PSO Leads Energy Market, Records Profit Of Rs. 5.7 Billion
Amid energy market challenges, Pakistan State Oil (PSO), the nation’s primary energy firm, exhibits remarkable resilience. Recently, its leadership convened to evaluate its performance till June 30, 2023.
Despite price hikes, sluggish markets, currency fluctuations, and global tensions, PSO achieved an impressive revenue of 3.6 trillion PKR and a post-tax profit of 5.7 billion PKR.
These robust outcomes underscore PSO’s financial and operational strength amidst adversity. A dividend of 7.50 PKR per share (75%) for 2022-23 was declared.
PSO’s branch, PRL, also excelled with a post-tax profit of 1.8 billion PKR and a revenue of 326 billion PKR. Overall group profit after taxes reached 9.3 billion PKR, with an EPS of 19.85.
PSO focused on expanding key market shares, securing 51% for white oil and 44.4% for motor gasoline. Despite industry decline, they sold 3.4 million tons of diesel (2.8% growth). A record 98% market share was achieved in jet fuel.
Diversification occurred through ventures like CERISMA (Pvt.) Limited in Fintech and PSO Renewable Energy (Pvt.) Limited in renewables.
Enhancements to digital systems in terminals and retail outlets bolstered efficiency. PSO expanded with 49 new stores and 200+ Shop Stops, even in remote locations.