POL's profits take a plunge

By MG News | April 27, 2021 at 11:40 AM GMT+05:00

0:00

April 27, 2021 (MLN): Pakistan Oil Fields has unveiled its financial results for the nine-month of the current fiscal year ended March 31, 2021, as per which, the company has reported net profits of Rs 9.74 billion (EPS: Rs 34.33), depicting a decline of 30% YoY against the net profits of Rs 13.94 billion (EPS: Rs 49.06) reported same period last year.

The fall in profitability came on the back of a 5% and 7% YoY decline in oil and gas production, respectively, and a 13% YoY slide in average realized oil prices, as per a report by Arif Habib Limited. As a result, the gross profit took a hit as it came down by 18% YoY to Rs 15.78 billion during 9MFY21.

Furthermore, the exploration costs clocked in at Rs 181 million during the said period, down by a massive 84% YoY amid zero seismic activity reported in 3QFY21.

However, the share in profits of associated companies surged by 4x YoY to Rs 261 million that came as a breather for the bottom line.

Consolidated Financial Results for the Nine months ended March 31, 2021 ('000 Rupees)
	Mar-21	Mar-20	% Change
Sales	30,416,136	34,826,430	-12.66%
Sales tax	(2,584,319)	(2,856,000)	-9.51%
Excise duty	(208,388)	(222,787)	-6.46%
Net Sales	27,623,429	31,747,643	-12.99%
Operating costs	(7,102,172)	(7,178,892)	-1.07%
Royalty	(2,918,585)	(3,419,626)	-14.65%
Amortization of development and decommissioning costs	(1,818,463)	(1,898,985)	-4.24%

Gross Profit	15,784,209	19,250,140	-18.00%
Exploration cost	(180,983)	(1,152,351)	-84.29%
Administrative expenses	(184,598)	(191,286)	-3.50%
Finance cost-net	421,940	(1,687,979)	-
Other charges	(1,168,195)	(1,241,809)	-5.93%

Other income-net	129,089	3,597,758	-96.41%
Share in profits of associated companies - net of impairment loss	261,575	65,481	299.47%

Profit before taxation	15,063,037	18,639,954	-19.19%
Provision for taxation	(5,322,348)	(4,698,462)	13.28%
Profit after taxation	9,740,689	13,941,492	-30.13%
Earnings per share - basic and diluted (Rupees)	34.33	49.06	-30.02%

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