September 25, 2019 (MLN): Pakistan Petroleum Limited (PPL) has announced its Financial results today for the year ended on June 30th 2019, as per which the company posted 30% growth in its net profits after tax to Rs 59.4 billion form Rs 45.8 billion observed last year.
The rise in profitability largely came from considerable surged in topline earnings by around 30% to Rs 164.3 billion from Rs 126.6 billion recorded in June 2018.
The upsurge in sales revenue was attributable to higher international crude oil prices and PKR devaluation during the year.
Although the company witnessed rise in its major expense heads i.e. exploration expenses increased by 134% while, finance cost mounted by 65%, but the remarkable growth in net revenues along with higher other income (up by 67%), enabled the company to enjoy huge profits.
It is pertinent to mention that the aforesaid results are in line with market expectations.
Moreover, alongside financial results, the board of directors of the company recommended the payment of a final cash dividend of Rs 2 per share i.e. 20%
Consolidated Financial Results for the year ended June 30, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change |
Revenue from contracts with customers | 164,366,020 | 126,621,240 | 30% |
Operating Expenses | (40,425,850) | (33,769,968) | 20% |
Royalties and other levies | (24,374,938) | (18,550,403) | 31% |
Gross profit | 99,565,232 | 74,300,869 | 34% |
Exploration expenses | (27,206,772) | (11,636,923) | 134% |
Administrative expenses | (2,259,824) | (2,599,614) | -13% |
Finance cost | (777,372) | (470,643) | 65% |
Other charges | (7,163,607) | (5,371,621) | 33% |
Other income | 15,679,127 | 9,396,866 | 67% |
(Loss)/Profit before taxation | 77,836,784 | 63,618,934 | 22% |
Income tax expense | (18,377,394) | (17,793,147) | 3% |
Profit after taxation | 59,459,390 | 45,825,787 | 30% |
Earnings per share – basic and diluted (Rupees) | 26.22 | 20.21 | 30% |
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