ISLAMABAD: The public sector marketing company-Pakistan State Oil (PSO) recorded during the five months July to November 2013 a turnover of approximately Rs621 billion, representing a growth of 18 percent as compared to Rs525 billion during the same period last year.

According to an official source, in the first quarter financial year 2014, PSO reported highest ever quarterly earnings after tax of Rs7.8 billion in comparison to Rs4.3 billion during same period last year, witnessing a growth of 81%.

The source added PSO maintained its market leadership during Q1FY14 with overall market share of 63.8% whereas its share in Black Oil and White Oil stood at 75.9% and 52.5% respectively.

Similarly, the company's liquid fuel sales grew by 4.3% and the sales volume of Furnace Oil and Motor Gasoline grew by 6.7% and 17.4% respectively whereas the sales volume of High Speed Diesel dropped by 6.4%. Interest income of Rs8.2 billion was received from HUBCO and KAPCO during this period.

However, the current recovery is Rs484 billion, which is the amount received against the supplies made during July to November 2013. Rs69 billion has been recovered against old receivables of Rs75 billion as of June 30, 2013.

Additionally, over the past five (05) months the Company's market share in different product groups witnessed significant month on month growth.

This is reflected by the fact that from August onwards, PSOs share in the HSD market rose from 50% to 57% while share in MOGAS remained steady at 50% despite stiff competition in the market.

The Company's share in the lubricants market also rose from 16% to 28% amongst OMCs across Pakistan within a period of just 3 months.

As a result of these cohesive efforts the Company expects to witness record revenue of Rs30 billion during the period July 2013 to November 2013.

During the five months period of July to November 2013, there was NOT a single bank default on account of non-payments of Letters of Credit (LCs) due to prudent fund management.

This is especially significant as during the preceding five months (February - June 2013) there were four defaults amounting to Rs 17 billion on different dates.

During the period July to November 2013, PSO successfully fulfilled the Furnace Oil demand of the public sector and private sector electricity generating companies, and catered high demand of Motor Gasoline in the country due to low availability of CNG. Gasoline import has been 30% higher than that during same period last year.

A web-based application OOMS (Online Order Management System) was launched in July 2013, automating the entire sales order process to facilitate the dealers to place orders and make payments online.

A human resource development initiative for capacity building and leadership development was launched by signing an MoU with Suleman Dawood School of Business (SDSB) of the Lahore University of Management Sciences (LUMS).

An internship programme for the students of universities across Baluchistan was also launched.

As a responsible corporate citizen, PSO extended support to fellow citizens affected and displaced by flood by providing relief items to meet their nutritional and shelter needs in the month of October, 2013.

Source: APP