Pakistan Petroleum misses estimates as revenue slumps
MG News | September 20, 2024 at 12:43 PM GMT+05:00
September 20, 2024 (MLN): Pakistan Petroleum Limited (PSX: PPL) failed to live up to analyst expectations with its latest results on Friday as its revenue slumped.
One of the country's largest oil & gas exploration company posted a profit after tax of Rs17.9 billion [EPS: Rs6.58] during the quarter ending June 2024.
That compares with industry expectations of Rs9.70 per share and an earnings per share of Rs5.92 in the same period last year (SPLY).
Along with the results, the company announced a final cash dividend of Rs2.50 per share i.e. 2.5%.
Going by the results, the company's revenue went down by 11.3% to Rs64.14bn as compared to Rs72.31bn in SPLY.
Moreover, the cost of sales rose 13.4%, worsening the gross profit by 23.7% to Rs36.8bn in Q4 FY24.
The gross margins fell to 57.4% as compared to 66.7% in SPLY.
During the period under review, other income surged 106.0% to stand at Rs5.44bn in Q4 FY24 as compared to Rs2.64bn in SPLY.
On the expense side, the company's administrative expenses rose 64.5% from a year ago to Rs1.86bn, other operating expenses rose 24.5% to Rs4.11bn, while selling and distribution expenses fell 17.8% to Rs7.14bn, and
The company’s finance cost slid by 8.5% and stood at Rs395.67m as compared to Rs432.31m in SPLY.
On the tax front, the company paid a significantly lower tax worth Rs10.33bn against the Rs20.73bn paid in the corresponding period of last year, depicting a fall of 50.2%.
This translates to an effective tax rate of 36.6% as compared to 56.3% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 64,136,914 | 72,305,270 | -11.30% |
| Cost of sales | (27,340,660) | (24,108,547) | 13.41% |
| Gross Profit/ (loss) | 36,796,254 | 48,196,723 | -23.65% |
| Administrative Expenses | (1,863,751) | (1,133,052) | 64.49% |
| Selling And Distribution Expenses | (7,137,686) | (8,679,237) | -17.76% |
| Other Gains / (Losses) | (2,327,007) | - | - |
| Share Of Profit / (Loss) | 1,856,094 | (457,923) | - |
| Provision Reversed / (Charged) | (33,854) | - | - |
| Other Income | 5,439,684 | 2,640,270 | 106.03% |
| Other Operating Expenses | (4,109,501) | (3,302,168) | 24.45% |
| Finance Cost | (395,667) | (432,313) | -8.48% |
| Profit/ (loss) before taxation | 28,224,566 | 36,832,300 | -23.37% |
| Taxation | (10,326,401) | (20,729,757) | -50.19% |
| Net profit/ (loss) for the period | 17,898,165 | 16,102,543 | 11.15% |
| Basic earnings/ (loss) per share | 6.58 | 5.92 | - |
Amount in thousand except for EPS
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