POL's 9MFY24 profit shrinks by 1.74% YoY

April 25, 2024 (MLN): The bottom line of Pakistan Oilfields Limited (PSX: POL) shrunk by a meagre 1.74% YoY to clock at Rs30.39 billion [EPS: 106.95] in 9MFY24, compared to the profit of Rs30.92bn reported in the Same Period Last Year (SPLY), POL'S filing on PSX revealed today.

Going by the results, the company's top line increased by 10.4% YoY to Rs56.04bn as compared to Rs50.75bn in SPLY.

On the expense side, the company observed a decrease in its exploration costs by 77.15% YoY to clock in at Rs1.45bn while the administrative cost has increased to Rs315.86 million during the period under review.

Conversely, POL's other expenses saw growth of 65.16% YoY to Rs2.74bn during the respective period.

The company's profitability was dropped by the drop in the inflow of profits from associated companies, which clocked in at Rs766.5m in 9MFY24, down by 23% YoY.
 

During the period under review, other income decreased by 48.55% YoY to stand at Rs11.55bn in 9MFY24.

The company’s finance costs contracted by 71% YoY to stand at Rs2.26bn compared to Rs7.78bn in SPLY.

On the tax front, the company paid a higher tax worth Rs10.66bn against the Rs6.99bn paid in the corresponding period of last year, depicting a rise of 52.27% YoY.

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