April 22, 2022 (MLN): Pakistan Oil Fields (POL) has made a profit after tax of Rs18.80 billion for the 9MFY22 ended on March 31, 2022, increasing by a whopping 93% YoY when compared to Rs9.74bn recorded in 9MFY21.
The profit translates into basic and diluted earnings per share of Rs66 which is 93% higher than the EPS of Rs34.33 in the corresponding period last year.
The remarkable surge in profitability is due to improved gross margins amid higher average crude oil prices and an increase in net other income.
As per the financial statement of the company, the net sales jumped by 43% YoY to Rs43.5bn against Rs30.4bn in SPLY. As a result, the gross margin of the company improved to 65% in 9MFY22 from 57% in 9MFY21.
On the exploration front, POL incurred an exploration cost of Rs686mn, swelling up by around 4x YoY.
During the review period, the finance cost of the company clocked in at Rs3.19bn against the finance income of Rs422mn reported in 9MFY21.
The other major positive highlights were other net income and share in profits from associates that surged to Rs6.32bn and Rs2bn respectively, supporting the financial health of the company.
On the tax front, the company paid Rs8.46bn taxes in 9MFY22, up by 59% compared to the same period last year.
|
Consolidated Financial Results for the nine months ended March 31, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Mar-22 |
Mar-21 |
% Change |
|
Sales |
43,543,604 |
30,416,136 |
43.16% |
|
Sales tax |
(5,374,899) |
(2,584,319) |
107.98% |
|
Excise duty |
(185,518) |
(208,388) |
-10.97% |
|
Net Sales |
37,983,187 |
27,623,429 |
37.50% |
|
Operating costs |
(7,521,322) |
(7,102,172) |
5.90% |
|
Royalty |
(3,913,012) |
(2,918,585) |
34.07% |
|
Amortization of development and decommissioning costs |
(1,990,231) |
(1,818,463) |
9.45% |
|
|
|
|
|
|
Gross Profit |
24,558,622 |
15,784,209 |
55.59% |
|
Exploration costs |
(685,904) |
(180,983) |
278.99% |
|
Administrative expenses |
(194,669) |
(184,598) |
5.46% |
|
Finance costs-net |
(3,185,210) |
421,940 |
– |
|
Other charges |
(1,552,058) |
(1,168,195) |
32.86% |
|
|
|
|
|
|
Other income-net |
6,317,698 |
129,089 |
4794.06% |
|
Share in profits of associated companies – net of impairment loss |
1,996,028 |
261,575 |
663.08% |
|
|
|
|
|
|
Profit before taxation |
27,254,507 |
15,063,037 |
80.94% |
|
Provision for taxation |
(8,458,459) |
(5,322,348) |
58.92% |
|
Profit after taxation |
18,796,048 |
9,740,689 |
92.96% |
|
Earnings per share – basic and diluted (Rupees) |
66.17 |
34.33 |
92.75% |
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