Despite the pandemic’s residual effects, Pakistan State Oil continues to maintain its supremacy in the energy sector, outperforming the industry and proving its resilience and strength. In the first quarter of fiscal year 2021-22 (Q1FY22), the market leader recorded an all-time high net profit after tax of PKR 11.9 billion, up 133 percent over the same period last year.
PSO’s strong market penetration and growth strategy increased share of the market across its broad portfolios, resulting in significant volumetric growth over the same period last year. During this time, white oil volume increased by 22.4 percent, while black oil volume increased by 40.5 percent. The company’s white oil market share climbed by 2.1 percent to 47.7%, and its black oil market share increased by 8.0 percent to 64.5 percent. PSO continued to move quickly on infrastructure investments in order to improve operating efficiency and expand its business, adding 13 new retail locations to its already large retail presence.
During a meeting conducted on October 28, 2021 at PSO House in Karachi, PSO’s Board of Management discussed the company’s and its subsidiary Pakistan Refinery Limited’s (PRL) performance for the first quarter ending September 30, 2021.The company had a net profit after taxes of PKR 11.7 billion as a whole (Q1FY21: PKR 5.2 billion).