PSO earns Rs 6.4 billion profit after tax in FY2019-20

Pakistan State Oil (PSO), the leading oil marketing company of the country, convened its Board of Management (BoM) meeting at the PSO House in Karachi on Tuesday to review the performance of the company during first half of the financial year 2019-20.

Despite unfavourable market conditions in the industry and many challenges, PSO remained focused on re-gaining market share and volumetric growth, and outperformed the industry by an enormous margin.

In MOGAS, PSO's volume growth over the same period last year is 13.7 percent as compared to 3.8 percent of industry growth. The market share of PSO increased by 3.4 percent as compared the same period last year.

In HSD, PSO's volume growth over the same period last year is 7.8 percent as compared to 10.3 percent decline in the industry volumes. PSO's market share grew by 7.6 percent versus the same period last year. In White Oil, PSO's volume growth over the same period last year is 9.3 percent as compared to 3.2 percent decline in the industry volumes. PSO's market share growth over the same period last year is 5 percent. In Black Oil, PSO's market share growth over the smae period last year is 5.1 percent.

PSO managed to mitigate many of the negative economic impacts and strived to minimize the damage caused because of industry challenges. PSO continued its focus on its strategic priorities and operational excellence in the current financial year through macro-economic challenges in the country, and successfully delivered strong profit after tax (PAT) of Rs 6.4 billion in FY2019-20. These results were achieved through various customer centric plans and by enhancing consumer experience and forecourt improvements.

On 31st December 2019, outstanding receivables (inclusive of LPS) from IPPs, GENCOs, PIA and SNGPL were stood Rs 306 billion.-PR