Sector- Refinery

AsiaPac | Pakistan | Equities

Oil & Gas

Monday, 3 Feb-2014

BYCO Petroleum- AGM takeaways

Company Profile

Sales grew by massive 240%YoY in FY13

Byco Petroleum Pakistan Limited (BYCO) held its Annual General Meeting (AGM) on Friday
31st Jan-2014 to consider and approved annual result ended FY13. Following are the few
excerpt of the meeting.

During FY13 Bycos sales have been extensively increased by 240%YoY to PKR66bn
compared to PKR19.4bn in the same period last year.

Massive upsurge in companys sales were led by increase in throughput from 0.95mn tons
to gigantic 5.7mn tons, where refinery operated at 291days compared to 58 stream days in
FY12.

Meanwhile company recorded gross profit of PKR73 following posted gross losses of
PKR1.7bn in FY12.

While going through operating profits we observed that, although it is still a negative figure
but with a recovery from sheer loss to comparatively lesser one. Byco was successfully able
to pull its operating margin from (-12%) in FY12 to (-2%) in current period and this was
mainly due to a decrease in Administrative and selling expenses.

Resultantly, Byco posted NLAT of PkR4.9bn (LPS: PkR5.01/sh) as compared to loss of

PkR3.1bn (LPS: PKR3.15) in FY12.

BYCO Annual result review

PKRmn

FY13

FY12

YoY

Net Sales

66,187

19,453

240%

Cost of Sales

66,114

21,170

212%

Gross profit

73

Operating expense

1,318

Operating loss

(1,244)

Other charges

1,591

Other income

(1,717)
912
(2,628)

NM

902

2,407
2,964

-6%

Loss before tax

(4,729)

(3,197)

48%

Loss per shares

1%
Associated
companies

16%

General public

-53%

11 14034%

2,796

Loss after tax

Share Holding Structure

45%

Financial Charges
Taxation

Byco oil Pakistan Limited (Parent

company) holds 82.27% shares in
the company. The holding company
is a wholly owned subsidiary of
Byco Industries incorporated (BII),
Mauritius
(Ultimate
Parent
Company).
The
company
is
principally
engaged
in
the
production, marketing and sale of
petroleum products.

82%

Others

-63%

175

119

46%

4,903

3,078

59%

5.01

3.14

59%

YoY

Margin analysis

FY13

FY12

Gross margin

0.11%

-8.82%

9%

Opp. Margin

-2%

-12%

11%

Net margin

-7%

-16%

8%

Source: Company Accounts., Alternate Research

Source: Company Accounts., Alternate Research

Outlook
Companys management disclosed that the new refinery will start production
within seven days, whereas banks have approved credit lines to import crude
oil. Bycos financial performance during FY13 was not exciting. Though, Byco is
looking forward to the value addition from the results of its mega projects,
whilst at the same time focusing on operational excellence, cost management
and bottom-line growth to maintain a good momentum.
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experience in matters relating to investments.
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Senior Analyst
Yawar Uz Zaman
+92 21 3432-6919
y.zaman@alt-research.com
504, 5th Floor, Business Avenue, Plot 26-A, Block-6,
P.E.C.H.S., Shahra -e-Faisal, Karachi.
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