Byco increases its share in Pakistan’s gasoline supply sevenfold

Byco increases its share in Pakistan’s gasoline supply sevenfold

• The company’s gross sales increased by 61% to Rs 66.4 billion.

• The Isomerisation unit was successfully placed into service in the current quarter and is contributing positively to the company’s profitability. 

(Karachi, 03 December 2018, For immediate release) Pakistan’s leading Oil Refining Company, Byco Petroleum Pakistan Ltd. (BPPL) announced results for its first quarter ended September 30, 2018. The company’s gross sales increased by 61% to Rs 66.4 billion from Rs 41.4 billion in the same quarter last year. The net turnover increased by 71% to Rs 53.7 billion from Rs 31.4 billion a year earlier. 

The refineries sector in Pakistan experienced a tough quarter due to rising crude prices and Pak rupee depreciation. This squeezed the profitability of the sector, however, Byco managed both the risks better than the industry peers.

Byco Petroleum generated a gross profit of Rs 1.7 billion in the first quarter. The net profit for the quarter was Rs 397 million, or Rs 0.07 per share. There had been increase in manufacturing expenses as compared to same period last year mainly due to startup of the two units of the Company i.e. Reformer and Isomerization. Since start of the Isomerization Unit in July 2018, the Company has been converting 100% of its Naphtha into Motor Gasoline. Share of the Company has increased from 1% to 7% in country supply pool of Motor Gasoline. 

Although Byco Petroleum is not immune to the industry-wide challenges, the company has much more to accomplish and is confident in its ability to create value for its shareholders, customers, and all other stakeholders.