PSO excels in energy sector performance in FY24

Pakistan State Oil (PSO), a leading energy company, has showcased its continued dominance in the industry with a steady performance in the first nine months of the fiscal year 2024. The company reported a net profit of PKR 13.4 billion, translating to earnings per share of PKR 28.5 and gross sales of PKR 2.8 trillion during this period.

Despite challenges in the petroleum sector, PSO managed to strengthen its market presence, achieving a notable 1.3% increase in white oil market share, reaching 52.4%. The company saw growth in gasoline market share by 2.1%, reaching 46.4% in 9MFY24. PSO also maintained a strong position in the diesel market with a market share of 54.5%.

PSO's resilience was evident as it led the Jet fuel industry with an impressive market share of 99.4%. The company focused on enhancing its infrastructure by constructing new storage tanks and carrying out rehabilitation efforts on existing ones to improve operational efficiency.

On the retail front, PSO expanded its presence by adding 37 new retail outlets, bringing the total nationwide footprint to 3,555 outlets. The company's Fintech arm, CERISMA (Private) Limited, received in-principle approval for Electronic Money Institution (EMI) from the State Bank of Pakistan, aiming to revolutionize financial inclusion.

In a strategic move to fortify Pakistan's fuel supply chain, PSO collaborated with Frontier Oil Company 1 (FWO) and Inter State Gas Systems (Pvt) Limited (ISGS) to launch the White Oil Pipeline (WOP) initiative in northern Pakistan, promising enhanced efficiency and reduced carbon footprint.

PSO's commitment to sustainability was highlighted through initiatives like the ECO street project, which repurposed recycled plastic waste to create environmentally friendly infrastructure. The company also contributed significantly to the community through its CSR trust, investing Rs.100 million in a nationwide ration distribution drive to support underprivileged communities.

PSO's performance in 9MFY24 reflects its resilience, innovation, and commitment to sustainability and community welfare. The company's strategic initiatives and strong financial results position it as a key player in the energy sector, driving growth and positive impact in Pakistan.