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KARACHI: Pakistan State Oil (PSO) has announced a record breaking gross revenue of Rs1.4 trillion and highest ever profit after tax of Rs29.1 billion for the financial year 2020-2021 (FY21) after a loss after tax of Rs6.5 billion in the preceding year.
The net profit translated into a healthy earning per share of Rs62.07 vs. loss per share of Rs13.77 in the preceding fiscal year.
The announcement came after PSO’s Board of Management (BoM) reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the financial year 2020-21, ended on June 30, 2021, during the meeting held on August 23, 2021 in Islamabad.
Based on the outstanding financial and operational performance of the company, the Board of Management has announced a final dividend of Rs 10/- per share (100 per cent) which is in addition to the interim cash dividend of Rs 5/- per share (50 per cent) for financial year 2020-21.
The dividend for the financial year stands at Rs 15/- per share (150 per cent).
PRL, a subsidiary of PSO, also reported a profit after tax of Rs 0.94 billion during the year compared to a loss of Rs 7.6 billion in the previous year. On a consolidated basis, the group achieved a profit after tax of Rs 29.6 billion in FY21 compared to loss after tax of Rs 14.8 billion in FY20.
The board noted that these results have demonstrated PSO’s agility and strength across its diverse portfolio despite the challenging economic scenario and recurrent waves of the pandemic. PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average.
The company exhibited an outstanding growth of 21.9 per cent in liquid fuels over last year with volumes reaching 9.2 million tons, attaining a market share of 46.3 per cent in FY21 compared to 44.3 per cent in FY20. PSO also achieved its highest ever volume of 7.6 million tons in the white oil segment despite the shrinking jet fuel and kerosene oil industry, with a market share of 45.2 per cent in FY21 vs. 44 per cent in FY20 i.e. a growth of 120 basis points (bps).
PSO set an all-time high record in Motor Gasoline (MoGas) achieving volumes of 3.5 million tons, an increase of 21.2 per cent from FY20, translating into market share of 41.3 per cent vs. 38.7 per cent last year – an increase of 260 bps.
The company made a strong closing in Hi-Cetane Diesel as well, achieving a volumetric growth of 21.1 per cent vs. industry growth of 17.5 per cent, translating into volumes of 3.7 million tons in FY21. The volumes contributed in regaining market share, bringing it to 47.2 per cent vs. 45.8 per cent in the preceding year i.e. an increase of 140 bps. PSO attained a volumetric growth of 53.2 per cent in black oil with volumes of 1.7 million tons and a market share of 51.7 per cent vs. 46 per cent in FY20.
In line with GOP’s clean and green initiative, PSO was the first OMC to upgrade the country’s fuel standard from Euro 2 to Euro 5. The launch of Hi-Octane 97 Euro 5, Premier Euro 5 and Hi-Cetane Diesel Euro 5 proved to be game changers in the industry, bolstering customer’s confidence in PSO’s products.
Building on its value creation model, the company prioritized high margin products i.e. High-Octane 97 Euro 5 and lubricants adding significant revenues with a volumetric growth of 177.6 per cent and 11.3 per cent respectively compared to last year. PSO’s first EV charging facility – Electro was also launched in Islamabad.
This performance is also a strong indicator of the change and transformation going on within PSO. With a focus on innovation and technology, PSO continued to enhance its digital capabilities to drive growth and enhance efficiency.
The company made significant strides on its journey of digital transformation with the launch of Pakistan’s first digitally integrated oil storage & dispatch terminal in Karachi. PSO also became the first public sector entity to launch e-procurement through SAP Ariba. Other automation initiatives included the launch of PSO Sahulat – an online order management system for dealers, Automated Queue Management System for tank-lorries and internal applications for fund management and employees leave management.
The company fast tracked infrastructural projects to gain operational efficiency. 174,000 tons of new and rehabilitated storages were added which significantly increase the number of day’s cover of petroleum products. Pipeline links have been completed to connect operational locations with White Oil Pipeline to make product movement safer and more efficient. 71 new vision retail outlets were also added to the company’s footprint.
Living up to its promise of keeping the wheels of the nation’s economy in motion and ensuring a seamless supply of fuel, the company imported 4.9 million tons of white oil products, an all-time high since the inception of the company. PSO has also played a pivotal role in the LNG sector. The company entered into another agreement with Qatar Petroleum under G2G arrangement to supply an additional 3 million tons of LNG for a period of 10 years. This contract shall add additional volumes to an already executed 15-year long term sales purchase agreement (SPA), making PSO the largest supplier of LNG in the country with a supply base of 6.75 million tons per annum.
With the burden of circular debt still large, to improve its balance sheet further, PSO recovered Rs 25.8 billion from the Power Sector along with late payment surcharge income. Reduction in finance cost by Rs. 3.2 billion. (24 per cent) further complemented the profitability of the company.
The exchange rates for the US Dollar (USD) against the Pakistani Rupee (PKR) remain stable, with the buying rate at Rs 163.95 and the selling rate at Rs 164.95 in the open market as of August 24, 2021.
The Federal Board of Revenue (FBR)has issued updated rates of withholding tax on brokerage and commission during fiscal year 2021-2022.
The tax authorities collect withholding tax on brokerage and commission under Section 233 of the Income Tax Ordinance, 2001. The withholding tax rates have been updated after incorporating amendments brought through Finance Act, 2021.
The withholding tax shall collect by federal government, provincial government, local authority, company, Association of Persons (AOPs) or individual having turnover of Rs100 million or more constituted by or under any law or principal.
The tax shall be collected from recipient of brokerage or commission or agent at the time brokerage or commission is actually paid.
The tax deducted/collected shall be minimum tax liability.
