POL earnings plunge 42% in H1 December 2024

MG News | January 27, 2025 at 03:41 PM GMT+05:00

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January 27, 2025 (MLN): Pakistan Oilfields Limited (PSX: POL) earnings for the half year December 2024 plummeted by 42.31% with the profit after tax clocking in at Rs10.14 billion [EPS: Rs35.73] compared to the bottom line of Rs17.56bn [EPS: Rs61.93] in the same period last year (SPLY).

An overview of the profit and loss account shows that initial troubles began with a decline in revenue, but the main issue became apparent with exploration expenses surging by 10.37%.

The company's top line shrank 11.05% to Rs30.28bn as compared to Rs34.04bn in SPLY.

On the other hand, gross profit fell by 16.30% to Rs19.83 billion during the period.

POL faced an additional setback as its income rise by 7.71%, standing at Rs8.37bn in half year, compared to Rs7.77bn in the same quarter last year.

The company's expenses regarding administration expenses and other operating cost rose 21.20% and 2.24% YoY, respectively.

However, exploration costs surged to Rs8.36bn compared to Rs1.13bn in the same quarter last year, significantly impacting and shrinking the bottom line.

The company’s finance cost deflated by 16.39% and stood at Rs1.85bn as compared to Rs1.59bn in SPLY.

On the tax front, the company paid a lower tax worth Rs5.77bn against the Rs9.13bn paid in the corresponding period of last year, depicting a decrease of 36.75%.

Consolidated Financial Results for the half year ended December 31, 2020 ('000 Rupees)
	Dec-24	Dec-23	% Change
Sales	33,071,195	36,895,858	-10.37%
Sales tax	(2,688,190)	(2,739,905)	-1.89%
Excise duty	(100,048)	(109,693)	-8.79%
Net Sales	30,282,957	34,046,260	-11.05%
Operating costs	(6,365,645)	(6,226,056)	2.24%
Royalty	(3,311,152)	(3,902,830)	-15.16%
Amortization of development and decommissioning costs	773,216	221,616	248.90%
	(10,450,013)	(10,350,502)	0.96%
Gross Profit	19,832,944	23,695,758	-16.30%
Exploration cost	(8,361,089)	(1,133,489)	637.64%
Administrative expenses	(232,013)	(191,426)	21.20%
Finance cost	(1,858,874)	(1,597,126)	16.39%
Other charges	(1,065,040)	(1,816,484)	-41.37%
	(3,155,927)	(3,605,036)	-12.46%
Other income	8,372,471	7,772,976	7.71%
Impairment/ reversal impairment on Investment in associated company	-	-	-
Profit before taxation	15,919,717	26,714,499	-40.41%
Provision for taxation	(5,778,174)	(9,135,555)	-36.75%
Profit after taxation	10,141,543	17,578,944	-42.31%
Earnings per share - basic and diluted (Rupees)	35.73	61.93	-42.31%

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