20000216

PSO announces

90pc cash

dividend

RECORDER REPORT

KARACHI: Pakistan State Oil (PSO) on Tuesday announced unprecedented 90 percent final cash dividend to its shareholders in addition to proposing 20 percent bonus share.

PSO held its AGM here and declared an impressive profit for the year ended June last that is 45 percent higher to previous financial year. The company posted profits for the year 1998-99 at Rs. 2,617 million as compared with Rs. 2,242 million for the year 1997-98, the company said.

The annual general meeting was chaired by Shaukat R. Mirza, Managing Director, PSO.

The AGM was told that PSO has already declared and paid 30 percent interim cash dividend to the shareholders. Final cash dividend of 60 percent and Bonus share of 20 percent was proposed at the AGM, it said.

The managing director informed the shareholders that the company sold 12.1 million tonnes of petroleum products as compared to 12.7 million tonnes in the previous year. The company's market participation during the year under review was 72.8 percent as compared to 76.8 percent in previous year. This decline in sales was due mainly to lower off-take by independent power projects (IPPs), the company said. The turnover for the year was Rs. 116 billion as against Rs. 121 billion during the year 1997-98.

The shareholders were informed that new vision scheme is aimed at replacing decades old attire with new logo, refreshing colour combination and attractive structural design changes at retail stations. He stated that this programme would help improve PSO's market participation in the retail sector. He stated that brand management has been restructured on modern lines to cater to the customers increasing demand for long drain oils.

PSO has concluded agreement with Castrol of UK for their active participation in PSO's marketing efforts and expanding the technology base for increased cooperation in marketing products, with greater value-addition.

Discussing PSO's infrastructure projects Shaukat Mirza said that PSO intends to reexamine assets performance so that facilities developed in the past are utilised more efficiently under the changing market scenario.

The projects currently under construction are: facilities improvement at Chak Pirnan depot; construction of 200-kl capacity tank at Juglot depot and modification of tanks and pumping system at Kala Shah Kaku depot.

He said that PSO is committed to providing highest quality products and services to its customers through its professionally trained and motivated workforce.