POL's yearly profits rise by 13% owing to lower exploration expenses

MG News | July 29, 2019 at 07:22 PM GMT+05:00

0:00

July 29, 2019 (MLN): Pakistan OilFields Limited (POL) has announced its financial earnings for the year ended on June 30, 2019 , as per which the company posted profit after tax of Rs 13.28 billion (EPS: Rs 46.77), which was 13.5% higher than the profits of Rs 11.7 billion (EPS: Rs 41.15) earned in the same period last year.

The rise in profitability was mainly attributable to lower exploration cost, which declined by 31.5% amid absence of dry well, higher LPG production, elevated crude pricing and rupee devaluation during the period.

During the period company witnessed an increase in top-line earnings as it surged by 35%, whereas, income from other sources clocked-in at Rs 6.76 billion from Rs 2.6 billion in the same period last year, displaying a massive jump of 160.5% YoY due to exchange gain.

Despite considerable rise in tax payments by 142.3%, the company managed to earn profits on the back of plummet in exploratory expenses and an accretion in other income.

The Board of Directors of the company announced an Interim Cash Dividend at Rs 30 per share i.e. 300% for the afore-mentioned period. This is in addition to Interim Dividend already paid at Rs 20 per share i.e. 200%.

Financial Results for the year ended June 30, 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Sales	48,519,254	35,919,194	35.08%
Sales tax	(3,680,305)	(2,462,244)	49.47%
Net Sales	44,838,949	33,456,950	34.02%
Operating costs	(11,230,564)	(9,189,425)	22.21%
Excise duty and development surcharge	(309,251)	(307,703)	0.50%
Royalty	(4,553,641)	(3,778,297)	20.52%
Amortization of development and decommissioning costs	(3,311,549)	(2,986,824)	10.87%

Gross Profit	25,433,944	17,194,701	47.92%
Exploration cost	(2,048,986)	(2,990,153)	-31.48%
Administrative expenses	(202,744)	(191,279)	5.99%
Finance cost	(3,773,657)	(1,919,041)	96.64%
Other charges	(1,729,078)	(972,105)	77.87%

Other income	6,762,805	2,595,957	160.51%
Share in (loss)/profits of associated companies - net of impairment loss	(1,890,241)	843,354	-324.13%
Impairment/reversal impairment on investment in associated company	(1,913,703)	178,421	-1172.58%
Profit before taxation	20,638,340	14,739,855	40.02%
Provision for taxation	(7,356,828)	(3,036,198)	142.30%
Profit after taxation	13,281,512	11,703,657	13.48%
Earnings per share - basic and diluted (Rupees)	46.77	41.15	13.66%

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