Karachi: Institute of Chartered Accounts of Pakistan (ICAP) has selected Pakistan State Oil (PSO) as the number one company in its top list of 100 corporations of Pakistan.
“ICAP’s Top 100 companies of Pakistan” accords rank to entities for their exceptional performance devised from data received from Pakistan Stock Exchange (PSX) and their financial results.
PSO was accorded this rank based on ICAP’s criteria in the category of ‘Revenue wise Top Performing Companies’. It has reported 21.1pc higher earnings of Rs1,097b during financial year 2017 in comparison to Rs906b in FY 2016.
Profit after tax of PSO for FY 2017 surged by 76.7pc touching Rs 18.2b compared to Rs10.3b in FY 2016. Comparing performance of FY 2017 to FY 2015, PSO growth has gone up by 163.8pc in these two years.
Despite PSO facing a severe liquidity crunch, it has continued the path of progress despite all the financial challenges it has faced.
According to MD and CEO of PSO, Sheikh Imran-ul-Haque this award is a remarkable achievement and is testimony to the company’s tireless efforts towards serving Pakistan.
He added that PSO’s focused strategy has registered tremendous growth across PSO’s business portfolio’s in last few years. Haque said PSO’s planned expansion into non-fuel retail business will add to the entities diversified portfolio and value, which will show its growth into an entity offering multiple services to its customers.
Furthermore, he stated “For the management of PSO, our top business ranking comes with a great deal of responsibility, as demonstrated in recently again during events of fuel shortages in the country. It is indeed a sense of commitment to keep adding value through our business lines for our customers, business partners, shareholders, government and wider society whose every journey begins here.”