Pakistan Oilfields profit jumps 57% in second quarter
MG News | September 02, 2024 at 12:10 PM GMT+05:00
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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