Pakistan Oilfields ltd observes outstanding growth in profits amid higher realized oil price
By MG News | January 22, 2019 at 01:05 PM GMT+05:00
January 22, 2019 (MLN): Pakistan Oilfields Limited (POL)’s quarterly consolidated profits have observed an upswing of 102% year-on-year, from a net income of Rs.2.14 billion in Dec-17 to Rs.4.33 billion at the end of the quarter that ended with Dec-18. (EPS: PKR 15.26).
Similarly, the company’s cumulative profits during the July – Dec period have risen to Rs.7.9 billion, up by 65% YoY, with EPS: PKR 27.83. Net margin for the period has inched up by 0.6% as it stands at 32.2%.
The improvement in POL’s performance seems to have come about as a result of higher average realized oil prices by 16% YoY, and 26% YoY Pak Rupee depreciation against USD.
Another reason for the growth is absence of one-off reversal, which results in a low base impact since the company booked revenue reversal of TAL block amid imposition of windfall levy in 2QFY18
POL’s topline earning in 1HFY19 swelled by 62% YoY while its gross profits (Rs.12.5 billion) observed a remarkable leap of 94% YoY.
After accounting for overall expenses including non-core charges (total: Rs.3.5 billion), which grew by a smaller margin of 85%, the net profit before tax logged in at Rs.12.1 billion.
POL has recommended an interim Cash dividend of Rs. 20 per share. i.e 200%
| Consolidated Financial Results for the half year ended December 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Dec-18 | Dec-17 | % Change |
| Sales | 24,566,924 | 15,148,638 | 62.17% |
| Sales tax | (1,877,358) | (1,504,551) | 24.78% |
| Net Sales | 22,689,566 | 13,644,087 | 66.30% |
| Operating costs | (5,958,836) | (4,481,538) | 32.96% |
| Excise duty and development surcharge | (155,634) | (146,925) | 5.93% |
| Royalty | (2,244,584) | (1,090,560) | 105.82% |
| Amortization of development and decommissioning costs | (1,802,600) | (1,490,237) | 20.96% |
| Gross Profit | 12,527,912 | 6,434,827 | 94.69% |
| Exploration cost | (810,154) | (740,408) | 9.42% |
| Administrative expenses | (118,135) | (99,700) | 18.49% |
| Finance cost | (1,748,604) | (675,442) | 158.88% |
| Other charges | (867,175) | (395,240) | 119.40% |
| Other income | 2,781,487 | 953,610 | 191.68% |
| Share in (loss)/profits of associated companies - net of impairment loss | 349,862 | 604,848 | -42.16% |
| Profit before taxation | 12,115,193 | 6,082,495 | 99.18% |
| Provision for taxation | (4,211,642) | (1,300,237) | 223.91% |
| Profit after taxation | 7,903,551 | 4,782,258 | 65.27% |
| Earnings per share - basic and diluted (Rupees) | 27.83 | 16.80 | 65.65% |
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