KARACHI (PR): The Board of Management of Pakistan State Oil (PSO) reviewed the company’s performance for the first nine months of FY13 from July, 2012 to March, 2013. The meeting was chaired by Ahsan Bashir and members in attendance were Dr. Mirza Ikhtiar Baig. Mohammad Naeem Malik, Mr. Malik Naseem Hussain Lawbar, Raja Hameed Ahmed Saleem, Muhammad Azam and Mr. Naeem Y. Mir-CEO&MD, PSO.
In the period under review, PSO’s revenues rose to Rs 930 billion as compared to Rs 862 billion in the corresponding period last year, representing a growth of 7.8pc. After tax earnings also witnessed significant improvement and increased to Rs 9.31 billion in the period under review in comparison to Rs. 8.97 billion during the corresponding period last year representing an increase of 3.8 pc.
During this time period, industry volumes for Black Oil remained stable while White Oil grew by 1% reflecting an increase in Mogas consumption of 16%. PSO’s share of the MOGAS segment also grew to 50.9% in comparison to 49.6% while the HSD market share increased to 57.6% against 54.8% last year. Once again, your Company also continued to hold onto the lions share of the market with its share in the White Oil segment growing to 56.0% of the overall market while its share in the Black Oil segment stood at 74.7%, thereby contributing to a total market share of 64.3%.
Living up to its role as the nation’s leading Public Sector Company; PSO has inaugurated the first of its kind Fortified Medical Center at PSO House. Also during this period, PSO formally inaugurated the first street under its unique CSR Street Program in Thatta, Sindh.