POL observes 64.3% YoY surge in profitability

MG News | February 04, 2022 at 06:17 PM GMT+05:00

0:00

February 4, 2022 (MLN): Pakistan Oil Fields (POL) has unveiled its half-yearly results for the period ended on December 31, 2021, as per which the company observed a profit of around Rs11 billion, up by 64.3%, compared to 1HFY21, the company filing on PSX showed on Friday.

The remarkable surge in profitability is reflected in the earning per share of the company which stood at Rs38.48 per share compared to Rs23.42 per share during the same period last year.

In conjunction with financial results, the company offered an attractive final cash dividend for the half-year ended December 31, 2021, at Rs20 per share i.e., 200%.

As per the financial statement of the company, the net sales jumped by 35.12% YoY to Rs23.68bn against Rs17.53bn in SPLY while the operating cost of the company showed a meagre surge of 3.72% YoY to stand at Rs4.19bn.

Resultantly, the gross margin of the company improved to 56% in 1HFY21 from 53.34% in 1HFY22.

During the review period, the finance cost of the company clocked in at Rs2.4bn while, in terms of other charges, the company had to pay Rs96 million.

Among other line items, other income remained in the limelight as it surged by 8.6x YoY to Rs4.72bn on an account of lower exchange gains.

Lastly, the company paid Rs5.37bn in 1HFY21, up by 60% compared to the same period last year.

Consolidated Financial Results for the half-year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Sales	27,860,729	19,340,337	44.06%
Sales tax	(4,047,432)	(1,667,435)	142.73%
Excise duty	(126,059)	(141,924)	-11.18%
Net Sales	23,687,238	17,530,978	35.12%
Operating costs	(4,192,271)	(4,041,758)	3.72%
Royalty	(2,488,378)	(1,931,940)	28.80%
Amortization of development and decommissioning costs	(1,401,095)	(1,241,240)	12.88%
Gross Profit	15,605,494	10,316,040	51.27%
Exploration cost	(558,518)	(109,231)	411.32%
Administrative expenses	(121,497)	(117,612)	3.30%
Finance cost	(2,397,148)	102,436	-
Other charges	(955,678)	(746,732)	27.98%
Other income	4,717,741	544,775	766.00%
Profit before taxation	16,290,394	9,989,676	63.07%
Provision for taxation	(5,367,646)	(3,340,608)	60.68%
Profit after taxation	10,922,748	6,649,068	64.27%
Earnings per share - basic and diluted (Rupees)	38.48	23.42	64.30%

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