Ceylon Petroleum Storage Terminal Ltd (CPSTL), hit a record figure of Rs. 2.1 billion in profit, although it witnessed a 19% drop in Sale Volume, amidst the COVID-19 pandemic.
Chairman and Managing Director of CPSTL M.Uvais Mohamed said that stringent cost cutting measures were in place since last year, and this was what led to the record figure.
By using maximum available resources, in the most efficient way possible, CPSTL was able to minimize costs and carry out the fuel distribution process successfully. The productivity that resulted, also ramped up railway transportation from 5% to 38%; thereby reducing traffic congestion and generating more revenue for Sri Lanka Railways.
The following measures were taken, to cut costs:
- buying necessary equipment such as motor spare parts, uniforms and other essentials from the wholesale market, also secured Rs. 20 million in savings
- renegotiation with insurance providers for a Rs. 40 cost saving
- Investment of around Rs. 350million to set up ‘Internal Floating Roofs’ to Petrol storage tanks, in order to reduce evaporation from 0.5% to 0.3 %.
Furthermore CPSTL was also a pioneer in producing hand and floor sanitizers from the CPSTL Laboratory; including the staff, AL centers, election officials and tri forces as well as the health sector were given sanitizers free of charge.