Seated from left to right: CFO Mr. Yaqoob Suttar, MD Mr. Sheikh Imran Ul Haque and Company Secretary Mr. Raza M Qizilbash
Karachi – 21 October, 2016: Pakistan State Oil Company Limited, the leading oil marketing company of the country, held its 40th Annual General Meeting (AGM) at a local hotel in Karachi. The meeting was chaired by Mr. Sheikh Imran Ul Haque, Managing Director and CEO of PSO. Present at the meeting were Mr. Yacoob Suttar, CFO; Mr. Raza M Qizilbash, Company Secretary and other members of the company’s management.
The shareholders appreciated the company’s performance in FY 2016 as PSO maintained its market leadership position with an overall Market share of 56.0% despite stiff market conditions. The company’s Profit after Tax during FY 2016 was Rs 10.3 billion as compared to Rs. 6.9 billion during FY 15. During the session, the shareholders also approved the company’s financial statements along with a final cash dividend of Rs. 7.5 per share (equivalent to 75%).
On this occasion, the management apprised the shareholders about the new initiative of Government of Pakistan and Ministry of Petroleum and Natural Resources (MNPR). PSO shall be complying to the new standards and shall introduce higher RON grades petrol in the country.
During the meeting, the management also highlighted that corporate social responsibility (CSR) is an integral part of PSO’s overall mission. Initiatives undertaken by PSO in the fields of education, healthcare, environment and community development were briefly mentioned. Shareholders also stressed upon giving back to the society.
Concluding the meeting the PSO management thanked the shareholders for attending the AGM and expressed gratitude for their valuable guidance to the company. The points raised and suggestions made by the shareholders were acknowledged and they were assured that the PSO management will follow the best corporate practices to maximize returns for all stakeholders and the country.