AUGAF
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • CommoditiesNew
  • Contact
No Result
View All Result
AUGAF
No Result
View All Result
Home Business

Pakistan State Oil Reported Loss of PKR 4.6 Billion in Q4 2023 on Lower Margins

admin-augaf by admin-augaf
August 24, 2023
in Business, Finance
Reading Time: 3 mins read
0
PSO

PSO

Share on FacebookShare on TwitterWhatsapp

Karachi August 23 2023: Pakistan State Oil, the largest oil marketing company of the country, reported loss of PKR 4.6 billion in the last quarter of fiscal year 2023, according to company filing to the exchange.

Share price of the company drop PKR 4.21 or 3.48 percent after the announcement at Pakistan Stock Exchange.

Company declared a final cash dividend for the financial year ended June 30, 2023 at the rate of PKR 7.5 per share or 75%.

Despite facing galloping inflation, sluggish market growth, volatile currency, and a turbulent geo-political environment, PSO has achieved a gross revenue of PKR 3.6 trillion and a profit after tax of PKR 5.7 billion in fiscal year 2023. These results reflect the company’s unwavering financial and operational performance in the face of challenging times.

Additionally, PSO’s subsidiary, PRL, reported a profit after tax of PKR 1.8 billion while gross revenue stood at PKR 326 billion. On a consolidated basis, the group achieved a profit after tax of PKR 9.3 billion resulting in an EPS of PKR 19.85.

PSO continued to increase market share across key portfolios, especially in white oil, where the company increased its participation by 1.8% to reach at 51% of the industry volume. Notwithstanding the country’s modest motor gasoline sales, PSO managed to increase its market share to 44.4%.

Against the industry decline of 29% in diesel consumption, PSO managed to sell 3.4 million tons during the year, an increase of 2.8% market share over the previous year. Building on its leadership position in the jet fuel segment, PSO posted the highest record market share of 98%.

Owing to a decrease in furnace oil demand from the power sector, the black oil industry witnessed a decline of 45%, while PSO managed to sell 1.1 million tons during the period. Amidst industry decline, the company continued to make forward strides in the lubricant segment, increasing its market share to 25.2%. At the forefront of innovation, three new upgraded products were introduced, including PSO CARIENT S-PRO with Opticore Technology, PSO DEO MAX with Oxidation Resistance Technology, and PSO Synthetic SMO Gold.

Making headway in gaseous fuels, PSO expanded its LPG business with the launch of the cylinder exchange facility at its retail outlets, registering an exceptional sales volume of 40.3 thousand tons and a growth of 9%.

Committed to creating value for stakeholders through vertical expansion into the Fintech space, PSO extended its horizon with CERISMA (Pvt.) Limited. The company also took significant steps towards reducing its carbon footprint and promoting environmental stewardship through PSO Renewable Energy (Pvt.) Limited to develop and execute renewable energy assets and commercial projects in support of the government’s renewable energy policy. Furthermore, PSO initiated transhipment of motor gasoline and diesel through the White Oil pipeline (WOP) and commissioned its first solar power plant at the Shikarpur terminal, demonstrating its commitment to green energy.

Future focused, PSO leveraged its digital capabilities to drive growth and enhance operational efficiency by successfully integrating and automating 3 of its terminals at Keamari Terminal (Karachi), Machike (Lahore) and Sihala (Rawalpindi) and further integrating 500 additional retail outlets with the central command and control system bringing the total to 900.

PSO continued to invest in infrastructure development ensuring a seamless, efficient and reliable supply of products to its valued customers by maintaining an operational availability of above 90% throughout the year through an increased storage capacity of 1.2 million tons across Pakistan.

With PSO’s commitment to growth and expansion, 49 new retail outlets and over 200 Shop Stops were successfully added to its nationwide network, reaching remote and far flung areas.

PSO believes in making a meaningful impact on society and the environment. By touching vast areas spanning from healthcare, education, environment, welfare and flood relief, PSO contributed over PKR 550 million to various CSR initiatives. While acknowledging the achievements, the Board of Management raised concerns over the company’s circular debt crisis. The matter is being actively pursued with the concerned authorities for settlement.

PSO extends its heartfelt gratitude to its stakeholders, including the Board of Management, Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders, and employees, for their unwavering support.

Tags: PSO
admin-augaf

admin-augaf

Related Posts

Pakistan Textile Exports Fall 15.2% to Hit Low of 17 Months in October on Inventory Pileup at Export Destinations
Business

Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025

May 16, 2025
Rupee
Business

Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners

May 16, 2025
Pakistan exports to US surge to $9 billion: Ambassador
Business

Pakistan’s Technology Exports Surpass $3 Billion, Marking 21% Growth in First 10 Months

May 16, 2025
Fair Global Consult Fair Global Consult Fair Global Consult
ADVERTISEMENT

Recent News

Pakistan Textile Exports Fall 15.2% to Hit Low of 17 Months in October on Inventory Pileup at Export Destinations

Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025

May 16, 2025
Rupee

Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners

May 16, 2025
Pakistan exports to US surge to $9 billion: Ambassador

Pakistan’s Technology Exports Surpass $3 Billion, Marking 21% Growth in First 10 Months

May 16, 2025
uaetreasury

UAE to Boost Energy Investments in US to $440 Billion by 2035

May 16, 2025
ICI Joins The Race To Acquire Majority Stake In Lotte Chemical

Lotte Chemical to Start Operating Indonesia Cracker in H2 2025

May 16, 2025

Popular News

  • NSS

    President Prohibit National Savings For Changing Rates on Existing Certificates Retrospectively

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Appreciate against Dollar in Interbank as IMF Confirmed Board Review Date

    0 shares
    Share 0 Tweet 0
  • Pakistan Rupee Fall After 13 Days of Successive Gains against Dollar on Lower Remittances and Strengthening of US Dollar

    0 shares
    Share 0 Tweet 0
  • Petrol Prices in Pakistan to Return to July 2023 Levels

    0 shares
    Share 0 Tweet 0
  • Pakistan Central Bank Issued Show Cause Notice to Eight Banks Over Currency Speculation

    0 shares
    Share 0 Tweet 0

Categories

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology
AUGAF Logo

Follow us on social media:

Recent News

  • Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025
  • Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners
  • Pakistan’s Technology Exports Surpass $3 Billion, Marking 21% Growth in First 10 Months

Category

  • Budget
  • Business
  • Culture
  • Finance
  • International
  • National
  • News
  • Politics
  • PTI
  • Sports
  • Technology

Recent News

Pakistan Textile Exports Fall 15.2% to Hit Low of 17 Months in October on Inventory Pileup at Export Destinations

Pakistan Textile Exports Increase 8.4% in First 10 Months of Fiscal Year 2025

May 16, 2025
Rupee

Pakistan Rupee Reaches Strongest Level in Seven Months Against Trading Partners

May 16, 2025
  • Home
  • Politics
  • News
  • Business
  • National
  • Finance
  • Technology
  • International

© 2021 AUGAF.

No Result
View All Result
  • Home
  • Politics
  • Business
  • National
  • News
  • Finance
  • Technology
  • Sports
  • International
  • Commodities
  • Contact

© 2021 AUGAF.