Despite facing challenges in the energy market, Pakistan State Oil (PSO), the country’s main energy company, has shown impressive progress and resilience. The company’s leaders recently met to discuss its performance for the year ending on June 30, 2023.
Even with issues like rising prices, slow market conditions, currency changes, and global tensions, PSO managed to earn a total revenue of 3.6 trillion Pakistani Rupees and a profit after taxes of 5.7 billion Pakistani Rupees.
These strong results show that PSO has done well financially and operationally, even during tough times. The leaders also announced that they will give a dividend of 7.50 Pakistani Rupees per share (75%) for the year 2022-23.
PSO’s branch called PRL also did well, making a profit after taxes of 1.8 billion Pakistani Rupees and a revenue of 326 billion Pakistani Rupees. When you look at the whole group, they made a profit after taxes of 9.3 billion Pakistani Rupees, with an EPS of 19.85.
PSO focused on growing its market share in important areas. For example, they reached a 51% market share for white oil and 44.4% for motor gasoline, even when sales were slow. They also sold 3.4 million tons of diesel, which was 2.8% more than before, despite a 29% drop in the industry. PSO did well in the jet fuel area too, with a record market share of 98%.
PSO didn’t just stick to what they knew. They started working in Fintech through CERISMA (Pvt.) Limited and renewable energy through PSO Renewable Energy (Pvt.) Limited.
They also improved their digital systems in terminals and retail stores to work more efficiently. They grew their reach by adding 49 new stores and over 200 Shop Stops to their network, reaching even remote places.
