Pakistan State Oil joins club of world's largest public companies

Date: September 17, 2014 Pakistan State Oil joins club of world's largest public companies Lahore - 17th Sept, 2014: The Managing Director & CEO- PSO, Mr. Amjad Parvez Janjua and Deputy Managing Director & Head of IT and Finance, Mr. Sohail Ahmad Butt) visited The Lahore Stock Exchange to participate in the Corporate Briefing Program (CBP). The CBP is an interactive program initiated by the Lahore Stock Exchange to encourage companies to come forward and share their financials and non financial initiatives before the exchange members and investors to bridge the communication gap between the listed companies and the market participants.  Deputy Managing Director (Finance and IT) - PSO, Mr. Sohail Ahmed Butt in his presentation highlighted the Profile and overall financial performance of the company. While sharing PSO's financial performance he informed the audience that the company with the highest contribution to the National exchequer has recorded the best ever key financial indicators; comprising of, turnover, operating profit and after tax earnings. Mr. Sohail while addressing in high spirits shared that the company has recorded highest ever turnover of Rs 1.4 trillion in FY14. He added that the all time high performance benchmarks were achieved by PSO without any increase in margins during the year and the company retained leadership in Pakistan oil market despite higher finance cost borne by the company owing to circular debt. PSO being the market leader carried out a detailed due diligence in FY14 and devised a strategy to strike an effective balance between volumetric growth and profitability while retaining the leadership position in major product lines. Mr. Amjad Pervaiz Janjua - MD PSO thanked the investors for leading the company to surpass Rs 100 billion mark of market capitalization resulting in positioning PSO as one of the few Index heavy weights in the domestic capital market. Mr. Amjad expressed while congratulating the investors that the company has also outshined its performance globally by entering in the prestigious club of world's biggest publicly-traded companies on the Forbes 2000 list. MD- PSOCL, Mr. Amjad Pervaiz also shared that the Company has plans for further expansion in Pakistan and has increased its shareholding in Pakistan Refinery Limited from 18% by exercising its right to purchase additional holding in PRL. Mr. Aftab A. Ch, the MD of LSE stated that the start of the CBP is yet another fulfillment of the corporate social responsibility agenda of the Exchange. He said that CBP has been started to create more awareness about the companies in the general investors and to also enable the companies to fulfill their investor relations obligations. He urged all listed corporations to make use of the CBP opportunity to create a strong bond with their investors. He stressed that LSE considers it essential for the companies to participate in such programs so that there is no information asymmetry regarding our listed companies.