Karachi: Byco Petroleum Pakistan Limited announced an impressive batch of results for the FY 2013-14. The company reported an increase in refining production volume by 19.2 % as compared to FY12-13, resulting in improved efficiency.
This increase has led to a rise in sales by 40% as compared to SPLY, a four-fold growth in the company’s gross profit and an overall increase in revenue of Rs26.4 billion over SPLY of Rs66.187 billion.
Commenting on the impressive results, Ms. Aatiqa Lateef, Group Spokesperson for Byco said, “These results are a testament of the fact that Byco continues its path to success despite the challenges that the local refining sector continues to face because of the circular debt.”
As part of its drive to improve upon the existing petroleum products infrastructure in the country, Byco inaugurated a storage facility at Mehmood Kot, while the first Isomerization plant of the country went live during this period, bringing a value addition by converting light Naphta into gasoline greatly offsetting the necessity of importing it.
The Petroleum Marketing Business of Byco Petroleum Pakistan Limited continued to expand its operations that stood at 250 retail outlets on 30 June, 2014, in all provinces of Pakistan including Azad Jammu & Kashmir and Gilgit Baltistan with regular supplies to the power, industrial, transport and other key sectors.
Byco’s Single Point Mooring (SPM), the first and only in the country, continued to facilitate the company’s 155,000 bpd refining complex. Thus far it has received 18 ships that have brought in more than 1 million tons of crude oil without any loss of time, as on 30 June 2014.