The shareholders of Pakistan State Oil (PSO), the nation’s oil market leader and the largest company in Pakistan in terms of turnover applauded the company’s extraordinary business performance during FY2014 at the company’s 38th Annual General Meeting (AGM). The shareholders expressed their utmost confidence in the company’s management and their efforts to provide value addition to the stakeholders.
The shareholders approved the financial statements together with auditor’s report for the fiscal year ended June 30, 2014 besides payment of final cash dividend of Rs 4 per share in addition to the earlier interim cash dividends of Rs. 4 per share (equivalent to 80%) and issuance of bonus stock at the rate of 10%. These impressive numbers won tremendous appreciation from the shareholders who stated that they were proud to be part of such a high-performing and well managed company.
The meeting was chaired by PSO BoM Chairman – Mujahid Eshai and Managing Director & CEO of PSO, Amjad Parvez Janjua presented the performance highlights of the company. The annual general meeting was attended by various members of the PSO Board and the management team.
During the shareholder meeting, it was highlighted that PSO closed FY2014 with flying colours. The Company recorded all time high sales revenue, operating profit, after tax earnings and market capitalization. Consequently, the company made highest ever contribution to the government exchequer in the form of duties and taxes. The company realized substantial cost efficiencies, whereby the distribution and marketing expenses increased merely by 3% as compared to 14% average increase in expenses over the last three years and against an inflation rate of 8.5% during FY 2014. During FY2014, the company crossed Rs 100 billion mark of market capitalization and is now on Forbes 2000 list of world’s biggest publicly traded companies. Additionally PSO has shifted its business model whereby the company is working towards striking an effective balance between growth and profitability.
The Chairman thanked the shareholders for attending the AGM and expressed gratitude for their valuable guidance to the company which had enabled PSO to achieve all time high results. He assured the stakeholders that the company will follow the best corporate practices to maximize the value of business for all the stakeholders.