KARACHI (PR) – The Board of Management of Pakistan State Oil (PSO) convened on Thursday at PSO House to review the company’s performance over the first half of FY13 from July, 2012 to December, 2012. The meeting was chaired by Sohail W. Siddiqui-Chairman PSO and members in attendance were Dr. Mirza Ikhtiar Baig, Mr. Malik Naseem Hussain Lawbar, Mr. Wazir A. Khoja, Sarfraz Bugti, Muhammad Azam and Naeem Y. Mir-CEO&MD, PSO.

In the period under review, PSO’s revenues rose to Rs 630 billion as compared to Rs 576 billion in the corresponding period last year, representing a growth of 9.34pc. After tax earnings also witnessed significant improvement and increased to Rs. 6.3 billion in 1HFY13 in comparison to Rs. 4.6 billion in FY12 representing a healthy increase of nearly 37%. Keeping in view the Company’s financial performance over the past six months, the Board announced a cash dividend of Rs. 2.5 per share and bonus shares equivalent to 20pc of the shares held.

During the 1st half of FY13, industry’s volumes for Black Oil decreased by 5%, whereas, White Oil grew by 2% reflecting an increase in PMG consumption of 14% while a decline of 2% was recorded in HSD demand. In the period under review, PSO continued its domination of the market with its share in the Black Oil and White Oil segments standing at 74.7% and 56.5% respectively, thereby contributing to an overall market share of 64.6pc.