Hascol Petroleum sells POL products through a network of 210 fuel stations across Pakistan. It plans to add another 50 retail outlets by the end of this year. PHOTO: FILE
The oil marketing company had earned a profit after tax of Rs752.76 million in the corresponding period last year.
Earnings per share stood at Rs7.49 compared to Rs6.24 in the same nine months in 2015, according to a company notification to the Pakistan Stock Exchange. Its share price fell 1.38%, or Rs3.54, and closed at Rs252.47 with a volume of 1.11 million shares.
Sales grew by 39% to Rs92.73 billion from Rs66.49 billion in the same nine months last year. After the deduction of sales tax and addition of other revenue, the net revenues of the company rose by 27% to Rs70.26 billion from Rs55.34 billion in the corresponding period. Selling and distribution expenses increased to Rs1.21 billion from Rs0.71 million.
Finance cost improved to Rs318.85 million from Rs262.60 million. In the July-Sept 2016 quarter alone, Hascol Petroleum earned a consolidated profit of Rs291.79 million (earning per share at Rs2.42) as compared to Rs236.99 million (earning per share at Rs1.96) in the same quarter in 2015.
Hascol’s board of directors also approved a lube blending and grease plant at Port Qasim in collaboration with Fuchs Germany. The company is already marketing FUCHS lubricants. The total cost of the projected is estimated at Rs1.8 billion with a lead time of 2 years. “It is likely to improve volumes and margins for lubes marketed by the company,” Silat said.
Published in The Express Tribune, October 29th, 2016.
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