Pakistan Oilfields Ltd. profits rise 5.39 percent to Rs. 7.867 billion

Pakistan Oilfields Limited (POL) today announced financial results for the nine months period ending 31 March, 2018 reporting Sales worth Rs. 23.651 billion. Furthermore, the company’s gross profit during the outgoing nine months rose by 3.5 percent to reach 10.495 billion.

At POL, Net Sales during the reported period went up by 7.69 percent reaching 21.986 bllion, with operating costs increasing by more than 14.5 percent reaching 229.379 million.

On the expenses account, POL registered a marked reduction in company’s Administrative Expenses down 98.53 percent with a 132 percent jump in exploration costs for the period.

Amongst other major accounts, other income rose by 83 percent, coupled with a 108 percent jump in financing costs. Meanwhile, the company reported bottom line reports profit worth Rs. 7.867 billion against 7.465 billion in 2017. The company EPS came in at Rs. 33.26 vs. an EPS of Rs 31.56 during the nine months ending March, 2016. 

Comparison of Key Financials

Unconsolidated Profit and Loss Account – For the Nine Months Ended, March 30th 2017

Key Financials

March, 2018

March, 2017

% Change

 

Amounts in PKR ‘000

Sales

23,651,999

22,370,790

5.73%

Sales Tax

1,665,147

1,954,864

-14.82%

Net Sales

21,986,852

20,415,926

7.69%

Operating Costs

6,519,338

6,362,346

2.47%

Excise Duty & Development surcharge

229,379

200,346

14.49%

Royalty

2,450,342

1,742,408

40.63%

Amortization of Development & Decommissioning costs

2,291,856

1,968,808

16.41%

Gross Profit

10,495,937

10,142,018

3.49%

Exploration Costs

1,015,467

436,683

132.54%

Administration Expenses

142,441

9,705,335

-98.53%

Finance Costs

1,218,899

584,829

108.42%

Other Charges

635,858

624,993

1.74%

Other Income

2,305,858

1,259,797

83.03%

Profit before Taxation

9,789,130

9,652,741

1.41%

Taxation

1,921,230

2,187,123

-12.16%

Profit for the Period

7,867,900

7,465,618

5.39%

EPS – Basic and diluted

33.26

31.56

5.39%

Company release on Earnings Report can be accessed here.

Posted on: 2018-04-16T17:05:00+05:00