POL's 1HFY24 profit jumps by 23.4% YoY, announces Rs25 interim dividend

February 06, 2024 (MLN): Pakistan Oilfields Limited (PSX: POL) 's profitability increased by 23.4% YoY, clocking in its profit after tax at Rs17.92 billion [EPS: 63.06] in 1HFY24, compared to the profit of Rs14.52bn reported in the Same Period Last Year (SPLY), POL'S filing on PSX revealed today.

The company also announced an Interim Cash Dividend for the six months ended December 31, 2023, at Rs25 per share i.e. 250%.

Going by the results, the company's top line increased by 13.41% YoY to Rs34.78bn as compared to Rs30.6bn in SPLY.

On the expense side, the company observed a decrease in its exploration costs by 79.31% YoY to clock in at Rs1.13bn while the administrative cost has increased to Rs211 million during the period under review.

Conversely, POL's other expenses saw growth of 57.41% YoY to Rs1.82bn during the respective period.

The company's profitability was also supported by the inflow of profits from associated companies, which clocked in at Rs553m in 1HFY24.

During the period under review, other income decreased by 7% YoY to stand at Rs7.65bn in 1HFY24 as compared to Rs8.23bn in SPLY.

The company’s finance costs contracted by 31.86% YoY to stand at Rs1.6bn compared to Rs2.34bn in SPLY.

On the tax front, the company paid a higher tax worth Rs9.27bn against the Rs5.23bn paid in the corresponding period of last year, depicting a rise of 77% YoY.

Copyright Mettis Link News