The company posted profit before tax of around Rs 4.1 billion and Rs 2.6 billion as profit after tax earning, up by 23 percent over prior year period. This exceptional performance has been due to increased operational efficiency, addition of a range of new products and services along-with improved image and credibility of the company.
According to a release of the company based on this extraordinary performance, specifically during the era of intense competition and product substitution regime, BoM announced an interim cash dividend of Rs 11 per share. The dividend translated into cash pay out of Rs 1.9 billion to its shareholders, Rs 4 per share more than the previous year.
The Board noted that PSO had been successful in enhancing its overall sales volume by 27 percent over the last year. Sales volume of White Oil increased by 8 percent, whereas that of Black Oil increased by 74 percent. Despite intense competition, PSO displayed a striking performance in Mogas, HSD and JP-1 where sales soared by 13 percent, 7 percent and 17 percent respectively. Black Oil, Fuel Oil soared by around 81 percent to 1.9 million tons thus capturing a market share of 79 percent.
The company achieved the honour of being the first Pakistani company to be cited amongst best international practices in this year's Global Corporate Citizenship Initiatives (GCCI) report, jointly produced by the World Economic Forum, Switzerland; The Prince of Wales International Business Leaders' Forum, UK; and the Kennedy School of Harvard University, USA.
BoM appreciated that PSO continued to offer additional value to customers in numerous ways, including enhancement in New Vision Retail network to 1051, augmentation of Retail Automation facilities and launch of Premier XL Gasoline; a performance gasoline for cars and motorcycles.
PSO signed an agreement with Sialkot International Airport Limited (SIAL) for establishment of aviation, consumer and retail facilities at the 9th airport of Pakistan expected to be completed within one year. By way of revamping of Lube Manufacturing Plant B at Korangi, Karachi, the company achieved another benchmark of excellence in the form of state-of-the art Lube Manufacturing Terminal (LMT), capable of manufacturing all grades of lubricants.
After successfully receiving ISO 14001:1996 certification for Keamari Terminal 'C', PSO also attained the annual NFEH environmental excellence reward. For its sound financial health, the company also achieved the long-term credit rating of 'AAA' from PACRA and was also awarded the 'Best Corporate Report Award 2003' based on stringent evaluation criteria by ICMAP and ICAP.
The Board expressed its confidence that PSO, after setting envious landmarks, was poised to meet all competitive challenges based on continued operational excellence and innovative value addition.