KARACHI: Byco Petroleum Pakistan Limited (Byco), Pakistan’s largest petroleum refiner, today reported financial results for the six months ended 31 December 2020.
The company’s gross revenues declined by 20% due to fall in oil prices, to Rs 100.1 billion from Rs 125.6 billion in the corresponding period last year, owing to Covid-19’s impact on the economy.
Byco’s gross profits, however, increased by 30% to Rs 3.3 billion from Rs 2.5 billion a year earlier due to favorable crude and furnace oil prices.
Operating profit increased by 20% to Rs 2.3 billion from Rs 1.9 billion in the same period last year, due to strict discipline on costs.
The company’s net profit increased to Rs 961 million, or Rs 0.18 per share, from Rs 213 million, or Rs 0.04 per share, in the same period of 2019, more than 4.5 times last year’s corresponding net profit.
COVID-19 caused unprecedented disruption to trade and commerce but businesses have started to adjust to the new normal.
International oil prices increased and POL product consumption in Pakistan has also climbed, though refining margins remained under pressure due to narrow spreads on Premium Motor Gasoline (PMG) and High-Speed Diesel (HSD).
Byco’s Chief Executive Officer, Amir Abbassciy, commented: “Byco expects that discussions between the Government of Pakistan and oil refineries will be productive in developing a long overdue refining policy, so that refineries and the government can chart the next decade of development in this crucial sector.
The company places its gratitude with the Government of Pakistan, its customers, shareholders, suppliers, and all other stakeholders for the co-operation extended during the pandemic.”