Following is the text of press release issued by
In the period under review, PSO recorded all time high sales revenue, profit after tax and earnings per share. Sales revenue stood at
PSO maintained its market leadership position during the year under review with 73% share in Black Oil market and 53% in White Oil market, while registering a growth of 5% in sales over liquid fuels last year. The Company realized substantial cost efficiencies, whereby the distribution and marketing expenses increased merely by 3% as compared to 14% average increase in expenses over the last three years and against an inflation of 8.5% during FY 2014.
Recovery of interest from power sector consumers and interest on Pakistan Investment Bonds also contributed towards increase in the bottom line, which was nevertheless, mitigated by increase in finance cost by 26% due to power sector receivables viz-a-viz circular debt and net exchange loss of
The BoM expressed concern over increasing receivables from the power sector and advised the management to pursue the recovery thereof through continued follow-up with the customers and the concerned government offices.
Based on this performance, the PSO BoM announced a final cash dividend of
The Board unanimously resolved to place on record its commendation for the management of PSO, particularly Mr.
The Board also resolved to appreciate the PSO team on maintaining continuity of supply of petroleum products across the country, especially, during Eid, Ramazan and periods of civil disturbance. The Board also extended gratitude to the Government of
The management expressed gratitude for the valuable guidance and support provided by the BoM and assured the Board of the continued commitment and contributions of PSO team towards development and growth of the Company.
For more information, contact:
P. O. Box 3983,
UAN: +92-21-111-111-PSO (776)
Ta'aluq Care Line: 0800-03000
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