PSO honoured amongst top Muslim world’s companies

ISLAMABAD: The Pakistan State Oil (PSO) has been ranked 20th in the 7th Annual Dinar Standard survey published in the top 100 Businesses of the Muslim World.“It is an honor for our company to be ranked amongst the top 100 companies in the Muslim World and the honour has only added to expectations to continue with remarkable performance in future”,the company’s MD Irfan Qureshi said while commenting on the achievement.”DinarStandard is a specialized research, advisory and business media firm empowering Emerging Muslim Markets for growth and global impact.     He said the achievement was further underlined by the fact that PSO was the only Pakistani company that was listed amongst this august group of commerce giants.The survey conducted by the Dinar Standard Consultancy compiles and releases a list of the top 100 companies present in the 57 member Organization of Islamic Conference (OIC) on annual basis, the official added.Recognition of PSO’s performance by an accredited international agency is further testament to the current management’s sagacious planning and sound business policies, which have resulted in PSO posting a record half yearly profit of Rs. 7.13 Billion in the 1HFY11, even in the face of rising circular debt.He said as the largest energy sector company in Pakistan, PSO would continue to serve the needs of the nation in a responsible manner.

Not simply content with being mentioned PSO has also boosted its performance across the board, by growing from the 29th slot to the 20th slot in a period of 2 years, with a recorded revenue increase of 21.48 percent this year, the official said.This year’s results had Turkish firms bagging the lion’s share of the list with an impressive 20 firms on the list, while Saudi Aramco continued to hold onto the top spot despite suffering a 42 percent negative revenue growth rate in 2010.Meanwhile another PSO’s official told the Pakistan State Oil often confronted with dishonored cheques of the Pakistan Railways which had been scrambling for its survival.“ We do appreciate the Pakistan Railways’ fragile financial health which required injunction of adequate funds, but how long one can support to continue with credit supplies”, the official observed – APP