Pakistan State Oil (PSO) Board of Management on Tuesday reviewed the company’s performance for the first nine months of FY13, July-March, and it was revealed that 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 7.8 percent. After tax earnings also witnessed a 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 percent.
The board met at PSO House where the meeting was chaired by Ahsan Bashir and members in attendance included Dr Mirza Ikhtiar Baig, Mohammad Naeem Malik, Malik Naseem Hussain Lawbar, Raja Hameed Ahmed Saleem, Muhammad Azam and PSO CEO and MD Naeem Y Mir.
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, the company continued to hold onto the lion’s share of the market with its share in the White Oil segment growing to 56 percent of the overall market while its share in the Black Oil segment stood at 74.7 percent, thereby contributing to a total market share of 64.3%.
Living up to its role as the nation’s leading public sector company, PSO inaugurated a first of its kind ‘Fortified Medical Center’ at PSO House, during the period. PSO formally inaugurated the first street under its unique CSR Street Program in Thatta also.
