KARACHI (PR) - Pakistan State Oil Company Limited, the country’s largest oil marketing company, held its 42nd Annual General Meeting (AGM) in Karachi where it shed on light on recent achievements and consistent growth trends in spite of some grave industry challenges. The meeting was chaired by Jahangir Ali Shah, Managing Director & CEO of Pakistan State Oil, along with senior officials including Yacoob Suttar, Deputy Managing Director - Finance, and Rashid Umar, the Company Secretary.
PSO closed the year with a cumulative market share of 50%. The growth in MOGAS at 10.1% and HSD at 2.4% was the highest recorded in the last three years. The Company – which already rules the aviation fuels sector with 79.2% market share and operations at all 10 airports in Pakistan – further increased its dominance in the segment by commissioning a state-of-the-art refueling facility at the New Islamabad International Airport (NIIAP).
PSO increased its gross profit despite a steep decline in Black Oil demand by 29.6%. Reduction in markup received from PIBs due to their maturity in July 2017 by Rs 4.3 billion, and reversal of deferred tax asset due to decline in future corporate tax rates by Rs 1.3 billion are the main contributors in reduction of profit after tax by Rs 2.7 billion in FY2018.