KARACHI: The Pakistan State Oil (PSO) continues to assert its dominance in the energy market, as it outperforms the industry, demonstrating its resilience and strength, despite the lingering impacts of the pandemic.

The market leader reported an all-time high net profit-after-tax of Rs11.9 billion in the first quarter of the fiscal year 2021/22 (first quarter of FY22), a growth of 133per cent, compared with the same period of the last year.

The PSO’s board of management reviewed the performance of the company together with its subsidiary Pakistan Refinery Limited (PRL) for the first quarter ended September 30, 2021, during the meeting held at the PSO House, Karachi on October 28, 2021.

The group collectively posted a net profit-after-tax of Rs11.7 billion (first quarter of FY21: Rs5.2 billion).

The PSO’s aggressive market penetration and growth strategy resulted in an increase in the market share across its diverse portfolios, achieving substantial volumetric growth, compared with the same period of the last year.

A cumulative volume growth of 22.4 per cent in white oil and 40.5 per cent in black oil was witnessed during the period.

The company’s market share increased 2.1 per cent in white oil to 47.7 per cent and by 8 per cent in black oil to 64.5per cent. The PSO continued to fast-track infrastructural projects to gain operational efficiency and expand its business, adding 13 new outlets to the company’s extensive retail footprint, while also working on the rehabilitation and new storages.

“[The] PSO is leading the market by a large margin, delivering a phenomenal performance over and above the industry average. Creating value for our shareholders is key to the long-term resilience and value of our business, as we keep sustainability, as the cornerstone of our corporate strategy,” PSO Board of Management chairman Zafar I Usmani said.

The first quarter results suggest the outlook for the rest of the financial year remains bright, despite the challenges from the Covid-19 pandemic. “We are keeping the pace high, both operationally and strategically. The record result in the first quarter of the year is clear evidence of our resilience, strength and commitment to serve the nation, keeping our customers at the heart of everything we do.” PSO chief executive officer and managing director Syed Taha said.

As a responsible corporate citizen, PSO, through its CSR Trust extended support of Rs30 million in healthcare, launching a massive nationwide campaign in collaboration with the National Command Operation Centre (NCOC), inoculating approximately 150,000 citizens in all corners of the country through vaccination centres and mobile vaccination vans.

The board said that receivables from the power sector and the Sui Northern Gas Pipeline Limited (SNGPL) increased Rs12.4 billion and Rs17.1 billion, compared with June 30, 2021.

The SNGPL’s receivables increased to Rs115.7 billion, becoming a growing area of concern for the PSO’s financial health.

The management expressed sincere gratitude to all the stakeholders, including customers, the government of Pakistan, especially the Ministry of Energy, the PSO’s board of management, employees and shareholders for their continued support.