PPL: Higher sales revenue, other income drive earnings

MG News | April 27, 2022 at 01:19 PM GMT+05:00

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April 27, 2022 (MLN): Pakistan Petroleum Limited (PPL) has announced its 9MFY22 financial result today, where the company’s bottom-line stood at Rs51.53 billion (EPS: Rs18.94) against Rs38.12bn (EPS: Rs14.01) in 9MFY21.

This year-on-year 35% growth is attributable to a 16% jump in Sui wellhead price and higher oil prices, the research report by Arif Habib Limited said.

Looking at the company’s financial performance, the sales revenue jumped by 25.5% YoY to Rs141.51bn during 9MFY22 amid higher oil prices. As a result, the gross profit of the company observed a 44.4% YoY to Rs91.07bn, expanding margins to 64% from 56% in 9MFY21.

Notably, the other income surged by 3.55x YoY to Rs10.41bn, mainly due to exchange gains that also strengthened the financial health of the company.

However, the increase in exploration expenses and other charges by 2.75 times YoY and 23% YoY to Rs10.69bn and Rs8.88bn respectively somewhat restricted bottom-line growth.

On the tax front, the company’s effective tax rate came to 32% YoY during 9MFY22.

Consolidated Financial Results for the nine months ended March 31, 2022 ('000 Rupees)
	Mar-22	Mar-21	% Change
Revenue from contracts with customers	141,509,348	112,718,002	25.54%
Operating expenses	(29,652,789)	(32,897,478)	-9.86%
Royalties and other levies	(20,788,316)	(16,756,021)	24.06%
Gross profit	91,068,243	63,064,503	44.40%
Exploration expenses	(10,685,793)	(3,871,794)	175.99%
Administrative expenses	(3,074,546)	(2,712,243)	13.36%
Finance costs	(932,342)	(884,858)	5.37%
Reversal of provision for doubtful debts	41,929	-
Share of loss of associate	(2,446,912)	-
Other charges	(8,884,559)	(7,199,888)	23.40%
Other income	10,407,443	2,927,287	255.53%
Profit before taxation	75,493,463	51,323,007	47.09%
Taxation	(23,967,299)	(13,203,986)	81.52%
Profit after taxation	51,526,164	38,119,021	35.17%
Earnings per share - basic and diluted (Rupees)	18.94	14.01	35.19%

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