The Pakistan State Oil (PSO) has posted over twofold surge in earnings, as the profit for the nine months ended March 31, 2017 clocked in at Rs. 14.156 billion as compared to Rs 4.59 billion during the same period of the last year.
Total sales of PSO were up 62% to Rs 218 billion driven by higher oil prices. As a result of higher prices, gross profits also increased to 9.2 billion this year versus loss of 610 million in the same period last year.
Growth in petrol and diesel also contributed to higher sales and gross profits for the company. Petrol and diesel sales were up 5% YoY to 1.4 million tons over 3 quarters.
The company also cut down its operating cost by 5% to 2.9 billion and the other income was also up by 6% to 1.7 billion.
The earnings per share (EPS) for the quarter stood at Rs 52.10 as compared to Rs 16.91 during the same period of the last year.
The company also announced a cash dividend of Rs10/share in this quarter.
PSO Pumps Par Agar Fuel Awam Ko Pura Mile to Pehly : Ye Profit Nahi Awam Ka Paisa hai
For your kind information fuel sold to end consumer does not constitute the income of Marketing company but the fuel sold to the retails outlets. As retail outlets are operated by dealers not company( but there are company owned sites too), it is up to dealer to maintain the quality and quantity of fuel. Although companies too have rigorous check and balance to maintain the same at retail outlets. But as you may know that PSO is a government entity, most of the outlets of PSO are owned by politicians, their relatives or other powerful elites. So its a bit difficult for PSO to ensure the standards. And yes PSO has more than 3400 outlets while the nearest number of outlets of the competitor is around 500 outlets of Shell. So you may imagine the difficulties to maintain such big network of outlets.
I beleive Companies with thier growing businesses ought to manage them supported by preperly expanding thier oraganisational structures for security, integrity and reputation safe gaurds. Increased outlets being the root cause of malpractice and fraud should NOT be accepatable.
Did you read my complete comment? I have stated another reason too. The politicians and elite factor!!