Achi news desk-
KARACHI: Pakistan State Oil (PSO), the leading energy company, maintained its dominance in the industry and showed steady performance in 9MFY24. The company announced a net profit of PKR 13.4 billion, which translates to earnings per share of PKR 28.5 and gross sales of PKR 2.8 trillion for the period, the press release said.
The Company’s Board of Directors (BoM) reviewed the Group’s performance for the nine months ended March 31, 2024 at a meeting held on April 26, 2024. The Group reported a net profit of PKR 16.6 billion for the period, which translates into an earnings per share of PKR 35.5.
Against the background of significant challenges in the oil sector, PSO strengthened its presence in the market, achieving a noteworthy increase of 1.3% in the white oil market share, reaching 52.4% by the end of the reviewed period. This growth was mainly driven by a 2.1% expansion in gasoline market share, jumping to 46.4% in 9MFY24. Moreover, PSO maintained a solid position in the diesel market, with a market share of 54.5%.
The company also maintained its leading position in the black oil market, selling 247 cubic meters during the period, despite a 74.6% decline in sales last year due to reduced furnace oil-based electricity generation. PSO has demonstrated exceptional resilience and capability, continuing to lead the jet fuel industry, gaining share Unprecedented market of 99.4%.
Underscoring PSO’s commitment to strengthening its infrastructure for improved operations, 7 new storage tanks with a combined capacity of 91 cubic meters were constructed at Faisalabad, Fakirabad and Mahmoodkot. The company also carried out successful rehabilitation efforts of storage tanks totaling 26.6 cubic meters at Sihala, at the Pipery marshalling yard. (PMY), Buffer Oil Terminal (BOT), Habibabad and Sahiwal, and were completed by ongoing efforts to increase capacity by an additional 21.4 cubic km. Zulfiqarabad, Sihala and Mahmoodkot terminals.
On the retail front, PSO expanded its presence by incorporating 37 new outlets, bringing its total national footprint to 3,555, further strengthening the company’s focus on providing accessible and reliable energy solutions to its customers.
In a significant milestone, CERISMA (Private) Limited, the fintech arm of PSO, has been granted in-principle approval for an Electronic Money Institution (EMI) by the State Bank of Pakistan (SBP). This achievement should revolutionize financial inclusion and empowerment, harnessing a digital framework to raise financial accessibility nationwide to new heights.
As part of the company’s advanced fuel management system solution, the national flag carriers – PSO and Pakistan Railways (PR) inaugurated the newly upgraded train filling and storage facilities in Karachi and Lahore, which are a significant step in bringing operational efficiency while further strengthening over 4 decades of a relationship between the two entities.
In a strategic bid to strengthen Pakistan’s fuel supply chain, PSO has joined forces with Frontier Oil Company 1 (FWO) and Inter State Gas Systems (Pvt) Limited (ISGS) to launch a transformative White Oil Pipeline (WOP) initiative in northern Pakistan. The visionary project aims to extend the pipeline network from Machike (Lahore) to Tarujabba (Peshawar), ensuring improved efficiency, cost reduction, increased safety and reduced road congestion, while contributing to a significant reduction in the country’s carbon footprint.
As part of its ongoing efforts to reduce plastic waste and promote eco-friendly infrastructure, the company launched the ECO Street initiative which repurposed 5,000 kg of recycled plastic waste from its Lubricant Manufacturing Terminal (LMT) in Karachi. The effort transformed about 49,428 square feet of road Traditionally a symbol of green living, it not only reduced waste but also improves road durability, setting a new standard for environmentally responsible construction.
Rooted in the core values ​​of caring and giving, PSO, through its belief in social responsibility, has continued to make a significant contribution to the community. The foundation led a nationwide ration campaign, investing a monumental sum of 100 million rupees to uplift underprivileged communities across Pakistan, symbolizing hope, unity and collective generosity. In addition, PSO CSR Trust has allocated ongoing support of PKR 201 million to various charities, prioritizing initiatives in health, education, youth development, promoting social enterprises and community building.
Amid challenges such as rising commercial debt and rising borrowing costs, PSO’s Board of Directors is actively engaged in fruitful discussions with relevant authorities to address these issues and find effective solutions.
Looking ahead, PSO reiterates its strategic focus on adopting innovative technologies, expanding its product lines and exploring renewable energy ventures. The company remains dedicated to driving Pakistan’s energy sector forward, keeping an eye on both the country’s needs and the global trend towards greener energy solutions.
Management expresses its sincere gratitude to all stakeholders including the Board of Management, Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders and employees for their continued support and trust.
