POL reports 41% surge in net profits for 9MFY19, performs below expectations

MG News | April 11, 2019 at 05:16 PM GMT+05:00

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April 11, 2019 (MLN): Pakistan Oilfields Limited (POL) has reported bottom-line earnings of over Rs. 11 billion (EPS: Rs. 39.24) for the nine months ended March 31, 2019, i.e. around 41% higher than the net earnings of the same period last year.

The company mainly benefited from a whopping surge in net sales revenue by 48.6% due to a hike in realized oil prices, which led to an increase in gross profits by 72.6%.

Moreover, the non-core income of the company also displayed a massive growth, which was supported by depreciation of Pakistani Rupee against US dollar.

While major expense heads such as operating costs, financial costs, and taxation expense increased by a fair margin, the overall impact on the company’s ultimate earnings was still impressive.

Even though the company displayed positive results for the aforementioned period, it still performed below market expectations.

Profit and loss account for the nine months ended March 31 2019 (Rupees'000)
	Mar-19	Mar-18	% Change
SALES	36,400,547	24,371,663	49.36%
Sales tax	-2,807,916	-1,772,681	58.40%
NET SALES	33,592,631	22,598,982	48.65%
Operating costs	-8,984,070	-7,071,092	27.05%
Excise duty	-232,610	-229,379	1.41%
Royalty	-3,331,172	-2,450,342	35.95%
Amortisation of development and decommissioning costs	-2,816,640	-2,291,856	22.90%
GROSS PROFIT	18,228,139	10,556,313	72.68%
Exploration costs	-1,907,415	-1,015,467	87.84%
Administration expenses	-170,105	-157,530	7.98%
Finance costs	-2,064,090	-1,218,899	69.34%
Other charges	-1,217,625	-638,821	90.61%
Other income	3,552,046	1,606,324	121.13%
Share in profits of associated companies -net of impairment loss	371,271	694,099	-46.51%
PROFIT BEFORE TAXATION	16,792,221	9,826,019	70.90%
Provision for taxation	-5,642,894	-1,933,223	191.89%
PROFIT FOR THE PERIOD	11,149,327	7,892,796	41.26%
Earnings per share - Basic and diluted (Rupees)	39.24	27.76	41.35%

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