KARACHI: The Pakistan State Oil Company (PSO) has been ranked at top position in the Institute of Chartered Accountants of Pakistan’s (ICAP) List of top 100 corporations of the country.
A PSO official said here on Wednesday that this achievement has been reflected in a recent report published by the ICAP’s publication, The Pakistan Accountant.
‘The ICAP Top 100 Companies of Pakistan’ list gives recognition to high performing companies where ranking is devised based on data received from the Pakistan Stock Exchange and financial reporting of the corporations.
PSO’s achievement is based on meeting ICAP’s criteria set under the category of “Revenue wise Top Performing Companies”.
PSO, it was pointed out, has reported 21.1% higher revenue, amounting to Rs. 1,097 billion, in fiscal year (FY2017) compared to Rs. 906 billion in FY2016.
The company has also reported 76.7% more profit-after-tax, amounting to Rs 18.2 billion in FY2017 compared to Rs 10.3 billion in FY2016.
Comparing performance of FY2017 with FY2015, PSO has shown a remarkable growth of 163.8% over the last two years when it earned Rs 6.9 billion in profit-after-tax.
Despite continued liquidity challenge due to circular debt, PSO businesses have been showing progress year-on-year.
The Managing Director and CEO of the PSO, Sheikh Imranul-Haque, said that “This remarkable achievement itself explains the efforts of PSO which is working relentlessly in the service of the nation. Our focused strategy has witnessed a phenomenal growth across PSO’s business portfolios in recent years. Our planned expansion into the non-fuel retail business will also add to the brand’s value as we are growing into a company that offers multiple services to its customers across its fuel and non-fuel segments”.
“For the management of PSO, our top business ranking comes with a great deal of responsibility, as demonstrated in recently again during events of fuel shortages in the country. It is indeed a sense of commitment to keep adding value through our business lines for our customers, business partners, shareholders, government and wider society whose every journey begins here”, it was further pointed out.