Byco doubles quarterly profit to Rs871mn

Karachi, October 29, 2019 (PPI-OT): Byco Petroleum Pakistan Ltd (BPPL), Pakistan’s largest oil company, 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.

Byco Petroleum Pakistan Limited (BPPL) is one of Pakistan’s leading energy firms, engaged in the businesses of oil refining, petroleum marketing, and petroleum logistics. Byco’s mission is to meet the nation’s energy. The Company manufactures a wide range of petroleum products with a vision to achieve sustainable productivity and profitability while upholding high environmental, health and safety standards.

Byco is Pakistan’s largest oil refiner by design capacity, and is the nation’s only firm having a dedicated Single Point Mooring (SPM). Byco’s SPM is the only floating liquid port in the country, and the company employs a round-the-clock crew dedicated for the safety and security of the buoy and vessels in and around the SPM’s anchorage area. The SPM is Pakistan’s only terminal having a Tier 3 oil spill response membership.

Byco refines crude oil into various marketable components including Liquefied Petroleum Gas, Light Naphtha, Heavy Naphtha, High Octane Blending Component, Motor Gasoline, Kerosene, Jet Fuels, High Speed Diesel and Furnace Oil. Byco is proud to have the largest capacity crude oil storage tanks in the country. Byco’s marketing network supports retail outlets in more than 80 cities all over Pakistan and is an emerging player in Pakistan’s oil marketing sector. Byco’s diverse and highly skilled workforce consists of approximately 900 dedicated employees across the firm’s divisions.

For more information, contact:
Byco Petroleum Pakistan Limited
The Harbour Front, 9th Floor, Dolmen City, HC-3,
Block 4, Marine Drive, Clifton, Karachi, Pakistan
UAN: +92-21-111-222-081
Fax: +92-21-111-888-081
Website: www.byco.com.pk

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