Pakistan State Oil Company Limited, held its 39th Annual General Meeting (AGM) at a local hotel on WEdnesday. The meeting was chaired by Sheikh Imran Ul Haque, Managing Director and CEO of PSO. Present at the meeting were Yacoob Suttar, CFO; Ayesha Afzal, Company Secretary and other members of the PSO senior management. While summarising the company's performance in FY 2015, Sheikh Imran Ul Haque shed light on the challenges faced by the company and how its profitability was adversely affected by the sharp decline of 46 percent in the Opec basket price of crude oil from $109 per barrel in July 2014 to $59 per barrel in June 2015.
He also gave the shareholders a brief overview of Pakistan's economic indicators in FY15 as well as the petroleum consumption pattern in the country, PSO's product-wise market share and the competitive landscape of the oil market. Speaking at the occasion, Sheikh Imran Ul Haque said that PSO is an iconic institution of Pakistan and the number of people we touch every day is extraordinary. He also said that by utilizing its well-established storage and supply infrastructure and wide-spread retail network, PSO has ensured that the wheels of the nation's economy continue to move forward.
During the course of the AGM, the shareholders approved the company's financial statements along with a final cash dividend of Rs 4 per share (equivalent to 40 percent) in addition to the earlier interim cash dividends of Rs 6 per share (equivalent to 60 percent). The total cash dividend for FY15 stood at Rs 10 per share in comparison to a dividend of Rs 8 per share in FY14.
While appreciating the efforts of the company's management the shareholders expressed concerns over the rising circular debt of the company as well as the absence of a Board of Management of the company. Concluding the meeting, Sheikh Imran thanked the shareholders for attending the AGM and expressed gratitude for their valuable guidance to the company.-PR
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