Monday, April 15, 2024

PSO Posts Rs. 7.7 Billion Profit in 6 Months

Pakistan State Oil (PSO) has demonstrated resilience and adaptability in the face of various challenges during the first half of the financial year 2024 (1HFY24). Despite inflationary pressures and geopolitical tensions impacting the petroleum sector, PSO managed to deliver strong financial performance and maintain its position as a leading player in the energy industry.

One of the key highlights of PSO’s performance is its robust financial results. With a net profit of Rs7.7 billion and gross sales of Rs1.9 trillion, PSO has showcased its ability to navigate through volatile market conditions and deliver profitability. Moreover, the group posted a net profit of Rs12.2 billion, indicating a strong financial performance for the period despite prevailing challenges.

PSO’s success can also be attributed to its strategic initiatives aimed at expanding market share and enhancing operational efficiency. The company witnessed growth across various segments, including white oil, gasoline, diesel, and black oil markets. By increasing its market share in white oil by 1.9% and gasoline sales by 3%, PSO has demonstrated its ability to capture market opportunities and meet customer demand effectively. Additionally, maintaining dominance in the diesel market with a share of 55.3% underscores PSO’s strong market position and customer loyalty.

Furthermore, PSO has focused on infrastructure development and expansion to support its growth objectives. By completing new storage facilities and rehabilitating existing ones, the company has enhanced capacity and reliability in fuel supply operations. Additionally, expanding its retail presence with 21 new outlets and implementing digitalization initiatives for improved efficiency exemplify PSO’s commitment to innovation and customer service excellence.

Moreover, PSO has demonstrated corporate social responsibility by contributing over PKR 127 million to various charitable organizations through its CSR Trust. This reflects PSO’s commitment to making a positive impact on society and supporting initiatives focused on healthcare, education, youth development, social enterprise advancement, and poverty alleviation.

PSO’s performance in 1HFY24 underscores its resilience, strategic agility, and commitment to delivering value to stakeholders. By effectively managing challenges, expanding market presence, enhancing operational capabilities, and fulfilling its social responsibility, PSO remains well-positioned to sustain its growth trajectory and drive long-term shareholder value.

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