KARACHI: Byco Petroleum Pakistan Limited continued its way to recovery after achieving a significant increase of Rs 66,187 million for the year ended June 30, 2013, which in terms of net sales stands at 240 percent.
This compared to Rs 19,453 million during the same period last year resulted in an increase of 240 percent in net sales. The momentous rise was made possible due to an increase in throughput of refining operations which saw 5.7 million barrels refined as compared to 0.95 million barrels in 2011-12, approximately 511 percent higher than same period last year. As a result, the company earned a gross profit of Rs 73 million during the year as compared to the gross loss of Rs 1,717 million during the same period last year. All this was made possible due to stringent inventory management, apart from significantly higher sales as well as availability of additional working capital lines.
Speaking on the occasion, Byco Petroleum Pakistan Limited CEO Mujtaba Jafarey said, “We are continuing steadfast on our journey to progress. We have revitalised our supply chain network by developing storages in different provinces so as to optimise supply chain operations through greater use of pipeline network as well as road transportation through tank lorries. We have also redesigned our internal process in a way that it is in the best interest of all stakeholders.”
The refinery operated for 291 stream days in the year ended June 30, 2013, as compared to 58 stream days in the year before. The continuous refining operation has shown an improvement in working capital management, which remained a bottleneck for continuous refining operations last year.
The Petroleum Marketing Business of Byco Petroleum Pakistan Limited continued to expand its operations and has 231 retail outlets in all provinces of Pakistan including Azad Jammu and Kashmir and Gilgit-Baltistan with regular supplies to the power, industrial, transport and other key sectors.
The Single Point Mooring project of the subsidiary company, Byco Terminal Pakistan Limited has been successfully operating and providing logistical advantage in importing crude oil by enabling larger size crude oil vessels to sail and berth without loss of time hence providing substantial savings in freight cost as well as financial charges by improving the cash cycle.
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