Press Releases - PSO reports profit after tax of Rs. 4.2 billion in 1H FY19.

The Board of Management (BOM) of Pakistan State Oil Company Limited (PSOCL) has reviewed the performance of the Company for first half of the financial year 2019 (1HFY19) in its meeting held on February 16, 2019.

The challenging economic trend in the country fueled by rupee devaluation and adverse balance of payment position resulted in negative growth of 27% in the cumulative liquid fuel market with negative contribution of white oil and black oil of 12% and 60% respectively. Black oil volumes have been impacted significantly due to power production shift towards RLNG in the country, based on a GoP decision.

Despite the challenging economic scenario, PSO lead the liquid fuel market in 1HFY19 with an overall market share of 40.9% (increase of 0.7% market share vs. Sept 18 quarter). In spite of soaring outstanding receivables (inclusive of LPS) from the Power Sector, PIA and SNGPL as of December 31, 2018 which stood at Rs. 325 billion (September 30, 2018: Rs. 310 billion), PSO maintained the sensitive supply chain by importing 48% of total industry imports and up lifting 36% of total refinery production in the country.

The economic down trend and reduction in overall market size has impacted the Company's profitability. During...