Wednesday, May 9, 2018

Byco Petroleum shows strong performance with Profit of Rs 3.42 billion, doubling revenues in the 3rd Quarter of FY18

• Pakistan’s largest refinery delivers strong results for the 9 month period ending on March 31, 2018, generating a Rs. 3.42 billion in Profit, or Rs. 0.64 per share.

• Byco nearly tripled operating profit to Rs. 5.74 billion over the previous year for nine months, and also nearly tripled 3rd quarter operating profit to Rs. 1.88 billion over the same period in FY17.

Pakistan’s only vertically integrated oil company Byco Petroleum Pakistan Limited (BPPL) has shown robust performance in its core businessess, declaring an after tax profit of Rs. 3.42 billion for the nine months ending March 31, 2018, up from a loss of Rs. 128.25 million in the same period last year. On a per share basis, Byco earned Rs. 0.64 per share in the first nine months of FY18 as opposed to a loss of Rs. 0.02 per share in the corresponding period last year. Byco’s operating profit for the nine months ending March 31, 2018 nearly tripled to Rs. 5.74 billion from Rs. 2.0 billion a year earlier. The strong growth in profits was driven in large part by a 71% increase in gross turnover to Rs. 138.94 billion. The company’s net turnover registered 73% growth from FY17 to Rs. 107.57 billion. 

For the third quarter ending March 31, 2018 Byco declared an after tax profit of Rs. 1.13 billion, up from a loss of Rs. 147.58 million in the same period last year. This translated into a profit of Rs. 0.21 per share for the three months ended March 31, 2018 as opposed to a loss of Rs. 0.03 per share for the corresponding period last year. Byco’s operating profit for the third quarter of the FY18 also increased threefold to Rs. 1.88 billion from Rs. 530.8 million in the third quarter of FY17. The increase in profits came as gross turnover almost doubled to Rs. 57.9 billion from Rs. 29.4 billion last year. Byco registered a strong 94% growth on a year-over-year basis for net turnover to Rs. 44.94 billion.




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