Utility Stores Corporation records Rs 100 billion annual turnover in 2020

Utility Stores Corporation

The annual turnover of Utility Stores Corporation of Pakistan (USC) was recorded around at around Rs 100 billion in the calendar year 2020 as compared to Rs 10 billion in 2019.

USC contributed Rs 8.564 billion to the national exchequer as a result during the fiscal year 2019-20 after recording an 1176% increase in revenue.

The decrease in the vendor’s liabilities was also remarkable. The liabilities were Rs 10.283 billion on June 30, 2018, and Rs 3.491 on June 30, 2020.

USC Managing Director Umer Lodhi said, “USC now intends to carry out highly progressive restructuring [reforms] with a consolidated view to provide customer-centric approach, and expects to reach another milestone by achieving a turnover of Rs150 billion by the end of the fiscal year 2020-21.”

Read more: Pakistan becomes importer of major farm goods to curb soaring prices

He further stated, “From a loss making entity to one of the leading contributors to the national exchequer, USC ensured food security through uninterrupted supplies of staple food items during the year.”

The Managing Director added that the corporation did business worth Rs 100 billion in 2020 which was Rs 8.5 in 2019. The statement of the Utility Stores Corporation says that Rs 8.564 has been deposited as tax in the year 2019-20 whereas the amount of tax deposited in 2018-19 was Rs 1.476 billion.

The present government of PTI is perhaps the first one which is taking a keen interest not only to make this biggest retail outlet in the country, profitable but also beneficial for the low-income people.

In the first phase of the Prime Minister’s Package, the subsidy on sugar, ghee, pulses, and rice was given which continued till April 17, 2020. During Ramadan, the sale of the USC was Rs 22 billion which is the highest in history. The availability of the commodities was made smooth during the Covid-19 from January 2020 to April 2020 under the Prime Minister Relief Package.

The condition of the inventory also bettered. It increased from Rs 5.6 billion on June 30, 2018, to Rs 15 billion on May 30, 2020. There has also been a substantial increase in sales. It was Rs 9 billion during the financial year 2018-19 and was Rs 50.832 in the financial year 2019-20.

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