HTL to add 26 fuel stations in punjab

MG News | November 15, 2021 at 02:12 PM GMT+05:00

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November 15, 2021 (MLN): Hi-Tech Ltd on Monday informed that the Oil and Gas Regulatory Authority (Ogra) has allowed it to increase the number of fuel stations in Punjab from 26 to 52, the company said in a notice to exchange.

OGRA has based its decision on its satisfactory inspection of HTL's additional fuel storage capacity which has been developed by HTL at its Oil Storage Depot at Sahiwal, the company’s notice to PSX cited.

To highlight, HTL reported healthy profits of Rs 104mn (EPS: Rs0.9) in 1QFY22 compared to Rs 89mn (EPS: Rs0.77) during 1QFY21.

The Company generated Rs3.8 billion of Gross Revenue with gross margins of 22% during the said period. The lubricants segment generated very healthy gross margins of 34% while the fuel the segment recorded 4% growth in gross margins.

Currently, the stock is trading at a share price of Rs53.

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