Company convened the meeting of the Board of Directors (BoM) at PSO's head office in Karachi to assess the performance of the company for the financial year ending June 30, 2018.
PSO increased its gross profit despite a sharp fall in demand for black oil by 29.6%. Reduction of the markup received from PIB & # 39; s due to maturity in July 2017 with Rs 4.3 billion, and the reversal of deferred tax assets due to a decrease in future corporate tax rates of Rs 1.3 billion carry the most contributes to the reduction of the profit after tax with Rs 2.7 billion in FY2018.
PSO closed the year with a cumulative market share of 50%. The growth in MOGAS by 10.1% and HSD by 2.4% is the highest in the past three years. The company also increased its dominance in aircraft fuels by setting up a state-of-the-art refueling facility at New Islamabad International Airport (NIIAP).
The company is the market leader with a market share of 79.2% in aircraft fuels and is currently active at all 10 airports in Pakistan.
In the non-fuel retail (NFR) segment, PSO has moved to strengthen its activities by renewing and diversifying the store stop (13 in total in FY2018) and increasing the number of ATMs (50 in FY2018) in retail nationwide. The turnover of this segment increased by 69%.
During FY2018, PSO also introduced higher quality RON 97 HOBC petrol in line with the company's objective to follow government guidelines to improve fuel quality for consumers.
The company received ISO-9001; 2015 certification as part of its objective to set up a quality management system.
The excellence in financial reporting was again recognized as PSO as third effected in the Best Corporate Report Awards in the oil and gas sector, by ICAP and ICMAP. The company also shared second place in second place in the best-presented SAFA annual reports held by the South Asian Federation of Accountants
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PSO has taken initiatives to ensure safe fuel transport and is making progress in spite of strikes and persistent attacks on the compliant fleet of the company.
During the review year, the energy sector also continued to make short payments against the delivery of FO at their request, which put extra pressure on the Company's cash flows. The outstanding receivables have increased by Rs 24 billion
Based on the performance of the Company, the Board of Directors has a final Dividend in cash of Rs 5 per share (50%) and a stock dividend of 20% (ie 1 share for every 5 shares held), that in addition to the interim cash dividend of Rs 10 per share. The dividend (including stock dividend) for the financial year 2018 amounts to Rs 17 (170%) per share.
PSO expresses its sincere thanks to all employees, stakeholders and partners for their contributions and unwavering support. The company takes this opportunity to thank the government of Pakistan, especially the Ministry of Energy, Petroleum Division, for their continued support and guidance.
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