Karachi, February 15, 2024 – Pakistan State Oil (PSO) has announced a net profit of Rs 7.7 billion in first half of fiscal year 2023-24, showcasing resilience in the face of economic challenges.
The earnings per share stand at Rs 16.51, with gross sales reaching an impressive Rs 1.9 trillion for the half-year period ending December 31, 2023.
In a meeting held on February 15, 2024, the company’s Board of Management (BoM) comprehensively reviewed the group’s performance, revealing a net profit of Rs 12.2 billion for the period, translating into earnings per share of Rs 26.01.
Despite the prevailing challenges of soaring inflation, stagnant growth, and geopolitical tension, PSO navigated the downturn in product demand within the petroleum sector, ensuring an uninterrupted nationwide fuel supply.
PSO achieved a commendable 1.9 percent increase in market share for white oil, reaching 52.6 percent. This growth was primarily attributed to a 3 percent increase in gasoline sales, securing a market share of 46.1 percent for the first half of fiscal year 2024. The company maintained dominance in the diesel market with a substantial share of 55.3 percent. Furthermore, despite a 57.4 percent decline in black oil sales on a year-on-year basis due to reduced furnace oil-based power generation, PSO continued to lead the market by selling 153,000MT during the period.
The company solidified its infrastructure by completing 91,000 MT of new storages at Faqirabad, Faisalabad, and Mehmoodkot, boasting the largest storage capacity in the country at 1,232,000 MT. An additional 24,000 MT of storage facilities at Sihala and Zulfiqarabad were successfully rehabilitated, with ongoing efforts to enhance capacity by 23,000 MT across various terminals.
In a bid to enhance accessibility, PSO increased its retail presence with the addition of 21 new outlets, bringing the total nationwide footprint to an impressive 3,547 outlets. The company also achieved operational precision through digitalization, deploying a precise meter filling and invoicing system for retail customers at Keamari Terminal A in Karachi.
PSO’s presence in the aviation sector expanded with the addition of Quetta Airport to its portfolio. The company also took over Operations and Management responsibilities for Sukkur and Nawabshah Airports, increasing its jet fuel operations to cover a total of 14 airports nationwide.
Reflecting its commitment to social responsibility, PSO’s CSR Trust contributed over Rs 127 million in the first half of fiscal year 2024 to charitable organizations focusing on healthcare, education, youth development, social enterprise advancement, and poverty alleviation.
Acknowledging the challenges posed by escalating trade receivables and heightened borrowing expenses, the Board of PSO is actively engaged in constructive dialogue with relevant authorities to address these concerns.
PSO remains steadfast in its dedication to driving the nation’s economy by actively undertaking digitization, process optimization, operational reliability and capacity building, enriching customer experience, and generating shareholder value through strategic long-term projects and plans.
The management expressed sincere gratitude to all stakeholders, including the Board of Management, the Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders, and employees for their continued support and trust.
