PPL earns profits of Rs 49.4 billion in FY20

By MG News | September 11, 2020 at 02:21 PM GMT+05:00

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September 11, 2020 (MLN): Pakistan Petroleum Limited has declared Profits of Rs. 49.4 billion (EPS: 18.16) for the year ended June 30, 2020, i.e. almost 17% lower as compared to the earnings of last year.

The Board recommended a cash dividend of Rs. 1 per share (10%) on Ordinary Shares and Rs. 1 per share (10%) on Convertible Preference Shares.

The decline in the company’s profitability can be attributed to dip in Sui wellhead price by 3% YoY, decline in the oil and gas production by 12% and 11% respectively especially during lockdown, drop in oil prices by 25%, and PKR depreciation.

According to IGI Securities, the oil production declined due to drop in flows from Nashpa, Adhi and Tal block amid Covid-19 lockdowns, whereas gas production declined on account of lower production from Kandhkot, Qadirpur, Tal Block, Adhi and Nashpa.

The exploration expenses came down by 34% due to absence of dry wells, whereas other income dropped by 58% owing to absence of hefty exchange gains in spite of lower exploration expenses.

The company booked finance charges of Rs. 1.12 billion, which is nearly 43% higher than the previous year due to increase in the policy rate.

Consolidated Financial Results for the year ended June 30, 2020 (Rupees'000)
	Jun-20	Jun-19	% Change
Revenue from contracts with customers	157,999,487	164,366,020	-3.9%
Operating expenses	(43,081,667)	(40,280,249)	7.0%
Royalties and other levies	(23,841,674)	(24,374,938)	-2.2%
Gross profit	91,076,146	99,710,833	-8.7%
Exploration expenses	(17,951,507)	(27,206,772)	-34.0%
Administrative expenses	(3,086,077)	(2,405,425)	28.3%
Finance costs	(1,112,584)	(777,372)	43.1%
Other charges	(5,865,953)	(7,163,607)	-18.1%
Other income	6,582,580	15,679,127	-58.0%
Profit before taxation	69,642,605	77,836,784	-10.5%
Taxation	(20,217,980)	(18,377,394)	10.0%
Profit after taxation	49,424,625	59,459,390	-16.9%
Earnings per share	18.16	21.85	-16.9%

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