Islamabad, Pakistan State Oil (PSO) has surged to a new pinnacle of financial success, announcing a ground-breaking profit after tax of PKR 21.89 billion in the first quarter of the fiscal year 2023-2024. Despite prevailing economic headwinds, the company’s steadfast resolve is evident in its unmatched earnings per share of PKR 46.62, coupled with its historic high quarterly gross sales of PKR 976 billion.
According to a news release by Pakistan State Oil (PSO), In a review session on October 20, 2023, the Board of Management (BoM) deliberated upon the company’s Q1 performance ending September 30, 2023. The group’s pinnacle was further established by its unprecedented Q1 net profit after tax, standing at PKR 23.99 billion, which equated to an earnings per share of PKR 51.10.
Even as the global petroleum sector grappled with escalating oil prices, geopolitical unease, and reduced product consumption, PSO adeptly maneuvered through the challenges, demonstrating its unwavering commitment to ensuring fuel availability across Pakistan.
PSO further entrenched its market dominance in the white oil segment, enhancing its market share by 4.3% to conclude the quarter at a significant 53.1%. Notably, in the diesel and gasoline categories, PSO augmented its market presence by 4.5% and 4.2%, culminating at 55.0% and 47.9%, respectively.
The black oil sector, confronted with a 63% sales slump, attributed mainly to reduced furnace oil-powered generation, saw PSO upholding its lead, concluding the quarter with a 29.6% market share.
In a bid to bolster its foundational supply framework, PSO rejuvenated storages of 24 thousand tons at Sihala and Zulfiqarabad during the reported period. Concurrently, the construction of fresh storages totaling 91 thousand tons is in progress at locations including Faqirabad, Faisalabad, and Mehmoodkot. In line with modernization efforts, PSO leveraged digital innovations, automating two more terminals at Mehmoodkot and Shikarpur, raising the overall automated terminals to five.
Echoing its commitment to societal betterment, PSO, during the quarter, earmarked over PKR 30 million for multifaceted CSR endeavours spanning healthcare, education, environmental stewardship, community fortification, and disaster relief.
In light of the challenges brought on by accruing trade receivables and surging finance expenses, the Board remains engaged in dialogues with relevant authorities to address these issues.
PSO’s vision remains undeterred, vowing to spur the national economy forward. The company’s strategy encompasses a blend of digital transformation, process refinement, enhancing operational dependability, enriching consumer interactions, and generating value for its shareholders through a medley of strategic endeavours and initiatives.
In closing, PSO’s leadership extended heartfelt appreciation to all stakeholders, emphasizing the pivotal role of the Board of Management, the Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders, and its workforce in the company’s continued ascendancy.
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