PSO outperforms its peers despite outstanding receivables of Rs 306 bln

February 18, 2020: Pakistan State Oil (PSO), the leading oil marketing company of the country, convened its Board of Management (BoM) meeting to review the performance of the company during the first half of the financial year 2019-20.

Despite unfavourable market conditions in the industry and many challenges, PSO remained focused on regaining market share and volumetric growth and outperformed the industry by an enormous margin.

In MOGAS, PSO’s volume growth over SPLY is 13.7% as compared to 3.8% of industry growth. PSO’s market share increased by 3.4% vs. SPLY.

In HSD, PSO’s volume growth over SPLY is 7.8% as compared to a 10.3% decline in the industry volumes. PSO’s market share grew by 7.6% vs. SPLY.

In White Oil, PSO’s volume growth over SPLY is 9.3% as compared to a 3.2% decline in the industry volumes. PSO’s market share growth over SPLY is 5%. In Black Oil, PSO’s market share growth over SPLY is 5.1%.

The table below highlights PSO’s performance vs industry’s market share and sales volume.

Moreover, it is pertinent to mention that, outstanding receivables (inclusive of LPS) from IPPs, GENCOs, PIA and SNGPL were stood Rs. 306 billion on 31st December 2019.

PSO managed to mitigate many of the negative economic impacts and strived to minimize the damage caused because of industry challenges. PSO continued its focus on its strategic priorities and operational excellence in the current financial year through macro-economic challenges in the country and successfully delivered strong unconsolidated profit after tax. (PAT) of Rs.6.4 billion in FY2019-20. These results were achieved through various customer-centric plans and by enhancing consumer experience and forecourt improvements.

Press Release