Karachi: In the first half of 2024, Hascol Petroleum Limited reported a significant reduction in losses, highlighting an improved operational performance amid economic challenges. The financial results released for the period ending June 30, 2024, show a narrowed loss of Rs. 4.79 billion, a substantial improvement from the Rs. 10.33 billion loss recorded during the same period in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the company’s net sales revenue stood at Rs. 64.37 billion, driven by a 35% volumetric growth in the second quarter compared to the first quarter of the year. This growth came despite a general slowdown in the economy and reduced demand for fuel.

Hascol's gross profit for the period was Rs. 1.57 billion, up from Rs. 735.46 million in the first half of the previous year. However, the company still faces liquidity constraints largely due to overdue banking obligations and limited working capital facilities, which have persisted for the last few years.

The company is actively pursuing a restructuring of its banking liabilities to improve its operational performance. With the support of its main shareholder and supplier, along with key banks, Hascol has managed to navigate through these difficult conditions. The management remains optimistic about achieving a turnaround and establishing a stronger market presence moving forward.

Employees, customers, financial institutions, suppliers, and other stakeholders were thanked for their contributions and ongoing support. The government of Pakistan and its ministries were also acknowledged for their assistance and guidance during these challenging times.