Pakistan Oilfields profit jumps 57% in second quarter

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%.

Amount in thousand except for EPS

Copyright Mettis Link News