KARACHI: Byco Petroleum Pakistan Limited (Byco), Pakistan's largest vertically integrated oil refining company, on Friday reported financial results for the year ending June 30, 2021. Despite tough business conditions, the company earned revenue and gross profit of 142.1 billion and Rs 8.1 billion respectively during the twelve months, from Rs 173.8 and Rs 2.9 billion last year.

The net profit climbed to Rs 3.6 billion, or a profit of Rs 0.67 per share, as compared to the year-ago loss of Rs 2.4 billion, or a loss of Rs 0.46 per share. The operational climate for the oil refineries remained challenging during the fiscal year. On one hand, oil prices and oil demand increased, driven by the re-opening of the global economy which gave respite to the oil sector. Oil consumption in Pakistan started to recover to pre-pandemic levels, with Motor Spirit and High-Speed Diesel witnessing growth.

Byco's efficient management of the crude oil ordering system also had a positive effect on the earnings. On the other hand, the economy continues to feel the effects of Covid-19, and a threat of an economic slowdown driven by a new wave of infections remains. Moreover, the persistent weakness in Furnace Oil consumption continues to pose a challenge.

Byco remains committed to providing high-quality as well as environmentally-friendly fuels to customers while reducing the country's reliance on imported petrol and diesel and saving foreign exchange. In line with this strategy, Byco is upgrading and modernizing its facilities. Byco welcomes the Government of Pakistan's initiative to devise a new Oil Refining Policy in light of the current market conditions.-PR

Copyright Business Recorder, 2021