Search

PSO sets all-time records as profits soar in Q1FY22

Web Desk 12:28 PM | 29 Oct, 2021
PSO sets all-time records as profits soar in Q1FY22

KARACHI – Pakistan State Oil continues to assert its dominance in the energy market as it outperforms the industry, demonstrating its resilience and strength despite the lingering impacts of the pandemic. The market leader reported an all-time high net profit after tax of PKR 11.9 billion in the first quarter of the fiscal year 2021-22 (Q1FY22), a growth of 133% compared to the same period last year.

PSO's Board of Management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the first quarter ended September 30, 2021, during the meeting held at PSO House, Karachi on October 28, 2021. The group collectively posted a net profit after tax of PKR 11.7 billion (Q1FY21: PKR 5.2 billion).

PSO’s aggressive market penetration and growth strategy resulted in an increase in market share across its diverse portfolios, achieving substantial volumetric growth compared to the same period last year. A cumulative volume growth of 22.4% in white oil and 40.5% in black oil was witnessed during the period. The company’s market share increased by 2.1% in white oil to 47.7% and by 8.0% in black oil to 64.5%. PSO continued to fast track infrastructural projects to gain operational efficiency and expand its business, adding 13 new outlets to the company’s extensive retail footprint, while also working on rehabilitation and new storages.

“PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average. Creating value for our shareholders is key to the long-term resilience and value of our business as we keep sustainability as the cornerstone of our corporate strategy” said Chairman, PSO Board of Management, Mr Zafar I. Usmani.

First-quarter results suggest the outlook for the rest of the financial year remains bright, despite the challenges from the COVID-19 pandemic. "We are keeping the pace high, both operationally and strategically. The record result in the first quarter of the year is clear evidence of our resilience, strength and commitment to serve the nation, keeping our customers at the heart of everything we do." said Chief Executive Officer & Managing Director PSO, Syed Taha.

As a responsible corporate citizen, PSO, through its CSR Trust extended support of PKR 30 million in healthcare, launching a massive nationwide campaign in collaboration with NCOC, inoculating approximately 150,000 citizens in all corners of the country through vaccination centers and mobile vaccination vans. The Board noted that receivables from the power sector and SNGPL increased by PKR 12.4 billion and PKR 17.1 billion compared to June 30, 2021. SNGPL’s receivables increased to PKR 115.7 billion becoming a growing area of concern for PSO’s financial health.

The management expressed sincere gratitude to all stakeholders including customers, the Government of Pakistan, especially the Ministry of Energy, PSO’s Board of Management, employees and shareholders for their continued support.

Web Desk
Web Desk

Daily Pakistan Global Web Desk

Advertisement

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 February 03, 2023 (Friday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 271.1 271.6
Euro EUR 298.27 298.87
UK Pound Sterling GBP 335.5 336.2
U.A.E Dirham AED 73.03 73.33
Saudi Riyal SAR 71.49 71.80
Australian Dollar AUD 188.9 191.3
Bahrain Dinar BHD 712.73 720.73
Canadian Dollar CAD 200.95 203.15
China Yuan CNY 39.67 40.07
Danish Krone DKK 39.11 39.51
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 877.76 886.76
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.76 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.3

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 212,900 on Friday. The price of 10 grams of 24k gold was recorded at Rs182,530.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

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 212,900 PKR 2,420
Karachi PKR 212,900 PKR 2,420
Islamabad PKR 212,900 PKR 2,420
Peshawar PKR 212,900 PKR 2,420
Quetta PKR 212,900 PKR 2,420
Sialkot PKR 212,900 PKR 2,420
Attock PKR 212,900 PKR 2,420
Gujranwala PKR 212,900 PKR 2,420
Jehlum PKR 212,900 PKR 2,420
Multan PKR 212,900 PKR 2,420
Bahawalpur PKR 212,900 PKR 2,420
Gujrat PKR 212,900 PKR 2,420
Nawabshah PKR 212,900 PKR 2,420
Chakwal PKR 212,900 PKR 2,420
Hyderabad PKR 212,900 PKR 2,420
Nowshehra PKR 212,900 PKR 2,420
Sargodha PKR 212,900 PKR 2,420
Faisalabad PKR 212,900 PKR 2,420
Mirpur PKR 212,900 PKR 2,420

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter