Byco Petroleum gross profit climbs to Rs 8.1b

Observer Report

Byco Petroleum Pakistan Limited (Byco), Pakistan’s largest vertically integrated petroleum refining company, has released financial results for the year ended June 30, 2021.

Despite difficult business conditions, the company achieved sales and gross profit of Rs 142.1 billion. 8.1 billion respectively in the twelve months, from Rs. 173.8 and Rs. 2.9 billion last year.

Net profit soared to Rs. 3.6 billion, or a profit of Rs. 0.67 per share, compared to the loss of Rs a year ago. 2.4 billion, a loss of Rs. 0.46 per share.

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 other hand, 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 high quality, environmentally friendly fuels to its customers while reducing the country’s dependence on imported gasoline and diesel and saving foreign currency. In accordance with this strategy.

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