Mettis Global News
Mettis Global News

PPL reports over 26% YoY decline in net profit

Pakistan Petroleum wins two new exploration blocks
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April 29, 2025 (MLN): Pakistan Petroleum Limited (PSX: PPL) reported a 26.40% year-on-year decline in net profit for the nine months ended March 31, 2025, driven by lower revenue and a surge in expenses.

The Board of Directors authorized an interim cash dividend of Rs1 per share (10%) on Ordinary Shares, in addition to the interim cash dividends of Rs4 per share (40%) on Ordinary and Rs3 per share (30%) Convertible Preference Shares already distributed during the year.

The company posted a net profit of Rs71.85 billion [EPS: Rs26.41] compared to Rs97.63bn [EPS: Rs35.88] in the same period last year (SPLY).

Revenue from contracts with customers dropped 14.99% to Rs192.56bn from Rs226.52bn in SPLY.

Despite a 13.76% decline in royalties and other levies, operating expenses increased by 6.72% to Rs41.21bn, leading to a 20.75% drop in gross profit to Rs121.26bn.

Administrative expenses jumped 44.45% to Rs4.95bn, while finance costs surged 54.57% to Rs1.91bn amid rising interest expenses.

Exploration expenses also grew by 5.56% to Rs12.88bn.

Other charges fell 32.58% to Rs9.65bn, but other income also declined significantly by 24.71% to Rs90.37bn.

As a result, profit before taxation was down 16.76% to Rs109.87bn. Taxation expenses rose 10.64% to Rs38.02bn, which further eroded the bottom line.

Consolidated Statement of Profit and Loss For The Nine Month Ended March 31, 2025 (Rupees ‘000)
Category Mar-25 Mar-24 %Change
Revenue from Contracts with Customers 192,561,016 226,523,512 -14.99%
Operating Expenses (41,213,516) (38,620,143) 6.72%
Royalties and Other Levies (30,083,037) (34,882,725) -13.76%
Gross Profit 121,264,463 153,020,644 -20.75%
Exploration Expenses (12,878,148) (12,200,017) 5.56%
Administrative Expenses (4,946,054) (3,424,176) 44.45%
Finance Costs (1,910,542) (1,235,998) 54.57%
Reversal of Provision for Doubtful Debts 3,854
Share of Loss of Associates (1,490,889) (1,856,094) -19.68%
Other Charges (9,649,654) (14,313,742) -32.58%
Other Income 90,371,176 120,024,471 -24.71%
Profit Before Taxation 109,871,419 131,988,715 -16.76%
Taxation (38,020,197) (34,362,669) 10.64%
Profit After Taxation 71,851,222 97,626,046 -26.40%
Basic & Diluted Earnings Per Share (Rs.) 26.41 35.88 -26.39%

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Posted on: 2025-04-29T11:31:23+05:00