KARACHI – PSO Announced Record Gross Turnover of PKR 1.4 trillion and Highest Ever After Tax Profit of PKR 29.1 Billion for FY2021 (FY21) after After Tax Loss from PKR 6.5 billion the previous year. The net profit translated into a healthy earnings per share of PKR 62.07 compared to a loss per share of PKR 13.77 in FY20.
The announcement came after PSO’s Board of Directors (BoM) reviewed the company’s performance with its subsidiary Pakistan Refinery Limited (PRL) for the fiscal year 2020-2021, ended June 30, 2021, during the meeting held on August 23. 2021 in Islamabad.
Based on the exceptional financial and operational performance of the company, the board of directors announced a final dividend of PKR 10 / – per share (100%) which is in addition to the interim cash dividend of PKR 5 / – per share (50%) for the 2020-21 fiscal year. The dividend for the year amounts to PKR 15 / – per share (150%). PRL, a subsidiary of PSO, also reported an after-tax profit of PKR 0.94 billion in the year, compared to a loss of PKR 7.6 billion the previous year. On a consolidated basis, the group achieved an after-tax profit of PKR 29.6 billion in FY21, compared to an after-tax loss of PKR 14.8 billion in FY20.
The Board noted that these results demonstrated the agility and strength of PSO across its diversified portfolio despite the difficult economic scenario and recurring waves of the pandemic. PSO largely dominates the market, delivering phenomenal performance above the industry average. The company posted an exceptional growth of 21.9% in liquid fuels compared to last year with volumes reaching 9.2 million tonnes, reaching a market share of 46.3% in FY21 versus 44.3 % in FY20. PSO also hit its highest ever volume of 7.6 million tonnes in the white petroleum segment despite the contraction of the jet fuel and kerosene industry, with a market share of 45.2% in FY21 versus 44 % in FY20 representing growth of 120 basis points (bps).
PSO set an all-time high in Motor Gasoline (MoGas) reaching volumes of 3.5 million tonnes, an increase of 21.2% over FY20, resulting in a market share of 41.3% compared to 38.7% last year, an increase of 260 basis points. The company also completed a strong close in Hi-Cetane Diesel, achieving volume growth of 21.1% versus industry growth of 17.5%, resulting in volumes of 3.7 million tonnes at during fiscal year 21. Volumes contributed to regaining market share, bringing it to 47.2% against 45.8% the previous year, ie an increase of 140 bps. PSO achieved volumetric growth of 53.2% in black oil with volumes of 1.7 million tonnes and a market share of 51.7% versus 46% in FY20.
In line with the GOP’s clean and green initiative, PSO was the first MOC to raise the country’s fuel standard from Euro 2 to Euro 5. The launch of Hi-Octane 97 Euro 5, Premier Euro 5 and Hi- Cetane Diesel Euro 5 has proven to be game changers in the industry, building customer confidence in PSO products. Based on its value creation model, the company has favored high margin products, namely High-Octane 97 Euro 5 and lubricants adding significant revenues with volumetric growth of 177.6% and 11.3% respectively compared to last year. PSO – Electro’s first electric vehicle charging facility has also been launched in Islamabad.