Byco posts Rs616mn profit, revenue increases by 220pc

KARACHI: Byco Petroleum Pakistan Limited BYCO announced net sales of Rs26,697 million for the half year ended December 31, 2012.

This is a significant increase of 220% during the same period, 2011, when the company posted net revenue of Rs8,329 million reflecting the reliability and robustness of the core refining and marketing business. Byco Petroleum Pakistan Limited earned profit before depreciation and amortization, interest and tax of Rs647 million as compared to a loss of Rs464 million SPLY.

Highlighting the numbers released, Asad Azhar Siddiqi, Chief Financial Officer, Byco Petroleum Pakistan Limited said, “This was primarily due to the higher refining and marketing margins as compared to last year.” Byco Petroleum Pakistan Limited’s refined a total of 2,801,107 barrels averaging 20,152 barrels per stream day.

During this period, Byco Petroleum Pakistan Limited also successfully concluded an agreement with the consortium of nine lending banks for reprofiling of its existing syndicated finance facilities.

Also, in December 2012, Byco Terminals Pakistan Limited’s BTPL Single Point Mooring SPM was successfully commissioned. With the SPM being on line, Byco Petroleum Pakistan Limited is saving substantial expenses in the form of reduced road transportation cost, operational losses and storage charges.

During this period Byco Petroleum Pakistan Limited’s retail network continued to grow. Currently it stands at 229 stations throughout Pakistan.

Byco Petroleum Pakistan Limited is now in the final stages of commissioning its Isomerisation plant, the first such unit installed in the country. This plant will enable the Company to process light Naphtha into low Benzene environmental friendly Motor Gasoline and will yield better returns to the Company due to the significant differential between Naphtha and Motor Gasoline prices.

The Isomerisation plant will be fed Naphtha from Byco Oil Pakistan Limited’s new 120,000 bpd refinery. Furthermore, this conversion of Naphtha would result into substantial savings in transporting, handling and storage costs to the Company.