Where any payment on account of brokerage or commission is made by the Federal Government, a Provincial Government, a Local Government, 22a company or an association of person or individual having turnover of hundred million rupees or more
In case of:
(i) Advertising agents: the tax rate shall be 10 per cent and in case the person is not appearing on the Active Taxpayers List (ATL) issued by the FBR the tax rate shall be 20 per cent.
(ii) Life insurance agents where commission received is less than Rs0.5 million per annum: the tax rate shall be 8 per cent and in case the person is not appearing on the ATL the tax rate shall be 16 per cent.
(iii) Persons not covered in 1 & 2: the tax rate shall be 12 per cent and in case persons are not appearing on the ATL the tax rate shall be 24 per cent.
Facebook in collaboration with Zindagi Trust launched a campaign in Pakistan to educate the public about the harm caused by sharing child abuse material online, and the importance of reporting it through proper channels.
This campaign follows research conducted by Facebook, the National Center for Missing and Exploited Children (NCMEC) and Professor Ethel Quayle, a world leading clinical psychologist who specializes in sex offenders, to understand why people share child exploitation content.
Researchers conducted an investigation of 150 individuals who shared child exploitative content on Facebook in July and August of 2020 and January 2021. Based on a thorough analysis of these individuals’ behaviors on Facebook, child safety experts believe that more than 75 per cent did not exhibit an intent to harm children. Instead, they appeared to share child exploitation content for other reasons, such as outrage or poor humor.
Based on this analysis, the company developed the campaign, together with child safety partners such as Zindagi Trust to encourage people to report child sexual abuse material and not share it. The campaign reminds people not to reshare this content because no matter the context it is being shared in – whether it’s outreach, condemnation or even ill humour – any sharing of child exploitation content causes further harm and is illegal.
Shehzad Roy–Founder of Zindagi Trust said, ‘It is great to see Facebook taking an initiative towards preventing the spread of online child abuse material. We must understand that child protection needs to extend to all spaces, including digital. By advocating for changes in state policy we have helped prohibit corporal punishment, introduce Life Skills Based Education (LSBE) in schools and reform performance evaluations for teachers. Now we will advocate for effective policy recommendations to safeguard children from cybercrime. However, it will be vital for government institutions and social media companies to remain engaged in this dialogue and take action.’
Speaking about the partnership, Sehar Tariq – Public Policy Manager, Pakistan— Facebook said; “Preventing and eradicating online child sexual exploitation and abuse requires a cross-industry approach, and Facebook is committed to doing our part to protect children on and off our apps. We are taking a research-informed approach to develop effective solutions that disrupt the sharing of child exploitation material. We are delighted to partner with Zindagi Trust on the campaign, leveraging their extensive experience in championing reforms for child protection.”
Program officer at Zindagi Trust, Ali Aftab shared “Child abuse content shared in Pakistan is often accompanied by captions that implore law enforcement agencies to take notice and pursue action. Our campaign will also focus on educating the community on how to report content directly to relevant local authorities. We will work with NGOs, law enforcement and government agencies to improve the efficacy of existing mechanisms so that help and support can be provided to children and their families in a timely manner.”
The campaign will be built upon videos, both instructional and informational, along with policy dialogues with key stakeholders. These dialogues aim to identify policy recommendations that can be given to the concerned government bodies as well as Facebook. However, everyone in the community has to play their part to make this effort achieve significant results.
BEIJING: Pakistan has a huge potential to enhance rice export to several countries especially China and Pakistani rice export is likely to cross one million tons within two years with increased demand from the Chinese market, said Badar uz Zaman, Commercial Counselor of Pakistan Embassy in China.
“Last year our rice exports to China was 475,000 tons and in quantity wise we are the third largest country while in amount or money wise we are fourth largest rice exporter to China,” he added.
Last year, Vietnam, Myanmar, and Thailand were the top three rice exporters to China, with export of 787,538 tons, 911,231 tons, and 324,642 tons respectively.
China had appeared as one of the top destinations for Pakistani rice with 59 per cent increase of broken rice in last year while semi/wholly milled rice and IRRI-6 and IRRI-9 are the main top two rice varieties imported by China amounted to around $259 million last year.
Badar uz Zaman said the number of registered rice exporters has increased to 53 and within the last two years as 18 new Pakistani rice companies were registered by the General Administration of Customs, China, which shows the huge demand for Pakistani rice in the Chinese market. These companies fully meet the Chinese standard.
He said that IRRI-6 and IRRI-9 types of rice have special Chinese consumer taste, while all commercial sections in China are trying B2B marketing to promote all kinds of Pakistani rice types, and also the products of quality are in demand here.
According to a report released by China-Pakistan Agricultural and Industrial Information Platform (CPAIC), Pakistan has already become one of the top rice producers and exporters in the world.
The rice grown in Pakistan is mainly divided into Basmati rice and non-Basmati rice. Basmati rice, with slender and elongated grains, aromatic taste, and soft and fluffy texture when cooked, is one of the most favored high-end rice varieties in the international market.
Pakistan is the most important growing area of Basmati rice besides India and Bangladesh.
Hybrid rice breeding assisted by China is elevating Pakistani rice yield to a new height.
Honglian hybrid rice developed by Wuhan University and harvested in eight demonstrative plots in Pakistan has demonstrated ability to raise production by two times.
A rice variety bred by China’s Yuan Longping High-tech Agriculture Co., Ltd. in collaboration with Guard Agriculture Research and Services are anticipated to double the rice production in Pakistan from 2 tons per acre to 4 tons per acre.
Last year, a total of 500 tonnes of hybrid rice seeds from a seed company in east China’s Jiangsu Province landed in Pakistan to help ensure the country’s grain yield.
It may be mentioned here that China permitted imports of Pakistani rice in January 1, 2006. In February of the same year, the first batch of rice shipped from Pakistan.
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