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Performance of Pakistan State Oil.

Pakistan State Oil (PSO) has emerged as one of the best among the oil companies. Its sales revenue is the highest of any single company in Pakistan. Sales during the year ending June 30, 1992 stood at Rs. 45,602.51 million as compared to Rs. 40,180.61 million in the preceding year showing a rise of 13.48%. Pretax Profit during the same period stood at Rs. 526.94 million as compared to Rs. 450.70 million in 1992 showed an increase of 16.92%. Earning per share worked out to Rs. 12.19 as compared to Rs. 10.20 in 1991. Price Earning Ratio at the market price of Rs. 136.00 worked out to 11:1. Profit aftertax of Rs. 318.7 million was 37.4 per cent higher than last year's net profit of Rs. 231.8 million. The final cash dividend of 20 per cent along with the interim dividend of 27.5 per cent make to a total cash dividend of 47.5 per cent for the year. In addition, the company declared a stock dividend of 67.5 per cent for 1991-92 which is a significant jump over cash-cum-stock dividend of 60 per cent last year. Likewise shareholder's equity also rose from Rs. 1282.5 million to Rs. 1476.9 million as a result of which the break-up value of each paid-up share of Rs. 10/-rose from Rs. 56.41 to Rs. 56.49.

The company ended the year with record sales despite all odds. During the last fiscal year, the company sold 8.361 million tonnes of petroleum products as against 7.294 million tonnes in 1990-91 which showed a growth of 14.6 per cent. The company's market share also improved from 74 to 76 per cent in last fiscal. The five year sales volume are given in table:
Sales Volume
Year (Tonnes)
1987-88 5.600
1988-89 6.176
1989-90 6.912
1990-91 7.294
1991-92 8.361

In consonance with national objectives, the company has presently inhand a number of special projects which are vital for the petroleum products infrastructure facilities. The company has signed an agreement to supply an estimated 1.54 million tonnes to 2 million tonnes of fuel oil per annum to HUBCO's Power Plant in Balochistan. Thus, an 80 km. long pipeline will have to be laid from Pipri to Hub River. The necessary infrastructure at Pipri and Port Qasim is already under construction by the company. Meanwhile, the company has set up a separate company in the name of Petroleum Transportation Company Ltd. which has been registered as a public limited company in 1992.

The construction work on 80,000 tonnes black oil storage was started in May 1991. Work on construction of 4 x 20,000 tonnes tanks and 16-bay truck loading gantry is in progress. An Interim Product Receipt System at Bin Qasim consisting of a pump station with tankage of 30,000 tonnes and complete pumping and pipeline system is being built to unload/load products from and to, Ocean Tankers berthing at PQA Jetty No. 1. The construction of 24" dia, 13 km. pipeline from Pump Station to Pipri will begin shortly. During the year under review new depots at Khuzdar and Pasni were commissioned, while construction of the Machike Installation, planned for storage of 53,800 tonnes remained held up for necessary permission.
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Title Annotation:Pakistan State Oil Company Ltd.
Publication:Economic Review
Date:Feb 1, 1993
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