Pakistan Oilfields profit jumps 57% in second quarter

By MG News | Category Equity | September 02, 2024 at 12:10 PM GMT+05:00

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September 02, 2024 (MLN): Pakistan Oilfields Limited (PSX: POL) earned a profit after tax of Rs9.21 billion [EPS: Rs32.46] in April-June quarter 2024.

That is up 57.1% compared to a profit of Rs5.86bn [EPS: Rs20.66] in the same period last year (SPLY).

This increase was attributed to a substantial reduction in exploration costs during the quarter, which fell 97.6% compared to a year ago.

Along with the results, the company announced a final cash dividend for the year ending June 2024 of Rs70 per share i.e. 700%. This is in addition to the interim dividend already paid at Rs25 per share.

Going by the results, the company's sales fell by 0.8% to Rs14.96bn as compared to Rs15.08bn in SPLY.

Moreover, the cost of sales rose by 31.1%, worsening the gross profit by 11.6% to Rs9.98bn in Q2 2024.

The gross margins worsened to 66.7% as compared to 74.8% in SPLY.

During the period under review, other income grew by 20.7% to stand at Rs4.82bn in Q2 2024 as compared to Rs3.99bn in SPLY.

On the expense side, the company's administrative expenses fell 15.9% YoY to Rs44.76m, exploration costs plummeted 97.6% YoY to Rs160m, and other operating expenses rose YoY to Rs707.34m.

The company’s finance cost shrunk 40.8% and stood at Rs1.09bn as compared to Rs1.83bn in SPLY.

On the tax front, the company paid a lower tax worth Rs3.59bn against the Rs6.31bn paid in the corresponding period of last year, depicting a fall of 43.0%.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	14,956,438	15,080,852	-0.82%
Cost of sales	(4,974,092)	(3,794,328)	31.09%
Gross Profit/ (loss)	9,982,346	11,286,524	-11.56%
Administrative Expenses	(44,758)	(53,209)	-15.88%
Exploration Costs	(159,998)	(6,719,577)	-97.62%
Other Income	4,820,965	3,992,923	20.74%
Other Operating Expenses	(707,342)	5,497,056	-
Finance Cost	(1,085,216)	(1,834,130)	-40.83%
Profit/ (loss) before taxation	12,805,997	12,169,587	5.23%
Taxation	(3,593,974)	(6,305,271)	-43.00%
Net profit/ (loss) for the period	9,212,023	5,864,316	57.09%
Basic earnings/ (loss) per share	32.46	20.66	-

Amount in thousand except for EPS

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