May 14, 2022

PSO reports profit of Rs32.2b in 1HFY22

KARACHI – The country’s largest energy company, Pakistan State Oil (PSO) continues to gain momentum and outperform the industry, recording the highest gross revenue ever of PKR 1.12 trillion and an after-tax profit of PKR 32.2 billion (1HY21: PKR 9.5 billion). Net profit translated into a strong earnings per share of PKR 68.56 versus PKR 20.28 on 1HFY21.

The board of PSO reviewed the performance of the company with its subsidiary Pakistan Refinery Limited (PRL) for the first half of the financial year 2021-22 (1HFY22) during the meeting held on Friday in Islamabad. On a consolidated basis, the group collectively recorded a net profit after tax of PKR 32 billion (1HFY21: PKR 9.3 billion).

PSO Chairman of the Board, Zafar I. Usmani, said, “This is a momentous occasion, we have once again made history, delivering strong financial performance in the first half of the 2021-22 financial year. Our operational excellence, financial strength and discipline underpin the transformation of the business. Although the increase in debtors continues to seriously threaten the financial health of PSO, we are actively pursuing the case with the authorities concerned. Going forward, we have put in place a solid strategy in keeping our customers at the heart of our concerns and we are well placed to expand our portfolio in line with our future growth and diversification strategy”.

PSO has followed a steady growth trajectory, with the company’s profits increasing by 238% compared to the same period last year. The company’s strong operating performance and strategic focus is reflected in its market share which increased by 340 basis points compared to the same period last year.

PSO continued to outperform the market, leading the downstream sector with liquid fuels volumetric growth of 20.8% against industry growth of 12.3%, capturing approximately 48% oil market share white oil and 60% of the country’s black oil markets. The main contributions came from motor gasoline, high-speed diesel and heating oil, in which the company achieved volumetric growth of 15.5%, 18.3% and 30.4% against growth of 7.9%, 15.2% and 14.1%, resulting in market shares of 44.0%. , 48.9% and 60.1% against 41.1%, 47.6% and 52.6% in the same period last year respectively.

PSO Managing Director and CEO, Syed Taha, said: “Our half-year results further reinforce the company’s growth and our strong position as the country’s energy lifeline. I am extremely proud of our teams, who quickly adapted to the changing operating environment, while delivering on our long-term strategy. We have ambitious plans to provide innovative and environmentally friendly products and services to our customers, keeping sustainability at the heart of our operations and resolutely focusing on maintaining high levels of safety, quality and sustainability. client experience.

PSO continued to drive innovation and increase its digital capabilities by embracing technology to drive growth and improve efficiency. The company has made significant progress in its digital transformation journey and has implemented a centralized command and control system as part of its strong digitization strategy. This initiative will streamline the supply chain by connecting operational sites, points of sale and logistics to the enterprise-wide value chain data collection, monitoring, analysis and control system. national.

The Board expressed concern at the increase in trade receivables, noting an increase of PKR 77.7 billion in receivables from Sui Northern Gas Pipelines Limited compared to 30 June 2021. The matter is being actively pursued with the relevant authorities for settlement.