Inside Financial Markets
USC records Rs100 bln annual turn over in 2020 - Inside Financial Markets

USC records Rs100 bln annual turn over in 2020

– Associated Press of Pakistan

The annual turnover of The Utility Stores Corporation of Pakistan (USC) was recorded around Rs100 billion during the calendar year, 2020 as compared to Rs10 billion turnover of last calendar year.

On achieving this benchmark, Umer Lodhi, Managing Director USC said that USC was now an almost debt free and self-sustained corporation.

He further said that, USC now intended to carry out highly progressive restructuring with a consolidated view to provide customer-centric approach and was expected to acquire another milestone with a turnover of Rs150 billion till fiscal year 2021.

From a loss making entity to one of the leading contributors in national exchequer, USC ensured food security through uninterrupted supplies of staple food items during the year, said USC statement issued here Tuesday.

The corporation USC contributed Rs. 8.564 billion in national exchequer during the fiscal year 2019-20 as compared to fiscal year 2018-19 in which USC paid Rs. 1.476 billion tax.

The USC served Rs45.77 million households during the year through its largest retail network of 4,881 stores in rural as well as urban areas.

Also, USC has been providing financial relief to people of Pakistan through Prime Minister’s Relief Package since January, 2020, the statement said adding the prices of subsidized food items (wheat flour, rice, sugar, pulses, ghee) had remained same throughout the year, assisting government to maintain prices in the open market.

The USC is about to establish Information Technology (IT) infrastructure during the next fiscal year as the data center was already deployed in its head office.

The data center has the capacity to meet future IT infrastructure requirements, it added.
Through the establishment of IT infrastructure, USC would be synchronizing warehouses and retail outlets. Other initiatives during the year, included deployment of Online Stores Information System by geo-tagging all stores throughout the country. USC has also implemented a Demand-based Online Purchase Ordering System integrated with Finance Payable System.

Despite outbreak of Covid-19, retail outlets remained open for the public to maintain continued supplies of food items at prices lower than open market. USC also launched around 100 Mobile Utility Stores during the pandemic to ensure delivery of grocery items at people’s doorstep in far-flung areas.

Moreover, the initiative helped increasing access of people to necessary items in remote areas across the country, especially in those areas where Smart Lockdown had been imposed.

Also, USC is the first in Pakistan to introduce poly/shopping bags by using Oxo-biodegradable Additives for green environment as per Pakistan Environment Protection Agency rules.

During the year, 64 products were launched by USC under Own Brand including vermicelli, spices, mix spices, black tea, toiletries, and detergents, to name a few, the statement concluded.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)