KARACHI: Byco Petroleum Pakistan Ltd. (BPPL), Pakistan’s largest oil company, today announced the financial results for the quarter ended 30 September 2019. In this period, oil prices remained largely steady and the value of the Pakistani Rupee improved slightly against the US Dollar. However, due to the overall slowdown in Pakistan’s economy, the consumption of petroleum products has declined, except for Motor Spirit (MS) which showed stability. The finance costs increased as KIBOR rates climbed to 13.9% in September 2019 from 8.6% in the same period last year.
Despite the challenging overall economic environment, Byco Petroleum reported gross sales of Rs 62.9 billion. Byco’s gross profit increased by 24% to Rs 2.1 billion from Rs 1.68 billion a year earlier. This increase can be attributed to stability in the Pakistani Rupee’s exchange rate and improvement in MS prices over Naphtha. Byco’s net profit for the quarter more than doubled to Rs 871 million, or Rs 0.16 per share, from Rs 397 million, or Rs 0.07 per share last year.
Byco Petroleum also successfully settled the restructured loan of Rs 17 billion and fully cleared the dues related to an exploration company. By resolving these issues in a difficult economic backdrop, Byco Petroleum has demonstrated its ability to withstand tough market conditions. The company is confident that it will continue showing resilience in the face of economic pressures and will emerge stronger as Pakistan’s economy eventually recovers which will push the demand of petroleum products higher. PR
