PSO an­nounces af­ter- tax profit of Rs 4.6 bil­lion

Pakistan Observer - - ECONOMY WATCH -

AMAN­UL­LAH KHAN KARACHI— Pak­istan State Oil Com­pany Lim­ited ( PSOCL) has posted a Profit af­ter Tax of Rs 4.6 bil­lion for 9MFY15 as op­posed to Rs 3.2 bil­lion for 9MFY2015. The in­crease was mainly due to growth in sales vol­ume and mar­gins of White Oil prod­ucts re­vised in Novem­ber 1, 2014 and re­duc­tion in Op­er­at­ing and Fi­nance cost by 10% and 42% re­spec­tively. How­ever, the said in­crease was par­tially off­set by de­crease in Black Oil mar­gins due to re­duced price im­pact of black oil. Dur­ing the pe­riod un­der re­view, PSO con­tin­ued to hold its mar­ket lead­er­ship po­si­tion in the in­dus­try de­spite stiff mar­ket con­di­tions with an over­all Mar­ket share of 55%. Whereas Mar­ket share of Black Oil prod­ucts stood at 69% and Mar­ket share of White Oil prod­ucts was 46%.

A growth of 2.4% was wit­nessed in to­tal liq­uid fu­els sales vol­ume over Same Pe­riod Last Year ( SPLY), which was pri­mar­ily driven by growth in sales vol­ume of White Oil and Black Oil by 3.9% and 0.9% re­spec­tively. Ma­jor in­crease was wit­nessed in Mo­tor Gaso­line sales, which in­creased by 13.5% over SPLY amid lower lo­cal petro- leum prices and in­creased mo­tor ve­hi­cle pop­u­la­tion. PSO Black Oil sales vol­ume in­creased by 0.9% de­spite 5.3% de­crease in in­dus­try vol­umes, ow­ing to in­creased avail­abil­ity of nat­u­ral gas / R- LNG to power pro­duc­ers. The pe­riod un­der re­view also marked ma­jor achieve­ment for the Com­pany, when pur­suant to long- term LNG Sale Pur­chase Agree­ment ( SPA) signed in Fe­bru­ary 2016 with Qatar Liq­ue­fied Gas Com­pany Limited2 ( QG2), PSO re­ceived the first QFlex ship car­ry­ing ap­prox­i­mately 3.4 mil­lion MMBTU of LNG from Qatar on March 1, 2016. LNG has proven to be a ma­jor game changer in the en­ergy mix of Pak­istan.

The out­stand­ing re­ceiv­ables of Rs 224 bil­lion ( June 30, 2015: Rs 230 bil­lion) from the power sec­tor, PIA and SNGPL against sup­plies of FO, Avi­a­tion Fu­els and Liq­ue­fied Nat­u­ral Gas ( LNG) will be a chal­lenge as in­ter­na­tional oil price in­creases. The Man­age­ment con­tin­ues to work closely with Min­istry of Water & Power and PIA for timely re­al­iza­tion of due pay­ments against un­in­ter­rupted fuel sup­plies to sup­port the power sec­tor and air­line op­er­a­tions. So­cial re­spon­si­bil­ity and com­mu­nity en­gage­ment are at the core of PSO’s vi­sion and mis­sion.

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