POL profits up by 28% YoY on higher oil prices

MG News | October 22, 2021 at 11:48 AM GMT+05:00

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October 22, 2021 (MLN): Pakistan Oilfields Limited (POL) on Friday announced its financial results, posting a consolidated net profit of Rs4.73 billion (EPS: Rs16.65) depicting a jump of 28% YoY during 1QFY22, backed by higher crude oil prices.

Pursuant to the financial statement provided to PSX, the company witnessed a 27% YoY increase in net sales in 1QFY22, settling at Rs11.36bn amid a substantial surge in oil prices.

However, oil and gas production dropped by 8% and 9% YoY, respectively during 1QFY22 along with reduced dollar indexation that somewhat restricted bottom-line growth, as per a report by Foundation Securities.

Healthy activity on the exploration front increased exploration costs by around six-fold in 1QFY22, clocking-in at Rs451mn against Rs76mn in SPLY, on the back of higher 3D seismic surveys at Taung Block during the period.

Notably, other income escalated by 8.5x YoY to Rs2.5bn, thanks to big exchange gains on foreign currency while net finance costs stood at Rs1.46bn, up by 17 times YoY in tandem with other income.

On the tax front, the company’s effective tax rate came to 30% during the period from 28%.

Consolidated Financial Results for the First Quarter ended September 30, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Sales	13,372,377	9,857,500	35.66%
Sales tax	(1,944,447)	(853,467)	127.83%
Excise duty	(64,567)	(71,265)	-9.40%
Net Sales	11,363,363	8,932,768	27.21%
Operating costs	(2,274,290)	(2,068,293)	9.96%
Royalty	(1,173,337)	(997,959)	17.57%
Amortization of development and decommissioning costs	(773,954)	(563,660)	37.31%

Gross Profit	7,141,782	5,302,856	34.68%
Exploration cost	(450,675)	(75,638)	495.83%
Administrative expenses	(72,892)	(63,317)	15.12%
Finance costs-net	(1,462,409)	(85,944)	1601.58%
Other charges	(417,128)	(354,411)	17.70%

Other income-net	2,522,861	295,621	753.41%
Share in (loss)/profits of associated companies	(454,667)	105,564	-
Profit before taxation	6,806,872	5,124,731	32.82%
Provision for taxation	(2,075,059)	(1,424,747)	45.64%
Profit after taxation	4,731,813	3,699,984	27.89%
Earnings per share - basic and diluted (Rupees)	16.65	13.05	27.59%

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