Search

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

Sarfraz Ali 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.

Sarfraz Ali
Sarfraz Ali

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

Advertisement

Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on March 31, 2023

KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on March 31, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 283.8 286.6
Euro EUR 306 309
UK Pound Sterling GBP 347.5 351
U.A.E Dirham AED 77.2 79.9
Saudi Riyal SAR 75.6 76.4
Australian Dollar AUD 187.5 189.9
Bahrain Dinar BHD 753.99 761.99
Canadian Dollar CAD 206.5 208.7
China Yuan CNY 41.25 41.65
Danish Krone DKK 41.26 41.51
Hong Kong Dollar HKD 36.11 36.46
Indian Rupee INR 3.45 3.56
Japanese Yen JPY 2.15 2.22
Kuwaiti Dinar KWD 925.67 934.67
Malaysian Ringgit MYR 62.85 63.45
New Zealand Dollar NZD 175.57 177.58
Norwegians Krone NOK 26.33 26.63
Omani Riyal OMR 736.34 744.35
Qatari Riyal ‎QAR 77.92 78.62
Singapore Dollar SGD 209.5 211.5
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 308.25 310.75
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – 31 March 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 208,200 on Friday. The price of 10 grams of 24k gold was recorded at Rs178,500.   

Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 208,200 PKR 2,470
Karachi PKR 208,200 PKR 2,470
Islamabad PKR 208,200 PKR 2,470
Peshawar PKR 208,200 PKR 2,470
Quetta PKR 208,200 PKR 2,470
Sialkot PKR 208,200 PKR 2,470
Attock PKR 208,200 PKR 2,470
Gujranwala PKR 208,200 PKR 2,470
Jehlum PKR 208,200 PKR 2,470
Multan PKR 208,200 PKR 2,470
Bahawalpur PKR 208,200 PKR 2,470
Gujrat PKR 208,200 PKR 2,470
Nawabshah PKR 208,200 PKR 2,470
Chakwal PKR 208,200 PKR 2,470
Hyderabad PKR 208,200 PKR 2,470
Nowshehra PKR 208,200 PKR 2,470
Sargodha PKR 208,200 PKR 2,470
Faisalabad PKR 208,200 PKR 2,470

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter