Pakistan Petroleum posts profits worth Rupees 22.023 billion; record growth of 86%

By MG News | February 27, 2018 at 01:31 PM GMT+05:00

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Pakistan Petroleum Limited today released financial statements for the half year ending December, 31^st 2017. The company reported sales worth Rupees 60.973 billion whereas reporting a total of 22.023 billion worth of profits for the period.

The company during the period reported a 19% decline in Administrative Expenses, however, also reporting a 18.58% decline in Exploration Expenses.

The Petroleum giant’s other income and other charges increased by 100% and 164.17% respectively. The Pakistan Petroleum managed to post a healthy sum of Rupees 22.023 billion as the bottom-line profits for the period; rising by more than 86%.

PPL posted earnings per share of rupees 11.17 per share during the second half of year 2017 against 5.98 per share at same period last year.

The Board of Directors approved an interim cash dividend for the year ending 30^th June 2018 of Rupees 4 per share at 40 percent.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net Sales	60,973,533	40,025,103	52.34%
Operating Expenses	15,849,065	13,737,756	15.37%
Royalties and Other Levies	8,962,046	4,761,330	88.23%
Gross Profit	36,162,422	21,526,017	67.99%
Exploration Expenses	4,273,067	5,248,008	-18.58%
Administrative Expenses	1,002,163	1,053,441	-4.87%
Finance Costs	239,308	232,325	3.01%
Other Charges	2,293,116	868,036	164.17%
Other Income	4,483,170	2,235,329	100.56%
Profit before Taxation	32,837,938	16,359,536	100.73%
Taxation	10,814,274	4,562,554	137.02%
Profit after Taxation	22,023,664	11,796,982	86.69%
EPS - Basic and diluted	11.17	5.98	86.79%

Company release on Earnings Report can be accessed here.

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