October 30, 2023 (MLN): Pakistan Petroleum Limited (PSX: PPL) 's profitability rose by 13.03% YoY, clocking in its profit after tax at Rs29.76 billion [EPS: 10.94], compared to the Rs26.33bn [EPS: 9.68] profit reported in the Same Period Last Year (SPLY).
Going by the results, the company's revenue from contracts with customers rose by 7.13% YoY to Rs78.01bn as compared to Rs72.82bn in SPLY.
The cost to sell for the company involves operating expenses royalties and other levies.
The operating expenses increased by 9.68% YoY to Rs12.74bn in 3QCY23. While the royalties and other levies inched down by 0.76% YoY to Rs12.48bn during the review period.
As the sales increase was greater than proportionate to the increase in costs to sell, the gross profit improved by 8.56% YoY to Rs52.8bn.
On the expense side, the company observed a rise in Exploration expenses by 18.37% YoY and other administrative expenses by 2.92% YoY to clock in at Rs2.06bn and Rs1.24bn respectively during the review period.
Conversely, the other charges incurred by PPL fell by 6.41% YoY to stand at Rs4.24bn during the review period.
The profit and loss statement further shows that the other income dipped by 19.57% YoY to stand at Rs3.88bn in 3QCY23 as compared to Rs4.82bn in SPLY.
The company’s finance costs grew by 21.75% YoY and stood at Rs429.35m as compared to Rs352.64m in 3QCY22, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs18.1bn against the Rs19.26bn paid in the corresponding period of last year, depicting a rise of 6% YoY.
| Consolidated Condensed Interim Financial Results for the Quarter ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Revenue from contracts with customers | 78,010,814 | 72,820,296 | 7.13% |
| Operating expenses | (12,735,923) | (11,612,419) | 9.68% |
| Royalties and other levies | (12,477,412) | (12,573,286) | -0.76% |
| Gross Profit | 52,797,479 | 48,634,591 | 8.56% |
| Exploration expenses | (2,064,908) | (1,744,503) | 18.37% |
| Administrative expenses | (1,237,275) | (1,202,118) | 2.92% |
| Share of loss of associates | (837,349) | (35,735) | 2243.22% |
| Other Income | 3,875,308 | 4,818,137 | -19.57% |
| Other charges | (4,240,633) | (4,530,836) | -6.41% |
| Finance cost | (429,348) | (352,639) | 21.75% |
| Profit before tax | 47,863,274 | 45,586,897 | 4.99% |
| Taxation | (18,102,227) | (19,256,933) | -6.00% |
| Net profit for the period | 29,761,047 | 26,329,964 | 13.03% |
| Basic and diluted earnings/ (loss) per share | 10.94 | 9.68 | – |
PPL and KSE-100 YTD Performance
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Posted on: 2023-10-30T15:47:10+05:00
