Despite stiff competition from multinational companies, Pakistan State Oil's (PSO) profitability continues to rise.
This was stated by Managing Director PSO, Tariq Kirmani during a presentation to shareholders at the 28th Annual General Meeting (AGM) of the company on Thursday. He pointed out that despite tough competition from three multinational companies, PSO's profit before tax had risen from Rs 3.5 billion in FY 01 to Rs 6.2 billion in FY 04, while profit after tax had shot up from Rs 2.3 billion to Rs 4.2 billion during the same period.
Similarly, the dividend payout, gross profit ratio and net profit ratio had increased from 100 percent to 175 percent, 3.3 percent to 4.7 percent and 1.2 percent to 2.2 percent respectively, whereas earnings per share had grown from Rs 15.75 to Rs 24.56.
Highlighting the initiatives taken by the company, he mentioned that during FY 04, another 287 New Vision Retail Outlets (NVRO) had been added and the network had reached the 1000 mark. Also, 32 new CNG stations have been added, bringing the total all over the country to105, he added.
PSO MD further stated that during the last financial year the company had gained major businesses such as Pakistan Steel, Frontier Works Organisation, Pakistan Railways and the Armed Forces.
Presiding over the AGM, Chairman PSO Pervez Kausar expressed his satisfaction over the performance of the company during the last financial year.