PPL registers 58% YoY jump in net profit during 9MFY23

MG News | April 27, 2023 at 02:38 PM GMT+05:00

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April 27, 2023 (MLN): The profitability of Pakistan Petroleum Limited (PSX: PPL) for the nine months period that ended on March 31, 2023, witnessed a surge of around 58% YoY to Rs81.35 billion, compared to Rs51.52bn in 9MFY22, the company’s filing on PSX showed today.

The company’s revenue from contracts with customers has increased by around 52% YoY to Rs215.11bn in 9MFY23, compared to Rs141.5bn in the corresponding period last year.

On the expense side, the exploration expense stood at Rs13.62bn, up by 27.42% YoY in the review period while the administrative expenses registered a drop of 7.5% YoY to Rs2.84bn compared to Rs3bn in 9MFY22.

The finance cost of the company moved up by 18% YoY to Rs1.10bn during the review period.

During the period under review, the company paid around 47bn in terms of taxes, inflating by 95% YoY compared to Rs24bn in 9MFY22.

Consolidated Financial Results for the nine months ended March 31, 2023 ('000 Rupees)
	Mar-23	Mar-22	change
Revenue from contracts with customers	215,116,789	141,509,348	52.01596
Operating Expenses	(36,616,662)	(29,652,789)	23.48472
Royalties and other levies	(34,965,825)	(20,788,316)	68.19941
Gross profit	143,534,302	91,068,243	57.61181
Exploration expenses	(13,616,268)	(10,685,793)	27.42403
Administrative expenses	(2,842,583)	(3,074,546)	-7.54463
Finance cost	(1,100,454)	(932,342)	18.03115
Reversal of provision for doubtful debts	-	41,929	-
Share of loss of associate	(225,312)	(2,446,912)	-90.792
Other charges	(12,468,707)	(8,884,559)	40.34132
Other income	15,020,654	10,407,443	44.32608
(Loss)/Profit before taxation	128,301,632	75,493,463	69.95065
Income tax expense	(46,954,023)	(23,967,299)	95.9087
Profit after taxation	81,347,609	51,526,164	57.87632
Earnings per share - basic and diluted (Rupees)	29.90	18.94	57.86695

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