Karachi: Pakistan State Oil Company Limited, the oil market leader in Pakistan, held its 39th Annual General Meeting (AGM) at a local hotel in Karachi.
The meeting was chaired by Sheikh Imran UlHaque, Managing Director and CEO of PSO. Present at the meeting were Yacoob Suttar, CFO; Ms. Ayesha Afzal, Company Secretary and other members of the PSO senior management.
While summarizing the company’s performance in FY 2015, Sheikh Imran UlHaque shed light on the challenges faced by the Company and how its profitability was adversely affected by the sharp decline of 46% in the OPEC basket price of crude oil from USD 109 per barrel in July 2014 to USD 59 per barrel in June 2015. He also gave the shareholders a brief overview of Pakistan’s economic indicators in FY15 as well as the petroleum consumption pattern in the country, PSO’s product-wise market share and the competitive landscape of the oil market.
Speaking at the occasion, Sheikh Imran UlHaque said that PSO is an iconic institution of Pakistan and the number of people we touch every day is extraordinary. He also said that by utilizing its well-established storage and supply infrastructure and wide-spread retail network, PSO has ensured that the wheels of the nation’s economy continue to move forward.
Sharing the way forward for the company, MD PSO said that PSO is striving to ensure ethical and transparent operations in all spheres of its business; retain market leadership in all key products; undertake diversification into alternate fuels like Liquefied Natural Gas (LNG) and integration into refining business through acquisition of additional stake in Pakistan Refinery Limited.
During the course of the AGM, the shareholders approved the company’s financial statements along with a final cash dividend of Rs. 4 per share (equivalent to 40%) in addition to the earlier interim cash dividends of Rs. 6 per share (equivalent to 60%). The total cash dividend for FY15 stood at Rs. 10 per share in comparison to a dividend of Rs. 8 per share in FY14.
While appreciating the efforts of the company’s management the shareholders expressed concerns over the rising circular debt of the company as well as the absence of a Board of Management of the company.
Concluding the meeting, Sheikh Imran-Ul-Haque thanked the shareholders for attending the AGM and expressed gratitude for their valuable guidance to the company. Acknowledging the value of points raised and suggestions made by the shareholders, the PSO management assured the shareholders that the company will follow the best corporate practices to maximize returns for all stakeholders including the shareholders and the country.