Byco nets Rs3.6bln in FY21

KARACHI: Byco Petroleum Pakistan Limited (Byco) on Friday said it posted a net profit of Rs3.6 billion for the year ending June 30, 2021, compared to a loss of Rs2.4 billion last year.

This translated into an earning per share of Rs0.67 against loss per share Rs0.46.

A statement said despite tough business conditions, the company earned revenue and gross profit of Rs142.1 billion and Rs8.1 billion respectively during the twelve months, compared to Rs173.8 and Rs2.9 billion last year.

The operational climate for the oil refineries remained challenging during the fiscal year, it said.

As a result, oil prices and oil demand increased, driven by the re-opening of the global economy, which gave respite to the oil sector.

Oil consumption in Pakistan started to recover to pre-pandemic levels, with motor spirit and high-speed diesel witnessing growth.

Byco’s efficient management of the crude oil ordering system also had a positive effect on the earnings.

“The economy continues to feel the effects of Covid-19, and a threat of an economic slowdown driven by a new wave of infections remains,” the company said.

“Moreover, the persistent weakness in Furnace Oil consumption continues to pose a challenge.”

Byco in its statement said it was committed to providing high-quality as well as environmentally friendly fuels to customers, while reducing the country’s reliance on imported petrol and diesel and saving foreign exchange.

“In line with this strategy, Byco is upgrading and modernizing its facilities,” the company added.

Byco said it hailed the government of Pakistan’s initiative to devise a new Oil Refining Policy in light of the current market conditions.

“This development has been overdue since the last Petroleum Policy was introduced in 1997. The company hopes the new policy will usher in a new era of growth in the petroleum industry,” the statement said.