PSO reports 3.53bn in profit, increase in market share in first quarter

Pakistan State Oil, the leading oil marketing company of the country, convened its Board of Management (BoM) meeting on Wednesday, 30 October 2019 to review the performance of the company for the quarter ended September 30, 2019 of FY2019-20.

Despite stiff competition and macroeconomic challenges, PSO continued to lead the downstream oil market. The company has reported an increase in its overall market share and closed the quarter at 46.6% in Total Liquid Fuels compared to 40.1% on SPLY. The market share improved primarily due to an increase in the White Oil segment that closed at 45.0% compared to 39.6% on SPLY.

On volume basis the White Oil segment registered an impressive growth of 5.8%, whereas the Black Oil segment also saw volumetric growth of approximately 1.0% on SPLY.

PSO reported Profit after Tax of Rs 3.53 billion. On a consolidated basis, the group achieved a net turnover of Rs 340.6 billion which translated into a net profit of Rs 3.48 billion.

The increase in market share was achieved through a focused approach of PSO Management to incentivize its customers and dedicated team efforts. PSO also managed to bring further efficiencies in its supply chain by sourcing 42% of refinery production during the period (3MFY19: 33.6%) while 54% of industry imports were handled by PSO.***