POL's net profits jump by 25% YoY

By MG News | April 23, 2020 at 05:58 PM GMT+05:00

0:00

April 23, 2020 (MLN): Pakistan Oilfields Limited (POL) has reported a significant 25% YoY surged in net profits for the nine months ended on March 31, 2020, to Rs 13.94 billion compared to Rs 11.14 billion in the same period of last year.

The earnings per share of the company rose from Rs 39.24 per share to Rs 49.06 per share.

During the period, the company’s net revenues witnessed a negative growth 1% YoY on account of a decline in international crude oil prices and the drop in the production of oil and gas.

While the gross margin improved to 53.38% in 9MFY20 as compared to 50% in 9MFY19 owing to lower operating cost which declined by 6.34% YoY. Exploration cost was also declined considerably by 39.5% YoY whereas, the admin costs surged by 12.45% YoY.

Furthermore, owing to lower exchange gains during the period, POL’s Other income did not improve by a significant margin as it only inched up by 1.3% YoY to Rs3.59 billion in 9MFY20 as compared to Rs 3.55 billion.

On the other hand, Finance cost witnessed a decline of 18.2% YoY due to lower provision of decommissioning cost.

Finally, a decline in tax payments by 16.74% YoY further contributed to the upsurge of the company’s profitability.

Financial Results for the Nine months ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Sales	36,061,605	36,400,547	-0.93%
Sales tax	(2,856,000)	(2,807,916)	1.71%
Net Sales	33,205,605	33,592,631	-1.15%
Operating costs	(8,414,067)	(8,984,070)	-6.34%
Excise duty	(222,787)	(232,610)	-4.22%
Royalty	(3,419,626)	(3,331,172)	2.66%
Amortization of development and decommissioning costs	(1,898,985)	(2,816,640)	-32.58%

Gross Profit	19,250,140	18,228,139	5.61%
Exploration cost	(1,152,351)	(1,907,415)	-39.59%
Administrative expenses	(191,286)	(170,105)	12.45%
Finance cost	(1,687,979)	(2,064,090)	-18.22%
Other charges	(1,241,809)	(1,217,625)	1.99%

Other income	3,597,758	3,552,046	1.29%
Share in (loss)/profits of associated companies - net of impairment loss	65,481	371,271	-82.36%

Profit before taxation	18,639,954	16,792,221	11.00%
Provision for taxation	(4,698,462)	(5,642,894)	-16.74%
Profit after taxation	13,941,492	11,149,327	25.04%
Earnings per share - basic and diluted (Rupees)	49.06	39.24	25.03%

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