Lahore: In a fast changing, pandemic, lockdown world, Pakistan State Oil (PSO) beat all odds. A record breaking performance that demonstrates PSOs resilience and strength as it continues to transform and evolve into an agile organization. PSO announced a record breaking gross revenue of PKR 1.4 trillion and highest ever profit after tax of PKR 29.1 billion for the financial year 2020-21 (FY21) after a loss after tax of PKR 6.5 billion in the preceding year. The net profit translated into a healthy earning per share of PKR 62.07 vs. loss per share of PKR 13.77 in FY20.
The announcement came after PSO’s Board of Management (BoM) reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the financial year 2020-21, ended on June 30, 2021, during the meeting held on August 23, 2021 in Islamabad.
Based on the outstanding financial and operational performance of the company, the Board of Management has announced a final dividend of PKR 10/- per share (100%) which is in addition to the interim cash dividend of PKR 5/- per share (50%) for financial year 2020-21. The dividend for the financial year stands at PKR 15/- per share (150%). PRL, a subsidiary of PSO, also reported a profit after tax of PKR 0.94 billion during the year compared to a loss of PKR 7.6 billion in the previous year. On a consolidated basis, the group achieved a profit after tax of PKR 29.6 billion in FY21 compared to loss after tax of PKR 14.8 billion in FY20.
The Board noted that these results have demonstrated PSO’s agility and strength across its diverse portfolio despite the challenging economic scenario and recurrent waves of the pandemic. PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average. The company exhibited an outstanding growth of 21.9% in liquid fuels over last year with volumes reaching 9.2 million tons, attaining a market share of 46.3% in FY21 compared to 44.3% in FY20. PSO also achieved its highest ever volume of 7.6 million tons in the white oil segment despite the shrinking jet fuel and kerosene oil industry, with a market share of 45.2% in FY21 vs. 44% in FY20 i.e. a growth of 120 basis points (bps).
PSO set an all-time high record in Motor Gasoline (MoGas) achieving volumes of 3.5 million tons, an increase of 21.2% from FY20, translating into market share of 41.3% vs. 38.7% last year – an increase of 260 bps. The company made a strong closing in Hi-Cetane Diesel as well, achieving a volumetric growth of 21.1% vs. industry growth of 17.5%, translating into volumes of 3.7 million tons in FY21. The volumes contributed in regaining market share, bringing it to 47.2% vs. 45.8% in the preceding year i.e. an increase of 140 bps. PSO attained a volumetric growth of 53.2% in black oil with volumes of 1.7 million tons and a market share of 51.7% vs. 46% in FY20.
In line with GOP’s clean and green initiative, PSO was the first OMC to upgrade the country’s fuel standard from Euro 2 to Euro 5. The launch of Hi-Octane 97 Euro 5, Premier Euro 5 and Hi-Cetane Diesel Euro 5 proved to be game changers in the industry, bolstering customer’s confidence in PSO’s products. Building on its value creation model, the company prioritized high margin products i.e. High-Octane 97 Euro 5 and lubricants adding significant revenues with a volumetric growth of 177.6% and 11.3% respectively compared to last year. PSO’s first EV charging facility – Electro was also launched in Islamabad.
