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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