KARACHI: Pakistan State Oil (PSO) has demonstrated resilience and strategic acumen during the financial year ended June 30, 2024, achieving significant financial results and advancing its technological transformation. According to information available from the Pakistan Stock Exchange (PSX), PSO’s integrated approach has led to robust financial performance and pioneering initiatives in digital and renewable energy sectors, positioning it as a leader in the energy market.
The company reported a profit after tax of PKR 15.9 billion for the fiscal year 2023-24, marking a substantial contribution to the energy sector’s stability in Pakistan. PSO's Board declared a dividend of PKR 10 per share, underscoring the company’s commitment to shareholder value. Pakistan Refinery Limited (PRL), a subsidiary, also reflected strong performance with a profit after tax of PKR 4.1 billion and gross revenue reaching PKR 403.6 billion.
Amid global uncertainties and domestic economic challenges, PSO has maintained its market dominance with a 51.6% share in the white oil market and a 99.1% share in the jet fuel market. This success is attributed to the strategic direction provided by the Board and the operational efficiencies implemented through significant digital transformations and business process reengineering.
PSO has been actively expanding its non-fuel retail services, which includes convenience stores, auto care services, and quick service restaurants, enhancing the consumer experience and broadening its market influence. Additionally, PSO’s fintech subsidiary, Cerisma (Pvt.) Limited, has secured in-principal approval for an Electronic Money Institution (EMI) license, setting the stage for a major digital financial infrastructure that could transform financial transactions across PSO’s extensive retail network.
In terms of sustainability, PSO Renewable Energy (Pvt.) Limited is making significant strides by implementing solar energy projects that promise to deliver energy efficiency and reduce operational costs. The company’s commitment to sustainability is complemented by its ventures in developing a national e-commerce platform, further diversifying its service offerings and enhancing customer convenience.
The Board of Management, reconstituted on May 29, 2023, continues to drive PSO towards a sustainable and profitable future, with a focus on corporate governance, strategic growth, and innovation. The ongoing efforts are aligned with the company’s long-term vision to not only lead in the energy sector but also contribute to Pakistan’s overall economic resilience and growth.
As PSO moves forward, it remains focused on capitalizing on growth opportunities, enhancing its operational capabilities, and maintaining its leadership in the energy sector, ensuring long-term value creation for its stakeholders.