Wareesha Fatima
Member
Pakistan State Oil (PSO), a major player in the energy industry, performed well in the first half of the financial year 2024 (1HFY24). They announced a net profit of Rs7.7 billion and gross sales of Rs1.9 trillion for the period. During a meeting on February 15, 2024, the company's Board of Management (BoM) discussed the group’s performance for the half-year ended December 31, 2023. The group posted a net profit of Rs12.2 billion for the period. Despite challenges like inflation and geopolitical tensions affecting the petroleum sector, PSO managed to maintain a steady fuel supply across the country.
PSO increased its market share in white oil by 1.9%, reaching 52.6% by the end of the period. They also saw growth in gasoline sales, with a 3% increase in market share, reaching 46.1% for 1HFY24. PSO remained dominant in the diesel market with a share of 55.3%. They also continued to lead in the black oil market, despite a decline in sales, by selling 153 KMT during the period.
To enhance capacity and reliability, PSO completed 91 KMT of new storage facilities and rehabilitated 24 KMT of existing facilities.
PSO expanded its retail presence by adding 21 new outlets, bringing the total nationwide footprint to 3,547. They also implemented digitalization for precise meter filling and invoicing at one of their terminals. In the aviation sector, PSO added Quetta airport to its portfolio and took over Operations & Management responsibilities for Sukkur and Nawabshah Airports. Through its CSR Trust, PSO contributed over PKR 127 million to various charitable organizations focusing on healthcare, education, youth development, social enterprise advancement, and poverty alleviation.
Despite challenges like trade receivables and borrowing expenses, PSO remains committed to enhancing operations, customer experience, and generating shareholder value through strategic projects. The management extends gratitude to stakeholders including the Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders, and employees for their support
PSO increased its market share in white oil by 1.9%, reaching 52.6% by the end of the period. They also saw growth in gasoline sales, with a 3% increase in market share, reaching 46.1% for 1HFY24. PSO remained dominant in the diesel market with a share of 55.3%. They also continued to lead in the black oil market, despite a decline in sales, by selling 153 KMT during the period.
To enhance capacity and reliability, PSO completed 91 KMT of new storage facilities and rehabilitated 24 KMT of existing facilities.
PSO expanded its retail presence by adding 21 new outlets, bringing the total nationwide footprint to 3,547. They also implemented digitalization for precise meter filling and invoicing at one of their terminals. In the aviation sector, PSO added Quetta airport to its portfolio and took over Operations & Management responsibilities for Sukkur and Nawabshah Airports. Through its CSR Trust, PSO contributed over PKR 127 million to various charitable organizations focusing on healthcare, education, youth development, social enterprise advancement, and poverty alleviation.
Despite challenges like trade receivables and borrowing expenses, PSO remains committed to enhancing operations, customer experience, and generating shareholder value through strategic projects. The management extends gratitude to stakeholders including the Government of Pakistan, Ministry of Energy (Petroleum Division), shareholders, and employees for their support