KARACHI: The country’s largest energy company, Pakistan State Oil (PSO) continues to gain momentum and outperform the industry by posting the highest ever half-yearly gross income of Rs 1.12 trillion and profit after tax of Rs 32.2 billion (first half of 21: Rs 9.5 billion). Net profit translated into strong earnings per share of Rs 68.56 compared to Rs 20.28 in the first half of 2021.
The PSO Board of Directors reviewed the company’s performance with its subsidiary Pakistan Refinery Limited (PRL) for the first half of FY2021-22 (first half of FY22) at the meeting held in Islamabad on February 11, 2022. On a consolidated basis, the group collectively posted a net profit after tax of Rs 32 billion (first half FY21: Rs 9.3 billion).
PSO Chairman of the Board, Zafar I Usmani, said: “This is a momentous occasion, we have once again made history, delivering strong financial performance in the first half of the year. 2021-22 financial year. Our operational excellence, financial strength and discipline underpin the transformation of the business. Although the increase in debtors continues to seriously threaten the financial health of PSO, we are actively pursuing the file with the authorities concerned. Going forward, we have a solid strategy in place by keeping our customers at the heart of our concerns and we are well positioned to expand our portfolio in line with our future growth and diversification strategy.
PSO has followed a steady growth trajectory, with the company’s profits increasing by 238% compared to the same period last year. The company’s strong operating performance and strategic focus is reflected in its market share which increased by 340 basis points compared to the same period last year.
OSP continued to outperform the market, leading the downstream sector with liquid fuels volumetric growth of 20.8% against industry growth of 12.3%, capturing approximately 48% market share of the white oil and 60% of the country’s black oil markets.
The main contributions came from motor gasoline, high-speed diesel and heating oil, in which the company achieved volumetric growth of 15.5%, 18.3% and 30.4% against growth of industry by 7.9%, 15.2% and 14.1%, resulting in market shares of 44.0%. , 48.9% and 60.1% against 41.1%, 47.6% and 52.6% in the same period last year respectively.
PSO Managing Director and CEO Syed Taha said, “Our half-year results further reinforce the company’s growth and our strong position as the country’s energy lifeline. I am extremely proud of our teams, who quickly adapted to the changing operating environment, while delivering on our long-term strategy. We have ambitious plans to provide innovative and environmentally friendly products and services to our customers, keeping sustainability at the heart of our operations and resolutely focusing on maintaining high levels of safety, quality and sustainability. client experience.
The PSO continued to drive innovation and increase its digital capabilities by embracing technology to drive growth and improve efficiency. The company has made significant progress in its digital transformation journey and has implemented a centralized command and control system as part of its strong digitization strategy. This initiative will streamline the supply chain by connecting operational sites, points of sale and logistics to the enterprise-wide value chain data collection, monitoring, analysis and control system. national.
PSO has increased the reliability, availability, efficiency and capacity of its infrastructure to meet the country’s growing energy needs by adding 55,000 tonnes of capacity to its storages. In the first half of fiscal 2022, PSO continued to deliver on its promise to provide customers and communities with modern, digital fuel retail conveniences with the opening of 20 new stations across the country.
The company further strengthened its business with the signing of strategically important memorandums of understanding to enhance sustainability and secure the energy value chain, including those with Frontier Works Organization and Pakistan Railways.
As a responsible corporate citizen, PSO through its PSO CSR Trust has provided support of approximately Rs 90 million in health, education and community development. The company also continued its national campaign to vaccinate citizens against Covid-19, administering more than 200,000 doses nationwide.
The Board expressed concern over the increase in trade receivables, noting an increase of Rs 77.7 billion in receivables from Sui Northern Gas Pipelines Limited compared to June 30, 2021. The matter is being actively pursued with the relevant authorities for settlement.
Copyright Business Recorder, 2022
