of petroleum products with a vision to achieve sustainable productivity and profitability while meeting high environmental, health and safety standards.
Byco is Pakistan’s largest oil refiner in terms of nominal capacity and the only company in the country with a Dedicated Mooring Point (DPS). Byco’s SPM is the country’s only floating liquid port, and the company employs a permanent crew dedicated to the safety and security of the buoy and vessels in and around the SPM’s anchorage area. SPM is the only terminal in Pakistan to be a level 3 oil spill response member. Byco refines crude oil into various salable components including liquefied petroleum gas, light naphtha, heavy naphtha, high octane blending component, motor gasoline, kerosene, jet fuels, diesel high speed and fuel oil. Byco is proud to have the largest capacity crude oil storage tanks in the country. Byco’s marketing network supports outlets in more than 80 cities in Pakistan and is an emerging player in the petroleum marketing industry in Pakistan. Byco’s diverse and highly skilled workforce consists of approximately 900 dedicated employees across all divisions of the company. For more information, please contact Byco Communications at firstname.lastname@example.org, or call (021) 111-222-081 x. 305. Visit the Byco website at: www.byco.com.pk