Pakistan Petroleum first-quarter profit falls 20%, surprises with dividend payout
MG News | October 29, 2024 at 11:50 AM GMT+05:00
October 29, 2024 (MLN): Pakistan Petroleum Limited's (PSX: PPL) first-quarter profit fell 20.4% from last year as its revenue contracted while cost of sales rose.
One of Pakistan's largest E&P earned a net profit of Rs23.58 billion [EPS: Rs8.67] during the quarter ending September 2024 as against Rs29.63bn [EPS: Rs10.89] in the same period last year (SPLY).
The company surprised with an interim cash dividend of Rs2 per share (20%) on ordinary shares and Rs2 per share (20%) on convertible preference shares.
Its revenue contracted by 14.6% to Rs66.18bn as compared to Rs77.45bn in SPLY.
Furthermore, the cost of sales, which includes royalties & other levies and operating expenses, rose 2.4%, worsening the gross profit by 22.5% to Rs40.79bn in Q1 FY25.
The gross margins fell to 61.6% as compared to 68.0% in SPLY.
During the period under review, other income rose 70.3% to stand at Rs6.39bn in Q1 FY25 as compared to Rs3.75bn in SPLY.
On the expense side, the company's administrative expenses rose 36.4% from a year ago to Rs1.64bn, selling and distribution expenses fell 24.0% to Rs1.52bn, and other operating expenses fell 3.3% to Rs4.1bn.
The company’s finance cost increased by 36.3% and stood at Rs561.31m as compared to Rs411.81m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs15.17bn against an expense paid worth Rs18.09bn in the corresponding period of last year, a fall of 16.2%.
This translates to an effective tax rate of 39.1% as compared to 37.9% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 66,177,041 | 77,447,699 | -14.55% |
| Cost of sales | (25,386,804) | (24,787,234) | 2.42% |
| Gross Profit/ (loss) | 40,790,237 | 52,660,465 | -22.54% |
| Administrative Expenses | (1,643,614) | (1,205,132) | 36.38% |
| Selling And Distribution Expenses | (1,519,114) | (1,999,434) | -24.02% |
| Share Of Profit / (Loss) | (617,668) | (837,349) | -26.24% |
| Other Income | 6,394,021 | 3,753,625 | 70.34% |
| Other Operating Expenses | (4,099,240) | (4,240,633) | -3.33% |
| Finance Cost | (561,309) | (411,810) | 36.30% |
| Profit/ (loss) before taxation | 38,743,313 | 47,719,732 | -18.81% |
| Taxation | (15,165,937) | (18,093,374) | -16.18% |
| Net profit/ (loss) for the period | 23,577,376 | 29,626,358 | -20.42% |
| Basic earnings/ (loss) per share | 8.67 | 10.89 | - |
Amount in thousand except for EPS
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 170,330.56 209.36M | 0.81% 1376.85 |
| ALLSHR | 102,776.00 765.10M | 0.85% 863.00 |
| KSE30 | 50,737.15 66.77M | 0.77% 386.66 |
| KMI30 | 243,202.84 63.94M | 0.72% 1744.16 |
| KMIALLSHR | 66,614.20 338.53M | 0.70% 461.96 |
| BKTi | 46,313.18 13.24M | 1.10% 505.34 |
| OGTi | 35,066.80 5.64M | 0.45% 158.54 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 61,395.00 | 62,095.00 61,365.00 | -775.00 -1.25% |
| BRENT CRUDE | 92.20 | 93.26 91.66 | 0.75 0.82% |
| RICHARDS BAY COAL MONTHLY | 123.75 | 124.00 123.75 | -1.25 -1.00% |
| ROTTERDAM COAL MONTHLY | 133.20 | 133.40 133.00 | -3.55 -2.60% |
| USD RBD PALM OLEIN | 1,157.50 | 1,157.50 1,157.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 88.88 | 90.00 88.28 | 0.68 0.77% |
| SUGAR #11 WORLD | 14.14 | 14.23 13.97 | 0.02 0.14% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|