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Byco Petroleum's profit spikes by 50% year on year

01:19 PM | 22 Dec, 2017
Byco Petroleum's profit spikes by 50% year on year
KARACHI - Byco Petroleum Pakistan Limited (BPPL) declared profit after tax of Rs2.1 billion for the year ended June 2017, a 50% increase over the same period last year.

Byco’s operating profit also registered growth of 14% in FY17 over FY16. Byco has shown stable earnings growth over the last several years. For the last 3 consecutive years the company posted operating profit of Rs. 3 billion or more.

Earlier in the year, BPPL received approval from the High Court to merge with its wholly owned subsidiary and its parent company to integrate various parts of its petroleum supply chain. BPPL’s FY17 earnings per share (EPS) of Rs0.26 per share in consolidated accounts compared to its FY16 EPS of Rs0.40 per share is a major achievement given that following the merger the number of shares have increased by 542% to 5.3 Billion shares as against 977 Million shares last year. This shows the positive trajectory of the company’s results.

Byco’s significant growth in profitability has been the result of significant efforts in the improvement of the company’s logistics and imports of products at market competitive pricing.

After the merger, Byco Petroleum Pakistan Limited has become the largest oil refinery in the country with 155,000 barrels of refining capacity and is the only refinery with a dedicated oil terminal, Byco’s unique Single Point Mooring.

Both of these factors have given Byco a major edge over other refineries in the country; Byco has leveraged this strategic advantage by importing refined petroleum products at its SPM Oil Terminal. in 2017 Byco announced receiving a crude vessel of over 100,000 metric tons, the largest ever to berth at any port of Pakistan.

The company has virtually no vessel waiting time and as a result, with larger sized vessels, saves hundreds of millions of rupees on freight and demurrage costs, an advantage which all other refineries and OMCs lack.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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PKR exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 22 April 2024

Pakistani currency remains largely same against US Dollar and other currencies on April 22, 2024 Monday.

USD to PKR rate today

US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro stands at 293 for buying and 296 for selling while British Pound hovers at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.20 and Saudi Riyal's new rate was at 73.30. 

Today’s currency exchange rates in Pakistan - 22 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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