KARACHI, July 28: Pakistan State Oil (PSO) on Thursday announced a cash dividend of Rs10 per share (100 per cent) after reporting an after-tax profit of Rs5.7 billion during 2004-2005. According to an announcement, the PSO board of management had approved this dividend, making a total payout of 260 per cent for the financial year ending June 2005. The dividend declared the preceding year was 175 per cent.

The board observed that company’s sales revenue during the period under review stood at Rs254 billion, up by 30 per cent over the last year. As a result, profit after-tax was an all-time high of Rs5.7 billion, up by 35 per cent over the preceding year. The performance was due to an increase in sales volume, international prices and innovative products and services.

The consumption of POL products grew by 10 per cent over the previous year owing to an increase of 5.5 per cent in white oil and 21.1 per cent in black oil. In white oil, the upward movement was brought about by an increase in the consumption of mogas, HSD and JP-1 to the tune of 5.3 per cent, 5.5 per cent and 12.4 per cent, respectively.

In black oil, fuel oil consumption went up by 23.3 per cent because of low availability of water and disruption in supply of natural gas. In FY05, PSO achieved a market share of 58.3 per cent in white oil. The mogas volume grew by 7.5 per cent, thus increasing the market share from 43.8 per cent to 44.7 per cent.

In HSD, despite a stiff competition by existing and new entrants, PSO’s volume rose by 4.3 per cent and the company’s market share stood at 59.8 per cent. Similarly, JP-1 and SKO shares were at 63.1 per cent and 69.8 per cent, respectively. In black oil, the company’s sales gained by 30.7 per cent over the last year, attaining a market share of 79.2 per cent.—APP