PPL's non-core income boosts up annual profits
MG News | September 18, 2018 at 02:57 PM GMT+05:00
September 18, 2018 (MLN): Pakistan Petroleum Limited observed a significant growth of 32% in overall consolidated profits for the year ended June 30th 2018, in the wake of improved top-line earnings and a noteworthy jump in non-core income.
According to the consolidated profit and loss account released by the company after today’s Board of Directors meeting, PPL recorded 7.8% higher net sales during the year, on a year-on-year basis.
Reduced provision for royalties and other levies resulted in 15% increase in gross profits.
While overall operating expenses increased by 28%, other income offered compensation, having witnessed a whopping increment of 92% as it went up from Rs.4.9 billion to Rs.9.4 billion, YoY.
The company’s overall profits for the year increased form Rs.34.7 billion to rs.45.8 billion, YoY.
On the other hand, earnings per share increased from Rs.17.6 per share to Rs.23.24 per share. YoY, while the board recommended a payment of final cash dividend at Rs.1.5 per share i.e.15% on ordinary shares and 15% bonus shares (15 ordinary shares for every 100ordinary shares.)
| Consolidated Financial Results for the Year Ended June 30th 2018 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-18 | Jun-17 | % Change |
| Sales - net | 126,621,240 | 117,428,813 | 7.83% |
| Operating expenses | (33,769,968) | (31,561,253) | 7.00% |
| Royalties and other levies | (18,550,403) | (21,300,568) | -12.91% |
| Gross profit | 74,300,869 | 64,566,992 | 15.08% |
| Exploration expenses | (11,636,923) | (11,755,499) | -1.01% |
| Administrative expenses | (2,599,614) | (2,833,771) | -8.26% |
| Finance costs | (470,643) | (505,072) | -6.82% |
| Other charges | (5,371,621) | (7,207,351) | -25.47% |
|
| 54,222,068 | 42,265,299 | 28.29% |
| Other income | 9,396,866 | 4,874,410 | 92.78% |
| Profit before taxation | 63,618,934 | 47,139,709 | 34.96% |
| Taxation | (17,793,147) | (12,440,570) | 43.03% |
| Profit after taxation | 45,825,787 | 34,699,139 | 32.07% |
| Basic and diluted earnings per share (Rupees) | 23.24 | 17.60 | 32.05% |
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