Pakistan’s leading oil refining firm—Byco Petroleum Ltd., has unveiled the results of its first quarter ended sale that is of 30th September 2018. The share of the oil refining company has hiked sevenfold in the country’s gasoline supply.
The gross sale of the company has increased by 61 per cent from Rs41.4 billion recorded during the same quarter in last year to Rs66.4 billion.
The overall turnover has surged from 71 per cent from Rs31.4 billion a year before to Rs53.7 billion.
The refineries sector in Pakistan faced a harder quarter owing to the increasing crude oil prices and Pak Rupee depreciation. This has enfolded the profitability of the sector, but, Byco has better managed the risks in comparison to its industry peers.
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The petroleum company produced a gross profit of Rs1.7 billion in the initial quarter. The net profit for the quarter was Rs397 million or in other words Rs0.07 per share. There had been a surge in the manufacturing expenses in comparison to the same span last year majorly owing to the start-up of the two units of the company that is the reformer and the isomerization.
Since the beginning of the isomerization unit in July 2018, the firm has been transforming 100 per cent of its Naphtha into motor gasoline. The share of the firm has surged from 1 per cent to 7 per cent in the nation’s supply pool of motor gasoline.
Although Byco Petroleum has not remained unaffected to the industry-wide challenges or hurdles, the firm has much more to achieve and is pretty sure in its potential to create value for its shareholders, all other stakeholders and customers.