Byco Petroleum Pakistan Limited declared profit after tax of Rs 1.4 billion for the year which ended in June this year. The company showed significant improvement which came primarily on the back of better inventory management and increased sales volume. The company, which has a refinery, petroleum marketing arm and oil-import terminal, further penetrated in the market by increasing its sales volume by 27 percent in current year.
This is the fourth consecutive year where sales volume of the company increased significantly thereby showing consistency in company's operations.
The company has been investing and optimising network of its retail outlets and in current year, the marketing arm of the company sold 19 percent more products than the last year. The company earned EPS of Rs 1.40 compared to Rs 0.07 last year, according to the results released Tuesday.
The Byco spokesman said apart from operating the refinery, the Company also imported large volume of petroleum products at its own floating jetty (the Single Point Mooring) which helped in increasing the turnover and added profitability. The official further added that the SPM proved to be a game changer for the company as it helped in quick import of crude oil and products in large volumes.
SPM provided great flexibility in terms of vessel berthing and unberthing with virtually no waiting time and bringing in larger vessels compared to the other ports of the country. The company has filed a petition with the High Court for merger with its wholly-owned subsidiary and the parent company in a bid to integrate different parts of its petroleum supply chain.