ISLAMABAD: In the face of challenges, the Pakistan State Oil (PSO) is successfully going ahead to cater to the country's energy needs and provide best service to its customers.
In view of its performance, the company has received wide appreciation and worldwide recognition for its excellence performance.
In the first half of the financial year 2010-11, the company made high-time earnings in its history when after tax its earnings recorded at Rs7.13 billion in comparison with Rs5.08 billion in same period of FY 2009-10 despite the circular debt which is badly affecting supply chain of the oil sector including the PSO.
The company was honoured at the 27th Corporate Excellence Awards ceremony organized by the Management Association Pakistan (MAP).
The MAP Corporate Excellence Awards were instituted in 1982 to recognize companies demonstrating outstanding performance and best corporate governance practices adjudged through a stringent evaluation process by an independent committee.
Similarly the company was ranked 20th in the 7th Annual Dinar Standard survey published in the top 100 Businesses of the Muslim World, recently.
DinarStandard is a specialized research, advisory and business media firm empowering Emerging Muslim Markets for growth and global impact.
The achievement is further underlined by the fact that PSO was the only Pakistani company that was listed amongst this august group of commerce giants.
Not simply content with being mentioned, the PSO has also boosted its performance across the board, by growing from the 29th slot to the 20th slot in a period of two years, with a recorded revenue increase of 21.48 percent this year, an official said.
The company's sales revenue for the given period touched Rs427 billion as compared to Rs414 billion during the corresponding period last year.
The financial costs associated with servicing this debt coupled with consistent non-payment from the power sector continue to hurt overall profitability of the company.
The PSO donated approximately Rs50 million to various flood relief activities and ensured uninterrupted fuel supply across the country.
In the period under review PSO was also recognized for its community building initiatives in the form of the Corporate Philanthropy Award, by the Pakistan Centre of Philanthropy (PCP) as being one of the top 5 public listed companies that donate to social causes.
The PSO maintained its position as the market leader with the share in the Black Oil and White Oil segments standing at 79.2 percent and 55.0 percent respectively, thereby contributing to an overall market share of 66.3 percent.
The PSO cater to the fuel and non fuel needs of approximately 2.8 million customers per day and these customers comprising the retail consumer, various industrial units, government, power projects, aviation and marine sectors of the country.
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