AIRLINK 66.80 Increased By ▲ 2.21 (3.42%)
BOP 5.67 Increased By ▲ 0.07 (1.25%)
CNERGY 4.63 Decreased By ▼ -0.09 (-1.91%)
DFML 22.32 Increased By ▲ 1.56 (7.51%)
DGKC 69.76 Decreased By ▼ -1.64 (-2.3%)
FCCL 19.62 Decreased By ▼ -0.33 (-1.65%)
FFBL 30.20 Decreased By ▼ -0.25 (-0.82%)
FFL 9.90 Decreased By ▼ -0.15 (-1.49%)
GGL 10.05 No Change ▼ 0.00 (0%)
HBL 115.70 Increased By ▲ 4.70 (4.23%)
HUBC 130.51 Decreased By ▼ -0.33 (-0.25%)
HUMNL 6.74 Decreased By ▼ -0.11 (-1.61%)
KEL 4.35 Decreased By ▼ -0.04 (-0.91%)
KOSM 4.80 Increased By ▲ 0.46 (10.6%)
MLCF 37.19 Decreased By ▼ -0.56 (-1.48%)
OGDC 133.55 Decreased By ▼ -0.30 (-0.22%)
PAEL 22.60 Increased By ▲ 0.03 (0.13%)
PIAA 26.70 Decreased By ▼ -0.85 (-3.09%)
PIBTL 6.25 Decreased By ▼ -0.06 (-0.95%)
PPL 113.95 Decreased By ▼ -1.00 (-0.87%)
PRL 27.15 Decreased By ▼ -0.07 (-0.26%)
PTC 16.13 Decreased By ▼ -0.37 (-2.24%)
SEARL 59.70 Decreased By ▼ -1.00 (-1.65%)
SNGP 66.50 Increased By ▲ 1.35 (2.07%)
SSGC 11.21 Decreased By ▼ -0.14 (-1.23%)
TELE 8.94 Decreased By ▼ -0.03 (-0.33%)
TPLP 11.34 Increased By ▲ 0.09 (0.8%)
TRG 69.36 Increased By ▲ 0.31 (0.45%)
UNITY 23.45 Increased By ▲ 0.01 (0.04%)
WTL 1.36 Decreased By ▼ -0.03 (-2.16%)
BR100 7,312 Decreased By -12.8 (-0.17%)
BR30 24,106 Increased By 48.2 (0.2%)
KSE100 70,484 Decreased By -60.9 (-0.09%)
KSE30 23,203 Increased By 11.5 (0.05%)

KARACHI: Byco Petroleum Pakistan Limited, Pakistan’s largest petroleum refiner, on Tuesday reported financial results for the six months ended 31 December 2020. The company’s gross revenues declined by 20 percent due to fall in oil prices, to Rs 100.1 billion from Rs 125.6 billion in the corresponding period last year, owing to Covid-19’s impact on the economy.

Byco’s gross profits, however, increased by 30 percent to Rs 3.3 billion from Ra 2.5 billion a year earlier due to favorable crude and furnace oil prices. Operating profit increased by 20 percent to Rs 2.3 billion from Rs 1.9 billion in the same period last year, due to strict discipline on costs. The company’s net profit increased to Rs 961 million, or Rs 0.18 per share, from Rs 213 million, or Rs 0.04 per share, in the same period of 2019, more than 4.5 times last year’s corresponding net profit.

Covid-19 caused unprecedented disruption to trade and commerce but businesses have started to adjust to the new normal. International oil prices increased and POL product consumption in Pakistan has also climbed, though refining margins remained under pressure due to narrow spreads on Premium Motor Gasoline (PMG) and High-Speed Diesel (HSD).

Byco’s Chief Executive Officer, Amir Abbassciy, commented: “Byco expects that discussions between the Government of Pakistan and oil refineries will be productive in developing a long overdue refining policy, so that refineries and the government can chart the next decade of development in this crucial sector. The company places its gratitude with the Government of Pakistan, its customers, shareholders, suppliers, and all other stakeholders for the co-operation extended during the pandemic.”—PR

Copyright Business Recorder, 2021

Comments

Comments are closed.