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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