Pakistan Oilfields Ltd attains 10% growth in earnings due to higher USD average
By MG News | January 21, 2020 at 04:41 PM GMT+05:00
January 21, 2020 (MLN): Pakistan Oilfields Limited has declared earnings of Rs. 8.73 billion (EPS: Rs. 30.73) for the first six months of Fiscal Year 2020, signifying a growth of 10.4% over the same period of last year. The Company also announced an Interim Cash Dividend for the half year at Rs. 20 per share i.e. 200%.
According to the reasoning provided by Fortune Securities, the company’s earnings grew as a result of higher USD average and low operating expenditure and exploration costs.
The USD/PKR disparity also helped the net revenue of the company to stay firm, despite a fall in the production of hydrocarbon output as well as oil prices.
The operating costs depicted a decline of 7.9% on account of reduction in decommissioning costs resulting from higher discount rates.
| Financial Results for the half year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Dec-19 | Dec-18 | % Change | |
| Sales | 24,024,925 | 24,566,924 | -2.21% |
| Sales tax | (1,843,233) | (1,877,358) | -1.82% |
| Net Sales | 22,181,692 | 22,689,566 | -2.24% |
| Operating costs | (5,488,317) | (5,958,836) | -7.90% |
| Excise duty | (146,052) | (155,634) | -6.16% |
| Royalty | (2,339,408) | (2,244,584) | 4.22% |
| Amortization of development and decommissioning costs | (1,245,828) | (1,802,600) | -30.89% |
| Gross Profit | 12,962,087 | 12,527,912 | 3.47% |
| Exploration cost | (790,648) | (810,154) | -2.41% |
| Administrative expenses | (115,337) | (118,135) | -2.37% |
| Finance cost | (447,891) | (1,748,604) | -74.39% |
| Other charges | (812,721) | (867,175) | -6.28% |
| Other income | 1,110,112 | 2,781,487 | -60.09% |
| Share in (loss)/profits of associated companies - net of impairment loss | 107,042 | 349,862 | -69.40% |
| Profit before taxation | 12,012,644 | 12,115,193 | -0.85% |
| Provision for taxation | (3,281,103) | (4,211,073) | -22.08% |
| Profit after taxation | 8,731,541 | 7,904,120 | 10.47% |
| Earnings per share - basic and diluted (Rupees) | 30.73 | 27.83 | 10.42% |
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