Karachi, Pakistan State Oil Company Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on February 21, 2018.
The agenda of the meeting was discussion of profit and loss account for quarter ended December 31, 2017 which portrayed a profit of Rs. 3,492,664 with earnings per share 10.71 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Pakistan State Oil Company Limited is a public limited company incorporated in Pakistan in 1976. The foundations of the company are laid using the Companies Ordinance, 1984. The principle activities of the company are procurement, storage and marketing of petroleum and related products. The company is also known for blending various kinds of lubricating oils. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan. The registered office of the company is located in Karachi.
The products which the company sells include Motor Gasoline, High Speed Diesel, Furnace Oil, Jet Fuel, Kerosene, CNG, LPG, Petrochemicals and Lubricants. The distribution network of the company comprises of 3,689 outlets out of which 3,500 outlets serve the retail sector and 189 outlets serve the bulk customers. In addition to retail customers more than 2,000 industrial units, business houses, power plants and airlines are being fueled by the company. The associated companies of PSO are Asia Petroleum Limited with 49% shareholding and Pak Grease Company Limited with 22% shareholding percentage. The industry association and trade bodies of the company include Management Association of Pakistan and World Economic Forum.
The symbol “PSO” is being used by the stock exchanges for the shares of Pakistan State Oil Company Limited.