Byco Petroleum’s net profit jumps to Rs961m in 1HFY21

The Board of Directors of Byco Petroleum Pakistan Ltd (BYCO) on Tuesday announced the company’s financial results for the six months ended 31 December 2020.

The company’s gross revenues declined 20pc due to fall in oil prices to Rs100.1 billion from Rs125.6 billion in the corresponding period last year, owing to Covid impact on the economy.

BYCO’s gross profits, however, increased 30pc to Rs3.3 billion from Rs2.5 billion a year earlier due to favorable crude and furnace oil prices.

Operating profit increased 20pc to Rs2.3 billion from Rs1.9 billion in the same period last year, mainly on the back of strict discipline on costs. The company’s net profit increased to Rs961 million, or Rs0.18 per share, from Rs213 million, or Rs0.04 per share, in the same period of 2019, more than 4.5 times last year’s corresponding net profit.

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BYCO Chief Executive Officer Amir Abbassciy commented: “Byco expects that discussions between the Government of Pakistan and oil refineries will be productive in developing a long overdue refining policy, so that refineries and the government can chart the next decade of development in this crucial sector. The company places its gratitude with the Government of Pakistan, its customers, shareholders, suppliers, and all other stakeholders for the co-operation extended during the pandemic.”

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