PSO's Strong Performance and Strategic Initiatives in FY 2024

Pakistan State Oil (PSO) has showcased strong performance in the first nine months of the fiscal year 2024, maintaining its position as a leading energy company in the country. With a net profit of PKR 13.4 billion and gross sales of PKR 2.8 trillion, PSO continues to demonstrate steady growth and resilience in the face of challenges in the petroleum sector.

During this period, PSO's market presence has strengthened, with notable increases in market share across various oil segments. The company achieved a 1.3% growth in white oil market share, reaching 52.4%, driven by a 2.1% expansion in gasoline market share, which soared to 46.4%. PSO also maintained a robust position in the diesel market, commanding a share of 54.5%.

Despite a decline in black oil sales due to reduced furnace oil-based power generation, PSO retained its leading position in the market. The company also continued to dominate the Jet fuel industry with an unprecedented market share of 99.4%.

PSO's commitment to enhancing its infrastructure is evident through the construction of new storage tanks and rehabilitation efforts on existing facilities. The company added 37 new retail outlets, bringing its nationwide footprint to 3,555, further solidifying its focus on providing accessible energy solutions.

Furthermore, PSO's Fintech arm, CERISMA (Private) Limited, received in-principle approval for Electronic Money Institution (EMI) from the State Bank of Pakistan, paving the way for financial inclusion and empowerment through digital solutions.

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, aiming to enhance efficiency and reduce the nation's carbon footprint.

PSO's dedication to environmental sustainability is highlighted by initiatives like the ECO street project, which repurposed recycled plastic waste to create eco-friendly infrastructure. The company's CSR trust also made significant contributions to underprivileged communities, emphasizing hope, unity, and generosity.

As PSO looks to the future, its focus remains on innovation, product expansion, and renewable energy ventures to drive Pakistan's energy sector forward. The management expresses gratitude to all stakeholders for their continued support and trust.