PPL's non-core income boosts up annual profits

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MG News | September 18, 2018 at 02:57 PM GMT+05:00

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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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