Karachi: The Pakistan State Oil (PSO) Monday posted its Profit After Tax (PAT) of Rs 9.5 billion during the first half of the current fiscal year 2020-21, which is around 48 % up compared to the same period last year of Rs 6.4 billion.
The report issued by the PSO on the Pakistan Stock Exchange (PSX) website said: “The incremental profit is primarily attributable to increase in Gross Profit driven by volumetric gains and reduced finance cost.” Following the improved performance of the company, the PSO’s board declared an interim cash dividend of 50 % i.e Rs 5 per share.
During the period under review, PSO continued to build on its leading position by introducing new and more advanced products. The company launched Euro-5 standard fuels including, High Octane 97, MoGas 92 Ron, and Hi-Centane Diesel during the month of August, September, and December 2020, respectively. The initiative to upgrade fuels has been undertaken in line with the government of Pakistan’s ‘Clean and Green’ policy initiative.
During the period. PSO continued supplies to the power sector primarily on a cash basis, contributing towards a decline in PSO’s receivables from the power sector by Rs 6.1 billion, whereas receivables from SNGPL increased by Rs 9.8 billion. The management is continuously engaged with concerned authorities for recovery of these receivables at the earliest, the report said.
Considering the importance of Electric Vehicles (EV) Technology, the company took its first stride in this arena by installing the first-ever EV charging facility in Islamabad in July 2020. The company further plans to add more EV charging points across the country.
The company’s strategic focus on its core business resulted in increased sales and market share. During the period under review, the company increased its total liquid sales to 4,681.1 KMTs versus 4,132.9 KMTs in the same period last year, showing an increase of 133 %. The market share in the total liquid sales increased to 46.4 % and 45.6 % compared to the same period last year.
The company continued to build on the objective of increasing its reach by adding 16 new vision retail outlets, in addition to 15 convenience stores. Additionally, the company continued to revolutionise the card business in the industry by enabling the acceptability of Digicash cards at PSO’s convenience stores. PSO was also able to add major customers in fuel products by acquiring the business of FWO and Air Sial during the period under review.