Daily Times

Pakistan State Oil (PSO), the leading energy company, maintained its industry dominance and demonstrated steady performance in 9MFY24.The company announced a net profit of PKR 13.4 billion, translating into earnings per share of PKR 28.5 and gross sales of PKR 2.8 trillion for the period.

The company’s Board of Management (BoM) reviewed the group’s performance for the nine months ended March 31, 2024 in the meeting held on April 26, 2024. The group posted a net profit of PKR 16.6 billion for the period, translating into earnings per share of PKR 35.5.

Amidst significant challenges in the petroleum sector, PSO strengthened its market presence, achieving a noteworthy 1.3% increase in white oil market share, reaching 52.4% by the end of the period in review. This growth was predominantly driven by a 2.1% expansion in gasoline market share, soaring to 46.4% in 9MFY24. Moreover, PSO maintained a robust position in the diesel market, commanding a market share of 54.5%. The company also retained its leading position in the black oil market, selling 247 KMT during the period, despite a 74.6% decline in sales YoY due to reduced furnace oil-based power generation. Demonstrating remarkable resilience and prowess, PSO continued to lead the Jet fuel industry, securing an unprecedented market share of 99.4%.

Underscoring PSO’s commitment to bolstering its infrastructure for enhanced operations, 7 new storage tanks with a combined capacity of 91 KMT were constructed at Faisalabad, Faqirabad, and Mehmoodkot. The company also carried out successful rehabilitation efforts on storage tanks totaling 26.6 KMT in capacity at Sihala, Pipri Marshalling Yard (PMY), Buffer Oil Terminal (BOT), Habibabad and Sahiwal, complemented by ongoing efforts to enhance capacity by an additional 21.4 KMT across Zulfiqarabad, Sihala, and Mehmoodkot terminals. On the retail front, PSO expanded its presence by incorporating 37 new retail outlets, taking the total nationwide footprint to 3,555, further solidifying the company’s focus to providing accessible and reliable energy solutions to its customers.