Pakistan State Oil (PSO) continues to assert its dominance in the energy market as it outperforms the industry, demonstrating its resilience and strength despite the lingering impacts of the pandemic.
The market leader reported an all-time high net profit after tax of Rs. 11.9 billion in the first quarter of the fiscal year 2021-22 (Q1FY22), a growth of 133% compared to the same period last year.
PSO’s Board of Management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the first quarter ended September 30, 2021, during the meeting held at PSO House, Karachi on October 28, 2021. The group collectively posted a net profit after tax of Rs. 11.7 billion (Q1FY21: Rs. 5.2 billion).
PSO’s aggressive market penetration and growth strategy resulted in an increase in market share across its diverse portfolios, achieving substantial volumetric growth compared to the same period last year. Cumulative volume growth of 22.4% in white oil and 40.5% in black oil was witnessed during the period. The company’s market share increased by 2.1% in white oil to 47.7% and by 8.0% in black oil to 64.5%. PSO continued to fast track infrastructural projects to gain operational efficiency and expand its business, adding 13 new outlets to the company’s extensive retail footprint, while also working on rehabilitation and new storage.
Chairman PSO Board of Management, Zafar I. Usmani said:
PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average. Creating value for our shareholders is key to the long-term resilience and value of our business as we keep sustainability as the cornerstone of our corporate strategy.
First-quarter results suggest the outlook for the rest of the financial year remains bright, despite the challenges from the COVID-19 pandemic. Chief Executive Officer & Managing Director PSO, Syed Taha, said:
We are keeping the pace high, both operationally and strategically. The record result in the first quarter of the year is clear evidence of our resilience, strength, and commitment to serve the nation, keeping our customers at the heart of everything we do.
As a responsible corporate citizen, PSO, through its CSR Trust extended support of Rs, 30 million in healthcare, launching a massive nationwide campaign in collaboration with NCOC, inoculating approximately 150,000 citizens in all corners of the country through vaccination centers and mobile vaccination vans. The Board noted that receivables from the power sector and SNGPL increased by Rs. 12.4 billion and Rs. 17.1 billion compared to June 30, 2021. SNGPL’s receivables increased to Rs. 115.7 billion becoming a growing area of concern for PSO’s financial health.
The management expressed sincere gratitude to all stakeholders including customers, the government of Pakistan, especially the Ministry of Energy, PSO’s Board of Management, employees, and shareholders for their continued support.