Karachi, Pakistan State Oil (PSO), the leading energy company in Pakistan, maintained its industry dominance and posted a net profit of PKR 13.4 billion in the nine months of FY24. The company's Board of Management (BoM) reviewed the performance for the period ended March 31, 2024, with earnings per share of PKR 28.5 and gross sales of PKR 2.8 trillion.
According to Pakistan State Oil, the group recorded a net profit of PKR 16.6 billion for the nine-month period, translating into earnings per share of PKR 35.5. PSO's strong market presence continued despite significant challenges in the petroleum sector. The company's white oil market share rose by 1.3%, reaching 52.4% by the end of the period, driven by a 2.1% increase in gasoline market share to 46.4%. PSO retained a robust position in the diesel market with a 54.5% market share.
PSO also maintained its leadership in the black oil market, despite a 74.6% decline in sales due to reduced furnace oil-based power generation. The company achieved a market share of 99.4% in the jet fuel industry, demonstrating resilience in an evolving market. PSO is expanding its infrastructure with new storage tanks and ongoing rehabilitation efforts across its facilities. Seven new storage tanks with a combined capacity of 91 KMT were constructed at Faisalabad, Faqirabad, and Mehmoodkot, with additional work on existing tanks at various locations.
In retail, PSO expanded its presence by adding 37 new retail outlets, bringing the nationwide total to 3,555. The company's Fintech arm, CERISMA (Private) Limited, received in-principle approval for Electronic Money Institution (EMI) from the State Bank of Pakistan (SBP), indicating a significant step toward financial inclusion and digital transformation.
In collaboration with Pakistan Railways (PR), PSO inaugurated upgraded railways filling and storage facilities at Karachi and Lahore, strengthening its partnership with PR. Additionally, PSO launched the White Oil Pipeline (WOP) initiative in northern Pakistan in partnership with Frontier Works Organization (FWO) and Inter State Gas Systems (ISGS), aiming to expand the pipeline network and improve fuel supply efficiency.
PSO's ECO street initiative repurposed 5,000 kg of recycled plastic waste from its Lubricant Manufacturing Terminal (LMT) in Karachi to create eco-friendly infrastructure, while the company's CSR trust distributed rations worth PKR 100 million to underprivileged communities. The trust also allocated PKR 201 million for various charitable causes.
Despite challenges like rising trade receivables and borrowing costs, PSO remains focused on innovative technologies, expanding its product lines, and exploring renewable energy ventures. The management expressed gratitude to all stakeholders for their support.