The Pakistan State Oil (PSO), the leading oil marketing company of the country, held its 41st Annual General Meeting (AGM) here on Friday.
PSO CEO and Managing Director Sheikh Imranul Haque chaired the meeting with senior officials from the company. It was pointed out that PSO has sold 2.7 million MTs of MOGAS and 3.8 million MTs in high speed diesel during the fiscal year 2017 (FY2017).
The company hence achieved a market share of 54.8pc in FY2017. Similarly, in White Oil (MOGAS, HSD, SKO and Jet Fuel) the company achieved a market share of 43.9%. The company also increased its sales volume in MOGAS by 9.4pc in FY2017 over SPLY and achieved a market share of 39.6% in FY2017.
Likewise, the HSD sales witnessed an increase of 0.9pc over SPLY and PSO maintained its market leadership with a market share of 44.4pc in FY2017. PSO significantly improved its sale volume to 35.4KMTs in the highly competitive lubricants segment by achieving an approximate growth of 27.9pc. 2017 also remained very promising for PSO in LPG business with volumetric market growth of 105.9pc.
Speaking at the AGM, the PSO’s CEO said: ‘It is our resounding customer centric business approach that has continued to make PSO the primary choice of customers for their fuel and non-fuel requirements. Despite many challenges that the business continues to deal with, Pakistan State Oil reported 76.7pc more profit-after-tax of Rs 18.2 billion in FY2017 as compared to Rs 10.3 billion last year, and has shown a remarkable growth of 163.8% over the last two years when it earned Rs 6.9 billion profit-after-tax in FY2015’.
During the course of the AGM, Sheikh Imranul Haque highlighted the phenomenal strides the company has taken in accordance with its vision to become a beacon for both fueling and non-fueling retail services.
Highlighting that Haque added: ‘The company recently expanded its non-fuel business initiatives by launching revamped retail ‘Shop Stop’ stores as well as branchless banking services have also been made accessible at PSO retail outlets to enable customers to perform basic financial transactions in a safe and secure environment. Together, these facilities bring added convenience and enablement to the customers’.
‘Furthermore, PSO has taken initiatives to improve its safety system by entering into a contract with Pakistan Railways to increase fuel shipments by using the railways infrastructure’.
While appreciating the efforts of the PSO management, shareholders expressed concerns over the rising circular debt of the company due to outstanding receivables mainly from the power sector and PIA.
Shareholders also appreciated the best performance of PSO management over the last two years. They complimented outstanding results that have led to an unprecedented highest EBITDA since 2014.
