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KARACHI, September 26, 2013: Byco Petroleum Pakistan Limited (BYCO) announced a substantial increase in net sales of 281% over the same period last year reflecting the reliability and robustness of its core refining and marketing business. Net sales of Rs. 44,454 million reflect the nine-month period ending March 31, 2013as compared to the net sales of Rs. 11,662 million in the corresponding period last year. Byco Petroleum Pakistan Limited was able to achieve the numbers by virtue of efficient utilization of resources which resulted in significant reduction in variable operating expenses. Operating losses were reduced by more than 90% through the execution of streamlined process resulting in efficient production of product and enhanced utilization of available resources.
Highlighting the numbers released, Mr. Asad Azhar Siddiqi, Chief Financial Officer, Byco Petroleum Pakistan Limited said, “Byco Petroleum Pakistan Limited has witnessed significantly challenging times in the last few years primarily due to the 2008 financial crisis. However, with the completion of the Group’s related mega projects this year, there will be significant value addition for Byco Petroleum Pakistan Limited. The management will ensure that this momentum is maintained whilst at the same time focusing on operational excellence, cost management and bottom-line growth.”
During the period mentioned, BycoPetroleum Pakistan Limited processed 4,191,120 barrels of crude oil. The Company successfully negotiated re-profiling of its existing banking exposure (in the form of the LC, Running Finance facility and Short Term Finance facility) into a Term Finance facility-1 of Rs.17.379 billion with tenure of 7.5 years. Byco Petroleum Pakistan Limited financial charges have reduced by 6%, due to the successful downward renegotiation of markup rates. The result is good news for investors.