- Company’s gross sales increased by 61pc to Rs66.4 billion.
KARACHI: Byco Petroleum Pakistan Ltd, Pakistan’s leading oil refining company, announced results for its first quarter ended September 30, 2018. The company’s gross sales increased by 61pc to Rs66.4 billion from Rs41.4 billion recorded during the same quarter last year. The net turnover increased from 71pc to Rs53.7 billion from Rs31.4 billion a year earlier.
The refineries sector in Pakistan experienced a tough quarter due to rising crude prices and Pak Rupee depreciation. This squeezed the profitability of the sector, however, Byco managed both the risks better than the industry peers.
Byco Petroleum generated a gross profit of Rs1.7 billion in the first quarter. The net profit for the quarter was Rs397 million, or Rs0.07 per share. There had been an increase in manufacturing expenses as compared to the same period last year mainly due to the startup of the two units of the company i.e. reformer and isomerization.
Since the start of the isomerization unit in July 2018, the company has been converting 100pc of its Naphtha into motor gasoline. The share of the company has increased from 1pc to 7pc in the country’s supply pool of motor gasoline.
Although Byco Petroleum is not immune to the industry-wide challenges, the company has much more to accomplish and is confident in its ability to create value for its shareholders, customers, and all other stakeholders.