The Board of Management (BoM) of Pakistan State Oil Company Limited (PSOCL) convened a meeting at the PSO headquarters to review the company’s performance for the first half of financial year 2013-14 (1HFY14).
In the period under review, the PSO’s revenues rose by 15 percent to Rs 727 billion for the half year ended December 13, 2013, as compared to Rs 630 billion during the Same Period Last Year (SPLY).
The company’s after tax earnings rose by 150pc percent to Rs 15.8 billion as compared to Rs 6.31 billion during the SPLY. These all time high six monthly earnings surpassed the after tax earnings of Rs 12.6 billion during the entire financial year 2012-2013 by 25pc.
The PSOs share price recorded an impressive growth, outperforming KSE 100 share index by 11pc during the second quarter ended on December 31, 2013. It is indeed an evidence of strong investor confidence in the management of the company. The PSO led the market with a share of 63pc while its market share in black oil and white oil stood at 75pc and 53pc respectively during the six month period ended on December 2013.
During this period, the company’s sales of furnace oil and motor gasoline grew by 13pc and 15pc respectively.
A decline of 6.4pc in sale of high speed diesel during the first quarter was followed by a growth of 3.5pc during second quarter resulting in 1pc decline over the six months period. The company realised substantial cost efficiencies. The distribution and marketing expenses increased by merely 4pc against 15pc increase in sales.