PSO Posts its Highest Ever Profit in H1

Outperforming the industry, Pakistan State Oil (PSO), the largest energy company in the country, has reported the highest ever profit after tax of Rs. 32.2 billion during the first half of FY22. PSO’s profit saw an increase of 240% as compared to Rs. 9.52 billion in the same period last year. The PSO Board of Management reviewed the performance of the company together with its subsidiary, Pakistan Refinery Limited (PRL), for the first half of the financial year 2021-22 (1HFY22) during its meeting held in Islamabad on Friday. The net profit translated into a healthy earning per share of Rs. 68.56 vs Rs. 20.28 in 1HFY21. The company reported net sales of Rs. 987.97 billion, up by 73.06 percent compared to Rs. 567.43 billion recorded in the same period last year. Chairman PSO Board of Management, Zafar I. Usmani said, The company’s strong operational performance and strategic thrust are reflected in its market share which rose by 340 basis points over the same period last year. PSO continued to outperform the market, leading the downstream sector with volumetric growth of 20.8 percent in liquid fuels against the industry’s growth of 12.3 percent, capturing around 48 percent share of white oil and 60% of black oil markets of the country. Major contributions came from motor gasoline, high-speed diesel, and furnace oil, in which the company achieved volumetric growth of 15.5 percent, 18.3 percent, and 30.4 percent against industry’s growth of 7.9 percent, 15.2 percent, and 14.1 percent, translating into market shares of 44.0 percent, 48.9 percent and 60.1 percent against 41.1 percent, 47.6 percent and 52.6 percent as of the same period last year respectively. Managing Director & CEO PSO, Syed Taha said, PSO increased the reliability, availability, efficiency, and capacity of its infrastructure to meet the country’s growing energy needs by adding a capacity of 55,000 tons to its storage. During the first half of FY2022, PSO continued to live up to its promise of bringing modern, digitally-enabled fuel retail convenience to customers and communities with the opening of 20 new stations nationwide. The company further strengthened its business with the signing of MoUs of strategic importance to fortify 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, extended support of approximately Rs. 90 million in the fields of healthcare, education, and community-building. The company also continued its nationwide campaign of inoculating citizens against COVID-19, administering more than 200,000 doses nationwide. The Board expressed concern over mounting 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 authorities concerned for settlement. The management extended its gratitude to its stakeholders including the Board of Management, Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders, and employees for their continued support.